Going further than any previous public recommendation, a consumer attorney in a recent blog post urged the CFPB to ban creditors from selling debts that are not accompanied by “affirmative representations and warranties of completeness, accuracy, reliability and enforceability.”
Like similar efforts over the past several years, a Republican lawmaker has introduced legislation that would change the structure of the CFPB, and even its name. But unlike previous attempts, this particular bill is narrow enough in focus that it has a good chance of passing Congress, especially given the recent change in power in the Senate.
Next Tuesday, March 10, the Consumer Financial Protection Bureau (CFPB) will convene a public field hearing in Newark, N.J., to discuss arbitration. The field event will feature remarks by CFPB Director Richard Cordray, followed by a panel discussion with consumer groups and industry representatives.
Two recent CFPB enforcement actions against original lenders and their collection practices under its UDAAP authority should prompt discussions about the broader impact of upcoming debt collection rules on creditors and their first party collection outsourcing partners.
Publicly traded debt buyers Encore Capital Group (NASDAQ: ECPG) and PRA Group (NASDAQ: PRAA) recently announced financial results for the full year 2014 marked by record cash collections and revenues driven by acquisitions and global growth. But both also made special note of specific, ongoing CFPB investigations and the potential financial impact of resolving the actions.
The CFPB’s Consumer Advisory Board (CAB) meeting in Washington, DC Thursday was used as a platform to reiterate the Bureau’s focus on matters dealing with consumer credit reporting and medical debt, specifically how it is collected and appears on credit reports.
The CFPB recently conducted a field hearing on medical debt collection practices and the relationship between medical debt and consumer credit reporting in general. From my vantage point, the meeting was nothing short of a crystal ball regarding the future of medical debt collection.
The media chatter regarding the CFPB’s imminent rules for payday lenders was significantly ramped up early Monday as both The New York Times and the Associated Press ran separate but similar stories detailing what is likely to be in the rules.
The Consumer Financial Protection Bureau (CFPB) Wednesday ordered Continental Finance Company LLC, a subprime credit card company based in Delaware, to refund an estimated $2.7 million to approximately 98,000 consumers who were charged illegal credit card fees
The recent frenzy regarding the collection of time-barred debt has gone from the sublime to the ridiculous. What is highly touted as consumer protection is in actuality greater consumer harm.