At a symposium in midtown Manhattan Thursday, three representatives from New York City and state financial regulators provided some clarity to recently-enacted rules impacting collection agencies, debt buyers, and collection law firms operating in the state.
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
The Consumer Financial Protection Bureau (CFPB) Tuesday asked a federal district court to enter a consent order that would permanently ban a Texas-based company, Union Workers Credit Services, from offering any consumer credit products or services after it duped thousands of consumers into signing up for a sham credit card. The order would also require the company to pay a penalty of $70,000.
Delinquencies continued to decline in last year’s third quarter, falling in seven out of 11 categories as the economy improved and consumers responsibly managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
The U.S. credit card market bounced back in the second quarter as the economy improved, according to the American Bankers Association’s December 2014 Credit Card Market Monitor report. The number of new accounts increased and monthly purchase volumes picked up, while the distribution of accounts resumed its shift away from “revolvers” who carry balances month-to-month.
The Consumer Financial Protection Bureau (CFPB) is suing a Texas-based company, Union Workers Credit Services, for deceiving consumers into paying fees to sign up for a sham credit card. The Bureau alleges that the company falsely advertises a general-use credit card that, in actuality, can only be used to buy products from the company.
The Consumer Financial Protection Bureau (CFPB) released its annual report on college credit card agreements, which shows a nearly 70 percent decline in the number of agreements since Congress passed new disclosure requirements in 2009.
The Consumer Financial Protection Bureau (CFPB) announced Friday a Project Catalyst research pilot to analyze the effectiveness of certain practices designed to encourage positive saving habits.
Bank of America is currently fighting a case filed by a consumer that received a 1099-C form from the bank. Although BofA dodged federal claims — notably FDCPA — in the case, it will still have to defend other charges in state court. As we approach tax season, any debt firm that sends 1099-C forms to consumers should watch developments closely.
The CFPB today proposed strong, new federal consumer protections for the prepaid market. The proposal would require prepaid companies to limit consumers’ losses when funds are stolen or cards are lost, investigate and resolve errors, provide easy and free access to account information, and adhere to credit card protections if a credit product is offered in connection with a prepaid account.