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Category Archives: Debt Collection

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CFPB highlights unlawful practices relating to mortgage and student loan servicing, debt collection, electronic fund transfers and consumer reporting

Posted in CFPB Exams, Credit Reports, Debt Collection, Electronic Payments, Mortgages, Student Loans

While mortgage and student loan servicing violations cited by the CFPB in its Fall 2014 Supervisory Highlights have grabbed the headlines, the report also includes noteworthy observations regarding the violations found by the CFPB in debt collection, electronic fund transfers and consumer reporting. The report covers supervision work completed by the CFPB between March 2014… More >

CFPB Continues Focus on Latino Community

Posted in CFPB General, Credit Reports, Debt Collection, Diversity and Inclusion, FTC, Uncategorized

The CFPB and the FTC have announced that the agencies will host a joint roundtable entitled, “Debt Collection and the Latino Community,” on October 23, 2014. The roundtable will examine how debt collection and credit reporting issues affect Latino consumers, especially those who have limited English proficiency (LEP). Consumer advocates, industry representatives, state and federal… More >

A uniform code for the debt buying industry?

Posted in Debt Collection

Among the topics being examined by the CFPB in connection with its expected debt collection rulemaking are the debt collection practices of debt buyers. Those practices could become the subject of a uniform state debt buying code if the committee authorized to be appointed by the Uniform Law Commission to study the need for and feasibility… More >

CFPB files amicus brief in Ninth Circuit FDCPA case

Posted in Debt Collection

The CFPB, together with the FTC, has filed an amicus brief in Hernandez v. Williams, Zinman & Parham, P.C., a Fair Debt Collection Practices Act case on appeal to the U.S. Court of Appeals for the Ninth Circuit.  The case involves the FDCPA requirement in 15 U.S.C. §1692g(a) for “a debt collector” to send a validation… More >

Are the DFS’ latest debt collection rules a harbinger of things to come?

Posted in Debt Collection

In May, we wrote that the New York Department of Financial Services (“DFS”) would soon be issuing revised debt collection regulations for debt buyers and third party debt collectors. On July 16, the DFS released the revised proposed regulations. Among other things, the revised proposed rules would require a debt collector to substantiate not only… More >

CFPB and FTC to hold roundtable on debt collection and the Latino community

Posted in Debt Collection

On October 23, 2014, the CFPB and FTC will be co-hosting a roundtable titled “Debt Collection & the Latino Community” to examine how debt collection issues affect Latino consumers, especially those who have limited English proficiency.  The event, to be held in Long Beach, California, will bring together consumer advocates, industry representatives, state and federal… More >

CFPB confirms plans for auto finance larger participant rule in rulemaking agenda

Posted in Auto Finance, CFPB Rulemaking, Debt Collection, Deposit Advance Loans, Payday Lending, Prepaid Cards

In the latest semi-annual update of its rulemaking agenda, the CFPB officially confirmed that it plans to propose a rule to define “larger participants of a market for auto lending.”  The official confirmation follows statements made by Steven Antonakes at a Consumer Bankers Association meeting in April 2014 that the CFPB’s next larger participant rule… More >

CFPB highlights unlawful practices by consumer reporting agencies, debt collectors and payday lenders

Posted in CFPB Exams, Credit Reports, Debt Collection, Fair Lending, Payday Lending

In its Spring 2014 Supervisory Highlights report issued yesterday, the CFPB highlighted deficiencies and violations it found during examinations of consumer reporting agencies (CRAs), debt collectors and payday lenders.  The CFPB has authority to examine entities that qualify as “larger participants” under the final rules it adopted to supervise participants in the debt collection and… More >

ABA and CBA Express Concern That The CFPB’s Consumer Debt Collection Survey Falls Short

Posted in CFPB Enforcement, CFPB Rulemaking, Debt Collection, Hot Issues, Research

On May 6, 2014, the American Bankers Association (“ABA”) and Consumer Bankers Association (“CBA”) submitted comments to the CFPB’s “Debt Collection Survey from the Consumer Credit Panel” (the “Survey”). While the ABA and CBA applauded the CFPB’s collection of information regarding actual consumer experiences with the collection industry, both expressed concern that as currently formatted,… More >

The NY DFS, the NY Attorney General and the CFPB: What’s in store for the CFS industry

Posted in CFPB Enforcement, Debt Collection, Federal Agencies

Wednesday night , Joy Feigenbaum , the New York Department of Financial Services’ (“DFS”) executive deputy superintendent, and Jane Aziza, the Chief of the Bureau of Consumer Frauds and Protection at the New York Attorney General, spoke at the monthly meeting of the Consumer Affairs Committee for the New York City Bar Association. Not only did… More >

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 >