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Consent Order Compliance: Navigating The CFPB’s Unofficial “Rules” Governing Debt Collection

The CFPB has entered into consent orders with major creditors, debt buyers, and law firms during the past year relating to key areas of their collection practices.  The consent orders impose significant new requirements relating to data integrity, dispute handling, debt substantiation, debt sales, affidavit practices, and litigation practices.  The orders are not formal “rules” […]

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LiveVox Partners with CBA to Discuss the Latest Vicarious Liability Trends for Retail Banking Contact Centers

SAN FRANCISCO, Calif. – LiveVox Inc., a leading provider of cloud contact center solutions for enterprise operations, announced it has partnered with the CBA to host a panel of legal and operations experts as they discuss the unique impacts and approaches to vicarious liability for retail banking consumer contact centers. The webinar takes place this Friday, May […]

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CFPB Moves Ahead to Block Arbitration Clauses, Discounting SBREFA Comments

This article originally appeared as an alert on ClarkHill.com and is republished here with permission. On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) released its anticipated proposed rule that would ban the use of mandatory arbitration clauses to avoid consumers’ class action lawsuits in contract disputes. Arbitration clauses are found in a variety […]

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Debt Collection Litigation in the Cross Hairs: CFPB’s Consent Order Against New Jersey Law Firm Creates More Problems Than Solutions

This article originally appeared as an Alert on ClarkHill.com, and is republished here with permission. Lightning can strike twice. With the ink barely dry on the Consent Order against the Hanna Law Firm (Hanna) in Georgia, the Consumer Financial Protection Bureau (CFPB or Bureau) yesterday took action against another debt collection law firm for the filing […]

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Former CFPB Senior Advisor: Debt Collection Industry Must Press CFPB to Put Complaint Data in Context

Data can be accurate, but without context it could mislead. That was the message former CFPB Senior Advisor Jim McCarthy delivered to industry attendees of last week’s insideARM Larger Market Participant Summit in Washington, D.C. The CFPB cares about data and accuracy, McCarthy noted, but it is not pairing collections complaint data with necessary context […]

Pressler and Pressler Offers Response to CFPB Settlement Agreement

PARSIPPANY, N.J. — Pressler and Pressler, a law firm specializing in retail collections, today announced it has entered into a settlement agreement with the Consumer Financial Protection Bureau (CFPB). While the CFPB rigorously and thoroughly scrutinized the firm for more than a year and a half, the settlement ultimately involves no consumer redress or restitution, no […]

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CFPB Announces Consent Orders Against Law Firm and Debt Buyer

Yesterday the CFPB announced that a New Jersey law firm and a debt purchasing company had agreed to pay $2.5 million in response to the agency’s assertions regarding the filing of “mass-produced” lawsuits. The law firm, Pressler & Pressler, issued a strong response, noting that no restitution or invalidation of judgments was required in the agreement, and that the settlement is not about laws or rules that are currently in place.