Daily Digest – May 24. Scammers Banned from Industry, to Pay $4M in Fines; Judge Grants MTD in FDCPA Class Action

SCAMMERS BANNED FROM INDUSTRY, TO PAY $4M IN FINES AFTER BEING SUED BY CFPB, NY AG

  • A proposed stipulated judgment has been filed in federal court that would bring an end to an enforcement action brought by the Consumer Financial Protection Bureau and the Attorney General of New York against a series of individuals operating more than a half-dozen different companies all out of the same office that were accused of engaging in “smear” campaigns to “extort” individuals into making payments on debts. The judgment, if approved by the judge, would ban the individuals from ever participating in the debt collection industry again, while also requiring the defendants to $2 million each to the CFPB and NY AG’s office.

JUDGE GRANTS MTD IN FDCPA CLASS ACTION OVER ID THEFT LETTER

CALIFORNIA LICENSES ‘UNAVOIDABLY DELAYED’ THANKS TO NEED FOR CHANGES TO BACKGROUND CHECKS: DFPI

  • The California Department of Financial Protection and Innovation sent out an update yesterday, announcing that the issuance of licenses to companies that applied for debt collection licenses has been “unavoidably delayed” because of changes that need to be made when requesting federal background checks. The DFPI did not provide a timeline for when this “unforeseen delay” would be rectified.

LATEST EPISODE OF ‘THE NARRATIVE’ BREAKS DOWN CFPB REPORT ON MEDICAL DEBT COMPLAINTS

  • The increased focus and attention being paid to medical debts these days by state and federal regulators and lawmakers is changing how this type of debt is being collected, and those changes might be permanent, Leslie Bender and John Bedard discuss on the latest episode of “The Narrative.”

PRA GROUP PRESIDENT AND CEO HONORED WITH COMMUNITY BUILDERS AWARD

  • Kevin Stevenson, president and CEO of PRA Group, Inc., a global leader in acquiring and collecting nonperforming loans, was recognized for his proven track record of outstanding leadership, exemplary service and advocacy for positive change during the Community Builders Award ceremony yesterday evening.

WORTH NOTING: Some good TV series you may have overlooked … Everything has to be bigger in Texas, right? They don’t get tornadoes; they get “super” tornadoes … Tips to save money at the pump as gas gets more expensive … Just about everyone has some form of financial stress and here’s how it affects you … A number of telltale signs of bad leadership … Arby’s is doing something it has never done before … How much should your salary be rising to match inflation? … Bank of America is raising its minimum wage.

Is student loan debt worth it?

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Check Also

Daily Digest – November 18. Suit Accuses Collector of Failing to Identify Creditor; Collector Not Liable for Wrong-Number Calls

FDCPA SUIT ACCUSES COLLECTOR OF FAILING TO IDENTIFY CREDITOR TO WHOM DEBT WAS OWED ON …

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