GENESEO, N.Y. -- Coast Professional, Inc. (Coast) is pleased to announce the promotion of Lisa Reese to Senior Vice President of Compliance. With more than 26 years of experience in collections and a wealth of knowledge from a number of departments including Compliance, Operations, and Auditing, Ms. Reese began her career at Coast in 2018 as the Senior Director of Compliance. She later earned a promotion to Vice President of Compliance. Throughout her tenure at Coast, she has provided leadership and support to teams of legal, quality assurance, training, and Compliance employees while maintaining a track record of protecting consumer rights.
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On February 7, the U.S. Court of Appeals for the Third Circuit affirmed a lower court’s decision to grant a debt collector’s (the defendant) motion for judgment. The defendant argued that its efforts to collect plaintiff’s charged-off debt via a proof of claim in a bankruptcy proceeding was not limited by, or in violation of, the Pennsylvania Consumer Discount Company Act (CDCA). The plaintiff, who obtained a loan from a third-party small-dollar lender licensed under the CDCA, defaulted on the loan and the licensed lender subsequently charged off and sold plaintiff’s debt to a company that was not licensed under the CDCA.
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On February 9, 2024, the California Department of Financial Protection and Innovation (DFPI) published a proposed rule to adopt new regulations under the Debt Collection Licensing Act (DCLA). Under the DCLA, a debt collector licensee is required to pay the DFPI Commissioner its “pro rata share of all costs and expenses incurred in the administration” of the DCLA, which is calculated in part based on the licensee’s “net proceeds generated by California debtor accounts,” but the term “net proceeds” was not defined in the statute.
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