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.
The Consumer Financial Protection Bureau (CFPB) Wednesday announced it is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
The Consumer Financial Protection Bureau (CFPB) said Tuesday that it has sued for-profit college operator Corinthian Colleges, Inc. for creating a loan program that was so complicated in structure, it actually exposed Corinthian to liability under the FDCPA as a collection agency. The company is also accused of a host of other financial violations.
Debt collection law firm Frederick J. Hanna & Associates filed a motion Friday to dismiss an enforcement action initiated by the Consumer Financial Protection Bureau. The CFPB’s lawsuit accused the firm of filing too many collection lawsuits, which it said was a violation of the FDCPA.
The National Consumer Law Center this week published a report calling for the CFPB to supervise larger collection agencies that focus on medical accounts, effectively changing a conclusion the Bureau had already reached with regard to healthcare debt.
The staff of the Federal Trade Commission filed a comment in response to the Consumer Financial Protection Bureau’s request for information on the use of mobile financial systems by consumers and their potential benefits for the financial lives of underserved consumers.
LAS VEGAS — During the panel discussion on Impacts of Regulations, Greg Nodler, an enforcement attorney for the Consumer Financial Protection Bureau, suggested that those in the debt industry should spend some time making themselves acquainted with three CFPB Bulletins: CFPB Bulletin 2013-08 (Fair Debt Collection Practices Act and the Dodd-Frank Act) Date: July 10, […]
The CFPB Tuesday featured on its blog the story of one consumer’s issues with a credit card company that continued to contact the man for a debt he said he did not owe.
Resulv LLC has successfully launched its second free compliance tool to assist in the monitoring and oversight of collection vendors.