Our experience includes:

  • Conducting dozens of first- and third-party collections assessments across the consumer financial services industry

    • As part of these assessments, we advise on issues arising under federal and state collections laws, UDAAP, payments issues, state licensing requirements, vendor oversight, and regulatory compliance management expectations.

    • In one recent month alone, our team conducted six collection agency assessments to assist a client in outsourcing its entire delinquent debt collection and credit reporting operations. Assessments included leading onsite compliance interviews; auditing compliance with all state and federal collection laws; reviewing all policies, procedures, and consumer-facing communications; and assessing collection licenses.
  • Represented several collection agencies, a debt buyer, and several debt collection law firms in government enforcement investigations

  • Assisting several large banks and nonbanks, as well as debt buyers, in collection-focused CFPB examinations, including responding to Potential Action and Request for a Response letters relating to collections issues

  • Assisting a large student lender in overhauling its entire third-party collections process and its controls and monitoring of third-party collections

  • Assisting a large debt buyer in designing third-party collection agency auditing procedures and training the client’s auditors to conduct audits of third-party debt collection firms

  • Conducting diligence in connection with a number of debt sale transactions, including in connection with the winding down of a large debt buyer

  • Providing ongoing collection-related advice to several large credit card issuers

  • Assisting debt collection clients in revising their policies and procedures and counseling debt sellers in establishing criteria for conducting due diligence of potential debt buyers

  • Drafting compliance checklists for collection agencies. These checklists include an analysis of potential risks and the controls the agencies should have in place to mitigate the identified risks.

  • Advising clients on how to structure policies and train employees to avoid collections issues, including those relating to documentation, debt collection litigation, and incentive compensation

  • Conducting mock CFPB examinations to help clients detect and mitigate potential problem areas within their collection operations

  • Developing 50-state resources for first- and third-party collection clients to use in collection letters, texts, emails, voice messages, and scripts

  • Developing affidavit policies, procedures, and samples for use in all 50 states in connection with debt collection litigation

  • Conducting regular diligence related to acquisitions of collections operations and portfolios in the credit card, installment lending, and health care industries

  • Assisting four major industry associations—one composed of banks, another representing large collection agencies, and the last two relating to specific industry segments—in providing comments on the CFPB's debt collection rulemaking