After the recession, ARM firms who adapted their business practices are capitalizing on new opportunities as the economy improves.
The CFPB announced Tuesday it is seeking public comment on how the credit card market is functioning and the impact of the Bureau’s credit card protections on consumers and issuers. This inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and rewards programs.
The West Virginia House of Delegates passed a bill over the weekend that makes some rather specific changes to the state’s Consumer Credit and Protection Act relating to debt collection, including a codification of abusive call volume. The bill previously passed the state’s Senate and will now be sent to the Governor.
A lawsuit filed in federal court in New York this week is seeking class action status under the TCPA. Named in the case is a major utility and nearly all of its subsidiaries and parent companies, including global holding firms, even though the alleged violation was committed by a third party debt collection agency. It is a continuation of a trend that sees plaintiffs skipping collectors and going straight after the big money.
Today, the Consumer Financial Protection Bureau released a study indicating that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class actions.
A federal judge in Illinois recently granted final approval to a $40 million TCPA class action settlement between plaintiffs and credit card issuer HSBC. It is believed to be the third largest settlement ever under the statute with the same judge coincidentally approving the largest ever settlement with Capital One just weeks prior.
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.