Debt Buying

A debt buyer has filed suit against Citigroup, accusing the mega-bank of a “classic ‘bait and switch’ ” by promising to sell delinquent credit card portfolios containing accounts with certain characteristics, but instead putting accounts into the portfolios that had a much lower chance of recovery. A copy of the …

A debt buyer that was sued yesterday by the Consumer Financial Protection Bureau said in a statement that it intends to fight the lawsuit and said the CFPB’s suit referenced six accounts in which allegedly illegal activity took place before the debt buyer was even in business and “embellishes them …

The California state Senate has followed the Assembly in passing AB1020, a bill that would restrict hospitals from selling certain patient debts, require collectors to certify that patients have been screened for public programs and financial assistance before filing a collection lawsuit, and extend the period before a debt could …

Joel Tucker was ordered to immediately begin serving a prison term of 12.5 years yesterday and ordered to pay more than $12 million in unpaid taxes, penalties, and interest after being sentenced by a federal judge after pleading guilty to selling fake debt portfolios that earned him more than $7 …

The governor of Minnesota has signed a number of omnibus bills into law, one of which contains provisions that expand the regulation of the accounts receivable management industry to include debt buyers, a new term that the state is defining for the first time. Gov. Tim Walz signed the bills …

A repeal of a rule that aimed to close a gap in the process of banks selling loans to third parties is a step closer toward its objective and the White House yesterday indicated that should the repeal make it to the desk of President Joe Biden, he will likely …

CHICAGO — April 6 — CMS Services, a leading provider of compliance management services to the Accounts Receivable Management industry, is excited to announce the launch of its Bank Terms & Conditions portal, providing copies of the terms and conditions issued by hundreds of credit grantors and financial institutions nationwide …

The Third Circuit Court of Appeals has affirmed a lower court’s ruling in favor of a defendant that was sued by a debt buyer for failing to provide the proper information for accounts that were purchased by the buyer because it did not send its emails to the address noted …

February 11, 2021 (Sacramento, CA) – Members of Receivables Management Association International (RMAI) elected Officers and Directors to its Board for 2021. Due to the pandemic which created so much uncertainty and program cancellation, all 2020 officers will be serving in their same positions for 2021. Of the ten-member Board, nine …

The Center for Responsible Lending — a consumer advocacy group — has released a report that analyzes the impact of a state debt buying law that was enacted in California in 2013 on the number of debt collection lawsuits filed against consumers in the years since the law went into …