Links in “Debt Collection”

Report that CFPB's director says agency will be looking to write new regulations under the Fair Debt Collection Practices Act (FDCPA). [9/9]

EB added to long list of Banks with servicing departments that have paid fines for mishandling of loan servicing on troubled loans. Penalties do not stop process and other actions remain in play. [8/26]

With attacks on payday lenders, Bitcoin, consultants, and debt collectors, NY's Lawsky is leading many initiatives and in some cases "shaming less aggressive regulators." [8/15]

CFPB expresses "significant concern" with potentially deceptive claims made in communications with consumers concerning the effect of paying debts in collection on credit reports, credit scores, and creditworthiness. [7/25]

FTC testimony highlights cases brought and pending against debt collectors. [7/18]

OCC provides strong guidance on Debt Collection including 8 Best Practices elements. Emphasis remains on Controls, Oversight, Monitoring and, if needed, Look-back reviews. [7/18]

In a field hearing in Maine, CFPB director lays out how consumers can use action letters to communicate with debt collectors and how they can submit a complaint to the CFPB if they believe they are harmed by illegal conduct; CFPB also releases two new bulletins on debt collection practices. [7/12]

Powerful connection to UDAAP makes this must-reading for all direct and indirect Debt Collectors and related Departments/Functions.

Related: FTC issues largest Debt Collection Penalty of $3.2 million. See http://www.ftc.gov/opa/2013/07/nco.shtm [7/10]

Adding debt collection to its already massive database; also offers consumers five action letters to use in corresponding with collectors. [7/10]

Among other items on CFPB's docket: consumer outreach and research on debt collection issues and payday lending. [7/8]