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Collections Debt collector Financial services 
Account Recovery
DECEMBER 16, 2024
Proposed amendments to New York Citys rules governing debt collection have drawn significant scrutiny from trade groups outside the collection industry, most notably the American Financial Services Association (AFSA), which submitted a comment letter last week regarding the proposed amendments.
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Account Recovery
FEBRUARY 20, 2025
The guide is focused on the state’s Exempt Income Protection Act (EIPA), a law designed to ensure that debt collectors cannot freeze or seize essential funds from consumers, leaving them unable to meet basic living expenses. Attorney General James’s office has been proactive in enforcing these protections. Learn more.
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Account Recovery
APRIL 20, 2021
The House Financial Services Committee will be marking up a series of bills today, including one that was introduced last week by Rep. the chairwoman of the Committee, that includes eight different bills aimed at debt collectors. 2547, The Comprehensive Debt Collection Improvement Act.
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Account Recovery
NOVEMBER 2, 2021
The New York Department of Financial Services has issued a series of amendments to its debt collection rules for third-party debt collectors and debt buyers that could change how consumers are communicated with, including the information that must be provided after an initial communication is made.
Account Recovery
NOVEMBER 2, 2021
NYDFS Proposes Debt Collection Rule Changes; Judge Grants MTD in FDCPA Case Over Credit Reporting Language appeared first on AccountsRecovery.net.
Account Recovery
MAY 13, 2025
The background: The plaintiff filed this complaint back in January, alleging a collection operation and a credit reporting agency failed to conduct a reasonable investigation when the plaintiff disputed the debt.
Consumer Finance
JUNE 7, 2023
The Consumer Financial Protection Bureau (CFPB) took action against medical debt collector Phoenix Financial Services (Phoenix) for numerous debt collection and credit reporting violations.
Account Recovery
MARCH 10, 2025
ROBBIN LAW: After the New York Attorney General Letitia James (NYAG) recent crack downs on debt collectors violations of New Yorks Exempt Income Protection Act (EIPA), the NYAG has provided debtors with a guide on their rights under the EIPA. More details here. WHAT THIS MEANS, FROM JACQUELYN DICICCO OF J. More details here.
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True Accord
OCTOBER 22, 2024
Read on for our take on what’s impacting consumer finances, how consumers are reacting and what else you should be considering as it relates to debt collection today. Along with taking action against more than a handful of financial services companies in the name of consumer protection, the agency made headway on myriad other issues.
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Better Credit Blog
NOVEMBER 2, 2020
Then you may start to hear from a company called Action Financial Services. Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. They have a reputation as being an aggressive and relentless collector. Send a Debt Validation Letter.
PDC Flow
FEBRUARY 27, 2025
The debt collection process can be tricky. Collection agencies must follow regulations strictlyor youll find your business in jeopardy. Compliance can be even harder when scammers actively try to disrupt your debt collection practices through call baiting. First, What is Call Baiting? Why Do People Call Bait?
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True Accord
FEBRUARY 11, 2025
Keeping up with compliance in the debt collection industry can be a challengeespecially as artificial intelligence, machine learning, and other advanced technologies sweep through both the business and consumer sectors. TrueAccord is a licensed, bonded, and insured collection agency in all jurisdictions where we collect.
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Better Credit Blog
FEBRUARY 4, 2021
Are you concerned about a collections entry from Delivery Financial Services? While falling behind on a payment or two might not seem like a big deal, collections-stage debt can do substantial damage to your credit. About Delivery Financial Services. Credit card debt. Utility debt.
Account Recovery
JUNE 9, 2023
The Consumer Financial Protection Bureau yesterday announced its first enforcement action in the area of medical collections, fining a medical debt collector $1.675 million for continuing to attempt to collect on debts that were not substantiated after the consumers filed disputes and for furnishing information abut the debts to the credit reporting (..)
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FFGN COLLECT NY
DECEMBER 15, 2021
The Consumer Financial Protection Bureau (CFPB) has more to do with your debt collection claim than you might think. Personally, CFPB has a lot to do with how companies approach you to collect debt and other financial products. What is the Consumer Financial Protection Bureau?
