The Consumer Financial Protection Bureau (CFPB) today published debt collection complaints it has been collecting since July 10. The data was made publicly available in the Bureau’s Consumer Complaint Database.
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New York Attorney General Eric T. Schneiderman Thursday announced a settlement with the operator of several debt collection companies in the Buffalo area for illegally collecting on payday loans, violating the privacy of consumers by soliciting their personal information through employers, and sending letters that purported to be from an attorney in order to collect. The man will pay $165,000 in restitution and penalties and be ordered to substantially change his business practices.
The Consumer Financial Protection Bureau (CFPB), announced Wednesday that it has started to exercise its rulemaking authority by formally issuing an Advance Notice of Proposed Rulemaking for debt collection. The Bureau is seeking feedback from the public on any rules it may make to govern debt collectors.
A Minnesota collection agency posted on its blog last week a direct challenge to Bill Bartmann in response to the latest in his series of opinion pieces that have been popping up in online media all over the country.
Although the debt collection complaints data from the Consumer Financial Protection Bureau (CFPB) has been public for only a few weeks, ARM firms and major creditors have been responding to the incoming complaints since July. An analysis of the responses show varied strategies in the companies’ interactions with consumers and the CFPB.
An FDCPA case dismissal was heard earlier in the year by the Sixth Circuit Court of Appeals. The appellate panel recently decided the case, upholding the dismissal of the case brought by a consumer against a debt collector, but finding some issue with one of the reasons.
When it comes to the CFPB and regulators in general the goal among debt collectors, debt buyers, collection lawyers, recovery managers and other collection professionals in the United States should be the same: to establish a unified front to address regulatory change impacting collection practices.
The number of lawsuits filed against debt buyers and collectors claiming violations of the Fair Debt Collection Practices Act (FDCPA) declined seven percent in 2012 compared to 2011 after years of steady increases.
The percentage of American consumers with at least one account in the third party debt collection system fell sharply in the third quarter of 2013, according to data released Thursday by the Federal Reserve Bank of New York. But the average balance of accounts in collection increased sharply.
Financial Asset Management Systems, Inc. (FAMS) is pleased to announce the addition of Alan Hook to FAMS executive management team as Vice President of Sales and Marketing.
The Consumer Relations Consortium (CRC) has gathered a team of nearly twenty innovative collection industry thought-leaders to collaborate on a response to the Consumer Financial Protection Bureau’s (CFPB) recently released Advance Notice of Proposed Rulemaking. Among others, the team includes a panel of attorneys – including both in-house general counsel as well as members of prominent national law firms.
The final six of 10 defendants named in an alleged “Rachel from Cardholder Services” scam have agreed to settle Federal Trade Commission charges that they misled consumers with bogus claims that they would lower their credit card interest rates.
Compliance Management is a hot topic going into the holiday season. Laws have changed, new regulations are in the works, and nearly every organization in the business of collecting debt is feeling some pressure.
Fed Cetera, LLC, today announced the creation of a new performance award for small businesses participating in the U.S. Department of Education (ED) Private Collection Agency (PCA) contract as subcontractors.
The debt collection industry is still reeling from the Consumer Financial Protection Bureau’s “data dump” on November 6, when it added consumer debt collection complaints to its 155,000-strong Consumer Complaint Database. When reviewing that data, one quickly finds that a lot of the consumer complaints could be categorized under the broad umbrella of UDAAP - Unfair [...]
A majority of consumers using the Consumer Financial Protection Bureau’s (CFPB) complaint intake tool claim in one way or another that debt collectors are chasing an account the consumer does not think they should pay. And the numbers are growing.
MyGovWatch.com, which tracks government and student loan collection services purchasing nationally, is now offering an unprecedented, limited-time promotion for new clients through December 31st. Any company that signs a trial contract to access the website for the month of December will receive three user licenses for the price of one, and the month of December will be free of charge.
The future of the collections industry lies within a mathematical science that leverages alternative, personal data to determine the probability of debt repayment: predictive analytics.
The Consumer Financial Protection Bureau (CFPB) Tuesday announced that it will be expanding its regulatory reach to companies like Sallie Mae that collect and manage student loan payments. The agency will now supervise the seven largest nonbank student loan servicers.
LiveVox Inc., the leading provider of cloud contact center solutions for enterprise operations, announced today that John McNamara, Chief Marketing Officer, LiveVox, will join leaders from across the student lending industry at the 2013 NCHER (National Council of Higher Education Resources) Knowledge Symposium in St. Pete Beach, Florida.
The U.S. Department of Justice Monday announced that two people who engineered a complicated identity theft and tax fraud scheme involving a debt collection agency were sentenced to years-long stints in prison.
Effective January 1, 2014, new amendments to a California law call for website operators to clarify and disclose how it responds to “Do Not Track” signals and to what extent information that is collected from consumers is shared across different websites.
A new study by the Consumer Financial Protection Bureau alludes that small banks and financial institutions spend relatively more to comply with federal regulations than their bigger peers, especially when it comes to third-party vendor costs. For instance, the CFPB found that two institutions with less than $1 billion in assets had compliance costs that comprised up to [...]
RGS Financial, Inc. once again collected non-perishable food items for the North Texas Food Bank during its annual November Food Drive.
The Consumer Financial Protection Bureau (CFPB) Tuesday made available the most recent annual report from its Ombudsman, the internal advocate of “a fair process between consumers, financial entities, and the CFPB.” Among the recommendations is increased clarity from the Bureau to companies under an active examination.
Here’s your free compliance tip of the day: Don’t shred important consumer files, especially if the Consumer Financial Protection Bureau has just requested them as part of a routine exam. This should seem obvious, but that’s exactly what one payday lender just got caught doing. The CFPB announced Wednesday its enforcement action against Cash America [...]
The CFPB Wednesday announced its first enforcement action against a payday lender. The order calls for the lender to refund consumers for robo-signing court documents in debt collection lawsuits and pay a fine for violations of the Military Lending Act. But the Bureau also found that the company impeded its investigation by destroying documents and data, leading to further penalties.
New regulations being considered by the U.K. Financial Conduct Authority (FCA) will drive up collection costs and hurt collection rates. That’s an early finding from a new study being released next month by FICO (NYSE:FICO), a leading predictive analytics and decision management software company, and Market Force.
Weltman, Weinberg & Reis Co., LPA (WWR) is both delighted and saddened to announce that Alan H. Weinberg is retiring at the end of this year