Yesterday the Consumer Financial Protection Bureau (CFPB) held a public field hearing in Denver, Colo. to discuss arbitration. There were no surprises. The field event followed the pattern of prior field hearings. It started with prepared remarks by CFPB Director Richard Cordray. A copy of the prepared remarks are located here. The opening remarks clearly […]
As insideARM previously reported, the CFPB will hold a Field Hearing today in Denver, Colorado, at 11am MDT. The CFPB has released Director Cordray’s prepared remarks, which detail the thinking that led to today’s announcement that the CFPB will launch a rulemaking process related to arbitration.
The FTC announced today that the head of a sham debt relief operation agreed to a judgment of more than $7.9 million to settle charges that he deceived consumers and charged them thousands of dollars while providing nothing in return. This is the latest in a regulator crackdown on a new trend in debt-related scams.
The CFPB announced this afternoon an enforcement action against an indirect auto finance company and its auto title lending subsidiary for pressuring borrowers using illegal debt collection tactics. The following is the full text of the CFPB press release on the matter. If these allegations are true, this is your textbook example of “bad apple.”
The U.S. House of Representatives Committee on Financial Services held a session yesterday for the markup of H.R. 957, the “Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015.” The Bill is sponsored by Rep. Steve Stivers (R-OH), and would create an independent Inspector General (IG) for the Consumer Financial Protection Bureau (CFPB). Currently, […]
Consumer Financial Protection Bureau Director Richard Cordray was the sole witness at the House Committee on Financial Services Hearing yesterday, a hearing occasioned by the CFPB’s Semi-Annual Report. Throughout the long (nearly 4-hour) and often contentious hearing, Committee Members pushed Cordray on his agency’s rulemaking authority, the efficacy of statistical methods behind enforcement, the agency’s […]
George Mason University Foundation Professor of Law and Senior Scholar of the Mercatus Center Todd J. Zywicki has published a Working Paper entitled “The Law and Economics of Consumer Debt Collection and Its Regulation.” The 69-page paper concludes that new government restrictions on debt collection may very well burden consumers. Zywicki starts with the premise […]
The FTC held its second of three debt collection dialogues in Dallas, Texas yesterday. Kelly Knepper Stephens, General Counsel & Chief Compliance Officer at Stoneleigh Recovery Associates, was at the session and offers her take-aways as a member of the industry. Top of the list? Don’t wait for CFPB rulemaking; review your practices now.
SACRAMENTO, Calif. – A new study conducted by Professor Todd Zywicki of the Mercatus Center at George Mason University indicated that careful evaluation of the current regulatory environment was necessary to ensure that the debt collection and debt buying industries continued to fulfill their critical role in the economy. The study also found as the […]
The CFPB just released a “save the date” notice for a field hearing in Denver, Colo., on October 7th at 11am MDT, regarding arbitration. As we have come to learn, the CFPB tends to schedule field hearings when they have major announcements to make. This field hearing will be particularly interesting to attorneys and credit grantors for two reasons.