Yesterday the Consumer Financial Protection Bureau (CFPB) published a rule that will allow the agency to supervise larger nonbank auto finance companies for the first time. The CFPB already supervises auto financing at the largest banks and credit unions. Yesterday’s rule extends CFPB supervision to any nonbank auto finance company that makes, acquires, or refinances 10,000 or more loans or leases in a year.
The OCC took the actions against the bank for violations of law and unsafe or unsound practices in connection with the bank’s compliance with the Servicemembers Civil Relief Act (SCRA), and unsafe or unsound practices in connection with debt collection litigation practices.
Toronto-Dominion Bank (NYSE:TD) on Tuesday announced that it would acquire Nordstrom Inc.’s. (NYSE:JWN), U.S VISA® and private-label consumer credit card portfolio. The transaction is part of a long-term deal to become the retailer’s exclusive U.S. credit card issuer. The retailer’s existing portfolio totaled about $2.2 billion in receivables. Terms of the purchase were not disclosed. […]
§ Panelists will review the latest in creditor-focused regulatory trends, such as vicarious liability, and how simplifying agency management can help provide proactive risk mitigation controls § Experts will also give insight on how cloud is being used as a cost-effective path to solve traditional agency management challenges such as auditing, performance evaluation, and standardization vs. separation […]
TransUnion, a global leader in information and risk management, and Global Debt Registry (GDR), the pioneer and leader in debt information access and validation, today announced a collaboration to market GDR debt registry services for debt buyers, collectors and financial institutions. GDR’s debt registry offering enables debt owners to accelerate collections through streamlined access to […]
The Consumer Financial Protection Bureau (CFPB) Wednesday issued a final rule aimed at improving the way that companies submit consumer credit card agreements to the Bureau.
Kaulkin Ginsberg is launching KG Prime, a distinctive, member-only information service designed exclusively for the leaders of accounts receivable management (ARM) firms.
The Consumer Financial Protection Bureau (CFPB) late last week released its fourth annual report to Congress detailing the regulator’s efforts to administer and enforce the Fair Debt Collection Practices Act (FDCPA). The report includes updates on supervision, enforcement, rulemaking, and complaints in the debt collection market, among other things.
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.