Daily Digest – November 30. Advice from The Experts on Day 1 of Reg F; Judge Remands FDCPA Class Back to State Court

ADVICE FROM THE EXPERTS ON DAY ONE OF THE REGULATION F ERA

  • The time has come for the rubber to meet the road. For the cards to be dealt and played. For green flag to be waved and the race to start. A new era in the history of the accounts receivable management industry begins today, and with it, a new host of anxiety and concerns. Will there be a rash of lawsuits? Did collectors do everything the way they were supposed to? To help companies cope with the stress, AccountsRecovery.net reached out to experts from across the industry and asked for their advice. Here is what they said.

JUDGE REMANDS FDCPA CLASS ACTION BACK TO STATE COURT

  • A defendant has lost its attempt to keep a Fair Debt Collection Practices Act class action in federal court, with a District Court judge in Wisconsin ruling that even though the plaintiff sought the help of an attorney and that interest continued to accrue on the underlying debt, she did not suffer a concrete injury needed to keep the case out of state court.

CONN. REGULATOR ORDERS AGENCY TO REFUND CONSUMERS

  • The Connecticut Department of Banking has ordered a collection agency to refund all charges, fees, and amounts received from consumers in the state for the past five years while also announcing a hearing has been scheduled to revoke and refuse to renew a license for the company to collect in the state and possibly impose a fine of $100,000 after accusing the agency of committing a number of violations, including not remitting payments to creditors in a timely manner and not complying with applicable collection laws.

D.C. COUNCIL HOLDS HEARING ON PERMANENT COLLECTION BILL

  • The City Council for the District of Columbia held a hearing last night to discuss a bill that would make permanent changes to how debts are collected in the District, and while the bill still has far to travel to becoming law, it does appear to be moving closer to that point.

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