In November 2022, the Financial Industry Regulatory Authority (FINRA) launched a targeted crypto asset sweep, reviewing more than 500 retail communications related to crypto assets from member firms.
Parking Company Ordered to Pay $106,000 in Fines for Alleged Violations of the Colorado Fair Debt Collection Practices Act
Parking Revenue Recovery Services, Inc. (PRRS), a collection company, was accused of violating the Colorado Fair Debt Collection Practices Act (CFDCPA) by allegedly illegally collecting or attempting to collect on parking fines that were already paid or were incurred by another vehicle owner. PRRS was also accused of allowing its collection license to expire on July 1, 2022, not submitting a new license application until December 2022, but still continuing to collect debts in the state in the interim.
Ohio Federal Court Finds Plaintiff Has Standing in TCPA Case Over Messages Left With Wrong Recipient
On June 28, a magistrate judge in the U.S. District Court for the Southern District of Ohio issued a report recommending that the defendant’s motion to dismiss be denied because the plaintiff had standing under the Telephone Consumer Protection Act (TCPA) even though the calls in question were not intended for the plaintiff.
FTC Seeks Public Input on Joint Consumer Protection Efforts with State Attorneys General
On June 12, the Federal Trade Commission (FTC or Commission) published a request for public comment seeking comments and suggestions on effective coordination efforts with state attorneys general nationwide to help educate and protect consumers from potential fraud. This comes at the direction of the FTC Collaboration Act of 2021, which was signed into law last October by President Joe Biden.
The Collaboration Act directs the FTC to “conduct a study on facilitating and refining existing efforts with State Attorneys to prevent, publicize, and penalize frauds and scams being perpetrated on individuals in the United States.”
Sixth Circuit Affirms Dismissal of FDCPA Suit Arising From Pandemic-Time In Person Service of Process
The Sixth Circuit recently affirmed a district court’s dismissal of a Fair Debt Collection Practices Act (FDCPA) and Michigan Regulation of Collection Practices Act (RCPA) suit, holding that the plaintiff lacked standing. The litigation, Van Vleck v. Leikin, Ingber, & Winters, P.C., arose from the defendant law firm’s service of process on the plaintiff
DOJ Seizes Over $112 Million in Funds Linked to Cryptocurrency Investment Schemes
On April 3, the U.S. Department of Justice (DOJ) announced that it has seized virtual currency worth an estimated $112 million linked to cryptocurrency investment scams. Seizure warrants for six virtual currency accounts were authorized by judges in the District of Arizona, the Central District of California, and the District of Idaho. The virtual currency
New Wyoming Bill Requires Licensure for Debt-Buyers
On February 27, Wyoming Governor Mark Gordon signed into law House Bill 284, which requires debt buyers be licensed as “collection agencies” starting July 1, 2023.
The bill was introduced at the request of the Receivables Management Association International (RMAI) to address an emerging debate as to whether debt buyers should have been licensed
California Court of Appeals Suggests Electronic Signatures Require Additional Proof for Authentication
On January 19, a California Court of Appeals issued a decision calling into question the evidentiary value of electronic signatures. Dicta in the opinion directly contradicts a previous ruling in Gamboa v. Northeast Community Clinic, where the court stated the difference between physical and electronic signatures is a “distinction without a legal difference” because