Debt Collection and Debt Buying
BuckleySandler's debt collection practice is unique, counting among our attorneys a partner with both in-house and outside experience representing major creditors in connection with their in-house collection operations, third-party debt collectors, and debt purchasers. Our team members include those with experience as a former deputy general counsel of a publicly traded collection and debt purchase firm, a former Federal Trade Commission staff member with significant governmental experience addressing debt collection issues, and long-time outside counsel to the nation’s largest creditors and collection agencies. Our combined experience offers a unique perspective and understanding of what regulators and enforcement agencies are looking for, and of ways to mitigate the risks presented in this area, while bringing a business-friendly approach to those solutions given our understanding of business needs and objectives.
Debt Collection Counseling and Compliance
BuckleySandler handles a full range of debt collection related matters for both in-house and third party agencies, including:
- Identification of legal requirements at both a state and federal level
- Drafting of corporate policies and desk procedures, tailored to the unique circumstances of each client’s business
- Risk assessments and CFPB gap analyses
- CFPB supervisory examination counseling
- Design, review and implementation of vendor management policies and procedures, taking into account the unique risks presented by debt collection laws
- Monitoring and updating clients on legal developments
- Assisting clients in implementing new debt collection requirements to help ensure appropriate controls are in place
- Implementation of debt collector requirements applicable to creditors under applicable state laws
Debt Collection Enforcement and Litigation
BuckleySandler attorneys have significant experience defending clients in debt collection related litigation and enforcement matters. We have handled matters involving the CFPB, the FTC, the OCC, the FCC, and state licensing authorities, and we are intimately familiar with debt collection laws and regulations, including:
- Fair Debt Collection Practices Act (FDCPA)
- Telephone Consumer Protection Act (TCPA)
- State collection and UDAP laws
We likewise have detailed knowledge on the unique application of other laws in the debt collection context, such as the Fair Credit Reporting Act (FCRA), Equal Credit Opportunity Act (ECOA), and data protection and data breach laws.
Debt Buying and Selling
In the post-Dodd-Frank era, the sale and purchase of charge-off consumer debt is under more scrutiny than ever before. Companies selling portfolios of non-performing loans need to have a nuanced understanding of all regulatory requirements governing the sale of consumer debt to mitigate potential risk and liabilities surrounding those sales. BuckleySandler assists banks, credit card issuers, auto financers, telecommunications companies and retailers in developing, implementing and maintaining robust debt sales compliance policies and procedures that comply with OCC Bulletin 2014-37, the FDCPA, CFPB regulations and guidance, and other applicable regulations and statutes impacting debt sales and purchases.
Private equity and strategic investors have turned to BuckleySandler to assist in the buying and selling of collection agencies and debt portfolios. We have performed due diligence and strategic counseling for parties to several of the largest transactions in the receivables management space and, in connection with such transaction, routinely handle licensing and change-in-control filings with state licensing authorities.