The CFPB intends for its consent orders to set industry-wide precedents. In March 2016, CFPB Director Richard Cordray referred to consent orders as a guide “to all participants in the marketplace to avoid similar violations and make an immediate effort to correct any such improper practices,” telling the Consumer Bankers Association that any company not following the precedents set by the CFPB’s consent orders is committing “compliance malpractice.”
The FTC released its report: “Big Data A Tool for Inclusion or Exclusion?” on January 6, 2016. This report was assisted by a public workshop held by the FTC on September 15, 2014. Since then there has been much discussion about whether or not “Big Data” is a good thing or not. In my opinion, […]
insideARM has learned that the three major credit bureaus — Equifax, Experian, and TransUnion — have distributed this document detailing new Furnisher Data Reporting and Process Requirement Changes. Some of the changes are effective as soon as June 15, 2016 while others take effect over a year from now, September 15, 2017. However, the memo […]
This article originally appeared as an Alert on ClarkHill.com and is reprinted here with permission. The 10th edition of Consumer Financial Protection Bureau’s (CFPB or Bureau) Supervisory Highlights (the Report) continues on the themes of credit reporting and overdraft protection prevalent in recent CPFB statements (see February 3, 2016 CFPB Press Release and Compliance Bulletin 2016-01). While debt collection, mortgage and […]
This week the Consumer Financial Protection Bureau (CFPB) released its latest supervision report. The bureau touted that its exams of banks and nonbanks resulted in the remediation of $14.3 million to approximately 228,000 consumers. In an unusual move, this report also highlights a positive practice, something they’ve avoided in the past.
Late last week Senators Jeff Merkley (D-OR), Dick Durbin (D-IL), Richard Blumenthal (D-CT), Bob Menendez (D-NJ), and Chuck Schumer (D-NY) introduced the Medical Debt Relief Act. The legislation would prevent medical debt from damage consumers’ credit scores after it has been paid off or settled. They argue that, as opposed to credit card debt or loans […]
The consumer financial services industry is wondering how the sudden passing of United States Supreme Court Justice Antonin Scalia will affect the pending Spokeo, Inc. v. Thomas Robins case. Spokeo is a key case dealing with whether a class action lawsuit may be brought by a consumer who suffered no actual injury, based solely on a claimed technical statutory violation.
Last week the Consumer Financial Protection Bureau (CFPB) issued its latest Compliance Bulletin, called “The FCRA’s Requirement that Furnishers Establish and Implement Reasonable Written Policies and Procedures Regarding the Accuracy and Integrity of Information Furnished to all Consumer Reporting Agencies.” A copy of the Bulletin can be found here. The Bulletin was released in conjunction […]
The CFPB announced yesterday that EOS CCA agreed to pay at least $2.5 million to settle CFPB claims that it collected debts that it had purchased without verifying their accuracy and gave inaccurate information to consumer credit reporting firms. The matter offers a lesson for all ARM companies.
FDCPA suits “unexpectedly [caught] fire this year, up more than 1200 suits (+14.5%) over this time in 2014,” according to Gordon. FCRA suits “works out to a dramatic +39% increase over this time last year,” and “TCPA’s YTD numbers have recovered due to the combination of a strong October and a weak few months at the end of 2014. Now up almost 200 suits (+8.7%) over this time last year, TCPA seems to have avoided the likelihood of a decline.” But none of this should be a surprise, so why is it?