As the ARM industry prepares for 2014, it might help in strategic planning to know which types of debt are attracting the most consumer complaints about debt collection.
The Consumer Financial Protection Bureau (CFPB) Tuesday made available the most recent annual report from its Ombudsman, the internal advocate of “a fair process between consumers, financial entities, and the CFPB.” Among the recommendations is increased clarity from the Bureau to companies under an active examination.
The Consumer Financial Protection Bureau (CFPB) Tuesday announced that it will be expanding its regulatory reach to companies like Sallie Mae that collect and manage student loan payments. The agency will now supervise the seven largest nonbank student loan servicers.
insideARM.com today released the final rankings for all companies honored in its sixth annual Best Places to Work in Collections program, sponsored in 2013 by IAT SmartDial.
A majority of consumers using the Consumer Financial Protection Bureau’s (CFPB) complaint intake tool claim in one way or another that debt collectors are chasing an account the consumer does not think they should pay. And the numbers are growing.
Although the debt collection complaints data from the Consumer Financial Protection Bureau (CFPB) has been public for only a few weeks, ARM firms and major creditors have been responding to the incoming complaints since July. An analysis of the responses show varied strategies in the companies’ interactions with consumers and the CFPB.
ACA International, the association for credit and collection professionals, Monday published an analysis of a recent independent study that examined constraints of the Telephone Consumer Protection Act (TCPA) for the public sector. The study makes a compelling case that data no longer supports the enforcement of the TCPA as it was originally written.
New York Attorney General Eric T. Schneiderman Thursday announced a settlement with the operator of several debt collection companies in the Buffalo area for illegally collecting on payday loans, violating the privacy of consumers by soliciting their personal information through employers, and sending letters that purported to be from an attorney in order to collect. The man will pay $165,000 in restitution and penalties and be ordered to substantially change his business practices.
The CFPB Wednesday announced its first enforcement action against a payday lender. The order calls for the lender to refund consumers for robo-signing court documents in debt collection lawsuits and pay a fine for violations of the Military Lending Act. But the Bureau also found that the company impeded its investigation by destroying documents and data, leading to further penalties.
Today we are announcing the launch of our newly-redesigned CFPB Resources page. The page will focus on developments and documentation from the CFPB in its regulation and supervision of the debt collection industry.