Consumer Accuses Collector of Making False Statement About Duration of Credit Reporting
- A collection operation is facing a Fair Debt Collection Practices Act because one of its representatives allegedly told the plaintiff during a call that the debt in question would stay on the plaintiff’s credit report until it was paid off and not until it was removed after seven years as mandated by the Fair Credit Reporting Act.
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Experts Share Reaction to Supreme Court Ruling in CFPB Case
- Yesterday, the Supreme Court ruled that the funding structure for the Consumer Financial Protection Bureau is constitutional. This was a very closely watched case, because had the ruling gone the other way, it could have created chaos and thrown the future of the Bureau into question. AccountsRecovery asked a number of legal experts to share their thoughts on the ruling and what it means for the accounts receivable management industry. This is what they had to say.
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Appeals Court Affirms Ruling in FDCPA Case Over SOL for Filing Suit
- The Court of Appeals for the Second Circuit has affirmed the ruling of a lower court granting summary judgment to the defendants in a Fair Debt Collection Practices Act case, ruling the plaintiff’s claims were time-barred because they were made more than one year from the alleged violation, and dismissed the plaintiff’s arguments why the one-year limit should not have applied.
- More details here
Credit Card Delinquency, Usage Rates Show More Consumers Are Falling Behind
- The total amount owed by consumers nationwide on their credit cards fell in the first quarter of 2024, compared with the fourth quarter of 2023, which may seem like a good thing. But the decrease from the last three months of one year to the first three months of the next is normal — Christmas is over — and there is another data point that is troubling — more consumers are finding themselves maxed out on their credit cards, which means they are running out of emergency money.
- More details here
Supreme Court Says CFPB Funding Structure is Constitutional
- The Supreme Court ruled yesterday that the funding structure of the Consumer Financial Protection Bureau is constitutional and does not need to change. Had the ruling gone the other way, there was the possibility that the CFPB could have been de-funded. The justices voted 7-2 in favor of upholding the funding structure, which allows the CFPB to draw money directly from the Federal Reserve Board and not through the Congressional appropriations process.
- More details here.
WORTH NOTING: Items to help you get through those interminable airport delays … People share their secrets to having a close relationship with their siblings … The Social Security Administration has released the list of top baby names … You may not need to carry around as many debit and credit cards as you used to … Scientists claim that please is no longer the magic word … Yelp has released a list of the Top 100 Barbecue restaurants in the United States … Four mindset shifts that actually save you money, according to a financial therapist … McDonald’s has introduced a new McFlurry that is inspired by grandmothers everywhere.
Funny Friday, part I
Funny Friday, part II
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