Links in “Debt Collection”
- CFPB Looks to Contain Debt Collection Practices
CFPB poses 162 questions regarding debt collection industry in advance of significant rule making designed to bring debt selling and collection industry into uniformity and less problematic for consumers. [11/12]
- CFPB: Debt Collection Practices Confusing to Consumers
Since it began accepting debt collection practices in July, the CFPB has seen debt collection complaints quickly become one of the highest categories of grievances. [11/7]
- Originators Would Be Most Affected by Proposed CFPB Debt Collection Rules
Banks and other creditors that originate and collect their own debt will be the most affected by the new rules since most existing regulations do not cover them. [11/6]
- CFPB Puts Shylocks in Their Sights
CFPB is moving aggressively against debt collectors including collecting their own information on elements associated with debt collectors and adding debt collections to its public consumer complaint database. [11/6]
- Atlanta Operation Collecting Millions in Phantom Debts Halted
Court order freezes the assets of group that used robocalls to threaten legal action against consumers unless they responded within a few days. Group collected millions in payments for phantom debts and almost 3,000 complaints to the FTC. [10/25]
- CFPB: Collect That, Meracord!
CFPB goes after a leading debt collection payment processor, Meracord, for its alleged part of collect millions of dollars in illegal upfront fees from consumers. Total fine: $1.38 million. [10/4]
- NY Payday Loan Settlement: Restitution and Penalties Are Least of Problems
While restitution and penalties for five companies total just over $300K, one debt-buying company prohibited from collecting on $3.2 million in payday loans. [10/1]
- CFPB’s 4 Ds: Nifty Catchphrase, But No New Surprises
UDAAPs, debt collection practices, fair lending, and payday loans have been on the CFPBâs radar for some time. [9/30]
- The Four “D”s of the CFPB
Speaking at the American Banker Regulatory Symposium, CFPB's Cordray lays out the four D's that plague consumers and the efforts to combat those D's. They are: deceptive marketing, debt traps, dead ends, and discrimination. [9/25]
- OCC to JPMC: “Oh, This Too”âSCRA Lookback
Consent order hits JP Morgan Chase with unsafe or unsound practices in connection with the bankâs non-home loan debt collection litigation practices and the bankâs non-home loan compliance with the Servicemembers Civil Relief Act (SCRA). Actions include required actions on litigation practices associated with debt collection and a massive lookback for non-home loan debt collection practices (both SCRA and otherwise) from 2009 and SCRA from 2005. [9/19]
