David Gaitans – Collections & Recovery

October 22, 2024 by Sheldon Stewart in Customer Service

Subprime Borrowers More Likely to Abandon Auto Loans: How Lower Interest Rates Result in Increased Repossessions

Declining interest rates have prompted unexpected trends in the subprime market. For the last two months, Auto Collections Roundtable members have reported a growing number of borrowers intentionally halting payments...

October 17, 2024 by Massie P. Cooper in Arbitration

Fourth Circuit Affirms Denial of Motion to Compel Arbitration Finding Duty to Read a Contract Does Not Encompass Scrolling Through Multiple Pages of Hyperlinks in a Digital Agreement

The U.S. Court of Appeals for the Fourth Circuit recently affirmed a district court’s decision denying a defendant’s motion to compel arbitration, underscoring the importance of clear and conspicuous notice...

October 9, 2024 by Mark Ravanesi in Collections Strategy

Q2 Industry Insights: Beating the Economic Heat and Keeping Up with Compliance

The dog days of summer are ahead, and with inflation and high interest rates still sticking around, consumers in the U.S. will be feeling the heat financially. Consumer sentiment and...

October 3, 2024 by Sheldon Stewart in Collections Strategy

The Risks of Debt Settlement Companies and the Benefits of Direct Negotiation

Debt settlement companies often promise to help consumers negotiate with creditors to reduce their overall debt load, but they frequently fall short of delivering real benefits. In fact, analysis of...

September 26, 2024 by Cali Thompson in Collections Strategy

Understanding the Consumer Spending Split and How to Recover More Across the Divide

It’s becoming a familiar headline: US household debt keeps climbing and delinquency rates keep rising. According to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and...

September 18, 2024 by Brooke Conkle in CFPB

CFPB Report Foreshadows Increased Scrutiny of Negative Equity in Auto Lending

In June, the Consumer Financial Protection Bureau (CFPB or Bureau) released a report on the state of negative equity in auto lending. The CFPB says it found that financing negative...

September 4, 2024 by Michael A. Goodman in CFPB

CFPB Takes Dual Action Against Bank Holding Company for Alleged Unlawful Repossesions and Sales Practices

HIGHLIGHTS: The Consumer Financial Protection Bureau ("CFPB") issued a Consent Order and Proposed Court Order against a nationally charted bank ("Company") that offers financial services including credit cards, mortgages, home...

August 28, 2024 by Keith Barnett in CFPB

CFPB Says Earned Wage Access Products Are Subject to the Truth in Lending Act

Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed interpretive rule opining that earned wage access (EWA) products — whether provided through employer partnerships or marketed directly...

August 21, 2024 by Ralph T. Wutscher in CFPB

6th Cir. Holds EFTA Does Not Provide Indemnification or Contribution Right for Financial Institutions

The U.S. Court of Appeals for the Sixth Circuit recently upheld the dismissal of a financial institution’s putative class action lawsuit against a cellular service provider arising from a “SIM...

August 14, 2024 by Alan S. Kaplinksky in CFPB

Magistrate Judge stays further proceedings pending resolution of 10th Circuit appeal in Colorado litigation challenging Colorado opt-out statute

We previously reported that, on July 18, the Colorado Attorney General and UCCC Administrator appealed to the 10th Circuit Court of Appeals challenging Judge Domenico’s order dated June 18 D....

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