The FTC has announced a settlement of its first enforcement action targeting the practice of “debt parking.” As described in the FTC’s complaint filed in a Missouri federal district court against Midwest Recovery Systems, LLC and its owners, this practice, also referred to as “passive debt collection,” involves the placing of purported debts on consumers’ credit reports without first attempting to communicate with consumers about the debts.… Continue Reading
debt collection
Ballard Spahr launches national tracking services for financial institutions
By Barbara S. Mishkin on
For our financial services clients interested in monitoring important federal and state legal developments, Ballard Spahr has launched a comprehensive, national tracking service designed to serve the needs of specific segments of the consumer financial services industry.
Beginning January 2, 2021, Ballard is pleased to offer three new federal and state trackers, which are available as a package or individually, depending on your financial institution’s needs:
- Collections Tracker – providing expanded coverage of relevant federal and state legislative and regulatory developments impacting consumer collection activities; this will still include our current COVID-19-related coverage, but the tracker will be expanded to include new and evolving federal and state collection legislative and regulatory initiatives.
California Department of Financial Protection and Innovation Provides Update on California Consumer Financial Protection Law and Debt Collection Licensing Act Rulemaking
By Ballard CFS Group on
On November 16, 2020, the California Department of Financial Protection and Innovation (DFPI) held a “listening session” relating to the implementation of the California Consumer Financial Protection Law (CCFPL). The DFPI’s intent of the session was to gather feedback on the CCFPL to help inform and prioritize its rulemaking and implementation efforts.… Continue Reading
The CFPB’s final collections rule: meaningful attorney involvement safe harbor removed; debt sale restrictions modified
By Ballard CFS Group on
On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule. Click here for more information and to register.
Our blog post series has detailed a number of ways in which the CFPB’s final debt collection rule departs from last year’s NPRM. … Continue Reading
The CFPB’s final collections rule: mortgage servicing provisions and impacts
By Ballard CFS Group on
On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule. Click here for more information and to register.
The CFPB’s debt collection final rule will significantly impact the operations of mortgage servicers. Not surprisingly, the CFPB declined to generally exempt mortgage servicers from the definition of a “debt collector” under the federal Fair Debt Collection Practices Act (“FDCPA”). … Continue Reading
The CFPB’s final collections rule: impact on credit reporting
By Kim Phan on
On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule. Click here for more information and to register.
This latest installment of our blog posts about the CFPB debt collection rule examines how the final rule will impact credit reporting.… Continue Reading
The CFPB’s final collections rule: using electronic communications to send required disclosures
By Ballard CFS Group on
On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule. Click here for more information and to register.
One of the initial promises of the CFPB’s NPRM was a level of certainty as to the use of electronic communications to provide legally-required collection disclosures to consumers. … Continue Reading
The CFPB’s final collections rule: using email and text messages
By Sarah T. Reise & Ballard CFS Group on
Posted in Debt Collection, Regulatory and Enforcement
On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule. Click here for more information and to register.
Continuing our series of blog posts breaking down the CFPB’s final debt collection rule, we now discuss the use of email and text messages, and how to qualify for a safe harbor from civil liability for unintentional third party disclosures resulting from these types of communications.… Continue Reading
The CFPB’s final collections rule: inconvenient time and place restrictions
By Sarah T. Reise & Ballard CFS Group on
On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule. Click here for more information and to register.
Our series of blog posts breaking down the CFPB’s final debt collection rule now turns to a discussion of how to understand and comply with the final rule’s inconvenient time and place provisions. … Continue Reading
The CFPB’s final collections rule: contact frequency limitations and limited content messages
By Rene T. McNulty & Ballard CFS Group on
On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule. Click here for more information and to register.
Among the items proposed in the CFPB’s NPRM that were adopted in its final collections rule are restrictions on call attempts and a limited content message definition. … Continue Reading