The 7th Circuit Court of Appeals on Wednesday reversed in favor of an Indianapolis woman who was restrained by law enforcement while her car was being repossessed. After Nichole Richards defaulted on her car loan, her lender hired PAR, Inc., to repossess the vehicle through its subcontractor, Lawrence Towing. When the towing company arrived on
RISC is here to support the industry. Dear Member, We cannot avoid the news about COVID-19 and the uncertainty it is bringing to our lives. This virus has caused disruptions to not only our daily lives but, most certainly, the collateral recovery industry. In these challenging times, the compliance team at RISC would like to do
NEW YORK — The Consumer Financial Protection Bureau has filed a lawsuit against Fifth Third Bank, alleging the bank’s employees opened fake accounts for customers in order to meet aggressive sales targets. The federal regulator alleged Monday that the bank knew its employees were opening fake accounts since at least 2008 and up until 2016,
The governor of California is pushing for the creation of a state version of the Consumer Financial Protection Bureau. Gov. Gavin Newsom on Friday unveiled a California Consumer Financial Protection Law as part of his proposed 2020-21 state budget, according to a report by The Los Angeles Times. The proposed law would overhaul California’s existing Department
In May 2019 the CFPB proposed amendments the the Fair Debt Collection Practices Act (FDCPA). The proposal would provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts. Among other things, the amendment would set clear limits on the number of calls debt collectors may place to
The Illinois Commerce Commission (ICC) announced today (11/15) that Christy George has been named as its new Executive Director. When Ms. George takes over on November 18, 2019, she will be the first female executive director, not serving in an interim capacity, to supervise the Commission Staff and oversee management of the agency’s budget. Presently,
ILL NUMBER: S4019A SPONSOR: THOMAS TITLE OF BILL: An act to amend the general business law and the personal property law, in relation to early termination of motor vehicle lease contracts PURPOSE: This bill would prohibit companies from charging early termination fees on motor vehicle lease contracts if a customer has deceased before
Finance companies that use Recovery Database Network (RDN) now have some additional assurance their repossessions are being completed according to state and federal regulations. On Wednesday, the KAR Global business unit rolled out a seamless application interaction with the American Recovery Association (ARA) that is designed to provide RDN customers instant access to recovery agents’
HOUSTON — A car owner is suing a dealership alleging her vehicle was repossessed and she was not given the opportunity to buy it back. Santana Henderson filed a complaint Aug. 30 in Harris County District Court against Safeway Trading Inc., doing business as Mario Used Cars, alleging violation of Uniform Commercial Code, conversion, deceptive
Bank of America Corporation BAC is under investigation by the Consumer Financial Protection Bureau (“CFPB”) to find out if it opened unauthorized customer accounts to meet sales goals back in 2014. In March 2019, the CFPB demanded that BofA provide documents concerning “unlawful acts or practices in connection with unauthorized consumer bank, credit card, and other
