Advances in technology, coupled with a continuing increase in regulatory scrutiny, present significant risk and opportunity in the debt collection ecosystem. We help clients across the industry navigate compliance challenges and leverage growth.
Ballard Spahr's Consumer Financial Services Group is nationally recognized for excellence in product development guidance, compliance counsel, and litigation. Our Debt Collection Team was created to address the issues specific to creditors, debt collection firms, and debt buyers, and to guide them through the seismic changes likely to occur in the coming years.
- 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