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Posts about the Consumer Financial Protection Bureau.

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Obama, Republicans, in Legislative Tug-of-War Over Over CFPB Reform

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.

Payday Loan

Is This the Beginning of the End for Payday Loan Operations?

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.

eating-popcorn

Collection Law Firm Uses Recent Ruling Against CFPB to Bolster FDCPA Enforcement Defense

A federal judge in Indiana last week dismissed part of an enforcement action brought by the Consumer Financial Protection Bureau (CFPB) against a for-profit college under the Truth in Lending Act (TILA) because TILA actions are subject to a one-year statute of limitations. A collection law firm currently embroiled in a nasty legal fight with the CFPB jumped on the opportunity to note that the FDCPA carries similar restrictions.

customer-complaints

CFPB Finalizes Policy on Consumer Complaint Narratives; Changes Company Response Process

The Consumer Financial Protection Bureau (CFPB) announced today that it has finalized its publication rules for consumer narratives in complaints. The move will allow the CFPB to publish the language provided by consumers explaining why they are logging the complaint. The final policy also includes a significant change to the way companies can respond to consumer narratives.

using-credit-cards

CFPB Seeks Input on Credit Card Market, Including Collection and Debt Sales Practices

The CFPB announced Tuesday it is seeking public comment on how the credit card market is functioning and the impact of the Bureau’s credit card protections on consumers and issuers. This inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and rewards programs.

business-examination

CFPB’s Winter Supervisory Report Reveals New Issues in Debt Collector Examinations

The Consumer Financial Protection Bureau (CFPB) Wednesday released its Supervisory Highlights Report for Winter 2015. The report details findings from supervisory examinations conducted by the Bureau. Along with usual findings of FDCPA and UDAAP violations, the report reveals some other issues in debt collection examinations that have not been highlighted previously.