Consumer Financial Services Law
MARCH 27, 2018
Dunn The House Financial Services Committee voted 35-25 on March 21, 2018 to advance H.R. Dunn practices in Smith Debnam's Consumer Financial Services Litigation and Compliance Group. By: Zachary K. 5082, officially known as the “Practice of Law Technical Clarification Act of 2018,” to the full House of Representatives.
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Better Credit Blog
FEBRUARY 5, 2021
If you’re wondering what BCA Financial Services is and why it’s on your credit report, the guide below is for you. With all of life’s financial obligations and the busyness of day to day life, it can be all too easy to let a payment slip through the cracks. About BCA Financial Services. BCA Financial Services, Inc.
CICM
SEPTEMBER 15, 2023
In this blog, we will look at what Debt Collections is and why it is so important. What is Debt? Debt is money owed to another. This debt could be unpaid bills or invoices for goods and services, repayment of a financial service or money loan, or overdue sums for a range of obligations such as fines, taxes and rent.
Troutman Sanders
JANUARY 24, 2023
On December 28, 2022, the New York Department of Financial Services released its debt collection rule amendments to 23 NYCRR 1, the regulation titled “Debt Collection by Third-Party Debt Collectors and Debt Buyers.” The rule amendments are scheduled to take effect in late June 2023.
Better Credit Blog
AUGUST 22, 2020
If you have an unpaid medical bill, you may begin to hear from a debt collector known as CMRE Financial Services. CMRE Financial Services is a collection agency that collects medical debts on behalf of hospitals and other healthcare businesses. What is CMRE Financial Services?
True Accord
APRIL 28, 2025
Other challenges for businesses debt collection operations come in the forms of regulatory changes impacting innovation and uncertainty about staying in compliance. The 2024 Order conflicts with the CFPBs Regulation F Debt Collection Rule about the scope of an opt-out. What Does This Mean for Debt Collection?
True Accord
JANUARY 21, 2025
The good news for lenders and debt collectors is that a reported 72% of consumers have a New Years resolution to pay off debt in 2025. CFPB Looks at Medical Debt, Student Loans and So Much Data Medical debt wasnt the only focus for the Consumer Financial Protection Bureau in Q4. Whats Impacting Consumers?
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Better Credit Blog
SEPTEMBER 9, 2020
Have you noticed a company called Phoenix Financial Services on your credit report? If you have, this has probably been accompanied by calls from them to collect on a debt. This is because collection accounts on your credit report can have a significant impact on your score for up to seven years.
True Accord
JULY 13, 2020
Debt collection is a highly regulated industry and as such, is notoriously slow to change. While there are a number of reasons for this , the end result is a growing gap between consumer’s expectations and the services creditors offer. . A consumer’s relationship with a debt collector begins well before any payment activities.
Troutman Sanders
FEBRUARY 8, 2022
Troutman Pepper announced today that a nationally recognized consumer financial services group has joined the firm from Ballard Spahr in Atlanta, New York, Philadelphia, and Salt Lake City. The industry-leading group includes partners Christopher J. Willis , Mark J. Furletti , Jeremy T. Rosenblum , Stefanie H. Cover , and Anthony C.
Troutman Sanders
JULY 21, 2022
Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues Stefanie Jackman and Sarah Reise as they discuss the intersection of fair lending with collections. Transcript: Fair Lending 101 for Debt Collectors (PDF).
Fico Collections
DECEMBER 20, 2021
It’s the time of year for predictions, and with the insights gained from 2021, I am ready to offer a few public policy forecasts for those in the financial services industry. Debt Collectors and Service Providers Can Once Again Work Together Without the Fear of Violating the FDCPA. The Hunstein v.
Troutman Sanders
JANUARY 9, 2024
On January 2, the CFPB published a blog titled, “Holding Debt Collectors Responsible for False Statements.” CICA Collection Agency, a First Circuit case in which the CFPB has filed an amicus brief. The consumer sued to hold the debt collector accountable for the misrepresentation, but the debt collector pled ignorance.
Taurus Collect
NOVEMBER 15, 2023
Understanding your rights as a consumer is crucial when dealing with debt collectors. Unfortunately, many UK consumers are unaware of their legal protections and end up feeling intimidated or helpless when faced with aggressive debt collection tactics. Legitimate collectors should readily provide this information.
