Just in case there was a doubt about what the consumer bar is really after, a prolific attorney that targets the ARM industry argues that the CFPB is “ineffective” in its regulatory efforts because it doesn’t get enough money from collection agencies and debt buyers to settle consumer complaints.
The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) Tuesday announced a settlement with a national mortgage servicing company over charges that it engaged in illegal debt collection and loan servicing practices.
I am all for transparency. In most cases I think it’s really important — for consumers, for employers, for relationships. But in the case of a nearly unanimous vote in the U.S. House of Representatives this week on HR 1265, I wonder whether the intended result will occur.
The Consumer Financial Protection Bureau (CFPB) Wednesday issued a final rule aimed at improving the way that companies submit consumer credit card agreements to the Bureau.
A lawsuit filed late last month by the Consumer Financial Protection Bureau (CFPB) accuses a network of companies of engaging in sham collection operations targeting “phantom” debts. But the action also names a number of legitimate payment processors and a voice broadcasting service as defendants for “enabling” the debt collectors in their scheme.
The Consumer Financial Protection Bureau (CFPB) has been strongly hinting, if not outright announcing, that the medical/healthcare market is one of its primary concerns when looking at its regulation of the debt collection industry.
The Consumer Financial Protection Bureau (CFPB) late last week released its fourth annual report to Congress detailing the regulator’s efforts to administer and enforce the Fair Debt Collection Practices Act (FDCPA). The report includes updates on supervision, enforcement, rulemaking, and complaints in the debt collection market, among other things.
The CFPB Monday announced an enforcement action against a nationwide debt collection operation and its CEO for using deceptive threats of criminal prosecution and jail time in the collection of debts stemming from bounced checks. The proposed order, to settle FDCPA and other charges, includes a $50,000 civil penalty.
We can expect to hear more rhetoric from both sides in the ramp-up to the 2016 presidential elections. Democrats will want to focus the conversation on consumer protections — from reforms in debt collection to reforms in lending (specifically, yesterday’s story about payday lending). Republicans will focus largely on what they see as a regulatory body with no supervision, and will likely frame the conversation in terms of a need for smaller government.
The proposals under consideration would include two ways that lenders could extend short-term loans without causing borrowers to become trapped in debt. Lenders could either prevent debt traps at the outset of each loan, or they could protect against debt traps throughout the lending process. Specifically, all lenders making covered short-term loans would have to adhere to one of several requirements.