Debt collection

New York extends state debt collection until March 31

STATEN ISLAND, NY – New York State will suspend collection of medical and student debts owed to the state for the 12th time until the end of March, Attorney General Letitia James said on Sunday. The 30-day extension is a renewal of an original order from March 17, 2020 that halted collection of student and […]

Debt collection

IRS private tax debt collection program fires

The IRS is asking strangers to do some of its dirty work. Namely, he assigned overdue accounts to private collection agents, based on the tax amounts owed. However, despite a further change in the law providing protection, there are concerns that the accounts of low-income taxpayers may be disproportionately attributed to private companies. To assess […]

Debt collection

What the new CFPB debt collection rules mean for creditors and senior (sponsored) agents

CFPB’s final debt collection rules released in October and December 2020 have left creditors and agents wondering what to do with them. These rules are the result of a 7 year process and represent the first major regulation under the Fair Debt Collection Practices Act (FDCPA) since the law was created over 40 years ago. […]

Debt collection

VA suspends debt collection again

The Department of Veterans Affairs has announced that it will extend its moratorium on all recoveries of medical indemnity and copayments until at least September 30, 2021. The decision to extend the moratorium until the end of the fiscal year is part of the Biden administration’s COVID-19 relief plan, first published in an executive order […]

Debt collection

Sort through the Validation Notice Requirements under the Debt Collection Rule | Smith Debnam Narron Drake Saintsing & Myers, LLP

While it remains to be seen what changes, if any, a change in leadership within the CFPB will bring to the debt collection rule, for now, collection agencies should start preparing for a November 30.e effective date. Now that the Rule has been fully published, this article will explore the centerpiece of the Rule, Section […]

Debt collection

CFPB Investigates Venmo’s Money Transfer and Debt Collection Policies | Man’s pepper with trout

In a recently filed case Form 10-K, PayPal Holdings, Inc. (PayPal) announced that it received a Civil Investigation Request (CID) from the Consumer Financial Protection Bureau (CFPB) on January 21 “relating to Venmo’s unauthorized fund transfer and recovery processes, and related matters ”. PayPal owns and operates Venmo as part of its digital wallet portfolio. […]

Debt collection

A troubled debt collection firm resurfaces in Saint-Louis; prosecutor investigating | News 4 Surveys

ST. LOUIS (KMOV.com) – A struggling business continues to resurface in Saint-Louis and continues to target low-income people. News 4 has exposed the problem in the past and now the St. Louis County District Attorney has his sights set on the most recent cases. CDL & Associés letters appear again in regional mailboxes. “He calls […]

Debt collection

COVID Relief Updates: Mortgages, Debt Collection & Student Loans | McGlinchey Stafford

Since the start of the year and the change of presidential administration, a number of aid measures granted in response to the COVID-19 pandemic have been extended. Below you will find updates on the relief measures in place for mortgage foreclosures and evictions, Debt recovery, and student loan. Extension of national moratoria on foreclosures and […]

Debt collection

CFPB publishes small entity compliance guide on debt collection rule | Man’s pepper with trout

On January 21, the CFPB issued a Small Entity Compliance Guide summarizing the October 2020 Debt Collection Rule. The Debt Collection Rule amends Regulation F, 12 CFR part 1006 and enters into force on November 30, 2021. The Debt Collection Rule governs the activities of debt collectors in under the Fair Debt Collection Practices Act […]

Debt collection

The CFPB plans to stop the implementation of quality management and debt collection rules

The Consumer Financial Protection Bureau is seeking to delay implementation dates for rules on qualified mortgages and debt collection and will resume data collection on home loans, credit cards and prepaid cards. CFPB Acting Director Dave Uejio wrote in a blog post on Wednesday night that CFPB needed more time to review the rules that […]