The first step to solving any problem is admitting you have one. This week, we reported that the Consumer Financial Protection Bureau released a report that finally recognized that small financial institutions may pay relatively more on compliance than large market players. But large and small firms are still on the hook to comply with [...]
A recent CFPB report implies that small financial institutions spend more of their budget on regulatory compliance than their bigger peers. Big or small, we want to know: What’s the cost burden for compliance at your agency? Do the benefits add up? We can help!
When the Consumer Financial Protection Bureau released its Advance Notice of Proposed Rulemaking in November, it did not indicate that it had plans to create any new rules to fix issues with the Telephone Consumer Protection Act. But at the kickoff insideCompliance webinar, Translating TCPA for Debt Collectors, expert attorneys said that the CFPB isn’t [...]
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 [...]
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 Consumer Financial Protection Bureau’s consumer complaints portal has already caused some headaches in the debt collection industry. We’ve already reported that the Bureau added 5,329 debt collection complaints to its overall Consumer Complaints Database. But at our most recent Ask the Attorney webinar, John Bedard, managing attorney of Bedard Law Group, pointed out a painful [...]
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 [...]
Bank of America is duking it out with the Consumer Financial Protection Bureau over allegations that it deceived customers in the sale of credit card add-on products, specifically a debt cancellation service. The bank advertised that its services could ease consumer payment obligations in case of job loss or other major life changes. Bank of America [...]
Now that the Consumer Financial Protection Bureau has added 5,329 complaints about debt collection to its Consumer Complaint Database, the total number of complaints has ballooned to more than 155,000. The CFPB released this new data to the public at the same time that it announced an Advanced Notice of Proposed Rulemaking that seeks to [...]
Lawyers at a summit hosted by the U.S. Chamber of Commerce, a conservative think tank, argued that legislative intervention is necessary to tame the Telephone Consumer Protection Act. Don’t miss the latest “news you can use” about TCPA compliance; register today for our latest webinar, insideCompliance: Translating TCPA for Debt Collectors.