Essential headlines, new reports, and best practices from insideARM.com. Got this from a friend?
Subscribe to the ARM Insider
insideARM ARM Insider

GOP pens letter to CFPB on medical debt credit proposal

On August 14, GOP members of the House Financial Services Committee sent a letter to CFPB Director Rohit Chopra voicing concerns about the CFPB’s proposed rule to ban the use of medical information for credit eligibility determinations. As previously covered by InfoBytes, the CFPB’s proposed rule would amend the FCRA to remove the medical financial information exception thus limiting the credit reporting of medical debt. In their letter, the GOP Congress members argued the CFPB’s proposal would weaken the accuracy and completeness of consumer credit reports, increasing risk in the financial system and causing negative effects on the availability of credit.

Read the Whole Story »


Enhance your compliance team and get the insights you need to protect your business. 

As a Research Assistant member, you’ll get the insight you’re looking for all curated by our team of compliance experts. Features include weekly roundtables with your peers, a weekly newsletter, and a library of up-to-date tools including CMS-enhancing guides, policy templates, policy builder tools, reports, and a state law quick reference matrix that lets you track Statutes-of-Limitation by judgment duration, lien and garnishment, and statutory references, by state and by product type. Learn More.  

ADVERTISEMENT
Advertisement

insideARM is grateful to our 2024 Strategic Supporters:

NCB Crown Asset Management Spring Oaks Capital

Be Careful What You Rely On: Washington Court Says Debt Collector’s Reasonable Reliance On Balance Amount From Creditor Not Enough To Avoid FDCPA Violation

In Creager v. Columbia Debt Recovery, a district court judge partially granted plaintiff’s motion for summary judgment, concluding that the debt collector’s attempts to collect an unpaid apartment debt with a balance inflated because the plaintiff had forfeited her security deposit, violated the FDCPA. The information supplied by creditor/client did not protect the debt collector.

Read the Whole Story »


insideARM Weekly Recap - Week of August 26th, 2024

It can be hard to keep on top of all the developments in the ARM space, but we have you covered with our weekly recap of some top stories.

Read the Whole Story »


ADVERTISEMENT
Advertisement

7th Circuit: Credit reporting agency did not provide inaccurate info

On August 7, the U.S. Court of Appeals for the Seventh Circuit affirmed a lower court’s decision in favor of a credit reporting agency (the defendant), finding it did not report inaccurate credit information. An individual brought a case against the defendant under the FCRA alleging the company reported inaccurate late payments in her consumer report. The individual made mortgage payments on her home from 2007 to 2015 but was later found delinquent on her mortgage. She settled her debt through a short sale and the account was closed. Years later, the plaintiff discovered her closed mortgage account was still reported as delinquent in her credit reports and contacted the defendant. The defendant confirmed the information on file, and the lower court ruled that all the information “furnished and reported by [the defendant] … was all true.”

Read the Whole Story »


Federal Judge Sanctions Pittsburgh Law Firm for Writing ‘Imaginary’ Letters on Behalf of Clients in Debt Disputes

A Pennsylvania federal judge has imposed sanctions and lambasted a law firm and its attorneys for having employees write falsified letters on behalf of clients involved in debt collection disputes.

Read the Whole Story »


Credit Card Charge-Offs and Delinquencies Increased to More Than a 12-year High, According to Federal Reserve’s Q2 Data.

Credit card charge-offs and credit card loan delinquencies continue to be at a more than 12-year high, according to the Federal Reserve’s second-quarter report.

Read the Whole Story »


ADVERTISEMENT
Advertisement

RA Compliance Corner: Managing Your Service Providers- Do you really have it all in order?

25 September 2024 at 02:00 p.m.

It's not news that a comprehensive vendor management policy is a must in today’s compliance-centric environment. But are you creating risk for your organization by leaving your vendor management policy on auto pilot? 

Event Details »