Quietly, on the eve of the holiday weekend, the CFPB published a Rulemaking Agenda update, extending the end of Prerule Activities for Debt Collection, for a second time, to December of this year.
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.
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 […]
According to data provided by WebRecon LLC, FDCPA litigation is trending up in 2015. Litigation was up 10% over last month, and for the first four months of the year, up 12.5% over the same period a year ago.
Today the CFPB announced it is launching a public inquiry into student loan servicing practices that can make paying back loans a stressful or harmful process for borrowers. They are seeking information on industry practices that create repayment challenges, hurdles for distressed borrowers, and the economic incentives that may affect the quality of service.
The Consumer Financial Protection Bureau (CFPB) will convene a public field hearing tomorrow in Milwaukee, Wis. to discuss student loans. The field event will feature remarks by CFPB Director Richard Cordray, followed by a panel discussion with consumer groups and industry representatives.
It seems likely that the CFPB will follow the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA) and convene a Review Panel as the next step in the debt collection rulemaking process. However, as of this date the CFPB has not made any formal announcements about the formation of a SBREFA panel for debt […]
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.
A date has been set for oral arguments on a motion to dismiss the lawsuit brought by the CFPB against Georgia law firm Frederick J. Hanna & Associates P.C. The hearing is set for June 3, 2015 at 2:00 PM EDT in Atlanta. insideARM has been monitoring and reporting on the case since its inception. […]
The CFPB had a very busy 2014 administering the Fair Debt Collection Practices Act (FDCPA). In the CFPB’s Annual Report, the Bureau gives us a glimpse into it’s agenda. Here are the five key points to draw your attention to. 1. Ensure You Have Enough “Media”. It is no secret that the CFPB wants creditors and […]