CFPB Enforcement of FDCPA Against First Party Collectors: What You Need to Know

By James J. Todd, Attorney The Consumer Financial Protection Bureau (CFPB) arose out of the national foreclosure crisis in July 2010 by way of the Dodd–Frank Wall Street Reform and Consumer Protection Act (the “Act”).[1]   The Act established the CFPB as a subsidiary agency of the Federal Reserve, and the associated regulations provided the CFPB…

The Ongoing Debate: The 1099-C and Collections

By Matthew D. Urban, Esq. The issue of whether or not a credit union, or any creditor for that matter, should issue a 1099-C after an account has been charged off is always a topic of great discussion, particularly when the creditor is interested in continuing collection efforts. As many know, pursuant to IRS regulations…

Don’t Be Deficient in Collecting Your Deficiencies!

By Matthew M. Young, Esq.  One of the most common problems in collection actions arise when creditors attempt to collect deficiencies resulting after the sale of repossessed collateral.  More specifically, these problems relate to sending proper notices of sale after repossessing the collateral, before a sale occurs.  Failure to send a proper notice of sale…

Legal Issues in Collections

By David A. Wolfe, Esq. With the passage of the Dodd-Frank legislation in 2010, the Obama administration created the Consumer Financial Protection Bureau, (CFPB), as an independent bureau within the Federal Reserve System for the purpose of implementing and enforcing federal consumer financial law and providing transparency and fairness in consumer financial transactions.  When the…

New Garnishment Rules.

By John B.C. Porter Effective May 1, 2011, financial institutions will have to do much more by way of analysis when in receipt of garnishment orders than simply forwarding all but $425 to the court. The Department of the Treasury recently released its interim final rule to implement statutory restrictions on the garnishment of Federal…