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DEBT COLLECTOR DEFINITION BROADENS
- A debt collector, as defined by the FDCPA is not just someone who may work for a third party, but whether a consumer would have “the false impression” that a third party was collecting the debt, according to a recent court ruling. The U.S. District Court for the Eastern District of New York recently ruled on a case involving an auto lender that was seeking to have an FDCPA case dismissed because it should not have been subject to the FDCPA. The court ruled against the motion.
THAT’S A LOT OF NAAN
- As much as $6 billion worth of bad debt held by Indian banks is likely to be up for grabs, as that country’s central bank is urging financial institutions to offload defaulted debt to clean up their balance sheets.
CFP-BEWARE
- The CFPB is “inviting fraud” through its methods for distributing $80 million in settlement proceeds related to alleged racial discrimination by two major financial institutions, according to a letter sent by Rep. Jeb Hensarling, chairman of the House Financial Services Committee, to the Attorney General. In some cases, Hensarling notes, white consumers are receiving checks for allegedly being discriminated against.
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