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Since its inception, the Consumer Financial Protection Bureau (CFPB) has issued a wide range of consent orders penalizing companies for alleged violations of federal consumer financial protection laws. The CFPB intends for these orders to set industry-wide precedents, with Director Richard Cordray saying in March 2016 that consent orders are a guide "to all participants in the marketplace to avoid similar violations and make an immediate effort to correct any such improper practices."
The CFPB's Consent Orders Regulating the ARM Industry is the first report of its kind designed to help the debt collection industry comply with these consent orders.
The report includes easy-to-understand explanations of each consent order and a comprehensive chart of all relevant consent orders. Learn how the CFPB identifies and penalizes UDAAP violations with real-world examples. Understand which practices the CFPB is looking at before an agent knocks on your company's door.
Even if you're not directly affected, being CFPB-ready can only make your collection agency more compliant.
This report will be updated quarterly.
Stay up-to-date by buying the new edition every quarter - or join CPF and get every update for free!
Product: PDF Download
Pages: 65 pp including appendix
Published: November 2016