Links in “Agencies”

After 10 years of control, the US Department of Housing and Urban Development (HUD) returned the Detroit Housing Commission (DHC) to local control. The HUD took control of the DCH in 2005 due to un-auditable financial records, poor physical condition of housing units, and severe compliance deficiencies. [3/31/15]

The CFPB issued an enforcement action against a debt collection operation for using threats of prosecution and jail time to get customers to pay debts for bounced checks. The debt collection agency also led consumers to believe that they must enroll in an expensive financial education program to avoid criminal prosecution. If approved, the enforcement action would impose a penalty of $50,000 on the debt collection agency. [3/31/15]

The CFPB director calls the consumer complaint report "a compass to direct our work." If so, look for the bureau's examiners to focus on credit report accuracy, which contributed to an 85% increase in credit reporting complaints from 2013 to 2014. [3/31/15]

The CFPB recently released its 2014 Consumer Response Annual Report. The report analyzes the complaints received by the CFPB in the previous year. Debt collection complaints were the most common, totaling 35% of all complaints. [3/30/15]

Sometimes, the bad guys are just asking for it. The FTC has shut down FTC Credit Solutions, a credit repair company that attempted to deceive consumers by implying an affiliation with the FTC. [3/30/15]

The FTC and 32 law enforcement partners of the agency announced results of a nationwide and cross-border crackdown to protect consumers when purchasing or leasing a car—Operation Ruse Control. The FTC director highlights importance of truthful, clear ads associated with individual's purchasing a car. Key lessons in marketing "dos" and "do nots" were provided. [3/27/15]

The CFPB blogs about its rule making process associated with small businesses, small government, and organizations as mandated under Dodd-Frank. The blog notes that the rule making process will include feedback from consumers, consumer advocates, other regulators, and industry representatives. [3/27/15]

The CFPB released its fourth annual report summarizing activities to administer the Fair Debt Collection Practices Act (FDCPA). The 70 page report highlights joint efforts of the CFPB and the FTC during 2014 related to complaints submitted, enforcement actions, rule making, and educational efforts taken and planned. [3/27/15]

The CFPB is considering proposals to prevent and provide protection against payday debt traps related to short-term loans and longer-term loans. Prevention proposals would require the lender to determine at the outset of the loan that the borrower has the ability to repay the loan. Protection proposals would require lenders to provide affordable payment options. [3/26/15]

More than 40 consumers around the country received text messages from fraudsters posing as the NCUA and asking for personal information. If your institution has a consumer receiving one of these texts, have them contact the NCUA. [3/26/15]