Banking and Finance

Recent Posts

NY Attorney General, FTC Bring Joint Enforcement Actions Against Debt Collectors
Posted on 3 Mar 2015 by Ballard Spahr LLP

The New York Attorney General and Federal Trade Commission recently announced they had filed two joint federal court lawsuits against debt collectors in the Western District of New York. The Attorney General and FTC are seeking injunctive relief and damages... Read More

Ballard Spahr: Sixth Circuit Rejects Nationwide Settlement of Robo-Signing Class Actions
Posted on 11 Mar 2013 by Ballard Spahr LLP

A nationwide settlement of three class actions involving claims that a creditor's practice of using "robo-signed" affidavits in debt collection actions violated the Fair Debt Collection Practices Act (FDCPA) has been overturned by the... Read More

New Debt Collection Rules Announced for New York State Courts
Posted on 26 Sep 2014 by Troutman Sanders

by Amanda L. Genovese , Ethan G. Ostroff and David N. Anthony New York Court administrators recently announced new rules impacting cases involving debt collector-plaintiffs with certain debt claims against consumers. As we discussed on May 7th when... Read More

Sallie Mae Reaches $24M Settlement in Telephone Debt Collection Class Action
Posted on 18 Sep 2012 by LexisNexis® Mealey's™ Legal News

SEATTLE - (Mealey's) Student loan borrowers and a subsidiary of SLM Corp. on Sep. 17 agreed to settle claims that the subsidiary violated the Telephone Consumer Protection Act (TCPA) by making a number of non-emergency autodialed calls and/or automated... Read More

CFPB Releases Annual Report on Fair Debt Collection Practices Act
Posted on 26 Mar 2014 by Dykema

by Haydn J. Richards, Jr. On March 20, 2014, as mandated in the Dodd Frank Act, the CFPB released its annual report to Congress concerning the Fair Debt Collection Practices Act (FDCPA). The CFPB reported on more than 30,000 consumer complaints concerning... Read More

CFPB Proposes Supervision of Debt Collection and Credit Reporting
Posted on 22 Feb 2012 by Ballard Spahr LLP

The Consumer Financial Protection Bureau has issued a proposal under which it would supervise nonbank providers of consumer reporting and consumer debt collection services considered to be "larger participants" in the markets for those services... Read More

Cuomo Rolls Out Strict New Debt Collection Rules
Posted on 8 Dec 2014 by State Net

Saying his administration "will not tolerate debt collectors who wrongfully take advantage of consumers," New York Gov. Andrew Cuomo (D) announced sweeping new debt collection rules last week for the Empire State. The new rules, which Cuomo... Read More

FTC Continues Regulatory Scrutiny of the Debt Buying Industry
Posted on 20 Nov 2014 by Ballard Spahr LLP

The Federal Trade Commission (FTC) recently obtained temporary injunctions against two passive debt buyers, which are companies that buy and sell debt portfolios and exclusively use third-party debt collectors. In complaints filed against the companies... Read More

CFPB Supervision Report Targets Illegal Debt Collection Practices
Posted on 13 Nov 2014 by Troutman Sanders

by Brendan H. Connors and David N. Anthony On October 28, the Consumer Financial Protection Bureau issued the latest edition of its “ Supervisory Highlights ” report, covering illegalities it discovered in the debt collection, student loan... Read More

High Court Hears Oral Arguments in Debt Collection Case Over Costs Awards
Posted on 8 Nov 2012 by Timothy Raub

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court heard oral arguments on Nov. 7 over whether a prevailing defendant in a Fair Debt Collection Practices Act (FDCPA) lawsuit may be awarded costs even though the lawsuit was not brought in bad... Read More

NY Department of Financial Services Answers FAQs Regarding New Debt Collection Regulations
Posted on 23 Feb 2015 by Troutman Sanders

by H. Scott Kelly , David N. Anthony , John C. Lynch and Alan D. Wingfield On February 19, 2015, the New York Department of Financial Services (DFS) issued guidance in the form of FAQs on its recently-enacted debt collection regulation (23 NYCRR 1... Read More

Federal Court Rejects Unconscionability Argument in Forcing Debt Collection Arbitration
Posted on 4 Feb 2015 by Troutman Sanders

by Brendan H. Connors and David N. Anthony On January 20, a Missouri federal judge issued an order granting a debt collector’s Motion to Compel Arbitration in an action under the Fair Debt Collection Practices Act. Although such motions are frequently... Read More