Account Recovery
MAY 5, 2025
After a five-year hiatus, the Department of Education will resume involuntary collections on federal student loans today, impacting millions of borrowers already in default. As of May 5, the department will begin garnishing wages, tax refunds, and Social Security payments for borrowers who have defaulted on their loans, a significant shift after a pandemic-era pause on collections.
True Accord
MAY 5, 2025
TrueAccord is proud to announce that Katie Neill, its General Counsel & Chief Compliance Officer, has been appointed to the Debt Collection Advisory Committee of the California Department of Financial Protection and Innovation (DFPI) for the 2025-2027 term. This board is comprised of seven members who provide feedback to the DFPI for its debt collection licensing program.
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Account Recovery
MAY 5, 2025
Student Loan Collections Resume Today Judge Imposes $43M Judgment Against Owner of Debt Relief Company N.J. Appeals Court Affirms Dismissal of Hunstein Class Actions Bankruptcy Filings Continue to Climb, Rising 13.1% WORTH NOTING:People in this industry might have something to say about this, but here is a list of the 20 toughest jobs in America … Advice from a financial expert if you are feeling nervous about tariffs … Gossiping may be good for you and your mental health, according
Consumer Finance
MAY 5, 2025
The CFPB is announcing that it will not prioritize enforcement actions taken on the basis of the Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans, 89 Fed. Reg. 47,068 (May 31, 2024) (Buy Now, Pay Later).
Speaker: Victor C. Barnes, CPA, MBA
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Account Recovery
MAY 5, 2025
Bankruptcy filings rose 13.1% during the 12-month period ending March 31, 2025, according to data released by the Administrative Office of the U.S. Courts. Total filings reached 529,080, up from 467,774 in the prior year. The big picture: While bankruptcy filings have climbed for nine consecutive quarters, totals remain well below the historic highs seen after the 2007-08 financial crisis, when filings peaked near 1.6 million in 2010.
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Account Recovery
MAY 5, 2025
A New Jersey Appeals Court on Friday issued rulings in four separate cases affirming dismissals of lower court rulings in Fair Debt Collection Practices Act class-action cases that all had the same backstory Hunstein cases in which the plaintiffs accused the defendants of violating the statute by using a third-party to print and mail collection letters.
Account Recovery
MAY 5, 2025
A District Court judge has imposed a $43 million judgment against the owner of a defunct debt relief company in an enforcement action that was started back in 2020 by the Consumer Financial Protection Bureau. The background and ruling: The case started five years ago when the CFPB filed suit against FDATR and its owners, Kenneth Halverson and Dean Tucci, for taking fees from consumers before providing any of the promised services, a violation of the Telemarketing Sales Rule (TSR).
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