CFPB Monitor News Guidance Perspectives of CFPB | Ballard Spahr Law Firm Blog

Tag Archives: debt collection

CFPB’s national debt collection consumer survey findings lays groundwork for future enforcement and rulemaking priorities

Posted in Debt Collection

Early this morning, the CFPB released the findings of its national debt collection consumer survey.  Both the headline of the CFPB’s press release and Director Cordray’s remarks highlight the survey’s finding that “over one-in-four consumers contacted by debt collectors feel threatened” during the collections process.  The press release also highlights likely areas of on-going CFPB… More >

CFPB settles FDCPA claims against debt collection law firms

Posted in CFPB Enforcement, Debt Collection

The CFPB announced that it has entered into a consent order with two law firms specializing in the collection of medical debts and their president for alleged FDCPA violations.  The consent order also settles allegations that the respondents violated Regulation V (which implements the Fair Credit Reporting Act).  The consent order requires the respondents to… More >

CFPB December 2016 complaint report highlights debt collection complaints, complaints from Arizona consumers

Posted in Debt Collection

The CFPB has issued its December 2016 complaint report which highlights complaints about debt collection.  The report also highlights complaints from consumers in Arizona and the Phoenix metro area. General findings include the following: As of December 1, 2016, the CFPB handled approximately 1,058,100 complaints nationally, including approximately 23,100 complaints in November 2016. Debt collection… More >

CFPB Fall 2016 rulemaking agenda published

Posted in Arbitration, CFPB Supervision, Mortgages, Overdrafts, Payday Lending

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The preamble indicates that the information in the agenda is current as of October 19, 2016.  Accordingly, given the results of the Presidential election, including its potential impact on the CFPB’s leadership,… More >

CFPB and NY Attorney General file federal court action against debt buyers

Posted in CFPB Enforcement, Debt Collection, UDAAP

The CFPB announced that, jointly with the New York Attorney General, it has filed a lawsuit in a New York federal court against three companies that purchased consumer debts and two of the companies’ individual principals alleging that the defendants engaged in a “massive illegal debt-collection scheme.” The complaint alleges that the defendants’ conduct violated… More >

CFPB Consumer Advisory Board to meet on Oct. 27

Posted in CFPB General

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board (CAB) will be held on October 27, 2016. The notice indicates that the CAB will discuss “student loan servicing issues and trends and themes in debt collection.”  Presumably, the student loan servicing issues will include servicers’… More >

CFPB Community Bank Advisory Council to meet Sept. 29

Posted in CFPB General

The CFPB has published a notice in the Federal Register announcing that a meeting of its Community Bank Advisory Council (CBAC) will be held on September 29, 2016. The notice indicates that the CBAC will discuss youth financial capability and debt collection.  Presumably, the CFPB will discuss the report it issued last week on achieving… More >

CFPB’s proposal for collection of decedent debt: a misguided approach (Part II)

Posted in Debt Collection

In my blog post yesterday, I shared my concerns regarding the potential consequences of the CFPB’s proposed 30-day hold on all collection contacts after the date of a consumer’s death.  A 30-day holding period in which collectors are prohibited from contacting a surviving spouse about a debt would, standing alone, have little impact on the way that decedent… More >

CFPB’s proposal for collection of decedent debt: a misguided approach (Part I)

Posted in Debt Collection

This blog post is the first of two on the proposals being considered by the CFPB regarding the collection of decedent debt.  In tomorrow’s blog post, I will share my thoughts on the CFPB’s proposal to prohibit debt collector contact with informal representatives. Some background.  The CFPB has been sending signals for quite some time that… More >

CFPB Credit Union Advisory Council to meet Sept. 1

Posted in Debt Collection

The CFPB has published a notice in the Federal Register announcing that a meeting of its Credit Union Advisory Council (CUAC) will be held on September 1, 2016. The notice indicates that the CUAC will discuss youth financial capability and debt collection.  Presumably, the CFPB will seek input from CUAC members on the debt collection… More >

