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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

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 of debt collection complaints that the CFPB alleges were unsubstantiated by a lack of […]

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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 […]

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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.

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Federal Court: CFPB Overstepped Jurisdiction in Issuing CID to For-Profit Colleges Accreditor

This article previously appeared on the Holland & Knight Consumer Protection Defense & Compliance blog and is re-published here with permission. The post was co-authored by Anthony E. “Tony” DiResta, Kwamina Thomas Williford, and Brian J. Goodrich. Judge Richard J. Leon of the U.S. District Court for the District of Columbia on April 21, 2016, ruled that the […]

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Online Lenders’ Use of ACH Can Lead to Cascading Fees, Account Closures for Consumers, CFPB Report Finds

Online lenders’ use of ACH networks to request payments can result in mounting fees and even account closure for borrowers with insufficient funds. That’s according to a new study from the CFPB, which took a look at the ACH behavior of lenders who, per the Bureau, make “online payday or other high-cost online loans with payments scheduled on a borrower’s payday.”

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CFPB’s Constitutionality and Director’s Interpretation Challenged

This post originally appeared on the Holland & Knight Regulatory Litigation Blog and is re-published here with permission. Antony DiResta, Kwamina Thomas Williford and Brian J. Goodrich co-authored this article. In oral argument on Tuesday, April 12, 2016, in the U.S. Court of Appeals for the District of Columbia Circuit, counsel for PHH Corporation (PHH) […]

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Appeals Court Offers Sympathetic Ear to Argument that CFPB Structure is Unconstitutional

Yesterday federal judges heard oral arguments in the case of PHH Corporation (PHH) v. CFPB. As insideARM reported previously, the case began in 2014 with a decision by an administrative law judge against PHH for referring its customers (mortgage borrowers) to insurers in exchange for those insurers’ agreement to buy reinsurance from a PHH subsidiary. […]

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Executive Changes: CFPB Announces Multiple Senior Leaders

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced the addition of several new members to leadership positions within the Bureau. The positions being announced today are: the Deputy Associate Director for the External Affairs Division; the Deputy Associate Director for the Consumer Education and Engagement Division; the Student Loan Ombudsman and the Assistant Director for the […]