Troutman Sanders
DECEMBER 20, 2022
On December 15, the Office of the Comptroller of the Currency, along with the Federal Financial Institutions Examination Council, released revised procedures for how its examiners will investigate financial institutions for Fair Debt Collection Practices Act compliance, incorporating Regulation F changes into their review.
Better Credit Blog
NOVEMBER 2, 2020
Then you may start to hear from a company called Action Financial Services. Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. What’s worse is that Action Financial Services’ entry can be viewed by potential lenders down the line.
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Better Credit Blog
SEPTEMBER 9, 2020
Have you noticed a company called Phoenix Financial Services on your credit report? If you have, this has probably been accompanied by calls from them to collect on a debt. This is because collection accounts on your credit report can have a significant impact on your score for up to seven years.
Troutman Sanders
APRIL 25, 2022
On April 15, the CFPB released its annual Fair Debt Collection Practices Act (FDCPA) report, which summarizes the CFPB’s activities to administer the FDCPA and also includes activities conducted by the Federal Trade Commission (FTC) relating to debt collection. “The For more information, click here.
True Accord
APRIL 5, 2023
Directly impacting creditors and debt collectors, a January ruling from the District Court of Puerto Rico found that sending debt collection communications prior to any knowledge of a debtor’s bankruptcy filing is not a violation of the Fair Debt Collection Practices Act (FDCPA).
Troutman Sanders
MARCH 8, 2021
The stimulus package includes a provision that would end the current policy of considering any student debt forgiven taxable income. Currently, any student loan debt canceled by the government can be considered taxable and levied at the borrower’s normal income tax rate. House of Representatives for approval.
Burr Forman
MAY 20, 2021
2547 (the “Comprehensive Debt Collection Improvement Act” or “CDCIA”). Originally introduced by House Financial Services Chairwoman Maxine Waters, the CDCIA’s primary purpose is to provide additional financial protections for consumers and place restrictions on debt collection activities by amending several consumer finance statutes.
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