The Consumer Financial Protection Bureau (CFPB) Wednesday announced that it is taking action against an auto finance company that distorted consumer credit records for years.
A business group headed by former Minnesota Governor Tim Pawlenty has launched a public relations campaign against the CFPB’s open access complaints database. A new proposal from the agency to include consumer narratives appears to be the impetus for the action.
PaymentVision, a provider of electronic payment processing technology for the consumer finance industry, announced today the release and successful use of its integrated offering for Allied Business Systems, LLC, a provider of consumer lending software and services.
The number of debt collection complaints published by the CFPB in the second quarter of 2014 virtually mirrors the number published in the previous quarter. In Q2, the CFPB published 10,265 complaints related to debt collection compared to 10,231 in Q1.
Welcome to the Culture of Unaccountability. There are approximately 318 million people in the United States and 75 to 100 million of them have completely refused to communicate with their original lender or to the entity to which they may owe money.
The popular new HBO series Last Week Tonight with John Oliver ran a long segment Sunday night on payday lending in the United States.
NPR’s The Diane Rehm Show aired a segment yesterday called “Inside America’s Debt Collection Industry.” Among the four guests, there were no representatives from the debt collection industry. What’s also interesting is that, in fact, most of the discussion was not about third party debt collectors, but creditors, debt buyers, and credit reporting agencies.
Five U.S. senators have urged the Department of Defense and the Consumer Financial Protection Bureau to investigate allegations that “aggressive debt collection actions” are being used by USA Discounters and similar retailers against active duty service members.
In a bulletin issued Monday, the Office of the Comptroller of the Currency (OCC) provided new guidance to banks intended to advise debt portfolio sellers about the OCC’s supervisory expectations for structuring debt-sales arrangements with debt buyers.
The third-party debt collection industry returned some $45 billion to creditors and other clients in 2013, according to a study released today by ACA International. The report, based on a survey and other statistical analysis by Ernst & Young, is the latest in a series of comprehensive industry studies.