Buckley LLP

Debt Collection

Buckley represents major creditors on issues involving in-house collection operations, debt purchases, and third-party debt collectors. Our team includes attorneys with private sector debt collection backgrounds and government experience, including  a former Federal Trade Commission (FTC) attorney with significant governmental experience addressing debt collection issues, and long-time outside counsel to the nation’s largest creditors and collection companies. We offer a unique perspective on risk mitigation options and a practical understanding of what regulators and enforcement agencies expect from the industry, as well as current issues in high-stakes collection litigation.

Our team works on debt collection matters on a regular basis, handling a variety of regulatory, transactional, litigation, and enforcement matters related to first- and third-party collections. Our experience includes: evaluating and applying state and federal law; drafting corporate policies and procedures tailored to each client’s specific circumstances; conducting risk assessments; preparing Consumer Financial Protection Bureau gap analyses; assisting with CFPB supervisory examinations; and designing, reviewing, and implementing vendor management guidelines. We also regularly advise clients on the risks and mitigants related to the use of social media and other technologies in the context of debt collection.

We also represent private equity and strategic investors who buy and sell collection companies and debt portfolios. We have advised on and performed due diligence for parties involved in some of the largest transactions in the receivables management space in recent years, as well as resulting licensing and change-in-control filings with state licensing authorities.

Our firm has a track record of success defending clients in debt collection litigation and enforcement matters before the CFPB, FTC, state attorneys general, and other federal and state agencies. We are well-versed in the Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA), and state debt collection laws, including application of unfair or deceptive acts or practices (UDAP) laws. We are extremely knowledgeable in all aspects of the Fair Credit Reporting Act (FCRA), Equal Credit Opportunity Act (ECOA), and data protection / breach regulation, particularly as such laws are applied to debt collection.

In the post-Dodd-Frank era, creditors selling portfolios of nonperforming debt must understand the regulatory challenges governing the sale of consumer debt in order to mitigate the potential risk and liabilities involved, including risks that may result from the acts of those to whom the debt has been sold. Buckley provides counsel in developing, implementing, and maintaining robust debt sales measures that comply with OCC Bulletin 2014-37, CFPB guidance, and other applicable laws that impact debt sales and purchases.

Our work includes:

  • Advising and assisting with preparing debt collection and servicing branch license applications
     
  • Representing a debt collection company in a CFPB investigation regarding compliance with the FCRA and FDCPA
     
  • Advising a national bank on matters related debt collection, including application of the FDCPA, bankruptcy proofs of claim, and state debt collection licensing laws
     
  • Providing compliance and state licensing counsel for loan servicer and debt collector
     
  • Advising a debt collection agency on debt collection and money transmitter licensing requirements