FTC Issues Debt Buying Industry Study
The Federal Trade Commission has issued a report, The Structure and Practices of the Debt Buying Industry, which the FTC has described as “the first of its kind” empirical study of debt buyers....By:...
View ArticleFTC Continues To Target Debt Collectors and Debt Relief Companies
The Federal Trade Commission’s continuing focus on the debt collection and debt relief industries was clearly demonstrated by several recently announced lawsuits and settlements....By: Glen Trudel
View ArticlePrevailing Defendant Can Recover Costs in FDCPA Suit Not Filed in Bad Faith,...
A prevailing defendant in a Fair Debt Collection Practices Act (FDCPA) case can recover costs even without a court finding that the plaintiff filed suit in bad faith and for the purpose of harassment,...
View ArticleCollection Letter Inviting Debtor To Call Toll-Free Number Violated FDCPA,...
A collection letter violated the Fair Debt Collection Practices Act (FDCPA) because its invitation to call a toll-free number could be read by the “least sophisticated debtor” to permit the debt to be...
View ArticleCFPB Issues Second Annual Report on FDCPA Activities
The Consumer Financial Protection Bureau’s second annual report to Congress on enforcement of the Fair Debt Collection Practices Act (FDCPA) confirms that debt collection will continue to be a major...
View ArticleMerchants Challenge Constitutionality of New York’s ‘No Credit Card...
Five merchants and their principals have filed a lawsuit in federal district court in New York challenging the constitutionality of a state law that prohibits merchants from imposing a surcharge on...
View ArticleCollection Letter Requiring Written Dispute Violated FDCPA, Second Circuit Holds
A collection letter violated the Fair Debt Collection Practices Act (FDCPA) because it stated that the debtor could only dispute the debt in writing, the U.S. Court of Appeals for the Second Circuit...
View ArticleOCC Signals Increased Agency Attention to Debt Sales
The Office of the Comptroller of the Currency (OCC) has made clear that all national banks and federal savings associations can expect increased scrutiny of their debt sales practices, as well as...
View ArticleCFPB Plans Continued Scrutiny of Credit Card Practices
The Consumer Financial Protection Bureau has issued a report on how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) has affected the consumer credit card market. The...
View ArticleFTC Settles First Case Challenging Debt Collector’s Use of Text Messages
The Federal Trade Commission recently announced that it had settled a case representing its first action challenging a debt collector’s use of text messages. In its complaint, the FTC alleged that the...
View ArticleFederal Reserve Publishes Guidance on Managing Outsourcing Risk of Service...
The Federal Reserve recently added to the growing body of regulatory guidance on the topic of financial institution management of service provider outsourcing relationships by issuing its Guidance on...
View ArticleCollection Letter Requiring Written Dispute Violated FDCPA, Fourth Circuit Holds
A collection letter violated the Fair Debt Collection Practices Act (FDCPA) because it stated that the debtor could only dispute the debt in writing, the U.S. Court of Appeals for the Fourth Circuit...
View ArticleCFPB payday loan proposal for rulemaking is coming, but timing of its...
At the Practicing Law Institute’s 19th Annual Consumer Financial Services Institute held on Monday in New York City, Meredith Fuchs, Associate Director & General Counsel for the CFPB delivered the...
View ArticleElizabeth Warren and other congressional members urge rulemaking by the...
On April 22nd, Senator Warren, nine other Senators, and 14 members of Congress sent a letter (the “Letter”) to Secretary of Education Duncan urging that the Department of Education (DOE) exercise its...
View ArticleDepartment of Education proposal on campus financial products expected in July
We recently commented that financial institutions offering financial products to college students, including debit or prepaid cards, under agreements with colleges should be planning now for the...
View ArticleFTC Announces Settlement with Debt Collector over Alleged FDCPA Violations
The Federal Trade Commission (FTC) recently announced a settlement with a Houston debt collection company and its individual owner related to alleged violations of the Fair Debt Collection Practices...
View ArticleCFPB Issues Report on the Use of Remittance Histories in Credit Scoring
On July 3rd, the CFPB released a Report on the Use of Remittance Histories in Credit Scoring (the “Report”). Section 1073(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required...
View ArticleComptroller of the Currency Publishes Guidance on Debt Sales Arrangements and...
The Office of the Comptroller of the Currency’s (OCC’s) new Bulletin 2014-37 on Consumer Debt Sales represents the agency’s latest guidance on this topic since providing a written statement a year ago...
View ArticleOCC consumer protection standards in new Bulletin may influence CFPB Debt...
As noted in our recent Alert, the Office of the Comptroller of the Currency (OCC) has issued Bulletin 2014-37 on Consumer Debt Sales (the “Bulletin”). The Bulletin addresses the application of consumer...
View ArticleIs a Uniform Debt Buying Code on Its Way?
The Uniform Law Commission (ULC), a non-partisan organization committed to drafting uniform state laws, has authorized the formation of a committee to study the need for and feasibility of state...
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