Consumer Financial Services Law

SEPTEMBER 28, 2016

The CFPB issued its monthly report on consumer complaints this week. The report is a high level snapshot of trends in consumer complaints. Here are the big stories in this month’s report: The three products which continue to yield the highest volume of complaints on a three-month average are debt collection, credit reporting and mortgage. While the number of debt collection complaints remains almost flat when compared to the same three-month time period for 2015, it’s worth noting that debt coll

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Ks Law

SEPTEMBER 21, 2016

We don’t talk about things that make us feel uncomfortable, and many people are very uncomfortable talking about their financial problems. Often, people with such problems will hide all evidence of financial distress. Some people do this with a misguided sense of protecting their loved ones. If I don’t tell my spouse about the problems my business is having, or our income and expense problems, he or she won’t worry.

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Debt Collection Answers

SEPTEMBER 16, 2016

There are some very good reasons to use business credit cards to pay for purchases you make for your business. Using personal credit cards can put your credit scores at risk and can make tax time a lot more complicated. But what if you have bad credit? Yes you may have options. Here's more about business credit cards for bad credit.

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Recoverity

SEPTEMBER 14, 2016

A Proven Process for Debt Recovery. With Summit AR’s “P.H.D. Philosophy” (Preserve Human Dignity), you’ll find no automated “robo-dialers” that leave multiple, irritating messages for debtors and do nothing to resolve the account. In a sea of large, faceless consumer and commercial collection agencies, ours specializes in treating people right and following all the rules—and we selectively choose clients who share these same values.

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Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

The McHughes Law Firm

SEPTEMBER 13, 2016

Waiting to collect debt not only delays any potential payment, it also adds additional hurdles to your debt collection process. As a business ages and grows, managing accounts receivables with detailed debt collection practices becomes essential to its success. Uncollected debt can pile up before you know it, putting a serious financial strain on your business’s ability to operate.

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Consumer Financial Services Law

SEPTEMBER 27, 2016

By: Caren Enloe and Parker Dozier September 26, 2016 A bankruptcy court has dealt a blow to a TCPA defendant’s attempt to moot a class action lawsuit by entering into a settlement with the class representative’s bankruptcy trustee. In re Presswood , Case No. 12-60237 (Bankr. S.D. Ill. 2016). In Presswood , the Chapter 7 debtor, a sole proprietor, received two prepetition faxes which he alleged violated the TCPA.

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The Creditors Rights

SEPTEMBER 13, 2016

In an important decision for debtors and creditors alike, the United States Bankruptcy Court for the District of Delaware has ruled that provisions in a limited liability company operating agreement, granting the company’s lender absolute power to prevent the company from filing a bankruptcy petition are unenforceable as against public policy. In re: Intervention Energy Holdings, LLC , 2016 WL 3185576 (Bankr.

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Debt Collection Answers

SEPTEMBER 16, 2016

When you’re looking to pay down debt, one of the best things you can do is transfer your balance from a high-interest credit card to one that offers a temporary (the longer, the better) 0 percent introductory offer. This allows you to pay down your debt without tacking on additional interest fees. Additionally, you can look for cards that have no balance transfer fees or that offer 0 percent on purchases for a period of time.

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Consumer Financial Services Law

SEPTEMBER 22, 2016

Prepared remarks and testimony of Thomas J. Curry, the Comptroller of the Currency, to the Senate Committee on Banking, Housing and Urban Affairs make it imminently clear that cross-selling, sales practices and related incentive compensation will be a focal point for examinations of banks of all sizes and that the OCC continues to review the Wells Fargo matter for "individual misconduct and culpability.

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Collections

Consumer Financial Services Law

SEPTEMBER 21, 2016

In prepared remarks to the National Association of Federal Credit Unions, the CFPB provided some hint as to what we can expect with regard to first party debt collection rules. In July, the CFPB released a debt collection proposal regarding traditional third party debt collectors. At the time, the CFPB stated that it would also be releasing a debt collection proposal addressed to first party debt collectors at a later date.