CFPB Releases Debt Collection Industry Study

Posted in Debt Collection

On July 28, the CFPB held a field hearing about debt collection in Sacramento, California coinciding with the release of an outline of the proposals it is considering in connection with its debt collection rulemaking. Together with its release of the outline, the CFPB issued a report, “Study of Third-Party Debt Collection Operations.” In the… More >

CFPB Holds Hearing to Present Proposals for Debt Collection Regulation

Posted in Debt Collection

July 28th, the CFPB held a field hearing in Sacramento, California on debt collection that coincided with its release of an outline of the proposals it is considering in connection with its debt collection rulemaking. In his opening remarks, Director Cordray discussed the key elements of the proposals under consideration which would only cover businesses… More >

CFPB previews debt collection rule in SBREFA outline

Posted in Debt Collection

The CFPB has moved a step closer to issuing a debt collection rule by releasing an outline of the proposals it is considering in preparation for convening a small business review panel.  The Small Business Regulatory Enforcement Fairness Act and the Dodd-Frank Act require the CFPB to convene such a panel when developing rules that… More >

CFPB to hold July 28 debt collection field hearing

Posted in Debt Collection

The CFPB has announced that it will hold a field hearing about debt collection on July 28, 2016 in Sacramento, California.  We expect the field hearing to coincide with the CFPB’s release of an outline of the proposals it is considering in preparation for convening a small business review panel required by the Small Business… More >

CFPB announces consent orders with debt collection law firm, two law firm partners, debt buyer

Posted in CFPB Enforcement, Debt Collection

The CFPB announced that it has entered into two consent orders involving debt collection litigation practices. A debt collection law firm and two of its partners are the subject of one consent order and a debt buyer is the subject of the other consent order.  The consent orders recite that the conduct of the law… More >

CFPB March 2016 complaint report highlights debt collection complaints, complaints from Florida consumers

Posted in Debt Collection

The CFPB has issued its March 2016 complaint report which highlights complaints about debt collection and complaints from Florida consumers.  The CFPB began taking complaints about debt collection in July 2013. General findings include the following: As of March 1, 2016, the CFPB handled approximately 834,400 complaints, including approximately 22,800 complaints in February 2016.  Debt… More >

CFPB issues 2016 FDCPA report

Posted in Debt Collection

The CFPB has issued its fifth annual Fair Debt Collection Practices Act report covering the CFPB’s activities in 2015. In the background section of the report, the CFPB provides various statistics about the debt collection industry and consumer debt.  The CFPB observes that there has been a significant increase in consumer FDCPA litigation, with 4,316… More >

CFPB issues Winter 2016 supervisory report

Posted in CFPB Exams

In its Winter 2016 Supervisory Highlights, which covers supervision work generally completed between September and December 2015, the CFPB highlights violations found by CFPB examiners involving consumer reporting, debt collection, mortgage origination, remittances, and student loan servicing. The report states that recent non-public supervisory actions have resulted in restitution of approximately $14.3 million to more… More >

CFPB policy priorities confirm rulemaking plans, interest in small business lending

Posted in CFPB Rulemaking

In conjunction with yesterday’s meeting of the CFPB’s Consumer Advisory Board, which included a session on the CFPB’s strategic outlook, the CFPB issued its “near-term priority goals where we hope to make substantial progress over the next two years.” The CFPB’s policy priorities over the next two years involve the following nine areas, which are listed alphabetically: … More >

ACA International white paper takes aim at misleading use of CFPB complaint data

Posted in Debt Collection

A new white paper issued by ACA International takes aim at the use of CFPB complaint data by The Alliance for a Just Society in a report titled “Unfair, Deceptive, and Abusive: Debt Collectors Profit from Aggressive Tactics.” The Alliance’s report concluded that consumer complaints filed with the CFPB “suggest that unfair, deceptive and abusive… More >