Acquisition Leads to FDCPA Suit Over Communicating With Represented Consumer
- Consolidation has been a trend in the ARM industry for some time, and this lawsuit could serve as a cautionary tale to anyone making an acquisition in this space. A collector is facing a Fair Debt Collection Practices Act lawsuit for communicating with an individual who was represented by an attorney because the collector allegedly sent a letter to the plaintiff who had informed a previous collection operation — that was subsequently acquired by the defendant — of the representation. The suit also includes a Hunstein claim and an overshadowing claim for good measure.
- More details here
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Judge Partially Grants MSJ for Defendant in FDCPA Case Over Dispute of Multiple Debts
- A District Court judge in Alabama has partially granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, ruling that an ambiguously worded dispute letter from the plaintiff’s attorneys could have indicated to the defendant that multiple debts were being disputed instead of just one and that the defendant is not entitled to the FDCPA’s bona fide error defense.
- More details here
Essay Questions Whether Fed Can Fund CFPB
- The Supreme Court may have ruled that the funding structure for the Consumer Financial Protection Bureau is constitutional, but a pair of thought leaders on risk and capital markets have published an essay wondering whether the Federal Reserve Board should be allowed to continue funding the Bureau because its appropriations are supposed to be drawn from the “earnings of the Federal Reserve System.” The problem? The Fed isn’t making money these days and thus has no earnings.
- More details here
Bills Introduced in Congress to Hold Student Loan Servicers More Accountable
- Bills have been introduced in the House of Representatives and the Senate seeking to hold servicers of federal student loans more accountable for their actions and to further protect consumers from lower credit scores and other abuses.
- More details here
WORTH NOTING: The biggest announcements from yesterday’s Apple event … Apparently, there is a right way to apply sunscreen … The summer movies generating the most buzz and excitement … Elephants have names for one another, according to researchers … The top cities for staycations this year and what to do while you are there … Six phrases to avoid saying at work and why bosses hate hearing them … First came “spam.” Now there is “slop” … Working on site instead of from home may get you up the corporate ladder faster.
Trailer Tuesday, part I
Trailer Tuesday, part II
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