Daily Digest – May 20. Santander Reaches $550M Settlement; Ontario Systems Buys Payment Processor

SANTANDER REACHES $550M SETTLEMENT WITH STATE AGs OVER ALLEGED DECEPTIVE LENDING, COLLECTION PRACTICES

  • A group of nearly three dozen state attorneys general, led by Kwame Raoul, the attorney general of Illinois, yesterday announced a $550 million settlement with Santander Consumer USA to resolve allegations that the nation’s largest subprime auto lender engaged in deceptive collection practices and misled borrowers about their rights and the risks of partial payments, among other claims.

ONTARIO SYSTEMS BUYS PAYMENT PROCESSING COMPANY

  • Looking to expand its suite of products and services offered to the credit and collection industry, Ontario Systems announced yesterday that it had purchased SwervePay, a payment processing platform that specializes in the accounts receivable management and healthcare sectors.

JUDGE GRANTS MTD IN FDCPA CASE OVER ALLEGED DISCREPANCY

  • A District Court judge in Illinois has granted a defendant’s motion to dismiss after it was sued for violating the Fair Debt Collection Practices Act by allegedly misrepresenting that it was not seeking to collect court costs in a separate collection lawsuit, ruling that even an unsophisticated consumer would know the difference between court costs and trying to collect additional amounts after the debt has been charged off.

CFPB EXTENDS COMMENT PERIOD WINDOW ON PROPOSED TIME-BARRED DISCLOSURE RULE; ONLY 18 COMMENTS FILED SO FAR

  • The Consumer Financial Protection Bureau yesterday extended the comment period for its Supplemental Notice of Proposed Rulemaking (SNPRM) on time-barred debt disclosures by an additional 60 days, citing the coronavirus pandemic as the reason for the extension.

WORTH NOTING: Why you should make sure to bring your own pen the next time you are in a hotel … If you think you have gained weight while at home these past couple of months, you’re not alone … As if coronavirus was not enough, a dam broke in Michigan, putting a small town under nine feet of water … Team-building activities for people who are working remotely … The governor of Florida is being accused of manipulating data to make the case for re-opening the state … Meet people who are working from their cars during coronavirus … Count me in this group that are looking to put pools in their backyards to keep their kids entertained because of COVID-19 … Indoor places to avoid because of coronavirus.

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