The CFPB this week finalized a rule to promote more effective privacy disclosures from financial institutions to their customers. The new rule, which will primarily impact creditors and debt buyers, allows companies to post their GLBA-mandated annual privacy notices online rather than delivering them individually.
The U.S. financial watchdog Consumer Financial Protection Bureau (CFPB) Thursday released a new set of tools student loan borrowers can use if they run into trouble making payments on their accounts. The federal agency’s goal in the release is to help distressed borrowers avoid defaulting on their student loans and going into collections.
The Federal Trade Commission and the Consumer Financial Protection Bureau have announced the list of speakers, panelists, and moderators for the roundtable the agencies will co-host in Long Beach, California, on October 23, 2014.
In an effort to ensure the Consumer Financial Protection Bureau does not skirt its important obligations under the Paperwork Reduction Act, ACA International filed comments objecting to the bureau’s request to obtain special approval, called generic clearance, to use a streamlined procedure that would allow it to gather certain data for up to three years without having to go through the normal notice and comment process.
The Consumer Financial Protection Bureau (CFPB) late last week filed a response in an FDCPA enforcement action that marked a bit of a shift in tone. The CFPB took direct aim at the defendant’s claims, going so far as to bluntly call some of their reasoning “simply wrong.”
The total number of debt collection complaints published by the CFPB in August fell by more than eight percent compared to July. But the percentage of complaints specifically claiming that the “debt is not mine” jumped from the previous two months. Complaints about medical debt also increased in the month.
The Consumer Financial Protection Bureau (CFPB) Monday announced that it has taken action against Michigan-based Flagstar Bank for violating the CFPB’s new mortgage servicing rules by illegally blocking borrowers’ attempts to save their homes.
The Federal Trade Commission and the Consumer Financial Protection Bureau have announced the agenda for the roundtable the agencies will co-host in Long Beach, California, on October 23, 2014.
What had been a marketing tool and point of differentiation will soon be a business requirement. The CFPB looks at SSAE-16 reports as part of their collector examinations.
The FTC and the CFPB both announced enforcement actions Wednesday against separate payday lenders for very similar behavior, namely funding unapproved loans for consumers who did not request them and then taking payments directly from checking accounts, also without approval. And for questionable debt sales and collection practices, of course.