Over the past decade, there has been rapid growth in technology-enabled financial services, referred to as FinTech. This growth has included the creation and expansion of nonbank FinTech companies, i.e., companies that do not have a banking license and generally do not take traditional deposits. This rapid growth has inevitably led to questions of how such FinTech entities should be regulated.
Receiving Collection Letter Overstating Debt Owed Does Not Constitute Harm Sufficient to Create Standing Under Fair Debt Collection Practices Act
In Nettles v. Midland Funding LLC the Seventh Circuit recently held Plaintiff Ashley Nettles did not have standing to bring a claim against Defendant Midland Funding LLC under the Fair Debt Collection Practices Act ("FDCPA") on the grounds that Plaintiff suffered no harm in fact for receiving a debt collection letter that overstated her remaining balance owed to Defendant.
