The State Attorneys General from 30 states and the District of Columbia submitted a comment letter to the CFPB on February 28, 2014, urging the CFPB to “adopt well-tailored, comprehensive, and balanced rules” that will apply to “all persons engaged in the collection of consumer debts” which would presumably include both first and third-party collectors.
The ACA Responds to the CFPB’s Announced Notice of Proposed Rulemaking
The ACA issued its response to the CFPB’s Announced Notice of Proposed Rulemaking. In its comment letter, the ACA suggested a number of considerations that it believes should guide CFPB’s development of new regulations designed to modernize the FDCPA:
- Any new rules should recognize the industry’s diversity, namely the types of debt being collected and
Industry Groups Urge CFPB to Establish Debt Collection Rulemaking Priorities
A recent comment letter from the American Bankers Association, Consumer Bankers Association and the Financial Services Roundtable to the CFPB urged the Bureau to prioritize third-party agencies in its FDCPA rulemakings.
Chief among the group’s concerns is maintaining “the distinction between first and third-party collections recognized by the FDCPA.” The signatories “strongly oppose placing FDCPA-like
New Jersey State Appellate Court Clarifies Burden of Proof for Establishing Ownership of Accounts Subject to Collections
On March 5, 2014, the Appellate Division for the Superior Court of New Jersey issued a 46-page consolidated opinion clarifying the type of documentation necessary to demonstrate ownership of an account for collections purposes.
In establishing ownership of an account, the opinion affirmed the sufficiency of electronic business records or data files as adequate proof
FTC Highlights 2013 Enforcement Actions, Pledges Vigorous Enforcement Going Forward
As part of the CFPB’s annual report to Congress on the federal government’s efforts to implement the FDCPA, the FTC submitted highlights from its 2013 enforcement actions signaling that the Commission will continue to play an active role in enforcing the FDCPA in collaboration with the CFPB and state attorneys general.
The FTC noted that
Webinar: Do You Know Your BBB Rating? What You Don’t Know Could Hurt You
Troutman Sanders’ lawyers, Bill Hurd and Siran Faulders, will be panelists for the ‘OLA Webinar: Do You Know Your BBB Rating?’ on Tuesday, March, 25 at 4 pm Eastern.
Topics for discussion
- Learn why it is important to know, understand and improve your BBB rating
- Understand how the BBB determines its ratings and what you
Illinois Attorney General Files Lawsuit Joining in Increased Scrutiny of Lenders
On March 19, 2014, Attorney General Lisa Madigan joined in the increased scrutiny and focus on lenders, both online and storefront, by filing suit against a Chicago area short-term lender (the “Company”) that also operates in at least three other states. The lawsuit alleges that the Company misled borrowers into buying a product that was
FTC and EEOC Issue Guidance on FCRA and Background Checks
Hiring decisions are among the most important choices for any employer, but the process can be complex. For the first time, the Federal Trade Commission (FTC) and the Equal Employment Opportunity Commission (EEOC) have jointly issued two short guides on employment background checks that explain the rights and responsibilities of both employers and employees, while
Consero Financial Services and Insurance Litigation Forum – Miami, FL – May 18-20, 2014
Consero’s 2014 Financial Services and Insurance Litigation Forum will be held May 18-20, 2014 at the Trump National Doral Miami in Miami, FL. Join Troutman Sander’s lawyer, Ashley Taylor at the forum. Consero’s 2014 Financial Services and Insurance Litigation Forum will address current and looming legal and business challenges faced by today’s Chief Litigation Officers
9th Annual Credit and Collection News Conference
Troutman Sanders’ lawyer, Ashley Taylor, spoke at the 9th Annual Credit and Collection News Conference in Naples, FL about the newly formed Collection Agency Coalition. The Coalition is designed to address frivolous lawsuits brought against the industry from attorney mills. CCN’s 9th annual Credit and Collection News Conference will be held April 2-4, 2014 at