insideARM has learned from multiple industry sources that the CFPB has scheduled the next step in debt collection rulemaking, the Small Business Regulatory Fairness Enforcement Act (SBREFA) hearing, for the week of August 22, 2016.
Both the FTC and the CFPB filed comments to the May 6, 2016 FCC Notice of Proposed Rulemaking related to the TCPA. We would have liked to have seen more specific suggestions, especially from the CFPB, which has been studying the topic for years now.
Over the past four years, the Consumer Financial Protection Bureau (CFPB) has issued a wide range of enforcement actions and consent orders against various kinds of actors, including debt collectors, for alleged violations of federal consumer financial protection laws. But who has been hit the hardest? A new Tulane Law Review study by University of […]
Last week Congressman Matt Salmon (R-AZ) introduced H.R. 5413, The CFPB Data Accountability Act, to amend the way complaints are handled at the CFPB. This would be positive for the ARM industry. Unfortunately, Salmon is set to leave politics at the end of the year.
House Financial Services Committee Chair Jeb Hensarling (R-Texas) unveiled the outline of a massive new Republican plan this week to overhaul or strip away nearly every aspect of the Dodd-Frank financial reform. The new plan, called the Financial CHOICE Act, would result in big changes to the Dodd-Frank, including a repeal of the Volcker Rule, the creation of new capital and liquidity standards for banks and, most relevant to the collections industry, a thorough strip-down and rebuild of the CFPB.
This week, the Federal Trade Commission (FTC) announced the release of the 2015 edition of their Annual Financial Acts Enforcement Report to the Consumer Financial Protection Bureau (CFPB). The report details the various enforcement activities the FTC has engaged in regarding Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and Regulation E […]
On Monday, the Consumer Financial Protection Bureau (CFPB) announced a lawsuit against payment processor Intercept Corporation, accusing the company of enabling their clients to withdraw millions of dollars of funds fraudulently from consumer accounts. The lawsuit also names two top Intercept executives, Bryan Smith and Craig Dresser, for allegedly ignoring “clear signs of brazen fraud” by their clients.
In a 1300+ page proposal, exclusive of attachments, the Consumer Financial Protection Bureau (CFPB) laid out its plan June 2 to force a sweeping redesign of the short-term payday, auto title, and longer-term installment lending markets. The proposed rule follows the same basic approach the CFPB foreshadowed in its April 2015 Outline of Proposals, which […]
Today the CFPB announced proposed regulations to protect consumers from predatory lending practices, releasing a nearly 1,500 page proposal outlining protections that would cover payday loans, auto title loans, deposit advance products, and certain high-cost installment and open-end loans.
Late last week the Consumer Financial Protection Bureau (CFPB) announced it had taken action against a former Wells Fargo employee for an illegal mortgage fee-shifting scheme. The CFPB found that David Eghbali referred a substantial number of loan closings to a single escrow company, which shifted its fees from some customers to others at Eghbali’s […]