CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s and FTC’s activities in 2019.
With regard to the CFPB’s debt collection rulemaking, in her opening message, Director Kraninger only references the Bureau’s May 2019 proposal. She does not mention the Bureau’s supplemental proposal issued last month that would require…
On March 13, following the declaration of a state of emergency by Nevada Governor Sisolak due to the COVID-19 outbreak, the state’s Department of Business and Industry (DBI) issued guidance that allowed collection agency employees to work from their residences even if a residence was not a location licensed with the DBI. However, on March…
For our clients and others interested in monitoring coronavirus (COVID-19) developments involving debt collection or telemarketing, effective today, March 23, Ballard Spahr has launched a comprehensive, national tracking program. Each business day, participants in the program will receive an email update of any new laws, orders, executive pronouncements, or other guidance impacting the collections and…
In light of the disruption caused by the COVID-19 pandemic, ACA International has asked the CFPB for a 30-day extension of the deadline for filing comments on its supplemental debt collection proposal. The proposal would require debt collectors to make specified disclosures when collecting time-barred debts. The current comment deadline is May 4, 2020.
The CFPB has issued a proposal that would require debt collectors to make specified disclosures when collecting time-barred debts (Disclosure Proposal). The Disclosure Proposal supplements the Bureau’s proposed debt collection rule issued in May 2019 (May Proposal). Comments on the Disclosure Proposal must be filed no later than 60 days after the date it is…
Our podcast looks at industry and consumer comments and perspectives on key issues, including the proposal’s potential implications for creditors collecting their own debts through UDAAP/UDAP and state collection laws, its approach to electronic communications and “meaningful attorney involvement,” and whether a final rule should address information transfers and file reviews or collecting time-barred debt. …
In this podcast, we are joined by Scott Ferris, CEO of Attunely, a provider of machine learning (ML) and artificial intelligence (AI) technology to the debt collection industry. We look at how changes in consumer behavior have impacted collections, technology’s role in collections, state law’s/GDPR’s impact on ML/AI and compliance strategies, how ML/AI can improve…
On September 25, 2019, the CFPB filed a lawsuit in federal district court in Maryland against Maryland-based debt collector FCO Holding, Inc. (“FCO”), its various subsidiaries and Michael E. Sobota, the CEO, president, director, and owner of FCO. According to the lawsuit, FCO and Sobota operate the largest debt-collection company in the multi-unit housing industry,…
The House Financial Services Committee will hold a hearing entitled “Examining Legislation to Protect Consumers and Small Business Owners from Abusive Debt Collection Practices,” on Thursday, September 26, 2019, at 10:00 a.m. The hearing will also be live streamed.
The following witnesses are scheduled to testify:
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In its proposed debt collection rules, the CFPB would allow a debt collector to satisfy the FDCPA requirement to provide the validation notice by sending the debtor an email or text message that includes a hyperlink to a secure website on which the notice is accessible, subject to a series of specific conditions set forth…
