CFPB Denies Petition to Set Aside Investigative Demand in Student Loan Discharge Probe

On September 19, the CFPB published a recent decision and order denying the petition of one of the nation’s largest private student loan servicers to set aside the CFPB’s civil investigative demand (CID) in connection with its investigation into potential violations of the CFPA’s prohibition of unfair, deceptive, and abusive acts and practices for attempting to collect on loans that had been previously discharged in bankruptcy. The order instructs the servicer to “comply in full” with the requests for documents and information set forth in the Bureau’s June 2023 CID.

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CFPB Reacts Quickly and Favorably to Petition Submitted to it by Consumer Groups to Ban Pre-dispute Arbitration

Last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that would permit consumers to choose between arbitration and litigation only after a dispute has arisen. We published a blog last Friday in which we enumerated the many flaws in the Petition and urged the CFPB to reject it.

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Michigan Federal Court Grants Summary Judgment to Creditor on Standing Grounds in Case Alleging FDCPA Violation for Failure to Remove Dispute Notification

On September 7, the U.S. District Court for the Eastern District of Michigan granted summary judgment in the defendant’s favor finding that the plaintiff had not suffered a concrete injury and therefore lacked standing to assert a claim under the Fair Debt Collections Practices Act (FDCPA).

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NJ Appellate Division Holds Debt Purchaser Not Liable Under NJ Consumer Fraud Act for Failing to Obtain State License

A recent decision from the New Jersey Appellate Division comes as welcome relief for purchasers of defaulted debt. The decision, Woo-Padva v. Midland Funding LLC, concerns the New Jersey Consumer Finance Licensing Act (CFLA), and whether a debt buyer who failed to have such a license could be liable under the state’s consumer protection law.

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ConServe Cares Program: Supporting Our Veterans

ROCHESTER, N.Y. -- Continental Service Group, LLC, d/b/a ConServe, in conjunction with the company’s “Matching Gift Program”, donated its August ConServe Cares proceeds to the Veterans Outreach Center (VOC).  The ConServe team supports and funds the efforts of numerous local non-profit agencies that strive to make a difference.  As a result of the employees’ compassion and generosity. countless lives have been touched and enriched in our community.

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Blocking Medical Debt from Credit Reports Harms Doctors, Says New Lawsuit

A California Dermatologist recently filed a class action lawsuit against the three major credit reporting agencies (CRAs), alleging the CRAs' decision to stop reporting medical debt below $500.00 has caused him and other medical professionals nationwide irreparable financial harm. Further, he claims that removing medical debt below $500.00 from credit reports will diminish access to medical care by driving providers out of certain markets.

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Work Smarter, Not Harder - Keeping Tabs On Laws, Rules, and Regs (and keeping ops looped in)

25 October 2023 at 02:00 p.m.

Laws are constantly changing. State and Federal Regulators continue to pass new rules, and already established laws continue to get clarified through the court systems. Legal compliance is never static; it is always dynamic. In the ARM industry, legal changes filter through and affect every part of an organization. Staying on top of these changes and ensuring all relevant parties within an organization get updates can seem like a never-ending task.

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