Yesterday the Consumer Financial Protection Bureau (CFPB) held a public field hearing in Denver, Colo. to discuss arbitration. There were no surprises. The field event followed the pattern of prior field hearings. It started with prepared remarks by CFPB Director Richard Cordray. A copy of the prepared remarks are located here. The opening remarks clearly […]
As insideARM previously reported, the CFPB will hold a Field Hearing today in Denver, Colorado, at 11am MDT. The CFPB has released Director Cordray’s prepared remarks, which detail the thinking that led to today’s announcement that the CFPB will launch a rulemaking process related to arbitration.
The U.S. Court of Appeals for the Seventh Circuit recently affirmed summary judgment in favor of a debt collector, holding among other things that the “FDCPA is not an enforcement mechanism for matters governed elsewhere by state and federal law.”
Consumer Financial Protection Bureau Director Richard Cordray was the sole witness at the House Committee on Financial Services Hearing yesterday, a hearing occasioned by the CFPB’s Semi-Annual Report. Throughout the long (nearly 4-hour) and often contentious hearing, Committee Members pushed Cordray on his agency’s rulemaking authority, the efficacy of statistical methods behind enforcement, the agency’s […]
George Mason University Foundation Professor of Law and Senior Scholar of the Mercatus Center Todd J. Zywicki has published a Working Paper entitled “The Law and Economics of Consumer Debt Collection and Its Regulation.” The 69-page paper concludes that new government restrictions on debt collection may very well burden consumers. Zywicki starts with the premise […]
SACRAMENTO, Calif. – A new study conducted by Professor Todd Zywicki of the Mercatus Center at George Mason University indicated that careful evaluation of the current regulatory environment was necessary to ensure that the debt collection and debt buying industries continued to fulfill their critical role in the economy. The study also found as the […]
A federal judge ruled on Friday that CFSA may pursue claims that the FDIC, the OCC, and the Federal Reserve have been participating in a campaign initiated by the Department of Justice to force banks to end their business relationships with payday lenders. Called “Operation Choke Point,” the campaign has been the subject of a House Committee Investigation. The alleged campaign has also affected members of the legitimate debt collection industry.
Issued by the FTC in 200 and 2002, the “deMayo Opinion Letters” were the last (and only) official opinions ever issued on the topic of first party outsourcing. Last week I had the opportunity to sit down with Mr. deMayo to discuss those letters. The following are excerpts from that interview.
On August 5 the General Assembly of North Carolina passed Senate Bill 678 which amended the State’s debt collector statutes to more nearly conform to the federal Fair Debt Collection Practices Act (FDCPA). The following changes were made. § 75-50. Definitions. A new definition was added: “Location information” means information about a consumer’s place of […]
In the ongoing process of implementing recently adopted NYDFS debt collection rules, yesterday the Department released two additional FAQs and posted amendments to the rule that have been adopted and will take effect on September 9, 2015.