The CFPB also has been investigating the company for numerous allegedly dodgy practices, such as the way its debt-collection unit treats distressed debtors and how its loan-servicing operation interacts with borrowers.
I say: "I'm calling from State Collection Service, debt collection, attempting to collect debt.
It also said the plaintiffs do not deserve relief against Bank of America and its Countrywide Home Loans unit under a federal debt collection law because foreclosures are intended to protect lenders' interest in homes, not to collect debt.
Debt collection center means a Federal agency or a unit or subagency within a Federal agency that has been designated by the Secretary to collect debt owed to the United States.
For some, the move may also be a repudiation of a decision made by Citigroup's investment bank to buy the remnants of ACC Capital Holdings, including its troubled subprime mortgage wholesale unit, known as Argent, and its debt collection arm.
In testimony before Congress last year, the official overseeing the department's Federal Student Aid office, James Runcie, laughed off a question asking whether his unit was in compliance with the Fair Debt Collection Practices Act, a federal law meant to protect borrowers from unscrupulous debt collectors.
That's because the site's parent company, Ceannate Corporation (formerly FMS Services), which provides various services under contract to the Education Department, also operates two other units, including one specializing in student loan debt collection.
The debt collectors tasked with collecting IRS tax debt must follow the Fair Debt Collection Practices Act.
The Fair Debt Collection Practices Act (FDCPA) is over 30 years old and largely regulates communication pertaining to debt collecting.
