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Compliance Digest – February 24

Account Recovery

Appeals Court Reverses Arbitration Ruling for Defendant in Collection Case A New Jersey Appeals Court has overturned a lower courts ruling in favor of a defendant that had granted arbitration in a collection lawsuit more than a year after the complaint had been filed and litigated. More details here. More details here.

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Consumer bureau orders debt collection agency to shut down for illegal practices

Collection Industry News

New YorkCNN — The Consumer Financial Protection Bureau on Friday ordered Commonwealth Financial Systems, a debt collection agency specializing in medical debt, to shut down as a result of what CFPB determined were illegal collection practices. Colorado recently enacted a similar ban.