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Found 5 results

  1. InsideArm: Two new bills aimed at the debt collection industry were introduced in state legislatures last week. One in Indiana would explicitly define debt buyers as collectors, for the purpose of regulation. And another in Minnesota contains novel language that would require debt collectors to create and maintain records of contacts with debtors.
  2. Lots of CIC meat in these 69 (!) pages. Note: this paper is a draft. Jiménez, Dalié, Illegality in the Sale and Collection of Consumer Debts (December 5, 2013). Available at SSRN: or Dalié Jiménez: "Associate Professor of Law and Jeremy Bentham Scholar, University of Connecticut School of Law. Former Policy Fellow in the founding staff of the Consumer Financial Protection Bureau, where Ifocused on debt collection, debt relief, and credit reporting. This paper benefited immensely fromcomments from participants at the 2013 Law & Society Comparative Household Debt and Insolvencyworkshop and at the Junior Scholars Workshop at the University of Connecticut School of Law, inparticular, Dan Schwarcz and Patricia McCoy. Many thanks also to the UConn Law Faculty andattendees at the Faculty Workshop Series. Many thanks also to John Tonetti, Peter Holland, JimGreiner, Doug Spencer, and Rafael Pardo. The views expressed herein are my own. Any mistakes aremine."
  3. Thanks to Peter Holland:
  4. The Banking Law Journal, February 2014, pp 143-152 SCRUTINY INCREASES ON LENDERS’ COLLECTION PRACTICES WITH RESPECT TO THIRD PARTIES AND DATA INTEGRITYby Benjamin G. Diehl This article examines the nature of the Consumer Financial Protection Bureau and other agencies’ focus on debt collection practices and strategies creditors and other interested parties may wish to consider as a result.pp 147-148'Moreover, a creditor can expect to face substantial regulatory scrutiny in its dealings with third parties even if it elects to sell its debt rather than retain a third party to assist in collecting it. In the Advance Notice, the CFPB makes clear that it intends to draft “proposed rules for creditors, debt buyers, and third-party collectors to create a comprehensive and coherent system for information about debts” and makes clear that it seeks comment on the appropriate level of oversight of both third party debt collectors as well as debt buyers even “after debt sales are completed.” Similarly, the OCC has stated that it is “developing [a] supervisory guidance that outlines safe and sound banking principles that should be followed in connection with sales of charged-off consumer debt.” This can be expected to include “documentation requirements to ensure accurate and reliable information is provided to the debt buyer at time of purchase” and third party “due diligence requirements and ongoing due diligence monitoring requirements.”' 'Accordingly, creditors should also evaluate their best practices regarding their handling of debt sales while also examining the policies and procedures with respect to collection activities handled by third party service providers. Oversight of debt buyers should include monitoring their handling of consumer complaints, programs for ensuring debt buyers have all necessary licenses and are familiar with and compliant with applicable laws, and protocols for ceasing to sell debt to entities found to have engaged in misconduct. It should be expected that the CFPB would strongly consider bringing an enforcement action against a creditor that did not have or did not follow adequate protocols for ensuring compliance with applicable policies and laws and sold debt to a third party that then engaged in misconduct.'
  5. Here's the link to the report. Has some very interesting data.