Featured Post Feed Link

Featured Post

Browse all ARM topics

secret

Consumer Advocates File Suit Against Dept. of ED for “Secret” Policies

The ACLU and the National Consumer Law Center (NCLC) filed suit yesterday in the US District Court in Massachusetts against the Department of ED under the Freedom of Information Act (FOIA), related to practices affecting student-borrowers. They want to see procedures manuals, which have only been provided with heavy redaction. The question is, why?

news-headline

Headline The ARM Industry Should Like to See: “Closing Time for a Fake Debt Collector”

Yesterday, at the request of the FTC and Illinois AG, a federal court has shut down a network of businesses and operators that falsely claimed to be debt collectors collecting real payday loan debts. The first paragraph in the FTC’s Blog about the event was perfect: “It’s fine to play ‘let’s pretend’ when you’re young; you can be an astronaut today and an inventor tomorrow. But grown-ups who pretend to be debt collectors and lie to get peoples’ money are headed for trouble.”

CFPB

CFPB Issues Fifth Annual Report to Congress on the FDCPA

On Wednesday, March 23rd the Consumer Financial Protection Bureau (CFPB) issued its fifth annual Fair Debt Collection Practices Act report to Congress. The report covers the CFPB’s activities in 2015. Until the creation of the CFPB, the responsibility for drafting of the report fell to the Federal Trade Commission (FTC). The FTC is still involved, however; the CFPB report incorporates information provided to the CFPB by the FTC in its February 12, 2016 letter to the CFPB on the FTC’s 2015 debt collection activities. The FTC letter is an Appendix to the report.

CFPB

Total CFPB Penalties Top $5B

Since its inception, the Consumer Financial Protection Bureau (CFPB) has penalized a wide variety of companies and people for violating federal consumer financial protection laws. The CFPB has the authority to issue penalties for violations of a range of laws, but the majority of fines issued to date have been for violations of several specific statutes, most often the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.