Appeals Court Rules Against Federal Government in FDCPA Case
Account Recovery
OCTOBER 4, 2021
There are limits to what the Fair Debt Collection Practices Act can be used for, and even the federal government is not immune to learning those lessons.
Daily Digest – May 4. Hunstein-Related Class Actions Continue Piling Up; Cordray Back in Federal Government
Account Recovery
MAY 4, 2021
HUNSTEIN-RELATED CLASS ACTIONS CONTINUE PILING UP The number of 1692c(b) lawsuits alleging that a debt collector communicated information with a third party in violation of the Fair Debt Collection Practices Act continues to explode in the weeks following the Eleventh Circuit Court of Appeals’s ruling in Hunstein v.
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Appeals Court Affirms Arbitration Ruling in FDCPA Class Action Against Debt Buyer
Account Recovery
APRIL 19, 2024
The Court of Appeals for the Ninth Circuit has upheld a lower court’s order compelling arbitration in a Fair Debt Collection Practices Act class-action case, ruling that the defendant purchased the rights of the contract governing the underlying debt as well as purchasing the debt itself.
Colorado Amends Fair Debt Collection Practices Rules
Collection Industry News
JUNE 14, 2021
Colorado’s Administrator of the Uniform Consumer Credit Code recently amended the rules implementing the state’s Fair Debt Collection Practices Act. Provisions governing collection costs, letters of admonition, and the retention of recorded communications were also amended.
Fair Debt Collection Practices Act (FDCPA)
Better Credit Blog
AUGUST 31, 2020
Debt collectors are notorious for harassing consumers when they seek repayment, calling excessively and threatening to take actions that may not be legal. What you may not know is that you are protected by the Fair Debt Collection Practices Act (FDCPA), a law designed to keep third-party debt collectors in check when they contact you.
Daily Digest – October 4. Appeals Court Rules Against Gov’t in FDCPA Case; Breaking Down ‘Hidden’ Costs of Credit Scoring Apps
Account Recovery
OCTOBER 4, 2021
APPEALS COURT RULES AGAINST FEDERAL GOVERNMENT IN FDCPA CASE There are limits to what the Fair Debt Collection Practices Act can be used for, and even the federal government is not immune to learning those lessons.
The Fair Debt Collection Practices Act
Collection Industry News
SEPTEMBER 8, 2020
THE Fair Debt Collection Practices Act (FDCPA) is a federal law that was enacted in 1978 by the United States Congress to protect consumers from abusive debt collectors. Note, however, that the FDCPA applies only to third party collectors who collect debt for original creditors. L) Using a false name.
MP’s lobby Government for new Debt Collection Laws
UK debt collections
JUNE 23, 2020
A mixed party collaboration of MP’s has written to the Chancellor requesting new legislative measures to reform the government’s debt collection practices. The 50 strong group of MP’s is urging chancellor Rishi Sunak to support the creation of a Debt Management Bill. Peter Turton of Stepchange said. “We
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Colorado Schedules Meeting to Discuss State FDCPA, Announces Changes to Law’s Provisions
Account Recovery
AUGUST 14, 2020
The administrator of the Colorado Fair Debt Collection Practices Act — the state law in Colorado governing debt collection practices — has scheduled a virtual meeting for later this month aimed at “amending and clarifying” the rules and soliciting new topic for rulemaking.
Virginia House Bill 418 Could Authorize Class Action Lawsuits in the Commonwealth
Troutman Sanders
FEBRUARY 14, 2024
However, federal courts across the country continue to divest themselves of cases, particularly those brought under the Fair Debt Collection Practices Act (FDCPA) and Fair Credit Reporting Act (FCRA), following the Supreme Court’s salient Article III standing decision in TransUnion LLC v.
Dealing with Debt Collectors
Debt Free Colorado
FEBRUARY 21, 2022
Does Colorado Law Protect Me From Debt Collectors? When collecting a debt from you, collection agencies must adhere to federal and state rules. Fortunately, the federal Fair Debt Collection Practices Act (FDCPA) protects all states. What is the Federal Fair Debt Collection Practices Act (FDCPA)?
Debt collection problems: StepChange call on government to ‘get its house in order’
Collection Industry News
SEPTEMBER 29, 2020
17, 2019 on the CFPB’s Notice of Proposed Rulemaking for the Fair Debt Collection Practices Act of 1977. The FDCPA is not meant to govern credit reporting in this manner, and the Fair Credit Reporting Act (FCRA), which sets forth many requirements, does not require this.
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Steps Involved in Recovering Unpaid Student Loans
Nexa Collect
JUNE 27, 2023
Wage Garnishment : In some cases, especially with federal student loans in the United States, the lender or collection agency can get an administrative garnishment order which allows them to take a certain percentage of the borrower’s wages directly from their employer.
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Compliance & Collections: 22 Essential Terms to Know
True Accord
SEPTEMBER 8, 2022
A debt collector may be able to assert a “Bona Fide Error Defense” in a lawsuit alleging violations of the federal Fair Debt Collection Practices Act (FDCPA). . CFPB: The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector.
