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
On March 30, 2020, the Third Circuit Court of Appeals issued its long awaited en banc decision in Riccio v. Sentry Credit, Inc., overruling decades-old precedent and holding Section 1692g(a)(3) of the Fair Debt Collection Practices Act (FDCPA) allows debtors to dispute a debt orally as well as in writing. See No. 18-1463 (3d
While the nation faces unprecedented furloughs, layoffs, and economic difficulties, scammers continue to find novel ways to profit. In an attempt to dispel misinformation and provide guidance, the Federal Trade Commission is taking action to halt snake oil products and educate consumers on these ever-evolving scams.
Mimicking techniques routinely used by lenders to lawfully communicate
On March 30, the Illinois Department of Financial and Professional Regulation (“the Department”) issued a statement, accessible here, providing guidance to licensed debt collectors and debt buyers relaxing statutory guidelines mandating that collection actions only take place at their registered addresses. As many non-essential businesses throughout the state transition into having employees work from
One day after Virginia Gov. Ralph Northam imposed a state-wide stay-at-home order, the Supreme Court of Virginia extended the ongoing judicial emergency by 20 days, to run through April 26, 2020.
On March 16, the Chief Justice declared a judicial emergency, effective through April 5, “to protect the health and safety of court employees,
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), a $2 trillion stimulus bill enacted in response to the ongoing coronavirus (“COVID-19”) pandemic, contains numerous provisions impacting federal student loans for the next six months. Considering how the amount of outstanding student loan debt is in excess of $1.5 billion, and much of that