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Category Archives: Debt Collection

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CFPB general counsel gives glimpse into CFPB’s upcoming agenda

Posted in CFPB General, Debt Collection

On Monday, April 7, CFPB General Counsel Meredith Fuchs warned that debt collection, payday lending, prepaid cards and privacy notices are priorities for the Bureau in the coming months. Appearing before the Practicing Law Institute’s 19th Annual Consumer Financial Services Institute in New York City, Ms. Fuchs noted that the CFPB has already received in… More >

Debt collection complaints: a numbers game?

Posted in Debt Collection

A joint comment letter on the CFPB’s ANPR on debt collection practices was submitted by the American Bankers Association, the Consumer Bankers Association, and the Financial Services Roundtable.  In their letter, the trade groups noted an “unexplained inconsistency” between the number of debt collection complaints publicly reported by Director Cordray and the number of such… More >

The CFPB’s Debt Collection Complaint Report: Lots of Fury Signifying Nothing

Posted in CFPB General, Debt Collection

Yesterday, the CFPB released its annual report on debt collection, along with a press release. The headline, according to the Bureau, is that “Consumers Report Being Hounded About Debts Not Owed,” and the Bureau reported that more than one-third of the complaints it received were about collection efforts with respect to debts the consumer did… More >

CFPB debt collection survey: money misspent?

Posted in Debt Collection

Last Friday, the CFPB published a notice in the Federal Register about its plans to seek approval from the Office of Management and Budget “to conduct a mail survey of consumers to learn about their experiences interacting with the debt collection industry.”  According to the CFPB’s survey explanation submitted to OMB, the CFPB plans to mail… More >

CFPB to conduct debt collection mail survey

Posted in Debt Collection

The CFPB will be publishing a notice in tomorrow’s Federal Register indicating that it plans to seek approval from the Office of Management and Budget “to conduct a mail survey of consumers to learn about their experiences interacting with the debt collection industry.”  According to the notice, the survey will ask consumers about: their experiences with… More >

No backseat for FTC in FDCPA enforcement

Posted in Debt Collection

The FTC wants the debt collection industry to know that it does not intend to take a backseat to the CFPB when it comes to FDCPA enforcement.  In announcing the release of its annual summary of debt collection activities, the FTC stated that it has continued “aggressive enforcement” of the FDCPA by bringing or resolving… More >

CFPB highlights furnishers’ duty under the FCRA to investigate disputes

Posted in Credit Reports, Debt Collection

The CFPB recently issued a bulletin highlighting the obligations of debt buyers, debt collectors, and others who furnish information to credit reporting agencies (CRAs) under the Fair Credit Reporting Act (FCRA). In particular, the CFPB is concerned that furnishers may direct the CRAs to simply delete disputed items from consumer reports without conducting a proper… More >

FTC, PIRG complaint reports highlight consumer dissatisfaction with debt collection industry

Posted in Debt Collection

The FTC released its annual Consumer Sentinel Network Data Book on February 27, 2014, providing national and state-by-state data on consumer complaints received by the FTC, all U.S. and Canadian Better Business Bureaus, the CFPB and other federal and state agencies in the previous year.  For the second year in a row, the total number… More >

CFPB extends comment period on debt collection ANPR

Posted in Debt Collection

In a notice scheduled to be published in tomorrow’s Federal Register, the CFPB is extending the period for commenting on its debt collection advance notice of proposed rulemaking from February 10, 2014 to February 28, 2014. The notice states that the CFPB had received “three formal written requests from industry trade groups” for an extension… More >

CFPB files amicus brief in another FDCPA case

Posted in Debt Collection

Last month, the CFPB, jointly with the FTC, filed an amicus brief in Sykes v. Mel S. Harris and Associates LLC, a Fair Debt Collection Practices Act case on appeal to the Second Circuit.  This represents the fourth FDCPA case in which the CFPB has filed an amicus brief, with one previous brief filed earlier this… More >

CFPB launches debt collection rulemaking process

Posted in Debt Collection

Just after midnight last night, the CFPB took a significant step towards the issuance of debt collection regulations by releasing an Advance Notice of Proposed Rulemaking (ANPR).  The ANPR seeks comment on an array of issues relating to the collection practices of not only third party debt collectors and debt buyers but also of creditors collecting… More >

Comments by Director Cordray portend aggressive rulemaking

Posted in CFPB Rulemaking, Debit Cards, Debt Collection, Payday Lending

Comments made by Director Cordray in an interview with the Washington Post indicate that the CFPB will be taking an aggressive approach to rulemaking in the coming months.  Director Cordray indicated that prepaid cards are “a real front-burner issue for us” and that the CFPB is “moving forward to write rules to make sure they are… More >

CFPB files amicus brief in FDCPA case

Posted in Debt Collection

A new amicus brief filing by the CFPB recently appeared on the CFPB’s amicus program webpage.  On August 14, 2013, the CFPB, jointly with the FTC, filed an amicus brief in Delgado v. Capital Management Services, LP, et al., a case on appeal to the Seventh Circuit.  The brief urges the Seventh Circuit to affirm… More >

Debt collection regulations and more enforcement on horizon

Posted in Debt Collection

The CFPB is poised to further ramp up its oversight of the debt collection industry.  According to a Bloomberg report by Carter Dougherty, Director Cordray said in an interview earlier this week that the CFPB “will be looking to write” new regulations under the Fair Debt Collection Practices Act (FDCPA) and will “continue to pursue a… More >

Senate hearing on debt industry focuses on documentation and medical debts

Posted in Debt Collection

Collection documentation and medical debts proved to be the focus of much of yesterday’s  Senate Banking Committee hearing on the debt industry.  The witnesses were Corey Stone, CFPB Assistant Director, Office of Deposits, Cash, Collections, and Reporting Markets, and James Reilly Dolan, FTC Acting Associate Director, Division of Financial Practices.  The two witnesses drew heavily… More >

Are all FDCPA violations by creditors and servicers potential UDAAPs: a difference of opinion

Posted in Debt Collection

Jeff Sovern has written an interesting blog post about the CFPB’s recent Bulletin 2013-07 that warns creditors and servicers who are not covered by the FDCPA that their collection practices are subject to the CFPB’s authority under Section 1031 of the Dodd-Frank Act which prohibits “unfair, deceptive, or abusive” acts or practices (UDAAPs).  In particular,… More >

Senate Banking Committee to hold July 17 hearing on consumer debt industry

Posted in Debt Collection

The Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protection will hold a hearing on Wednesday, July 17 entitled “Shining a Light on the Consumer Debt Industry.”  The scheduled witnesses are Corey Stone, CFPB Assistant Director, Office of Deposits, Cash, Collections, and Reporting Markets, and Reilly Dolan, FTC Acting Associate Director, Division of Financial Practices.

CFPB targets debt collection in new UDAAP bulletins, complaint system, consumer action letters

Posted in Debt Collection

It couldn’t be clearer that the CFPB has put a bullseye on debt collection.  Yesterday, it issued two new bulletins and five action letters for consumers to use when responding to debt collectors, and announced that its complaint system had begun taking debt collection complaints.  Most significantly, the bulletins not only address the conduct of… More >

CFPB to hold July 10 field hearing

Posted in Debt Collection

The CFPB has announced that it will hold a field hearing on July 10 in Portland, Maine on debt collection.  Director Cordray is slated to give remarks, and he is widely expected to announce that the CFPB has begun taking complaints about debt collection.  Since it was launched in July 2011 for credit card complaints,… More >