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Federal Regulators Jointly Release New FDCPA Examination Procedures
Troutman Sanders
JANUARY 6, 2023
15, 2022, the Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Consumer Compliance adopted revised examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation, Regulation F. OCC examiners will rely on this new interagency guidance instead. FFIEC is a U.S.
9 mistakes your business may be making when collecting debt
American Profit Recovery
SEPTEMBER 6, 2023
Ignoring collection laws While most collection laws do govern collection agencies, it’s a wise decision for your business to understand how these laws oversee debt collections in general. At the very least, your business should understand the Fair Debt Collection Practices Act (FDCPA.)
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CFPB Issues Guidance to Protect Homeowners from Illegal Collection Tactics on Zombie Mortgages
Collection Industry News
MAY 2, 2023
. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations. Read the blog, Zombie second mortgages: When collectors come for long forgotten home loans.
Professional Life of a Debt Collector
Nexa Collect
JUNE 25, 2023
Knowledge of Laws and Regulations : Debt collectors must be well-versed in the laws and regulations that govern debt collection in their jurisdiction. For example, in the United States, they must comply with the Fair Debt Collection Practices Act (FDCPA).
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Here are some relevant laws and regulations that apply to commercial collectors
Collection Industry News
JUNE 16, 2023
While there is no specific federal law like the Fair Debt Collection Practices Act (FDCPA) that governs commercial debt collection practices, there are still legal considerations and regulations that collectors should be aware of.
CFPB’s Section 1071 Final Rule (Part 1): A General Overview
Troutman Sanders
MAY 2, 2023
She has extensive experience in helping clients navigate fair lending examinations and supervisory issues, and she has successfully represented clients in high-stakes fair lending regulatory investigations and enforcement actions.
Debt collection rules should not affect first-party collectors
Collection Industry News
AUGUST 18, 2020
The proposal would amend Regulation F to require debt collectors to make certain disclosures when collecting time-barred debts (debts for which the applicable statute of limitations has expired). “We
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How Many Times Can a Debt Collector Call Me in One Day
Taurus Collect
NOVEMBER 15, 2023
Regulations around debt collection are strict, and experts from no cure no pay debt collection UK are here to help you navigate these waters. In this post, we will explore the rights and regulations governing debt collection in the UK.
Recommendations for Debt Collectors Working from Home
Nexa Collect
JUNE 24, 2023
As per my knowledge, there are no clear guidelines from the government for a debt collector who wants to work from home. You should discuss these points with the compliance superior of your collection agency. In the United States, for example, debt collectors must adhere to the Fair Debt Collection Practices Act (FDCPA).
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Declining RPC Rates, Rising Consumer Complaints: Why Outbound Calling for Debt Collection Won’t Work in 2024
True Accord
JANUARY 31, 2024
Surveys from the Association of Credit and Collections Professionals (ACA International) found that 62% of the respondents reported seeing a decrease in right-party contacts, with 78% of the respondents experiencing call-blocking and 74% having their calls mislabeled.
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Second Circuit Holds Debt Collector Did Not Need to Include Interest Disclosure in Settlement Offer
Burr Forman
JUNE 15, 2021
Riexinger & Associates, LLC , the Second Circuit Court of Appeals held that an attempt to collect a debt that states the current balance owed but does not disclose whether interest and fees are accruing is misleading in violation of the Fair Debt Collection Practices Act (“FDCPA”) Section 1692e.
CFPB Shuts Down Commonwealth Financial Systems for Illegal Debt Collection Practices
Collection Industry News
DECEMBER 19, 2023
Commonwealth’s actions violated the Fair Credit Reporting Act because the company failed to conduct reasonable investigations of disputed debts and failed to inform consumer reporting companies that certain information was being disputed.
Can Debt Collectors Make Contact Through Social Media?
Direct Recovery
JUNE 7, 2022
Because of that, changes have been made to update the rules and regulations that govern those collection efforts and how they impact consumers. Reviewing the Fair Debt Collection Practices Act. They are also strictly forbidden from misrepresenting themselves as any type of law enforcement officer.
Why It’s Important to Set Aside and Save Your Collection Letters
Sawin & Shea
FEBRUARY 16, 2021
Creditors are governed by the Fair Debt Collection Practices Act. As such, they’re required to only send collection letters that are truthful, correct, not misleading, and do not provide false information. Many collection companies, however, skirt these rules and do not comply.
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5 things your business should never do when trying to collect a debt
American Profit Recovery
MARCH 30, 2023
Never make false statements: When trying to collect past-due invoices from customers, you must stick to the facts. A business should never make false statements to a customer when trying to collect. This includes claiming to be a government agency or misrepresenting the amount owed.
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Top Five Compliance Questions Answered by TrueAccord Compliance & Collections Professionals
True Accord
OCTOBER 11, 2022
What are the major laws and regulations lenders need to know that govern debt collection (and debt collection service providers)? Steve Zahn [SZ] : Right off the bat, obviously the Fair Debt Collection Practices Act, or the FDCPA, is the major law lenders need to know about for debt collection.
