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FREE WEBINAR: New Guidance From The CFPB on Credit Reporting. Sign up now to hear from compliance experts John Bedard, Nicole Strickler, and Lexi Knight talk about important changes in how collection agencies should navigate the tricky road of credit reporting. The webinar will take place Thursday, May 25 at 1pm EDT and is sponsored by The Bedard Law Group.
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DEBT BUYER SET TO FACE OFF AGAINST TEXAS AG FOR FILING SUITS IN HIS BACKYARD, NOT THE DEFENDANTS’
- A trial is scheduled to begin today in Texas between the attorney general of Texas and Joseph Onwuteaka, who runs Samara Portfolio Management. Onwuteaka is a debt buyer and is being sued by the state of Texas for allegedly engaging in unfair and deceptive acts and practices by suing individuals with unpaid debts in Harris County, Texas — where he is based — instead of in the jurisdictions in which either the individuals reside or where the loan documents were filed. Since many of the individuals being sued by Onwuteaka do not live in Harris County, Texas, they are not willing or able to make their court appearances, giving Onwuteaka the opportunity to win a default judgment. Half of the 1,500 lawsuits that Onwuteaka has filed in Harris Count are against individuals who do not live in the county.
DCI PLANS TO HIRE 1,000 NEW STAFF FOR OFFICE IN LOUISVILLE
- Diversified Consultants Inc. has increased the number of new jobs it will create as a result of a $6.7 million investment it is making in Louisville, Kent. The agency plans to hire up to 1,000 more staff, up from an initial estimate of 433 new jobs. The company received $1 in tax incentives from the state of Kentucky.
GOV’T TO CUT FOUR STUDENT LOAN SERVICING CONTRACTS DOWN TO ONE
- President Trump plans to offer one exclusive contract for a company to service and collect on billions of dollars in student loan debt which are now handled by four different companies. The reduction in servicers would save money and increase efficiency, the Department of Education said. Advocates are concerned that using only one servicer will create a “too big to fail” situation and reduce competition and incentives to work with borrowers and their families.
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