Separate Suits Accuse Different Defendants of Not Honoring Cease Requests
- Two lawsuits for the price of one today. A pair of lawsuits have been filed against different collection operations by different plaintiffs both in the District Court for the District of New Jersey, who are essentially making the same claim — that the defendants violated the Fair Debt Collection Practices Act and Regulation F by not honoring requests from the plaintiffs to cease communications. It’s one that companies are seeing more and more of these days. In one of the cases, the defendant wasn’t given much time to honor the request.
- More details here
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Defendants in CFPB Credit Repair Fee Suit to Pay $3M
- The Consumer Financial Protection Bureau yesterday announced an enforcement action against Credit Repair Cloud and its CEO, Daniel A. Rosen, for their role in aiding credit repair businesses that charged illegal advance fees to consumers. The proposed order, pending court approval, mandates a $2 million civil penalty against Rosen and a $1 million penalty against Credit Repair Cloud, alongside other compliance measures to prevent future violations.
- More details here
Highlights from Encore Capital’s Earnings Call
- Encore Capital reported net income of $32 million for the second quarter of 2024, up from $26 million during the same period a year ago. One reason, according to company CEO Ashish Masih, is the “record levels” of growth in the availability of portfolios to be be acquired, which is why the company’s Midland Credit Management unit deployed more money to acquire accounts than it ever has before. Here are some other highlights from the company’s earnings call with analysts from earlier this week.
- More details here
Highlights from Rohit Chopra’s Reddit AMA on Medical Debt Credit Reporting Proposal
- Rohit Chopra, the director of the Consumer Financial Protection Bureau, went on Reddit yesterday and did an AMA (Ask Me Anything). For an hour, Chopra answered questions from Reddit users about medical debt and the Bureau’s proposed rule on medical debt credit reporting. Comments on the proposal are due Tuesday, August 12. If you haven’t filed a comment yet, it might be helpful to note the points that Chopra was emphasizing during the AMA. It also should be interesting to see what kind of questions and comments consumers are making and how Chopra responded to them. Here are some highlights:
- More details here
WORTH NOTING: You think you could win a bronze medal while suffering with COVID? … Artificial sweeteners may increase your risk of a heart attack … Why some people are getting an extra Social Security check this month … A lot of parents are thrilled when their adult kids move back home … If you are nervous about an upcoming meeting, here is how to make your anxiety work for you … The benefits of deploying a hybrid work environment are legit, according to a new survey of HR professionals … Move over orange and black, there is a new color for Halloween this year … Why a computer expert prefers to work on the Microsoft Surface.
Funny Friday, part I
Funny Friday, part II
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