News This Week
Firefly Legal does our best to stay on top of the biggest news stories affecting our industry and the industries we serve. Check out some of the articles we shared this past week.
- INSIDE ARM: “FDCPA Adds Unnecessary Layers of Collection Rules to Attorneys: Legal Panel”
Accessible online, Friday’s article from Inside Armhttp://bit.ly/1gqxT7Z took a look into the discussion on the provisions in the Fair Debt Collection Practices Act, which took place at NARCA’s Legal Symposium earlier this week. The legal panel asserted that the changes “prohibit[s] potentially productive communication.” Be sure to read the article for more information.
- DS News Loan Mods Rise in August, Foreclosures Remain Steady bit.ly/16b1n59
- INSIDE ARM: “‘Precollect’ Causes FDCPA Heartburn for Collectors and Creditors” http://bit.ly/16lrAZF
FDCPA prohibits “precollect” efforts. This is discussed in a podcast reported on by InsideArm.
- ACA INTERNATIONAL NEWS: “JPMorgan Chase to Disband Consumer Debt Collection Litigation Unit” http://bit.ly/1cYZF92
After cutting back litigation efforts back in 2011, JPMorgan Chase will shut down its debt collection litigation unit, which employs roughly 100 people.
- ACA INTERNATIONAL NEWS: Student Loan Debt Outpaces Auto Loans, Other Types of Credit http://bit.ly/18eml1z
Student loan debt is up 61% in the last 5 years and are currently at the highest rate since 1995.
- BUSINESS INSIDER: Amid reports last week that foreclosures are down, @businessinsider reports 14 markets still rife with foreclosures http://read.bi/1708uOH
Though many markets are still rife with foreclosures, overall foreclosure numbers are showing a steep decline since this quarter last year.
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