Better Credit Blog

AUGUST 31, 2020

It is enforced by the Federal Trade Commission , a federal agency that protects consumers and maintains fair competition in the marketplace, including debt collection attempts. Threatening to garnish wages without a court order. Likewise, they can’t mail you letters designed to look like legally binding government documents.

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Troutman Sanders

MARCH 11, 2024

Drawing on expertise from key governmental bodies, the proposed legislation seeks to establish a comprehensive framework for stablecoin governance. On March 6, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam called on Congress to pass legislation addressing regulatory jurisdictions in the crypto industry.

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Troutman Sanders

NOVEMBER 2, 2020

State Activities: On October 30, Virginia Governor Ralph Northam signed House Bill 568, which automatically exempts emergency relief payments, as defined in the bill, from the creditor process, including garnishments and liens. For more information, click here. ” To read more about Cannataci’s annual report, click here.

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Troutman Sanders

NOVEMBER 13, 2023

On November 7, the Commodity Futures Trading Commission (CFTC) announced that, in 2023 alone, the cumulative penalty amount stemming from consent orders it entered with digital asset-based companies totaled $4.3 For more information, click here. For more information, click here.

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Troutman Sanders

DECEMBER 20, 2022

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) filed an amicus brief in the Eleventh Circuit in support of a plaintiff-appellant who filed a Section 1681s-2(b) claim against a furnisher for failing to conduct a reasonable investigation under the Fair Credit Reporting Act.

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Better Credit Blog

APRIL 1, 2022

The Federal Trade Commission or FTC enforces these rules, collectively known as the Fair Debt Collection Practices Act and prevents debt collectors from harassing you. They cannot send letters with the appearance of an official government or court letter. Calling can only happen between the hours of 8 a.m.

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Troutman Sanders

NOVEMBER 1, 2021

On October 29, the Federal Trade Commission (FTC) issued a new enforcement policy statement, warning companies against deploying illegal dark patterns that trick or trap consumers into subscription services. For more information, click here. For more information, click here.

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Burr Forman

DECEMBER 4, 2020

With new and impending changes in both the economic and political landscape, financial institutions have had to adapt to ever-changing policies governing consumer loan servicing and debt collection. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices.

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Troutman Sanders

OCTOBER 26, 2020

Federal Activities: On October 23, the Financial Action Task Force concluded its 32nd plenary meeting and continued to focus on the impact of the COVID-19 pandemic on detecting and countering fraud, including attempts to defraud government-backed stimulus programs. For more information, click here. For more information, click here.

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Troutman Sanders

DECEMBER 5, 2022

On November 30, the Federal Trade Commission (FTC) announced that it has temporarily shut down a credit card debt relief program and its affiliated companies that allegedly took millions from consumers by falsely promising to eliminate or substantially reduce their credit card debt. To read Emmer’s letter, click here. Kathy Hochul signed S.6522A/A.7363A

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Troutman Sanders

JULY 27, 2020

3841, a bill that protects the stimulus funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) from being garnished by judgement creditors and debt collectors, similar to how Social Security payments are exempt from being garnished. On July 23, 2020, the Senate unanimously passed S.

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Collection Industry News

JUNE 14, 2021

Here are snapshots of some cases against debt collectors that the State Attorney General’s Office, Federal Trade Commission and other law enforcement agencies have pursued in the past decade. Two years later, the state and Federal Trade Commission fined him $112,000 after he was accused of using lies and threats to unlawfully collect $8.7

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Troutman Sanders

AUGUST 9, 2021

On August 3, Federal Reserve Board announced that it will extend the comment period for its proposal to govern funds transfers over the Federal Reserve Banks’ FedNow Service until September 9. On August 5, the Department of Education announced that it is extending the moratorium on federal student loan payments through January 31, 2022.

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Collection Industry News

JANUARY 13, 2025

The industry trade journal Beckers Hospital Review recently elevated Advocate to No 4 on itsrankings of the nations largest hospital chains, up from No 7 earlier this year. Atrium Health the unit of Advocate Health that operates in the four southern states is run by a local government authority in Charlotte, North Carolina.

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Troutman Sanders

JANUARY 19, 2021

Chopra is currently a chairman on the Federal Trade Commission. Currently set to expire on February 1, the collection actions subject to the moratorium include garnishment, attachment, and levy. The report identifies hurdles residents face to obtain assistance in Maryland courts, including with eviction and garnishment proceedings.

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Troutman Sanders

MARCH 4, 2024

The OAG also found that the debt collection law firm illegally continued to pursue consumers for debts that were already paid or partially paid, and sometimes garnished wages for judgments that were completed.

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Troutman Sanders

JULY 26, 2021

On July 20, the House of Representatives passed the Consumer Protection and Recovery Act, which aims to revive the Federal Trade Commission’s (FTC) authority to return money to consumers harmed by companies found to engage in deceptive practices. For more information, click here. For more information, click here.

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Troutman Sanders

APRIL 19, 2021

On April 15, the Federal Trade Commission (FTC) announced the first enforcement action taken under the new COVID-19 Consumer Protection Act (COVID-19 CPA), which imposes monetary penalties on violators. Companies also would be required to submit business-specific requirements, which pertain to information related to licensing a business.

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Troutman Sanders

AUGUST 3, 2020

The bill defines “extraordinary” collection actions as selling debt to a third party, reporting the debt to a credit bureau, denying medical care, placing a lien on a property, foreclosing on a property, seizing property or funds from a bank account, commencing a civil action, and garnishing an individual’s wages. As part of S. As part of S.

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Troutman Sanders

NOVEMBER 7, 2023

The proposed regulatory framework includes requirements for the admission of digital assets to a trading venue and disclosure documents. The agreement also alleges that the mailers “hid the company’s identity” and gave the false impression that the company was affiliated with the government.

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Troutman Sanders

MARCH 15, 2021

The American Rescue Plan provides $1,400 direct payments to individuals making up to $75,000 annually, $350 billion in aid to state and local governments, and $14 billion for vaccine distribution. The FTC reminds consumers that the government will never ask them to pay anything upfront in any form to obtain stimulus money.

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Troutman Sanders

APRIL 5, 2021

On March 29, the CFPB Acting Director Dave Uejio and the Federal Trade Commission (FTC) Acting Chairwoman Rebecca Slaughter issued a joint statement regarding their agencies’ work to help stop illegal evictions and protect consumers facing economic hardship due to COVID-19. For more information, click here.

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Troutman Sanders

JANUARY 25, 2021

The president is expected to nominate Rohit Chopra, currently a commissioner of the Federal Trade Commission, to serve as the next CFPB director. On January 21, Colorado Governor Jared Polis signed SB21-002 into law, which extends the moratorium on certain collection actions, such as garnishment, attachment, or levy, until June 1, 2021.

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Collection Industry News

AUGUST 23, 2022

Borrowers currently in default will have the opportunity to improve their credit records, shield themselves from any collection activity the government may be able to take against them — including wage garnishment — and restore their eligibility for federal student aid. Collection efforts to be temporarily suspended.

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