Consumer Financial Services Law

NOVEMBER 16, 2016

A New York district court recently dismissed an FDCPA putative class action attempting to penalize a collection agency for disclosing the FDCPA’s cease and desist requirements to a consumer. Illobre v. Fin. Recovery Servs., 2016 U.S. Dist. LEXIS 153525, 16 CV 452 (S.D.N.Y. Nov. 3, 2016). The demand letter in question accurately provided the consumer with its Validation Notice under 15 U.S.C. §1692g(a) on the front of the letter.

Debt collector 40

Debt collector Collection Agencies Collections Agency Creditors 40

Consumer Financial Services Law

NOVEMBER 14, 2016

The CFPB’s Fall Supervisory Highlights contains a mixed bag for debt collectors. As you may recall, the Report highlights examinations that were conducted between May and August 2016 and provides a high level summary of the key findings made by the CFPB and the current emphasis of examiners. Debt collection appears to be back as a point of emphasis for examiners.

Debt collector 40

Debt collector Creditworthiness Collections 40

Consumer Financial Services Law

NOVEMBER 12, 2016

Auto loan servicers need to pay careful attention to their repossession practices and particularly, their policies concerning repossession fees. The clear message from the CFPB’s Supervisory Highlights is that examiners are focused on repossession activities, “including whether property is being improperly withheld from consumers, what fees are charged, how they are charged, and the context of how consumers are being treated to determine whether the practices are lawful.

Repossession 40

Repossession Loans 40