DFPI Adopts CRC's Proposed Language; Removes Personal Liability From Proposal

The California Department of Financial Protection and Innovation (DFPI) is listening to industry input as it finalizes its proposed complaints and inquiries regulation. Its most recent update (Third Proposal) included the adoption of language recommended by the Consumer Relations Consortium (CRC) to avoid creating personal liability for employees of covered entities.

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Utah’s H.B. 20 Signed into Law, Reducing Red Tape for Debt Collection Agencies

In a significant boost to the financial services industry, Utah has taken major steps to streamline its debt collection bureaucracy — including the removal of criminal penalties for failure to comply with technical requirements.

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In the Wake of the Demise of Silicon Valley Bank and Signature Bank: What Fintechs, Private Equity, and Banks Need To Know

On Friday, March 10, the California Department of Financial Protection and Innovation (DFPI) closed Silicon Valley Bank (SVB), the subsidiary of SVB Financial. The Federal Deposit Insurance Corporation (FDIC) was appointed the receiver of its over $250 billion in assets. This is the largest U.S. bank failure since the global financial crisis more than a decade ago.

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Iowa Becomes Sixth State to Enact Comprehensive Consumer Data Privacy Law

Iowa Gov. Kim Reynolds on March 28 signed into law SF 262, making Iowa the sixth state to enact comprehensive consumer data privacy legislation.  The other states are California, Virginia, Colorado, Utah, and Connecticut.  The law will take effect Jan. 1, 2025.

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Abrahamsen Gindin LLC Acquires Forster and Garbus LLP

SCRANTON, Pa. -- Abrahamsen Gindin LLC (AG Law), a multi-state creditors’ rights firm headquartered in Scranton, Penn., recently acquired Long Island-based Forster and Garbus LLP.

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Sixth Circuit Affirms Summary Judgment Finding Defendant Not a “Debt Collector” Under the FDCPA Where Account Was Not in Default When Transferred

As discussed here, in August 2020, a district court for the Middle District of Tennessee held that a medical provider’s third-party billing servicer did not qualify as a debt collector under the Fair Debt Collections Practices Act (FDCPA) because the debt was not in default when it was placed with the extended billing office (EBO). On March 24, 2023, the Sixth Circuit affirmed that decision.

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Best Practices for a Strong Debt Sale Strategy

18 May 2023 at 02:00 p.m.

Selling part of your past-due portfolio can be an easy way to increase revenue, especially when originations are down. But it’s not always cut and dry. How do you know your debt sale partner has a spotless reputation? When is the best time to sell? What can you do to increase your portfolio’s value?

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