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Navigating Risks, Threats, and Lawsuits in the Credit and Collection Industry

Avoid collection disputes and lawsuits by staying up-to-date on regulations affecting the collections industry.

Members of the credit and collection industry face a variety of new challenges as they attempt to navigate the aggressive regulatory schemes created by the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and Federal Communications Commission (FCC) among others. The threat of civil investigations and enforcement actions have many companies in the accounts receivable industry updating their compliance management systems. On top of these regulatory challenges, the plaintiff's bar has increasingly utilized the class action device to challenge wholesale company practices and engage in complex civil litigation under the Telephone Consumer Protection Act (TCPA), Fair Credit Reporting Act (FCRA), and Fair Debt Collection Practices Act (FDCPA). This topic analyzes the hot-button issues facing the accounts receivable management industry from both a compliance and litigation management perspective. The topic focuses on popular individual and class action claims, as well as potential litigation strategies to reduce exposure. It also provides takeaways from regulatory activities involving the CFPB, OCC and FTC - including lessons learned to reduce the risk of an enforcement action going forward.

Runtime: 56 minutes
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Fair Debt Collection Practices Act

  • Data Integrity
  • Key Statutes and Regulation
  • Affidavits Used in Support of Collections
  • Dialing Frequency
  • Cell Phone Calls, Text Messaging, Emails
  • Strict Liability and Compliance
  • Role of Call Recordings
  • Telephone Calls
  • Validation Notices
  • Demand Letters
  • Selected State Requirements
  • Time Barred Debts
  • Class Actions
  • CFPB
  • FTC
  • OCC Consent Order With JPMorgan Chase

Fair Credit Reporting Act

  • FCRA Overview
  • Statute Requirements and Definitions
  • Hyper-Technical Interpretations
  • Furnisher's Duties
  • Rise of Class Actions
  • Lessons From Recent Cases

Telephone Consumer Protection Act

  • History of TCPA; Requirements of TCPA
  • Prior Express Consent
  • ATDS
  • Special Rules for Telemarketing
  • FCC Declaratory Ruling
  • Strategies for Defeating Class Actions

Wrap-up

  • Lessons Learned and Summary of Litigation Risks
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on July 28, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • GA CLE 1.0
     
  • HI CLE 1.0
     
  • IL CLE 1.0
     
  • ME CLE 1.0
     
  • MO CLE 1.2
     
  • MT CLE 1.0
     
  • NJ CLE 1.2
     
  • NV CLE 1.0
     
  • NY CLE 1.0 including Areas of Professional Practice 1
     
  • VT CLE 1.0
     
  • WA CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Virginia B. Flynn

Virginia B. Flynn

Troutman Sanders LLP

  • Trial lawyer in the Consumer Financial Services Group and specifically within the Financial Services Litigation Practice of Troutman Sanders LLP
  • Represents clients in federal and state court, both at the trial and appellate level in the areas of complex litigation and business disputes, financial services litigation and consumer litigation
  • National TCPA counsel for one of the country’s largest health care companies
  • Has written on several topics related to her areas of expertise
  • Provides ongoing analysis and commentary on developments in consumer financial services industry through the Consumer Financial Services Law Monitor blog at www.cfslawmonitor.com
  • Graduate, College of Charleston; graduate, Washington and Lee University School of Law
  • Can be contacted at 804-697-1480 or [email protected]
H. Scott Kelly

H. Scott Kelly

Troutman Sanders LLP

  • Trial lawyer in the Consumer Financial Services Group and specifically with the Financial Services Litigation Practice of Troutman Sanders LLP
  • Experience representing clients in complex, national class actions – most notably in Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA) and Securities Exchange Act litigation
  • Serves as lead counsel handling all incoming litigation matters for a national debt collector
  • Served as counsel to a Fortune 200 banking corporation with regard to numerous claims asserted under the Magnuson-Moss Warranty Act, FTC Holder Rule, and various state consumer protection statutes in Virginia, Nevada, Michigan, California, Missouri, Ohio, Pennsylvania, New York and New Jersey
  • Provides ongoing analysis and commentary on developments in consumer financial services industry through the Consumer Financial Services Law Monitor blog at www.cfslawmonitor.com
  • Graduate, University of Virginia; graduate, Washington and Lee University School of Law, where he served on the board of appeals
  • Can be contacted at 804-697-2202 or [email protected]
Ethan G. Ostroff

Ethan G. Ostroff

Troutman Sanders LLP

  • Trial lawyer with Troutman Sanders LLP whose practice emphasizes all aspects of the consumer financial services industry, in which he represents debt buyers, debt collectors, law firms, national, regional and local banks, consumer reporting agencies, and other related consumer finance entities in federal and state consumer litigation, including claims under the Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), Telephone Consumer Protection Act (TCPA), Electronic Fund Transfer Act (EFTA), Equal Credit Opportunity Act (ECOA), other federal and state statutes, and common law; regularly counsels clients on compliance issues, with a focus on the FDCPA, FCRA and EFTA
  • Counsel to one of the world’s largest debt buyers and for a national collection agency, for whom he handles individual and class action threats and lawsuits, as well as a range of compliance questions, arising under the FDCPA, FCRA, TCPA and related state laws
  • Selected as a Rising Star in Consumer Law by Law & Politics' Virginia Super Lawyers magazine (2012 to 2015) and named to Virginia Business
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Product ID: 397288
Published 2016
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