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CFPB Authorizes Some Collections on Time-Barred Accounts Without a Disclosure
With the CFPB scheduled to commence exercise of its rule making authority later this year, many collection industry experts were surprised by a joint amicus brief filed by the FTC and the CFPB stating that ". . . in some circumstances, 'a debt collector may seek voluntary payment of a time-barred debt' without violating the FDCPA, even if the communication is silent as to the statute of limitations." Click here to read the full amicus brief by the FTC and the CFPB:
http://files.consumerfinance.gov/f/201309_cfpb_agency-brief_12-cv-04057.pdf
Consent orders earlier this year by the FTC regarding credit card surcharges (convenience fees) and voice mail messaging indicate an willingness by Federal regulators to allow these practices, but provide little guidance for the industry.
Attorneys John Rossman and Mike Poncin examine the recent rulings the CFPB and FTC – and the possibly implications of CFPB rulemaking – in the latest episode of The Debt Collection Drill.
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By John K. Rossman
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With the CFPB scheduled to commence exercise of its rule making authority later this year, many collection industry experts were surprised by a joint amicus brief filed by the FTC and the CFPB stating that ". . . in some circumstances, 'a debt collector may seek voluntary payment of a time-barred debt' without violating the FDCPA, even if the communication is silent as to the statute of limitations." Click here to read the full amicus brief by the FTC and the CFPB:
http://files.consumerfinance.gov/f/201309_cfpb_agency-brief_12-cv-04057.pdf
Consent orders earlier this year by the FTC regarding credit card surcharges (convenience fees) and voice mail messaging indicate an willingness by Federal regulators to allow these practices, but provide little guidance for the industry.
Attorneys John Rossman and Mike Poncin examine the recent rulings the CFPB and FTC – and the possibly implications of CFPB rulemaking – in the latest episode of The Debt Collection Drill.