This week the CFPB issued a Compliance Bulletin concerning the Electronic Fund Transfer Act and Regulation E requirements for obtaining a consumer’s authorization for preauthorized electronic fund transfers. The Bulletin also outlines the CFPB’s compliance expectations.
As these things tend to happen on Fridays, the CFPB has once again released its latest rulemaking agenda update. The previous update, in May, extended debt collection rulemaking pre-rule activities from April 2015 until December 2015. This latest update, released today, extends debt collection pre-rule activities schedule through February 2016. According to the CFPB, the […]
The long and winding road in the Consumer Financial Protection Bureau (CFPB) lawsuit against the Frederick J. Hanna & Associates. P.C. law firm took another turn this week. On Monday, November 16th, The Honorable Amy Totenberg, United States District Court Judge for the Northern District of Georgia, issued an order denying Hanna’s request to certify […]
The Consumer Financial Protection Bureau (CFPB) took action yesterday against an online lender, Integrity Advance, LLC, and its CEO, James R. Carnes, for deceiving consumers about the cost of short-term loans. The Bureau alleges that the company’s contracts did not disclose the costs consumers would pay under the default terms of the contracts. The Bureau […]
The FTC wrapped up its three city Debt Dialogue tour in Atlanta, Georgia yesterday afternoon with very animated “dialogues” among regulators and representatives of the credit and collections industry. The wide-ranging discussion covered communication between collectors and consumers, industry self-regulation, collection complaints, and more.
The latest edition of Consumer Financial Protection Bureau’s (CFPB) Supervisory Highlights (The Report) marks a bit of a departure from the past eight (8) reports of supervision activity. While The Report still focuses heavily on the significant deficiencies of consumer financial services entities to understand their compliance requirements from a lending, servicing, collecting and credit […]
How can a collector accurately identify, track, and respond to consumer disputes when the FDCPA does not define what a “dispute” is? How exactly do you define a consumer “dispute”? Are you sure you will know a dispute when you see it?
McLEAN, VA —For the second time in four months, the Consumer Financial Protection Bureau (CFPB) has quashed efforts to make public a number of leaked agency documents that undermine many of the CFPB’s long-running claims that it is not attempting to regulate auto dealers in circumvention of the Dodd-Frank Act. The CFPB’s latest rejection came […]
It isn’t uncommon for clients to push debt collection agencies to disqualify job candidates for criminal histories. Agencies may not be able to deliver on that demand much longer. Many states have already adopted a “ban the box” policy, which prohibits employers from asking about criminal convictions in job applications. (Check out our recent and […]
Rockville, MD — 2015 has been a tumultuous year for the ARM industry. What can we expect to see in this final quarter and into 2016? Join Mike Ginsberg, President and CEO of Kaulkin Ginsberg, and Rozanne Andersen, Chief Compliance Officer of Ontario Systems, for their webinar, ARM Quarterly Review: Wrapping Up 2015, on Thursday, […]