Troutman Sanders
NOVEMBER 13, 2023
One revision now requires hospitals to complete a screening process to determine whether a particular patient is eligible for charity care before taking certain action, such as enrolling the patient in a payment plan or referring the account to in-house or third-party collections, on the patient’s account. For more information, click here.
True Accord
NOVEMBER 13, 2023
The New York City Department of Consumer and Worker Protection (NYC DCWP) just released an updated proposed amendment to its rules relating to debt collection. This means that a debt collector must first call a consumer to obtain consent before the collector could send an email message about the account.
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Troutman Sanders
JUNE 13, 2022
On June 8, Office of the Comptroller of the Currency (OCC) proposed adding cannabis and digital currency activities to the list of business data it collects from banks in an attempt to better identify areas of risk in the financial system. For more information, click here. For more information, click here. dollar-backed stablecoins.
Consumer Financial Services Law
NOVEMBER 19, 2019
On November 14, 2019, the House Committee on Financial Services passed the following bills which would amend the federal Fair Debt Collection Practices Act and tighten consumer protections. The Ending Debt Collection Harassment Act of 2019 (H.R. The Ending Debt Collection Harassment Act of 2019 (H.R.
Troutman Sanders
MARCH 15, 2021
Madeleine Dean (D-PA) introduced a bill, the Fair Debt Collection Practices for Servicemembers Act (H.R. 1491), proposing to amend two sections of the Fair Debt Collection Practices Act (FDCPA or the Act) — namely Section 805 of the FDCPA (15 U.S.C. Proposed Amendment to 1692c: Communication Involving Debt Collection.
Troutman Sanders
NOVEMBER 29, 2021
State Activities: On November 24, the New York State Department of Financial Services issued a proposed regulation that seeks to protect consumers who are provided misinformation about whether health care providers are part of their insurance network. The CFPB plans to review recent changes to the rule and evaluate their effectiveness.
Troutman Sanders
OCTOBER 19, 2021
On October 15, the Department of Education announced that it has awarded contracts to six different companies that will be responsible for servicing and collecting federal student loans. These FAQs are a Compliance Aid designed to help collection agencies comply with Reg F, which goes into effect on November 30, 2021.
True Accord
JUNE 19, 2020
Due to regulatory concerns and a general wariness of adopting new technologies, the debt collection industry has historically been slow to change. As companies across other financial industries continue to make it easier for consumers to access their own finances, that resistance may finally be waning. Building scalable systems.
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PDC Flow
OCTOBER 12, 2021
On November 30, 2021, debt collectors are expected to be fully ready to comply with this long-awaited rule. We have wanted a road map of what a regulator would feel is appropriate conduct for us, to communicate to consumers and collect debt. ”. The implementation date for the CFPB’s Regulation F is coming. Leslie Bender.
Troutman Sanders
AUGUST 1, 2023
On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on Financial Services on July 26. Per the report, examiners found multiple instances of unfair or abusive acts or practices by servicers.
Troutman Sanders
OCTOBER 30, 2023
On October 26, a House Financial Services subcommittee drafted legislative proposals related to the buy now, pay later (BNPL) and earned wage access (EWA) market. Total outstanding credit card debt eclipsed $1 trillion for the first time since the CFPB began collecting this data. financial institutions.
Troutman Sanders
DECEMBER 19, 2023
The new law prohibits consumer reporting agencies from reporting or maintaining in consumer files any information about medical debts. On December 12, Minnesota Attorney General Keith Ellison announced that his office obtained a settlement with a California student loan debt relief company. For more information, click here.
Troutman Sanders
APRIL 26, 2021
Federal Activities: On April 22, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James filed a complaint in federal court to seize a $1.6 million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. For more information, click here. On April 22, the U.S.
Fico Collections
JANUARY 6, 2021
Posts dealing with debt collection were among the most popular on the FICO Blog last year, for obvious reasons. They also offered perceptive tips for dealing with what they dubbed the “debt tsunami.”. They also offered perceptive tips for dealing with what they dubbed the “debt tsunami.”.
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Jimerson Firm
DECEMBER 14, 2021
Two important statutes for all businesses to be aware of are the Florida Consumer Collection Practices Act (FCCPA) and the Fair Debt Collection Practices Act (FDCPA). Fair Debt Collection Practices Act. For example, a debt collector cannot: use violence or make repetitive telephone calls (15 U.S.C.
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