News & Analysis as of

Financial Services Industry Loan Servicer Debt Collection

Orrick, Herrington & Sutcliffe LLP

District court grants summary judgment to mortgage servicer in payoff statement fee case

On August 22, the U.S. District Court for the Western District of Washington granted summary judgment in favor of a defendant mortgage servicer in a class action lawsuit challenging fees charged for expedited delivery of...more

Orrick, Herrington & Sutcliffe LLP

Massachusetts AG settles with loan servicer over debt collection violations

Recently, the Massachusetts AG settled with a loan servicer (respondent) to resolve allegations that respondent violated Massachusetts foreclosure-prevention law, debt collection regulations, and federal mortgage servicing...more

Hudson Cook, LLP

Technical Violations of State Collection Practices Laws Can Lead to Class Action Liability

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If you are reading this article, you are likely aware that a creditor collecting its own debts in its own name is not a "debt collector" under the federal Fair Debt Collection Practices Act ("FDCPA") or its implementing rule,...more

Goodwin

CFPB Issues New Supervisory Highlights Report

Goodwin on

​​​​​​​On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report covering findings from its examinations completed between July 2022 and March 2023 (the Report), which found,...more

White & Case LLP

Implementation of the Credit Servicers Directive in Germany: A game-changer in the NPL-market

White & Case LLP on

The Directive (EU) 2021/2167 sets out a harmonized regulatory framework for services in relation to non-performing loans and has to be implemented by Member States by 29 December 2023. In Germany, the draft bill of the Credit...more

Orrick, Herrington & Sutcliffe LLP

CFPB scrutinizes discharged private student loan billing and collection practices

On March 16, the CFPB released a compliance bulletin discussing student loan servicers’ practice of collecting on private student loans discharged in bankruptcy. ...more

Shipkevich PLLC

CFPB Issues Bulletin to Warn Student Loan Servicers Who Ignore Bankruptcy Court Orders

Shipkevich PLLC on

On March 16, 2023, the Consumer Financial Protection Bureau (CFPB) issued a bulletin cautioning loan servicers about their responsibility to stop any illegal activity related to private student loans that have been discharged...more

Brownstein Hyatt Farber Schreck

Hunstein Decision Informs Financial Services Industry Use of Third Party Vendors

More than a year ago on April 21, 2021, the 11th Circuit Court of Appeals issued an opinion in Hunstein v. Preferred Collection and Management Services Inc. that rocked the world of the debt collection industry, and the...more

Hudson Cook, LLP

Massachusetts Issues Student Loan Servicing Conduct Rules

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In last month's issue of Insights we discussed a new licensing regime in the Commonwealth of Massachusetts specific to student loan servicers. As of the publication date of that article the rules such servicers must follow...more

Hinshaw & Culbertson - Consumer Crossroads

House Passes Comprehensive Debt Collection Improvement Act That Would Expand Multiple Consumer Finance Laws

Last week, the U.S. House of Representatives passed a bill, H.R. 2547, on a strict party-line vote. Titled "The Comprehensive Debt Collection Improvement Act, the bill would amend several consumer finance statutes for the...more

Troutman Pepper Locke

The Eastern District of Wisconsin Reaffirms the Importance of the Least Sophisticated Consumer Standard in Drafting Collection...

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A recent decision out of the Eastern District of Wisconsin provides an important reminder to loan servicers that a statement in a debt collection letter could be considered misleading under the Fair Debt Collection Practices...more

Ballard Spahr LLP

Senate Dems Target For-Profit Colleges and Federal Student Loan Servicers and Collectors in Letter to Dept. of Education

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Last week, Senators Elizabeth Warren, Kamala Harris and Cory Booker sent a letter to the U.S. Department of Education’s Office of Civil Rights (OCR) requesting information about how OCR “plans to address alarming racial...more

Ballard Spahr LLP

State AGs criticize ED withdrawal of Obama student loan servicing policy direction

Ballard Spahr LLP on

A group of 20 state attorneys general, the D.C. attorney general, and the Executive Director of the Office of Consumer Protection of Hawaii have sent a letter to U.S. Department of Education Secretary Betsy DeVos criticizing...more

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