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 initial proposed amendments were opened to
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
On January 1, 2023, House Bill 132 went into effect enacting a 36% annual percentage rate (APR) cap on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan
As previously reported here, the Federal Communications Commission (FCC) issued a proposed rule in December 2020 that would place new call-frequency limitations and opt-out requirements on certain prerecorded non-telemarketing calls to residential numbers that can be called without prior
Do “negative option” subscription services constitute unfair or deceptive practices under the Consumer Financial Protection Act (CFPA)? According to the Consumer Financial Protection Bureau (CFPB) in its recent circular, these subscription services may violate the CFPA when a seller:
The U.S. Department of Justice (DOJ) has released guidance to its attorneys regarding requests to discharge student loans in bankruptcy cases. The 16-page memorandum developed in coordination with the Department of Education (DOE) advises DOJ attorneys to “recommend to the
A recent opinion issued by the district court for the Middle District of Florida rejected a credit union’s attempt to dismiss claims under the Fair Credit Reporting Act (FCRA) and Electronic Funds Transfer Act (EFTA) arising out of the alleged
Creditors and debt collectors may rest assured that they are not violating the Fair Debt Collection Practices Act (FDCPA) when sending debt-collection communications prior to any knowledge of a debtor’s bankruptcy filing. In Carrasquillo v. CICA Collection Agency, Inc.,
Arizona Attorney General Mark Brnovich released opinion No. 22-(R22-011), concluding earned wage access (EWA) products that are fully non-recourse and no-interest are not “consumer lender loans” under Arizona law. Thus, those who make, procure, or advertise EWA products are
May a debt collector incur liability under the Fair Debt Collection Practices Act (FDCPA) by seeking to collect a debt under a state court judgment later determined to be void? Not according to the Third Circuit Court of Appeals in