It doesn’t take a great detective to notice the common thread among the list of the most popular stories that were published on AccountsRecovery.net in 2021. If 2021 is going to be known for one thing, it’s the year of Hunstein. Here are the 10 most popular stories that were published on AccountsRecovery.net this year.
10. CFPB Announces Nov. 30 Effective Date For Regulation F
Outside of Hunstein, 2021 will be known as the year that Regulation F went into effect. For a while, the Consumer Financial Protection Bureau toyed with the idea of delaying the enactment date until January 2022, but ultimately decided to keep it November 30. The CFPB made its announcement while the industry was gathered in Las Vegas for ACA International’s annual convention. Full article here.
9. Baker’s Dozen of New Amicus Briefs Filed in Support of Hunstein Petition for Re-Hearing
One of the most inspiring events of 2021 was watching the entire industry come to the defense of Preferred Management & Collection Services. Thirteen companies and trade associations filed briefs with the Eleventh Circuit detailing why an en banc hearing was needed. People talk about how close-knit the industry is — this was proof. Full article here.
8. Class-Action Complaint Filed Against Broker, Debt Buyer Over Tribal Loans
A class-action lawsuit has been filed in Pennsylvania against a debt buyer, accusing it of violating the Fair Debt Collection Practices Act by attempting to collect on a payday loan it acquired that had an interest rate that was illegally high. The debt buyer, as well as the broker that originated the sale of the accounts, are also accused of violating the Racketeer Influenced and Corrupt Organizations (RICO) Act by conspiring with the payday lender that originated the loan in what is known as a “tribal lending” scheme. Full article here.
7. Defendant in Hunstein Case Hires New Lawyer, Who Confirms En Banc Petition Will be Filed
After the Eleventh Circuit issued its ruling in April, Preferred Collection & Management Services hired Rick Perr of Kaufman Dolowich & Voluck as defense counsel, and one of his first actions was to confirm that the company would seek to have the ruling overturned via an en banc hearing before the entire panel of Eleventh Circuit judges. Full article here.
6. Congress Seeks to Restore Power to FTC Taken Away by Supreme Court
Democrats in Congress are moving fast to restore the Federal Trade Commission’s ability to seek monetary redress in court, following a unanimous Supreme Court ruling last week that determined Congress did not intend to give the regulator the power to seek injunctions. Full article here.
5. Bill Introduced to Forgive Student Loan Debts for Frontline Healthcare Workers
A bill has been introduced in the House of Representatives that seeks to cancel any outstanding student loan debt for frontline healthcare workers. Full article here.
4. FICO Sells Debt Collection Business to Canadian Software Company
In the process of announcing its financial report for the first quarter of 2021, FICO — the company behind the original credit score — announced it was divesting itself of its debt collection and recovery business, selling it to Constellation’s Jonas Software, an enterprise management software company. Terms of the deal were not disclosed. Full article here.
3. Debt Collection Fintech InDebted Completes Acquisition to Enter the U.S. Market & Announces Key Executive Hires
One of the biggest acquisitions of 2021 was effected by InDebted, an Australian collection firm that focused on digital communications to get in touch with consumers. InDebted entered the United States by acquiring Delta Outsource Group and hiring a number of industry veterans, including Tim Collins and Joe Gelbard. Full article here.
2. Hunstein-Related Class Actions Continue Piling Up
Once word got out about the Hunstein ruling, consumers and consumer attorneys began filing lawsuits across the country accusing companies in the accounts receivable management industry of violating the Fair Debt Collection Practices Act by using a mail vendor. This article, published less than two weeks after the original ruling, shares details about the suits that had been filed so far. Full article here.
1. Appeals Court Rules Sending Info to Letter Vendor Counts as Communication Under FDCPA
If Helen of Troy had the face that launched 1,000 ships, then Hunstein v. Preferred Management & Collection Services is the case that launched 1,000 lawsuits. It all started back in April with a ruling from the Eleventh Circuit Court of Appeals that caught most of the industry by surprise. There were some who saw it coming and were right to be worried. Here is how it all started. Full article here.
