The Fair Debt Collection Practices Act prohibits debt collectors from a number of annoying and aggressive practices, like calling late at night to hassle folks about their debt or publicly outing people as debtors. However, this morning — in Justice Neil Gorsuch’s first opinion — the U.S. Supreme Court ruled that this law doesn’t apply to banks that purchase defaulted loans with the intention of collecting on them. [More]
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Supreme Court: Protections Against Debt Collectors Don’t Apply To Banks That Purchase Defaulted Loans
Man Takes Down Anti-Santander Billboards After Bank Sues For False Advertising, Defamation, Trademark Infringement
A Philadelphia man who is upset with Santander Bank wanted to voice his opinion in a pair of recently posted billboards in the city. His message was short-lived, however, after the bank responded by filing a lawsuit against him in federal court. [More]
Santander’s Auto Loan Business Under Federal Investigation
Each year, Santander writes or services billions of dollars worth of auto loans and leases in the U.S., making it one of the nation’s largest providers of automobile financing. Yesterday, the company revealed that the Consumer Financial Protection Bureau is looking into whether Santander violated federal fair-lending laws. [More]
Four Years After Reaching Deal With Regulators, Six Banks Still Haven’t Fixed Foreclosure Problems
Back in 2011, several of the nation’s largest banks entered into a settlement with federal regulators that required the institutions to correct widespread foreclosure abuses that helped to trigger the housing crisis. While the agreement was revised in 2013 to make things a bit easier for the offending banks, regulators today announced that six of the lenders – including JPMorgan Chase and Wells Fargo – still haven’t met requirements and face new restrictions on their mortgage operations. [More]
Hershey Joins Elite Club Of Companies With Poo-Like Logos
Hershey decision to redesign the company logo to look more chocolaty was probably well-intentioned. But as they say, the road to hell is paved with good intentions… and littered with poo from jerks who don’t pick up after their dogs. [More]