On March 31, the United States District Court for the Eastern District of Michigan ruled in favor of a furnisher that reporting a dispute using the Compliance Condition Code of “XB,” and updating its reporting to “XH” after completing its investigation, does not violate the Fair Debt
On April 3, Nevada released new debt collection guidance that clarified existing emergency regulations implemented in response to the coronavirus (“COVID-19”) outbreak. The Deputy Commissioner of the Nevada Department of Business & Industry recently provided some clarification concerning the Department’s March 20 notice to the collection industry.
The Department’s prior notice deemed collection agencies non-essential
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
On March 24, the Consumer Financial Protection Bureau released a list of resources to assist consumers in taking steps to protect their finances during the coronavirus (“COVID-19”) pandemic. The resources can be found here.
Specifically, the resources provided by the CFPB address the following issues:
On March 22, the Board of Governors of the Federal Reserve System (“FRB”), Federal Deposit Insurance Corporation, National Credit Union Administration, Office of Comptroller of the Currency, Consumer Financial Protection Bureau, and the Conference of State Bank Supervisors (collectively, “the Agencies”) issued an interagency statement, available here, providing guidance for lenders on how to
On March 13, two days after the World Health Organization announced that the coronavirus (“COVID-19”) outbreak could be characterized as a pandemic, the White House declared the outbreak a national emergency.
In response, the Consumer Data Industry Association (“CDIA”) provided guidance for lenders and creditors who report information about consumers whose accounts are
The Supreme Court of Appeals of West Virginia issued an administrative order on Sunday, March 22 that covers public health and safety concerns related to the coronavirus (“COVID-19”). In it, the Court recognizes “the current COVID-19 crisis creates an unprecedented public health emergency that requires immediate action to encourage effective social distancing and reduce the
On March 17, a bill was introduced in the United States Senate to amend the Fair Credit Reporting Act to prohibit negative credit reporting during the coronavirus health crisis. The bill, S.3508, is entitled The Disaster Protection for Workers’ Credit Act. It would provide for a four-month moratorium on negative credit reporting and a
On March 6, the Federal Trade Commission filed a complaint in the United States District Court for the District of Colorado against BoostMyScore LLC (“Boost”), BMS, Inc., and William O. Airy – the principal operator of both Boost and BMS. The complaint alleges that the defendants violated the FTC Act, Credit Repair Organizations Act, and
On February 27, 2020, the United States Court of Appeals for the Ninth Circuit issued its decision in Ramirez v. TransUnion LLC, a class-action case watched closely by consumer reporting agencies and other persons regulated by the Fair Credit Reporting Act (“FCRA”). In Ramirez, the Court held for the first time that all