In Salinas v. R.A. Rogers, Inc., debtor Marco Salinas obtained a personal loan that was silent as to whether interest or charges could accrue in the event of default. After Salinas defaulted, debt collector R.A. Rogers, Inc. sent a letter informing him of the total amount due and warning that interest and other charges
The Federal Bureau of Investigation warns that cyber scammers are leveraging the coronavirus (“COVID-19”) to steal money, personal information, or both through phishing emails, fake Centers for Disease Control and Prevention emails, and solicitations selling counterfeit treatment, masks, and respirator equipment. See the FBI’s March 20 alert here. Business email compromise continues
On April 1, the Consumer Financial Protection Bureau issued “a non-binding general” policy statement regarding the Fair Credit Reporting Act (“FCRA”) and Regulation V in light of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The policy statement primarily emphasizes the need for furnishers to follow the requirements of the CARES
On March 31, the Consumer Financial Protection Bureau (“the Bureau”) published an online guide (available here) for consumers seeking financial relief options for mortgage and rent payments in light of the unfolding coronavirus (“COVID-19”) pandemic, with a particular focus on the new federal Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The guide
Financial services providers are asking the Federal Communications Commission to issue a declaratory ruling stating that calls to consumers placed by financial institutions and related to the coronavirus (“COVID-19”) pandemic fall within the “emergency purposes” section of the Telephone Consumer Protection Act.
The emergency purposes section of the TCPA provides that calls made for “emergency
An investor alert this week from the Financial Industry Regulatory Authority, Inc. begins with the ominous warning, from “regulators, law enforcement agencies, and consumer organizations around the globe, the message is clear: fraudulent schemes related to the coronavirus (‘COVID-19’) pandemic have arrived.”
A recent investor alert from the Securities and Exchange Commission’s Office of Investor
Troutman Sanders’ attorneys Ron Raether and David Anthony will serve as panelists for the PBSA’s, “COVID-19 in the Screening Industry Q&A” two part webinar series. Ron will present during the first webinar on Friday April 3, 2020 at 2 p.m. ET. and David will serve as a panelist for the second webinar on Thursday April,
Recognizing the impact of the coronavirus (“COVID-19”) health crisis, the North America Collection Agency Regulatory Association (“NACARA”) recently released a message offering information and guidance to consumers, financial institutions, including debt buyers and collection agencies, and fellow regulators.
Consumers and Commercial Debtors
Noting that many consumers and commercial debtors may face difficulties in repaying accounts
Consumers may be struggling to come to grips with a “new normal” during the ongoing coronavirus (“COVID-19”) epidemic, but fraudsters are pressing forward with a variety of online scams and fraudulent conduct, swindling millions of dollars from American consumers just in a matter of weeks.
The Federal Trade Commission reports a recent spike in complaints
On March 27, Minnesota Gov. Tim Walz clarified that Executive Order 20-20, which directed Minnesota residents to stay at home, applies to debt collection professionals. Due to ongoing coronavirus (“COVID-19”) concerns, Executive Order 20-20, which will remain in effect until April 10, 2020, orders all persons living in the State of Minnesota to stay