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.
New research studies from Experian, the leading global information services company, found that by adding on-time alternative payment data to credit report files, millions of consumers could gain access to basic financial services such as loans and credit cards
Credit card giant American Express last week saw a judge in Illinois deny its motion to dismiss a TCPA class action lawsuit that argues the financial services company is directly liable for damages under the statute even though it did not make the calls in question.
A bill introduced in the New York State Senate last week would make it illegal for debt collectors and original creditors to use social media in their collection efforts. The bill uses vague language in its prohibitions, but its intent is very clear.
The percentage of Americans with at least one account in the third party debt collection system fell to a post-financial crisis low in the fourth quarter of 2014, according to a report released Tuesday by the Federal Reserve Bank of New York. The average balance of accounts in collection also fell for a second straight quarter.
The 2014 “Year in Review” issue of AIS InSight released last month showed that U.S. bankruptcy filings in 2014 totaled 909,968, down 11.89% from the previous year. Of the Top 50 Creditors listed in bankruptcy filings for 2014, 13 were debt buyers and/or collection agencies.
Kaulkin Ginsberg, the leading consultancy and M&A advisory firm focused on the accounts receivable management (ARM) industry, begins the fourth semester of its Research Fellows Program in conjunction with the University of Maryland, College Park’s Department of Economics undergraduate studies program on Monday, Feb. 16. Fellows will focus their research on emerging market segments and consumer credit opportunities.
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