The Eleventh Circuit’s ruling creates a circuit split with the Third, Seventh, and Sixth Circuits through which these circuits held that a company that acquires debt in default, and then tries to collect on that debt, qualifies as a debt collector.
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The Second Circuit’s ruling does not apply where a non-bank entity is acting as an agent for the bank or where a state law interferes with the powers of a national bank.
The Consumer Financial Protection Bureau yesterday issued a “Supervisory Highlights” report that outlined several areas of concern its examiners have found related to mortgage origination and servicing, fair lending and debt collection, among other topics.
A Fifth Circuit ruling in Barzelis v. Flagstar Bank F.S.B. will raise questions about how to define a “borrower” under RESPA.