A Texas federal district court has entered a $2 million civil penalty judgment against the former president of a debt collection company for alleged violations of the FDCPA and FTC Act. ...more
The CFPB has issued its annual Consumer Response Report that provides an analysis of the approximately 291,400 complaints handled by the CFPB between January 1 and December 31, 2016. According to the report, complaint volume...more
The CFPB has issued its March 2017 complaint report that highlights credit card complaints. The report also highlights complaints from consumers in Massachusetts and the Boston metro area. ...more
4/4/2017
/ Banking Sector ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Debt Collection ,
Deferred Interest Products ,
Financial Services Industry ,
Fraudulent Charges ,
Payday Loans ,
Student Loans
On April 5, 2017, the House Financial Services Committee will hold a hearing, “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection Bureau.” Since Director Cordray has appeared at all of the...more
3/31/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Arbitration ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Executive Orders ,
Financial Services Committee ,
Financial Services Industry ,
PHH Corp. v CFPB ,
Regulatory Reform ,
Richard Cordray ,
SBREFA ,
Statute of Limitations ,
Trump Administration
The CFPB has issued its February 2017 complaint report that highlights credit reporting complaints. The report also highlights complaints from consumers in Louisiana and the New Orleans metro areas....more
The FTC has sent a letter to the CFPB summarizing the FTC’s debt collection activities in 2016. The letter is intended to provide the CFPB with information for its annual report to Congress on the federal government’s FDCPA...more
The CFPB has issued its January 2017 complaint report that highlights mortgage complaints. The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas....more
2/9/2017
/ Consumer Complaint Database ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Debt Collection ,
Financial Institutions ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
Prepaid Payment Products ,
Real Estate Market ,
Student Loans
The California federal district court judge who is presiding over the CFPB’s lawsuit against CashCall and several related companies that funded, purchased, serviced, and collected online installment loans has granted the...more
1/19/2017
/ § 1292(b) Certification ,
Appeals ,
Banking Sector ,
CashCall ,
Choice-of-Law ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Financial Institutions ,
Interlocutory Appeals ,
Internet Lenders ,
Loans ,
Native American Issues ,
Online Marketplace Lending ,
Partial Summary Judgments ,
Payday Loans ,
Stays ,
Summary Judgment ,
Tribal Loans ,
True Lender
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...more
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...more
The CFPB announced that it has entered into a consent order with Moneytree, Inc. to settle allegations that the company engaged in deceptive advertising, sent consumers deceptive collection letters, and did not obtain written...more
12/19/2016
/ Banking Sector ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
False Advertising ,
Online Advertisements ,
Online Marketplace Lending ,
Redress Payments ,
UDAAP ,
Unfair or Deceptive Trade Practices
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...more
12/2/2016
/ Advances ,
Arbitration ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Debt Collection ,
Debt Collectors ,
ECOA ,
FDCPA ,
Financial Institutions ,
Minority-Owned Businesses ,
Mortgages ,
Overdraft Fees ,
Payday Loans ,
Regulation C ,
Regulatory Agenda ,
SBREFA ,
Small Business ,
Small Entity Representatives (SERs) ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Title Loans ,
Trump Administration ,
Women-Owned Businesses
The CFPB has issued its November 2016 complaint report which highlights complaints about “other financial services,” a category that includes debt settlement, credit repair, check cashing, and money orders. The report also...more
12/1/2016
/ Check Cashing ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Debt Collection ,
Debt Settlement Services ,
Financial Institutions ,
Financial Services Industry ,
Fraud ,
Money Orders ,
Scams
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...more
The CFPB has issued its October 2016 complaint report which highlights complaints about prepaid cards and complaints from consumers in North Carolina and the Charlotte metro area. The CFPB began taking prepaid card...more
10/27/2016
/ Consumer Complaint Database ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Financial Institutions ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
Prepaid Payment Products ,
Real Estate Market ,
Student Loans
The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more
10/17/2016
/ Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Terms ,
Credit Unions ,
Debt Collection ,
Debt Collectors ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Military Service Members ,
Redress Payments ,
Unfair or Deceptive Trade Practices
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...more
The CFPB has issued its September 2016 complaint report which highlights complaints about money transfers and complaints from consumers in Pennsylvania and the Philadelphia metro area. The CFPB began taking money transfer...more
9/28/2016
/ Banking Sector ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Reporting Agencies ,
Debt Collection ,
Money Transfer ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
Student Loans
The CFPB announced that it has entered into a consent order with TMX Finance, LLC to settle allegations that the company did not provide sufficient information to consumers about the terms of auto title loans, pawns or...more
9/27/2016
/ Advertising ,
Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Contract Terms ,
Debt Collection ,
Disclosure Requirements ,
Title Loans ,
Truth in Lending Act (TILA)
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...more
It has been reported that the SBREFA panel for the CFPB’s debt collection rulemaking met last week with small entity representatives (SER). In anticipation of convening the panel, the CFPB issued an outline of the proposals...more
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...more
The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review...more
8/17/2016
/ Arbitration ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
GAO ,
HMDA ,
Loan Originator Compensation Rule ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
SBREFA ,
Small Business ,
TILA-RESPA Integrated Disclosure Rule (TRID)
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...more
8/1/2016
/ Consumer Financial Protection Bureau (CFPB) ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
Dodd-Frank ,
FDCPA ,
Financial Institutions ,
SBREFA ,
Small Business ,
Third-Party Service Provider ,
Time-Barred Debt
CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area. The CFPB began taking credit card complaints on July 21,...more
7/28/2016
/ Banking Sector ,
Consumer Complaint Management ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
Student Loans