Given the data that must be weighed by a creditor or debt collector in determining where a consumer resides – the area code of the number called, the zip code of the residence of record, any statements by the consumer about his or her place of residence – it is certain that the Discover Consent Order will be the start of yet another flood of consumer lawsuits against the collection industry regarding the calling of consumer cell phones.
The Consumer Financial Protection Bureau (CFPB) recently announced the impending departure of Deputy Director Steve Antonakes to spend more time with family. Antonakes has also been serving as the Associate Director for the Division of Supervision, Enforcement, and Fair Lending. Yesterday the Bureau announced that Meredith Fuchs will now serve as Acting Deputy Director. Ms. Fuchs […]
Morgan Drexen went out of business in late June 2015 after filing for bankruptcy. On June 19, 2015, the company shut down its business after a federal court ordered the company to stop collecting money for debt settlement work. The CFPB is now notifying affected consumers about their rights and the actions they should now take.
On the heels of yesterday’s enforcement action against Citibank and its subsidiary Department Stores National Bank, today the CFPB took action against Discover Bank and its affiliates for illegal private student loan servicing practices. The company also engaged in illegal debt collection tactics, including calling consumers early in the morning and late at night.
As part of a larger CFPB enforcement action announced today against Citibank, N.A., Department Stores National Bank (a Citibank subsidiary) will pay $23.8 million for deceptively charging expedited payment fees to nearly 1.8 million consumer accounts during collection calls.
Yesterday the CFPB released its first monthly report on consumer complaints. The Report provides a high-level snapshot of trends, including the most complained about companies regarding debt collection.
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the Republican controlled Senate Banking Committee yesterday. The purpose of the hearing was ostensibly to discuss the Bureau’s 7th semi-annual report. insideARM (summarized that report on June 18th.) Committee Chairman Richard Shelby (R-AL) opening remarks highlighted the Republican concern over the CFPB’s lack of accountability […]
[Editor’s note: Yesterday insideARM reported that the judge in the case of CFPB v. Hanna issued an order denying the defendant’s motion to dismiss. The order, released yesterday, is 70 pages. Today, as promised, we begin to provide analysis of that order. This is one of two articles – by two different attorneys – offering […]
[Editor’s note: Yesterday insideARM reported that the judge in the case of CFPB v. Hanna issued an order denying the defendant’s motion to dismiss. The order, released yesterday, is 70 pages. Today, as promised, we begin to provide analysis of that order. This is one of two articles – by two different attorneys – offering their view. […]
As insideARM reported last month, oral arguments on the Defendant’s Motion to Dismiss the Consumer Financial Protection Bureaus (CFPB) action against the Georgia collection law firm Frederick J Hanna & Associates P.C. were held on June 3rd in Atlanta. Yesterday the judge issued an order denying the defendant’s motion to dismiss.