≡ Menu

FDIC Proposes New Examination Guidance for Banks Engaged in Third Party LendingThe Federal Deposit Insurance Corporation (FDIC) has issued new proposed examination guidance for bank compliance when engaged in lending through third parties.  The new proposal would apply to all banks engaged in “any lending arrangement that relies on a third party to perform a significant aspect of the lending process” as well as institutions seeking to originate loans with banks.

Read more on FDIC Proposes New Examination Guidance for Banks Engaged in Third Party Lending…

{ 0 comments }

California Court Cites Spokeo in Dismissing TCPA Case Against Bank for Lack of StandingThe U.S. District Court for the Southern District of California has dismissed a suit alleging a violation of the Telephone Consumer Protection Act (TCPA) by a bank that made unwanted autodial calls to a plaintiff’s cell phone, ruling that the plaintiff did not show sufficient “concrete injury” to confer standing under the U.S. Supreme Court case of Spokeo v. Robins.

Read more on California Court Cites Spokeo in Dismissing TCPA Case Against Bank for Lack of Standing…

{ 0 comments }

CFPB Outlines Proposals to Overhaul Debt Collection Industry

CFPB Outlines Proposals to Overhaul Debt Collection IndustryThe Consumer Financial Protection Bureau (CFPB) announced on July 28, 2016, that it is considering proposals to overhaul the debt collection industry that would include the following measures:

Substantiation of the debt prior to contact.  Debt collectors would be required to substantiate a debt prior to making any contact with a consumer to ensure they have sufficient information, including the debtor’s full name, address, phone number, account number, default date, amount owed and any payments made following the default date.

Read more on CFPB Outlines Proposals to Overhaul Debt Collection Industry…

{ 0 comments }

Ninth Circuit Rules Failure to Specifically State Voicemail Message is from a Debt Collector Not a FDCPA ViolationOn August 8, 2016, the U.S. Court of Appeals for the Ninth Circuit ruled that a voicemail message left by a debt collector that did not specifically state, “This communication is from a debt collector,” did not violate the Fair Debt Collection Practices Act (FDCPA).

Read more on Ninth Circuit Rules Failure to Specifically State Voicemail Message is from a Debt Collector Not a FDCPA Violation…

{ 0 comments }

Federal Court Holds Bank Location is No Bar to Judgment Creditor’s Levy on Guarantor’s Bank AccountsA Missouri federal court has ruled that the location of a guarantor’s bank account in a different state is no bar to a judgment creditor’s ability to levy that guarantor’s deposit accounts.

Read more on Federal Court Holds Bank Location is No Bar to Judgment Creditor Levy on Guarantor’s Bank Accounts…

{ 0 comments }

Ninth Circuit Rules Every Debt Collector Required to Send Verification NoticeIn a case of first impression, the U.S. Court of Appeals for the Ninth Circuit has ruled that when multiple debt collectors have attempted to collect on the same debt, each debt collector must send a verification notice.

Read more on Ninth Circuit Rules Every Debt Collector Required to Send Verification Notice…

{ 0 comments }

11th Circuit Rules Debt Collectors Required to Disclose to Consumers That Disputes Must be in WritingThe U.S. Court of Appeals for the Eleventh Circuit has ruled that debt collectors must disclose to consumers that any disputes must be in writing as required by the Fair Debt Collection Practices Act (FDCPA).

Read more on 11th Circuit Rules Debt Collectors Required to Disclose to Consumers That Disputes Must be in Writing…

{ 0 comments }

Bill to Replace Dodd-Frank Released by House Financial Services CommitteeA draft of a bill to replace the Dodd-Frank Act — entitled the Financial CHOICE Act — has been released by the House Financial Services Committee with the goal of reforming the Consumer Financial Protection Bureau (CFPB) and financial institution regulations.

Read more on Bill to Replace Dodd-Frank Released by House Financial Services Committee…

{ 0 comments }

FTC Action Bans 5 California Companies from Debt Collection BusinessThe Federal Trade Commission (FTC) has reached a settlement with five California companies that ban the businesses from participating in the debt collection industry.

The five companies — BAM Financial LLC, d/b/a as West and Associates, Chelsea & Associates, and Chelsea Financial; Everton Financial LLC, also d/b/a West and Associates; and Legal Financial Consulting LLC, also d/b/a West and Associates Services — were charged by the FTC last October with using false threats and other illegal collection practices.

Read more on FTC Action Bans 5 California Companies from Debt Collection Business…

{ 0 comments }

U.S. Supreme Court to Determine Whether Bankruptcy Court Can Authorize Settlements That Violate Priority RulesThe U.S. Supreme Court has agreed to hear a case next term to determine whether bankruptcy courts can authorize the distribution of settlements that violate the priority scheme established by the U.S. Bankruptcy Code.

Read more on U.S. Supreme Court to Determine Whether Bankruptcy Court Can Authorize Settlements That Violate Priority Rules…

{ 0 comments }