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By: Mark J. Dobosz January 24, 2017 “He will win who knows when to fight and when not to fight.” Sun Tzu The art of fighting a battle means that you must learn all there is to know about your enemy. This knowledge can only come about through careful observation, research and even when possible, conversations with factions of your foes. While the work of understanding and gathering information on how a federal government agency (i.e. the CFPB) acts, responds and strategizes can be laborious, the
PRESS RELEASE. Indiana Consumer Law Group/The Law Office of Robert E. Duff announces the recent filing of a class action lawsuit against Condor Securitization Trust, Condor Holdco Securitization Trust, Condor Assetco Securitization Trust and Condor Recovery Securitization Trust arising out of the repossession of an Indiana couple’s vehicle. The complaint alleges that the Notice of Sale sent to the plaintiffs did not comply with the Uniform Commercial Code (UCC) in a number of respects.
(This post is adopted from the materials presented at the CAI Law Seminar in Las Vegas, Nevada on January 20, 2017) Demystifying the FDCPA Class Action For HOA Attorneys Consumer attorneys have been filing FDCPA class actions against collection attorneys for decades, and the pace of those filings has increased sharply in the past ten years. Attorneys who collect for national banks, debt buyers or other financial institutions have been regular targets in FDCPA class actions.
The thought of chasing customers to collect the money you’re owed probably isn’t the first thought on your mind when operating a business. At Point Law, we specialize in commercial , government , and healthcare debt collections and we’re here to provide solutions to collect your unpaid invoices. Not getting paid for services performed or products sold can severely affect your cash flow.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
The CFPB recently released its findings from its Survey of Consumer Views on Debt. The report is of limited value as it contains a relatively small sampling of consumers. 10,876 consumers were selected based upon de-identified consumer records provided by one of the three major consumer reporting agencies. Of those, only 20% participated, yielding a sampling of 2,132 consumers.
The CFPB’s concern with incentives and overdrafts continues and has resulted in a lawsuit filed against a Minnesota based TCF National Bank. In the lawsuit, the CFPB alleges that TCF National Bank violated the UDAAP provisions of the Consumer Financial Protection Act and the Electronic Funds Transfers Act (“EFTA”). In 2010, EFTA was amended to require consumers “opt in” to overdraft coverage for ATM and one-time debit card transactions.
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The CFPB’s concern with incentives and overdrafts continues and has resulted in a lawsuit filed against a Minnesota based TCF National Bank. In the lawsuit, the CFPB alleges that TCF National Bank violated the UDAAP provisions of the Consumer Financial Protection Act and the Electronic Funds Transfers Act (“EFTA”). In 2010, EFTA was amended to require consumers “opt in” to overdraft coverage for ATM and one-time debit card transactions.
The CFPB recently issued its third consent order involving a debt collection law firm and appears to be expanding its interpretation of “meaningful involvement”. The order, which was entered against two related debt collection firms and their principal, calls into question how debt collection firms fundamentally conduct business. See In the Matter of Works & Lentz, Inc., et al, File No. 2017-CFPB-0003.
When operating a business, the thought of chasing customers to collect the money your business is owed probably isn’t the first thought on your mind; that is until your receivables start to accrue day by day and month by month. At Turbo Debt Recovery, we’re here to provide solutions to collect your unpaid invoices. Not getting paid for services performed or products sold can severely affect your cash flow.
Marketing practices remain at the forefront of CFPB activity as evidenced by two recent consent orders entered into with TransUnion and Equifax. The consent orders combine to require the CRAs to pay more than $17.6 million in restitution to affected consumers and an additional $5.5 million in civil monetary penalties. Both consent orders will remain in place for five years and were entered without any admission of liability by the consumer reporting agencies (the “CRAs”).
PRESS RELEASE. Indiana Consumer Law Group/The Law Office of Robert E. Duff announces the recent filing of a lawsuit against several defendants, including Santander Consumer USA Inc., over a repossession that allegedly did not comply with Indiana law. Specifically, the repo agent is alleged to have breached the peace in repossessing the plaintiff’s vehicle.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
A New York District Court recently addressed the issue of whether the FDCPA requires passive debt buyers to personally register disputes or whether they can delegate that obligation to their third party debt collector/servicer. Passive debt buyers purchase debt but retain third parties to service and collect the debt. In Nunez v. Pinnacle Credit Services, the consumer retained a debt settlement company to assist her in connection with her credit.
A decision from a New Jersey district court serves as a reminder that call volume alone will not support a violation of the FDCPA. In Chisholm v. Afni, Inc., the issue before the court was “whether a series of 18 telephone calls from a debt collector, of which 17 were unanswered and one where the recipient hung up, unaccompanied by harsh or threatening language or back-to-back calls could reasonably be found to violate the FDCPA.
The Department of Justice has entered into a proposed consent order with two Ohio based banks resolving allegations that the banks engaged in a pattern or practice of redlining in their mortgage lending practices by “structuring their businesses to avoid the credit needs of majority black neighborhoods” in four Ohio and Indiana MSAs. The banks, Union Savings Bank and Guardian Savings Bank, are both headquartered in Cincinnati Ohio and share common ownership and management.
The CFPB recently issued its monthly report of consumer complaints and turned its focus back to debt collection. The Report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of complaints by product category, by company and by state. Additionally, it highlights a product type and a geographic area. Here are the highlights: Debt collection, mortgage and credit reporting continue to be the leaders in complaint volume; Debt collections complaints compris
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
The end of the year is always a time for reflection for me. As we kick 2016 to the curb, I thought I'd take this opportunity to look back at 2016 and look ahead to 2017. 2016: A Look Back Looking back at 2016, the first things that come to my mind are the aggressive rule making agenda undertaken by the CFPB and their struggle to implement rules based upon a less than full understanding of the industries they attempt to regulate.
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