A common myth in collections is that debt collection agencies and creditors can’t comply with the TCPA’s often puzzling language for autodialed calls while simultaneously maximizing right-party contacts to grow collections rates.
Illinois Attorney General Lisa Madigan today filed five lawsuits in a sweep cracking down on unlicensed, online payday lenders and a loan lead generator promoted by talk show host Montel Williams for illegally offering expensive, predatory loans that trap Illinois borrowers in excessive, cyclical debt loads.
The Consumer Financial Protection Bureau ordered Bank of America on Tuesday to pay about $727 million as part of a consent order related to the bank’s credit card add-on products. Bank of America will also pay $20 million in civil penalties. In all, it’s the largest enforcement action levied by the CFPB to date. From 2010 […]
Delinquencies for installment and home-related loans fell in last year’s fourth quarter as the economy improved and consumers conscientiously managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
West Virginia Attorney General Patrick Morrisey Thursday announced that the Office of the Attorney General reached an approximately $1.2 million settlement in Jefferson County Circuit Court with Fast Auto Loans Inc. and Virginia Auto Loans Inc.
On Tuesday, Senior Vice President at Wells Fargo Bank Larry Tewell moderated a discussion titled “Implications for Default Management” among a panel of regulators at the Consumer Bankers Association national conference, CBA Live
Yesterday at CBA Live, the annual conference of the Consumer Bankers Association, I attended a session geared to bankers called “Understanding the CFPB’s Supervisory Program.” It was interesting to hear about the frustration some banks are having with supervisory examinations.
In Monday’s Know Your Debtor, Linda Straub-Jones, Director of Market Planning – Compliance at LexisNexis, stressed the importance of understanding how the Consumer Financial Protection Bureau defines the “service providers” working within the debt collection industry. As of April 2012, collection agencies have to think of all suppliers, subcontractors and vendors that touch any consumer data as […]
The Federal Reserve Bank of New York recently reported household credit data for the fourth quarter and full year 2013. It showed modest annual growth in most categories with only student and auto loans gaining significant ground.
The Consumer Financial Protection Bureau (CFPB) Tuesday released a research report on payday lending and presented some of the findings at a field hearing in Nashville. CFPB Director Richard Cordray noted at the hearing that his group is in the “late stages” of formulating new rules for short-term loans.