Daily Digest – November 30. FTC Secures $24M Judgment Against Collection Agency; Appeals Court Affirms Ruling in FDCPA Class Action

FTC SECURES $24M JUDGMENT AGAINST COLLECTION AGENCY

  • A $24 million judgment has been entered against a collection agency and one of the agency’s co-owners has been ordered to divest himself of his ownership stake in the company that purchased the collection agency in question after it was accused by the Federal Trade Commission of collecting on “phantom” payday loans, “purported” medical debts, and other debts that the agency could “consistently” not verify.

APPEALS COURT AFFIRMS RULING COMPELLING ARBITRATION IN DEBT BUYING FDCPA CLASS ACTION

  • The Court of Appeals for the First Circuit has upheld a lower court’s ruling that the purchaser of a defaulted credit card debt is entitled to the same arbitration opportunity as the original creditor, even though the individual who owed the debt prevailed in a civil suit filed by the purchaser because it could not prove it owned the subject debt.

DEBT COLLECTION RULE PUBLISHED IN FEDERAL REGISTER, EFFECTIVE DATE NOW OFFICIAL

  • The accounts receivable management industry now has an official date for when the Consumer Financial Protection Bureau’s debt collection rule will go into effect — Nov. 30, 2021.

READ EXPERT PERSPECTIVES ON TRENDING COMPLIANCE TOPICS

  • Click here to read this week’s Compliance Digest. You’ll get insights and opinions from eight different compliance experts —  Loraine Lyons, David Schultz, Sarah DeMoss, Patrick Newman, Lauren Burnette, Aylix Jensen, Lauren Valenzuela, and Ethan Ostroff  — discussing the impact of recent court cases and legislative updates. You’re not going to get that kind of varied perspective anywhere else. The Compliance Digest is sponsored by The Bedard Law Group.

WORTH NOTING: And just like that, poof, it’s gone … Despite the pandemic, a lot of people still went shopping on Black Friday … All the best deals available on Cyber Monday … Mistakes to avoid when shopping on Cyber Monday … How the “Target” effect gets you to spend more money than you were expecting … How artificial intelligence can now run your work meetings … Nine things that Americans can’t live without, according to the rest of the world … The best books of 2020.

Movie props that look pretty real

Music Monday

The Daily Digest is sponsored by Microbilt. Designed to help debt collection professionals, MicroBilt’s platform of recovery and skip tracing tools provide quick, convenient, and current data that help you prioritize and successfully track people down and collect. Keep your skip tracing and debt recovery efficient and effective! Contact us to find out about our 90 Day Try Us Program. Call 800-884-4397 or visit www.microbilt.com

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