The Consumer Financial Protection Bureau (CFPB) has been accepting debt collection complaints from consumers for about four months. Just last week, the regulator released some of the complaints data to the public. So how are collection agencies doing with their handling of the complaints?
An FDCPA case dismissal was heard earlier in the year by the Sixth Circuit Court of Appeals. The appellate panel recently decided the case, upholding the dismissal of the case brought by a consumer against a debt collector, but finding some issue with one of the reasons.
With the CFPB’s rulemaking announcement only a few days old, many members of the debt collection industry are getting their ducks in a row to take advantage of a rare opportunity to influence regulations.
The Consumer Financial Protection Bureau (CFPB) today published debt collection complaints it has been collecting since July 10. The data was made publicly available in the Bureau’s Consumer Complaint Database.
The Consumer Financial Protection Bureau (CFPB), announced Wednesday that it has started to exercise its rulemaking authority by formally issuing an Advance Notice of Proposed Rulemaking for debt collection. The Bureau is seeking feedback from the public on any rules it may make to govern debt collectors.
The U.S. Department of Justice Monday announced that two people who engineered a complicated identity theft and tax fraud scheme involving a debt collection agency were sentenced to years-long stints in prison.
U.S. Representative Steve Cohen (D-Tenn.) late last week introduced a bill that would amend the Fair Debt Collection Practices Act (FDCPA) to specifically outlaw nationwide the filing of collection lawsuits on accounts that are beyond the statute of limitations. The bill also places new requirements on disclosures collectors must provide regarding out of statute debt.
The debt collection and broader accounts receivable management industry is a state of rapid and fundamental change. A new and far more aggressive regulatory structure is driving much of this change, along with economic pressures felt by all businesses. But recent news stories have pointed to large creditor clients leading the change revolution in ARM.
Minnesota Attorney General Lori Swanson Wednesday filed a lawsuit against a Florida debt buyer that purchased millions of charged-off customer accounts from large banks, and then allegedly manufactured affidavits to aid in the collection of those accounts from individuals and businesses.
In two separate segments airing on consecutive days, the FOX News morning show FOX & Friends took on the debt collection industry with an eyebrow-raising level of misinformation and general sloppiness. The segments focused on dealing with abusive collectors and negotiating settlements for debt.