Category debt collectors

Ruling on Disclosure in Debt Collection Letters

Earlier this month, a West Virginia federal court ruled a disclosure in a debt collection letter regarding potential tax implications for settling a debt did not violate the Fair Debt Collection Practices Act (“FDCPA”) or the West Virginia Consumer Credit and Protection Act (“WVCCPA”). In Garrettson v. Sentry Credit, Inc. et al., a debt collector […]

Regulatory Expectations for Abandoned Foreclosures

This week, the Federal Deposit Insurance Corporation (“FDIC”) clarified its supervisory expectations for how institutions should handle decisions to discontinue foreclosure proceedings that are underway, commonly referred to as abandoned foreclosures. Although not all institutions fall into the FDIC’s supervisory scope, prudential regulators and examiners often address practical problems (such as foreclosures) similarly. In the […]

CFPB Offers More Insight on “Abusive” Standard

In its most recent settlement of an enforcement action alleging unfair, deceptive, and abusive practices, the Consumer Financial Protection Bureau (“CFPB”) offered additional insight into what constitutes “abusive” practices. The Consent Order relates to the debt collection attempts of payday lender ACE Cash Express, which were alleged to include excessive telephone calls, disclosing the existence […]