Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau


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Showing 1 post in Enforcement.

New York Attorney General’s Action Against Debt Buyers Requires Renewed Compliance Focus on Calculating the Statute of Limitations and Providing Credit Reporting Disclosures

New York Attorney General Eric T. Schneiderman announced settlements last week with two major debt buyers, Portfolio Recovery Associates, LLC (PRA) and Sherman Financial Group, LLC (Sherman), resolving allegations that PRA and Sherman filed lawsuits after the expiration of the applicable statute of limitations (SOL) and continued to collect on judgments they wrongfully obtained. The companies will: (i) pay a combined $475,000 in penalties, (ii) vacate and stop collections on approximately $16 million in judgments, and (iii) make various disclosures regarding the SOL and credit reporting to consumers. Two aspects of the settlements deserve significant attention, and if they not already part of your compliance management system, should be considered for inclusion immediately.  Read More ›