CFPB Feed Link

CFPB

Posts about the Consumer Financial Protection Bureau.

boy confused

CFPB Company Complaint Portal Confusion

I’ve recently learned about some industry confusion surrounding the CFPB Consumer Complaint Portal. In speaking with about a dozen or so individuals who are responsible for interacting with the Portal on behalf of their collection agencies, I’ve heard that there are new response category options (though it’s actually not clear if they are new), as well as new public response options. I’ve also learned about what companies see in their Portal versus what the public sees on the CFPB website.

paypal

CFPB Takes Action Against PayPal For Poor Dispute Handling, Among Other Things

Today the Consumer Financial Protection Bureau (CFPB) filed a Complaint and proposed Consent Order in federal court against PayPal, Inc. for illegally signing up consumers for its online credit product, PayPal Credit, formerly known as Bill Me Later. The CFPB alleges that PayPal deceptively advertised promotional benefits that it failed to honor, signed consumers up for […]

SONY DSC

CFPB: For Heaven’s Sake Help Consumers Communicate about Their Student Loan Resolution Options

Collectors on the Department of Education contract tell me the same thing. They have so many options for borrowers; if they could only get them on the phone to discuss! Good collectors are counselors, listening to the consumer and finding the right way to resolve issues. And with student loan repayment options as good as they are- these should all be GREAT conversations with good outcomes for the borrower.