CFPB Feed Link

CFPB

Posts about the Consumer Financial Protection Bureau.

speech bubbles comment discussion discuss

Consumer Relations Consortium Submits Response to CFPB’s RFI on Complaint Data Normalization

ROCKVILLE, MD – Yesterday the Consumer Relations Consortium (CRC) submitted comments in response to the Consumer Financial Protection Bureau’s (CFPB) request for information (RFI) on complaint data normalization. The CRC is a group of more than 20 Larger Market Participants (LMP) in the debt collection industry who proactively engage with regulators and consumer advocacy groups […]

Big Boy Bobbles - Victory of the People

Eleventh Circuit Court Cites “Plain Language” of the FDCPA, Rules in Favor of Capital One in Debt Collection Case

If an entity acquires a debt in default and tries to collect on it, does that automatically make it a “debt collector” under the Fair Debt Collections Practices Act? Several courts, including the Third, Seventh, and Sixth Circuit Courts of Appeals, all said yes it does. In a surprise ruling earlier this week, however, the […]

Ontario-Power-Up-2014

Ontario Systems Adds Sessions Firm Partners to Roster of PowerUp 2015 Presenters

MUNCIE, Ind. – Ontario Systems, a leading accounts receivable technology and services provider, announced it has added Sessions Firm partners David Israel and Michael Del Valle to the company’s roster of presenters at its annual customer and collection education conference, PowerUp 2015. Sessions, Fishman, Nathan & Israel, LLC, is the nation’s leading consumer protection defense […]

dental

CFPB Takes Action against Springstone Financial, LLC; Collectors Should Take Note

The CFPB has ordered Springstone Financial to provide $700,000 in relief to victims of deceptive credit enrollment tactics, stating that many consumers who signed up for Springstone’s deferred-interest loan product at dental offices to pay for dental work were led to believe that the product was interest free. In fact, interest accrued from the date of the consumer’s purchase and was charged if the balance was not paid in full before the promotional period ended. Turns out this is a lesson in training, monitoring, and UDAAP violations.

Ideas, debate

CFPB Files Amicus Brief in FDCPA case

Last week the CFPB, jointly with the FTC, filed an amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP. In the case a U.S. district court previously ruled that a debt collection law firm violated the Fair Debt FDCPA by filing a complaint without “meaningful attorney involvement.”

Courtroom 2

Citizens Bank Fined by CFPB, FDIC and OCC

In a news release from the Consumer Financial Protection Bureau (CFPB) yesterday the CFPB announced that the CFPB, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have all issued fines against Citizens Bank for allegedly failing to credit consumers for the full amounts of their deposited funds. […]