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This section of our Web site provides further background and materials on governmental regulation, the courts, and state and local actions impacting the ARM industry.

FTC Report: Repairing a Broken System - Protecting consumers in debt collection litigation and arbitration. Creditors and collectors seek to recover on consumer debts through the use of litigation and arbitration. Based on its extensive analysis, the Federal Trade Commission (“FTC” or “Commission”), the nation’s consumer protection agency, concludes that neither litigation nor arbitration currently provides adequate protection for consumers. Download the full report.

The Debt Machine: How the collection industry hounds consumers and overwhelms the courts  While financial crisis and recession have wreaked havoc on the American economy, the pain has been especially intense for consumers. Millions are now burdened with unpayable debts after they were enticed into borrowing during the credit boom. Download the full report.

Rules for Debt Collectors Tightened   The Bloomberg administration announced new rules on Monday that are intended to change the way debt collectors operate by making sure they are going after the right people. Read more

New York City New Debt Collection Rules  Final rules released implementing changes to Local Law No. 15. The New York City Department of Consumer Affairs recently promulgated final rules implementing changes to the City's debt collection laws. The rules were effective April 24, 2010. Read more

US Court of Appeals reverses Bankruptcy Appellate Panel Decision to allow a creditor claim because the creditor failed to include supporting documentation for its proof-of-claim, as required under Rule 3001 of the Federal Rules of Bankruptcy Procedure. Read more

The Federal Trade Commission has ordered the nation’s largest consumer debt buyers to turn over information about their practices in buying and collecting consumer debt, which the FTC intends to use for a study of the debt-buying industry. Consumers have reported that debt collectors frequently try to collect from the wrong consumers or the wrong amounts, or bothC is s. The FTeeking information to determine whether buyers of consumer debt are contributing to these problems. Read more.

GAO recommends changes to FDCPA in September 2009 report  Congress should consider modifying FDCPA to (1) help ensure that collectors and buyers have adequate information about debt transferred and have adequate documentation to verify debts, (2) reflect technologies that were not prevalent when the act was written, and (3) provide FTC with rulemaking authority.  Download the Overview, Full Report, or see Inside ARM's analysis.

FTC Collecting Consumer Debts, The Challenges of Change, A Workshop Report: February 2009   In late 2007, the Federal Trade Commission (“FTC” or “Commission”) convened a public workshop to evaluate the need for changes in the debt collection system, including the Fair Debt Collection Practices Act, to protect consumers better. This report communicates the results of those meetings.

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Resources
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GAO Report to Congress on credit card fair debt collection practices 

FTC Workshop Report on the challenges and changes in collecting Collecting consumer debts

Proposed Amendments to the Federal Rules of Bankruptcy and Criminal Procedure and the Federal Rules of Evidence.

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Federal Trade Commission

The Federal Trade Commission (FTC) enforces credit laws at non-banking institutions, including consumer finance companies and credit bureaus (firms that collect and distribute credit reports). The FTC has a link on its Web site to a section with helpful information on credit cards, consumer loans and credit counseling agencies.

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The Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises all national banks. It also supervises the federal branches and agencies of foreign banks. Headquartered in Washington, D.C., the OCC has four district offices plus an office in London to supervise the international activities of national banks

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