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How Credit Card Debt Collection Works
Taurus Collect
MAY 11, 2023
If the court rules in favour of the creditor, wage garnishment or bank account levies may be put in place to collect the debt. However, it is important to note that there are laws and regulations that govern the debt collection process to protect both parties involved.
Court Finds Letter to Debtor is Not a Debt-Collection Communication Under the FDCPA
Troutman Sanders
JANUARY 9, 2023
LLC , the district court for the Northern District of Illinois confirmed the long-standing principle that not all communications sent from a debt collector to a debtor are governed by the Fair Debt Collection Practices Act (FDCPA). Absolute Resolutions Investments.,
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52 Business Debt Collection Laws and their Connection to Commercial Debt
Debt RR
SEPTEMBER 27, 2020
Like the Fair Debt Collection Practices Act, the U.S. business debt collection laws are regulations that safeguard businesses in commercial debt from harsh debt recovery practices by creditors and debt collection agencies. Does the Fair Debt Collection Act Apply to Businesses?
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Six Ways the Pandemic Has Changed the Debt Collection Industry
Direct Recovery
JANUARY 17, 2022
With recent updates to the Fair Debt Collection Practices Act (FDCPA), we are likely to see collections conducted through Direct Messages (DMs) become more and more prominent in the coming years. More Government Assistance Available. Less In-Person Interaction in General.
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Can a Collection Agency Report to the Credit Bureau Without Notifying You?
Credit Corp
NOVEMBER 9, 2020
Can a collection agency report to a credit bureau without notifying you? Knowing illegal debt collection practices can help identify when you’re being treated unfairly. The Fair Debt Collection Practices Act is a federal law that protects consumers against certain unfair collection practices.
Seven State AGs Announce Settlement With Robocallers
Troutman Sanders
AUGUST 23, 2023
He focuses primarily on federal and state government regulatory and enforcement matters involving state attorneys general, the Consumer Financial Protection Bureau (CFPB), and the Federal Trade Commission (FTC). Stephanie Kozol Stephanie is Troutman Pepper’s senior government relations manager in the state attorneys general department.
Can a Debt Collection Law Firm Act as a Debt Collection Agency?
FFGN COLLECT NY
JUNE 14, 2023
First, if either the collection agency or collection law firm engage in collecting debt from consumers for personal, household, or medical debts, they are subject to the Fair Debt Collection Practices Act (FDCPA).
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CFPB Issues Small Entity Compliance Guide on Debt Collection Rule
Troutman Sanders
FEBRUARY 8, 2021
On January 21, the CFPB issued a Small Entity Compliance Guide summarizing the October 2020 Debt Collection Rule. The Debt Collection Rule amends Regulation F, 12 CFR Part 1006 and becomes effective on November 30, 2021.
Jacqueline Simms-Petredis Sworn in as President-Elect of the Hillsborough County Bar Association
Burr Forman
JUNE 7, 2021
She advises clients and in-house counsel in litigation arising under the Truth in Lending Act, Real Estate Settlement Procedures Act, Fair Credit Reporting Act, Florida Consumer Collections Practices Act, Fair Debt Collections Practices Act and the Telephone Consumer Protection Act, among others.
There are several key consumer laws that collectors should be concerned with when engaging in debt collection practices.
Collection Industry News
JUNE 14, 2023
There are several key consumer laws that collectors should be concerned with when engaging in debt collection practices. Fair Debt Collection Practices Act (FDCPA): The FDCPA sets standards for debt collection practices in the United States.
A Guide to B2B Debt Collection
Payment Savvy
OCTOBER 20, 2021
When it comes to collecting monies owed by business clients, legislation governing B2C doesn’t apply. Most notably, B2B debt collection is not restricted by the same restrictions as consumer collectors under the Fair Debt Collection Practices Act.
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Second Circuit Overturns Bona Fide Error Defense to FDCPA Violations Because Debt Collection Agency Lacked Relevant Procedures
Troutman Sanders
SEPTEMBER 15, 2020
On September 4, 2020, the Second Circuit Court of Appeals overturned summary judgment granted to a debt collector who had sent collection documents to the wrong person, ruling that it was not entitled to the bona fide error defense because it lacked procedures governing the factual mistake. Wagner, Jr.
What Is a Debt Collector and Why Are They Contacting Me?
Taurus Collect
FEBRUARY 1, 2024
What Is a Debt Collector? A debt collector is an entity, often a third-party agency, hired by creditors to recover funds that are past due or accounts that are in default. In the UK, debt collection companies operate under strict regulations set forth by the Financial Conduct Authority (FCA). Why Are They Contacting Me?
What is Regulation F?
Payment Savvy
NOVEMBER 30, 2021
In 2020, the Consumer Financial Protection Bureau (CFPB) published two rules which implement the Fair Debt Collection Practices Act (FDCPA). Suppose your company works in the field of debt collecting, such as third-party debt collection firms , collection attorneys, debt buyers, or defaulted mortgage servicers.
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