Today the Federal Trade Commission published the following blog post by Christopher Koegel, Assistant Director, FTC Division of Financial Practices. I thought it was worth re-posting verbatim. As the Consumer Financial Protection Bureau contemplates debt collection rulemaking, they are no doubt being influenced by the actions and opinions of other regulators. The CFPB has already signaled […]
Last week the Federal Deposit Insurance Corporation (FDIC) reissued FIL-14-2005 “Payday Lending Programs: Revised Examination Guidance” and its attachment, “Revised Guidelines for Payday Lending,” to clarify that bankers and others are aware that it does not apply to banks offering products and services, such as deposit accounts and extensions of credit, to non-bank payday lenders. […]
The Consumer Financial Protection Bureau (CFPB) took action yesterday against an online lender, Integrity Advance, LLC, and its CEO, James R. Carnes, for deceiving consumers about the cost of short-term loans. The Bureau alleges that the company’s contracts did not disclose the costs consumers would pay under the default terms of the contracts. The Bureau […]
JP Morgan Chase, the nation’s biggest bank, will pay $100 million to settle allegations that it used illegal and abusive debt-collection practices in connection with California credit card customers. The settlement specifically collecting incorrect amounts, selling bad credit card debt, and running a debt collection mill that involved illegally “robo-signing” thousands of court documents and improperly obtaining default judgments against military service members.
The payday lending industry is in a tough spot. Many politicians and regulators plus a sizable segment of the press commonly refer to the industry’s small-dollar, short-term lending model as predatory, usurious or worse. That negative characterization has led to a lot of government action. The ARM industry could take a lesson from how payday lenders have responded.
The Consumer Financial Protection Bureau (CFPB) announced yesterday that it has filed an administrative order against Security National Automotive Acceptance Company (SNAAC), an auto lender specializing in loans to servicemembers, for engaging in illegal debt collection practices. The order requires the company to refund or credit about $2.28 million to servicemembers and other consumers who […]
Massachusetts Attorney General Maura Healey’s Office offered support this week for proposed legislation related to statute of limitations, collection of judgments, and more, that would have a significant effect on creditors and debt collectors.
Houston, TX — FMA Alliance, Ltd. (“FMA”) is excited to announce that Michael Janakes, President, and Lauren Rosenfeld, General Counsel/VP Compliance, have been invited to participate in the Consumer Financial Protection Bureau’s (“CFPB”) panel in relation to the agency’s recent proposals regarding arbitration. The panel will convene in Washington, D.C. on October 28, 2015, to […]
Sprint to Pay $2.95 Million Penalty to Settle FTC Charges It Violated Fair Credit Reporting Act The Federal Trade Commission (FTC) announced yesterday that mobile service provider Sprint will pay $2.95 million in civil penalties to settle charges that the company failed to give proper notice to consumers who were placed in a program for […]
Mark Leyse brought an action against Bank of America under the Telephone Consumer Protection Act of 1991 (TCPA) after receiving a prerecorded telemarketing call on the landline he shares with his roommate, Genevieve Dutriaux. The District Court dismissed the complaint for lack of statutory standing because Dutriaux, not Leyse, was the intended recipient of the […]