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Consumer Financial Services Law

SEPTEMBER 20, 2016

A New Jersey district court has dismissed an FDCPA claim which alleged a debt collection complaint was misleading because the collection attorneys were not meaningfully involved in its preparation. Lopez v. Law Offices of Faloni & Assocs., LLC , 2016 U.S. Dist. LEXIS 124730 (D.N.J. Sept. 14, 2016). In Lopez, the consumer alleged that the collection firm violated 15 U.S.C. §§1692e and f by filing the complaint “without first having an attorney individually review the file, make the appropriat

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Debt Collection Answers

SEPTEMBER 16, 2016

My father let his home go into foreclosure and I paid to get it out of foreclosure. My father signed the deed over to me. I have been making the payments on the home for the last four yrs and have put several thousands of dollars into the home to get it back into living conditions. Now.

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Consumer Financial Services Law

SEPTEMBER 14, 2016

By now, most have read about the consent orders issued last week by the CFPB and the OCC concerning Wells Fargo. The consent orders ordered Wells Fargo to pay a total of $185 million in civil monetary penalties ($100 million to the CFPB, $50 million to the OCC and $35 million to the City and County of Los Angeles), as well as reimbursing customers an estimated $5 million because Wells Fargo employees, in an effort to boost sales figures and earn bonuses: (a) opened deposit and credit card accoun

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Collections

Consumer Financial Services Law

SEPTEMBER 13, 2016

A recent decision from a North Carolina Bankruptcy Court emphasizes the need for proper training for those who file proofs of claim on behalf of anyone providing consumer credit, including healthcare providers. Bankruptcy Rule 9037 requires that in all court filings containing an individual’s social security number, taxpayer-identification number, birth date and financial account number be redacted to the last four digits of the social security or taxpayer identification number, the year of the

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Consumer Financial Services Law

SEPTEMBER 5, 2016

A Pennsylvania district court has recognized that a benign language exception exists under 15 U.S.C. 1692f(8) and may be applied to barcodes under appropriate circumstances. Anenkova v. Van Ru Credit Corp. , C.A. No. 15-4968 , 2016 U.S. Dist. LEXIS 108950(E.D. Pa. Aug. 17, 2016). The court’s decision signals a welcome step back from other district courts’ expansion of the Third Circuit’s decision in Douglass v.

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Consumer Financial Services Law

SEPTEMBER 4, 2016

A Missouri district court has refused to grant partial summary judgment in favor of a consumer who asserted violations of 15 U.S.C. 1692e(11). In Dodd v. Delta Outsource Group, the consumer, who was employed as a collector by another debt collector, received two calls from the collection agency while at work. A week later, the consumer filed suit asserting violations of the FDCPA, including violations of section 1692e(11), contending that the collector failed to disclose the communications were

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Consumer Financial Services Law

SEPTEMBER 2, 2016

By Ragan Riddle September 2, 2016 If you are charging your phone through a USB port or connecting to Bluetooth in your rental car, you may want to think twice. Last week, an FTC article highlighted the dangers of this seemingly innocent conduct, as it creates an avenue for compromising both you and your clients’ sensitive information. While individuals connect their devices to rental cars to charge their phones, make calls, listen to music, or use their GPS systems, what these individuals fail t

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Speaker: Lynnette Khalfani-Cox, The Money Coach®

Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?

Financial services

Consumer Financial Services Law

SEPTEMBER 1, 2016

The CFPB issued its monthly report on consumer complaints this week making it clear that consumers’ access to depository accounts remains a focal point for the CFPB. The monthly report is a high level snapshot of trends in consumer complaints and spotlights a different product type each month on a rotating basis. The Report provides a summary of the volume of complaints by product category, by company and by state.

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Consumer Financial Services Law

SEPTEMBER 19, 2016

The Fifth Circuit has joined the growing split in circuits concerning the collection of time barred debt. In Daugherty v. Convergent Outsourcing, Inc., 2016 U.S. App. LEXIS 16531 (5th Cir. Tex. Sept. 8, 2016) , the Fifth Circuit joined the Sixth and Seventh Circuit in holding that “a collection letter that is silent as to litigation, but which offers to “settle” a time-barred debt without acknowledging that such a debt is judicially enforceable, can be sufficiently deceptive or misleading to vio

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