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DBA INTERNATIONAL GENERAL COUNSEL
OBTAINS RARE FTC ADVISORY OPINION |
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DBA International General Counsel, Barbara Sinsley and her partner Manny Newburger of Barron, Newburger, Sinsley & Wier, PLLC obtained a rare FTC Advisory Opinion for the firm’s client, the United States Foreclosure Network ("USFN") on March 19, 2008.
USFN is a nationwide network of foreclosure law firms. Similar to DBA members, USFN members are debt collectors subject to the Fair Debt Collection Practices Act. USFN sought an opinion regarding the sending of information to consumers regarding various settlement options (loss mitigation programs) and possible liability under the FDCPA.
The FTC indicated that generally, the presentment of loss mitigation programs was not a FDCPA violation and stated: |
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"Moreover, the Commission believes that it is in the public interest for consumers, who may be subject to foreclosure to receive truthful, non-misleading information about settlement options, especially in light of the recent prevalence of mortgage borrowers who are delinquent or in foreclosure." |
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Debt collectors and consumers both benefit from this Advisory Opinion. As was stated by DBA's General Counsel to InsideARM, the specific intent of including the foreclosure language in the contact letters was to benefit consumers.
DBA International thanks the FTC for the Advisory Opinion and the recognition that debt collectors should be able to communicate settlement options to consumers.
To view the FTC Advisory Opinion please click here. |
PRESS RELEASE 7/7/09-COLLECTION TRAINING INSTITUTE,LLC ANNOUNCES THE OPENING OF TWO CALL CENTERS IN INDIA
FTC Issues Advisory Opinion to ACA Regarding Responding to Disputes
President Signs Credit Card Accountability, Responsibility and Disclosure Act of 2009
FCRA (Fair Credit Reporting Act)
Credit Reports for delinquent child support, judgments, fines and liens may no longer be permitted
Feb 26, 2009- FTC Issues Report to Congress to Update the FDCPA-Report One Report Two
India's debt collection centers booming
ACA International Government Affairs Report January 27, 2009
Debt Collection Done from India Appeals to U.S. Agencies
Americans are used to receiving calls from India for insurance claims and credit card sales. But debt collection represents a growing business for outsourcing companies, especially as the American economyslows and its consumers struggle to pay for their purchases.
Idaho Amends Licensing Requirements for Debt Collectors, Asset Buyers
The state of Idaho recently enacted important changes to the licensing requirements for debt collectors. Among other things, certain asset buyers must be licensed in the state, but an in-state office is no longer required.
April State Legislative Update
Stay up to date on state legislation each month with ACA's summary of key bills that could impact the collection industry. This month features details on bills in Alabama, Idaho, Illinois, Indiana, Iowa, Louisiana, Nebraska, New Jersey, New York, Rhode Island, South Carolina, Utah, Virginia and West Virginia.
June State Legislative Update
This month features details on recently passed bills in Alaska, Colorado, Connecticut, Iowa and South Carolina. It also includes information on pending legislation in Alabama, New Jersey, New York and North Carolina.
Fair Debt Collection Practices Act
The law governing third party collection of debts.
2007 National PWC Study Released
http://www.acainternational.org/pwc
Find
out more about the landmark national study, "Value of Third-Party Debt
Collection to the U.S. Economy in 2007: Survey and Analysis,"
commissioned by ACA International and conducted by global advisory firm
PricewaterhouseCoopers. The study points out that debt collectors
return more than $40 billion per year to the U.S. economy, helping
businesses keep prices down and saving the average American family $354.
July 30, 2008- CTI Opens Third Party Collection Training School in India
Bailout Bill Full Text Mechanisms, Methods of Pricing and Valuing, Procedures Troubled Assets - October 6, 2008
MEMBER ALERT
Congress Passes Emergency Financial Legislation
Today, the House passed the Emergency Economic Stabilization Act by a vote of 263-171. The House adopted the Senate version of the bill, which the Senate adopted this past Wednesday. The bill will now proceed to the President, who has been strongly lobbying for passage of the measure throughout the week.
Once the President signs the bill into law, the advocacy effort will shift to the Treasury Department. The Treasury Department is authorized to “prescribe such guidance, rules, or regulations as are necessary to carry out” the financial bailout. Further, the Treasury Department will be required to issue “program guidelines” within 45 days of enactment or within 2 days after the first asset purchase. These guidelines must include, at a minimum:
(1) Mechanisms for purchasing troubled assets.
(2) Methods for pricing and valuing troubled assets.
(3) Procedures for selecting asset managers.
(4) Criteria for identifying troubled assets for purchase.
To see the full text of the bill, click here.
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