Links in “Debt Collection”
- “Nation-leading” New York Reforms Debt Collection Protections
Calling itself "nation-leading," New York toughens consumer protections against abusive and deceptive debt collection practices, such as attempts to collect "zombie debts" and practices that "take advantage of confusion or fear." Will other states follow suit? [12/5/14]
- New Yorkâs New Debt Collection Rule Could Be a Sign of Whatâs to Come for All
Under a tough new debt collection regulation, consumers in New York will be able to tell debt collectors that they may only contact them through email and not by phone. Many experts see this as a foreshadowing of the direction the CFPB may take when it looks into further regulation on debt collection practices. [12/5/14]
- CFPBâs Rulemaking Agenda Rules
The fall 2014 rulemaking agenda has been released. It covers key areas of focus such as mortgages, prepaid cards, payday loans, debt collection, and overdraft services. [11/24/14]
- CFPB’s First Criminal Referral Yields Nine-Year Sentence
The CFPB's first criminal referral resulted in a nine-year sentence for Michael Levitis, whose company was found to commit crimes against desperate borrowers that resulted in marred credit reports, foreclosure, and bankruptcy. [11/21/14]
- Treasury Deputy Secretary Raskin on Student Debt Crisis
Speech by Treasury Secretary Raskin at the National Consumer Law Center's Annual Consumer Rights Litigation Conference highlights the significant growth of student loans in default (7.1 million with a rise of 200,000 in the first six months of 2014), potential problems behind this rise, and efforts to try and resolve some of the issues. [11/7/14]
- Debt Collection Still a Problem in Retirement
According to the CFPB, persistent efforts to collect on medical debt, collect debts of deceased family members, and making illegal threats to garnish the federal benefits top the list of complaints from older consumers. [11/6/14]
- CFPB Identifies Illegal Student Loan Practices
The CFPB has student loan servicers squarely in its sights as a result of a recent review where the agency found a host of illegal activities including servicers that divided payments among loans in order to maximize late payment fees, overstating the minimum payment due on periodic statements, failing to provide borrowers with accurate tax information and making illegal debt collection calls. [10/29/14]
- Student Lenders: A New Protected Class?
The CFPB's fifth edition of Supervisory Highlights was released Tuesday, providing general insight into recent illegal actions pertaining to mortgage and student loan servicing practices. Director Cordray, consistent with recent remarks, indicated that servicers of student loan debt will be "[held] accountable for how they treat borrowers." Find out how to safeguard your institution from protections placed on student lenders. [10/29/14]
- Credit Collection Trade Group to Regulators: Back Off
ACA, the largest trade group for the credit and collection industry, issued a statement that the federal agencies' efforts to regulate litigation activities of lawyers to recover unpaid debt would be a violation of the right to petition for redress under the First Amendment. "There is absolutely no basis for executive-branch regulators (or any actors in the executive or legislative branch)... to intrude themselves into litigation between private parties for which a judge is already presiding." [10/15/14]
- CFPB Roundtable Signals Ongoing Focus on Latino Consumers
CFPB and FTC will host a roundtable on debt collection practices on Latino consumers, especially those with limited English proficiency. [10/13/14]
