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February 2009

Debt Recoveries

The post February 2009 appeared first on Debt Recoveries Australia. The interface has been modeled on the National Australia Bank web-site. Search button is now on the top of the page. Clients can still add notes and send emails, as usual.

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Dept of Education approves $238 million group discharge for 28,000 Marinello Schools of Beauty borrowers

Public Citizen

Borrowers who enrolled in the schools from 2009 through its closure in February 2016 will receive loan discharges totaling approximately $238 million. The Department of Education announced it will discharge the loans of tens of thousands of borrowers harmed by pervasive and widespread misconduct at Marinello Schools of Beauty.

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CFPB Focusing on Increasing Competition in Credit Card Market

Troutman Sanders

Also discussed here , the CFPB is currently seeking public comment on how the consumer credit market is functioning as part of its biennial review required by the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act). The CFPB accepted comments until April 24.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On February 10, the Federal Trade Commission (FTC) announced it will send more than $115 million in refunds to consumers nationwide as a result of a 2018 action the FTC and the U.S. On February 9, the FTC’s Consumer Sentinel Network shared data, revealing the top lies used by romance scammers. For more information, click here.

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CFPB Report Finds Decline in Debt in Collections Appearing on Consumer Reports

Troutman Sanders

On February 14, the Consumer Financial Protection Bureau (CFPB) released a report entitled Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting. The report sought to examine trends in the reporting of debt in collections from 2018 to 2022.

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10% rise in Business Insolvencies predicted by Experts

UK debt collections

Globally, the average increase in business insolvencies accelerated from +23% in 2022 to +29% in 2023, the fastest momentum since 2009 (+33%). As of mid-February, analysts have revised down their estimates for earnings per share (EPS) for the full year 2024 by -0.7pp globally, with similar revisions for Europe (-0.7pp) and the US (-0.8pp).

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Plaintiff’s Confusion Over Debt Collection Letter Is Not Enough to Create Standing to Assert an FDCPA Claim

Troutman Sanders

The claims arose out of a letter that Contract Callers sent to Whitfield in February 2009. (Contract Callers) and Diverse Funding Associates LLC (Diverse Funding), alleging violations of the FDCPA on behalf of herself and an alleged class of similarly situated individuals. sic] You may recognize this as your.