NYDFS Pens Guidance for Vetting Key Senior Officials Within Financial Institutions

On January 22, 2034, NYDFS issued an industry letter titled “Guidance on Assessment of the Character and Fitness of Directors, Senior Officers, and Managers” for banks and other financial institutions (Covered Institutions) to notify them of NYDFS’s expectations. The final guidance came after a review process conducted over the past year where twenty comments indicated the need for Covered Institutions to build “robust character and fitness” policies. NYDFS asked that these Covered Institutions develop and maintain a framework to vet senior officials’ character and fitness during onboarding and on a regular basis.

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FTC Bans Student Loan “Scammers” From Debt Relief Industry

On February 6, the FTC announced two orders that will ban a group of student loan debt relief “scammers” (defendants) from the debt relief industry. As previously covered by InfoBytes, defendants allegedly misled consumers by charging them for services that are free through the Department of Education, claiming consumers needed to pay fees or make payments to access federal student loan forgiveness. As a consequence, the FTC filed a temporary restraining order resulting in an asset freeze, among other things.

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Receivables Management Association International Honors Industry Leaders at Its 2024 Annual Conference

SACRAMENTO, Calif. -- The Receivables Management Association International celebrated its 27th Annual Conference in Las Vegas, February 5-8, 2024. RMAI was pleased to host this popular conference which attracted more than 1,400 attendees this year. RMAI took the opportunity to present its annual awards, recognizing leaders in the receivables management industry.

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Florida Bankruptcy Court Sanctions Debt Buyer for Seeking to Collect Debt that Consumer Failed to Schedule in Bankruptcy Case

The debt purchaser in In re McIntosh argued that because it was enforcing a debt that was not listed correctly on the debtor’s bankruptcy schedules, it was entitled to assume the debt had not been discharged. The U.S. Bankruptcy Court for the Southern District of Florida disagreed and entered an award of sanctions in the total amount of $64,686.93 — including $10,000 for emotional distress and over $21,000 in punitive damages.

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ConServe CEO Earns a Spot on the Rochester Business Journal’s Power 100

ROCHESTER, N.Y. --Continental Service Group, LLC d/b/a ConServe, is proud to announce that Pamela Baird, ConServe Chief Executive Officer was selected by the Rochester Business Journal’s editorial team as one of “Rochester’s power players” for their 2024 Power 100 list.

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CA DFPI Announces Open to the Public Debt Collection Advisory Committee Meeting

SACRAMENTO, Calif. -- The Debt Collection Advisory Committee is a seven-member board that provides critical feedback to the Department as it stands up its debt collection licensing program. The committee advises Commissioner Clothilde V. Hewlett on matters related to the debt collection industry.

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