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NYDFS proposes amendments to debt collection regulation

By Ballard CFS Group on November 10, 2021

Posted in Debt Collection, NYDFS, Regulatory and Enforcement

On October 29, the New York Department of Financial Services issued proposed amendments to 23 NYCRR 1, its regulation titled “Debt Collection by Third-Party Debt Collectors and Debt Buyers.” The proposed amendments would make significant changes to the sections of the current regulation dealing with initial disclosure requirements, statute of limitations disclosures, substantiation requirements, and telephone and electronic communications. … Continue Reading

NYDFS brings first action to enforce state’s debt collection regulation

By Ballard CFS Group on September 21, 2020

Posted in Debt Collection, Regulatory and Enforcement, State Enforcement

The New York Department of Financial Services (DFS) announced on September 16 that it has filed a Statement of Charges against debt collector Forster & Garbus LLP (Forster) for alleged violations of the state’s Debt Collection Regulation, Part 1 of Title 23 of the New York Codes, Rules, and Regulations, promulgated in 2015. … Continue Reading