In its Fall 2015 Supervisory Highlights, which covers supervision work generally completed between May and August 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving consumer...more
The CFPB announced that it has obtained a final default judgment against Corinthian Colleges, Inc. from the Illinois federal court in which it sued Corinthian in September 2014. In May 2015, Corinthian filed a petition under...more
10/30/2015
/ Bankruptcy Code ,
Chapter 11 ,
Colleges ,
Commercial Bankruptcy ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Default Judgment ,
Educational Institutions ,
FDCPA ,
Liquidation ,
Private Student Loans ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB has issued its October 2015 complaint report, the fourth in its new series of monthly complaint reports. The new report highlights credit card complaints and complaints from consumers in the Chicago, Illinois metro...more
10/29/2015
/ Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Credit Reporting Agencies ,
Credit Reports ,
Debt Collection ,
Debt Collectors ,
Financial Institutions ,
Payday Loans
The CFPB will be participating in the FTC’s third “Debt Collection Dialogue” to be held in in Atlanta, Georgia on November 18, 2015. Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be...more
The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado, metro...more
9/25/2015
/ Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Debt Collection ,
Financial Institutions ,
Foreclosure ,
Loan Modifications ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages
The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado metro...more
9/23/2015
/ Consumer Complaint Management ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Financial Institutions ,
Foreclosure ,
Loan Modifications ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Payday Loans
Earlier this year, the CFPB filed a complaint in Atlanta federal district court targeting an alleged debt collection scam in which not only were the debt collectors named as defendants (Debt Collectors) but three companies...more
9/11/2015
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Financial Institutions ,
ISOs ,
Motion to Dismiss ,
Payment Processors ,
Securities Exchange Act ,
UDAAP ,
Underwriting
The FTC has announced that it is moving its second “Debt Collection Dialogue,” scheduled to be held in Dallas, Texas on September 29, 2015, to a larger venue. The FTC is moving to the larger venue because the number of...more
A federal court in Pennsylvania has ruled that a debt collector violated the Fair Debt Collection Practices Act (FDCPA) by sending a collection letter in an envelope that allegedly revealed a barcode in which the plaintiff’s...more
The CFPB will be participating in the FTC’s second “Debt Collection Dialogue” to be held in Dallas, Texas on September 29, 2015. Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be a...more
The CFPB has sent a questionnaire which, according to the CFPB’s accompanying cover letter, is intended to help the CFPB “better understand operational costs and other factors associated with debt collection.” The cover...more
As previously reported, the Federal Communications Commission recently approved a Declaratory Ruling and Order (the Order) addressing a number of petitions that requested the FCC clarify its interpretations of the Telephone...more
7/14/2015
/ Auto-Dialed Calls ,
Collection Agencies ,
Debt Collection ,
Declaratory Rulings ,
Exemptions ,
FCC ,
Financial Institutions ,
Healthcare ,
Prior Express Consent ,
Revocation ,
TCPA ,
Telemarketing ,
Text Messages
In its Summer 2015 Supervisory Highlights, which covers supervision work generally completed between January and April 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving...more
The CFPB will be participating in a “Debt Collection Dialogue” to be hosted by the FTC and the New York AG on June 15, 2015 in Buffalo, NY. Greg Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to...more
Just in time for the holiday weekend, the CFPB released its Spring 2015 rulemaking agenda last Friday. The agenda sets the following timetables: Debt collection. In November 2013, the CFPB issued an Advance Notice of...more
Five leading financial services industry trade groups have sent a letter to the CFPB urging it to solicit public comments on the final results of its arbitration study before deciding whether to initiate a rulemaking...more
A new CFPB enforcement action filed in federal district court in Atlanta and unsealed last week targeting an alleged debt collection scam names as defendants not only the debt collectors and their individual principals but...more
The CFPB has issued its fourth annual FDCPA report covering the CFPB’s activities in 2014. The section of the report that reviews consumer complaints about debt collection received by the CFPB in 2014 recycles information...more
The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2014 indicates that volume rose 53% from 163,700 complaints in 2013 to 250,200 in 2014. The report provides data on the most common types of...more
We recently wrote about a new report from the National Consumer Law Center that urges the CFPB to ban the collection of debts on which the statute of limitations has run. In a blog post that was published earlier this week on...more
In the FTC’s 2014 annual letter to the CFPB summarizing the FTC’s debt collection activities, the FTC describes the CFPB as a “valuable partner” with whom the FTC anticipates an “even stronger [partnership] in the...more
The National Consumer Law Center is urging the CFPB to ban the collection of debts on which the statute of limitations has run.
The recommendation is made in a new NCLC report titled “Zombie Debt: What the CFPB Should...more
As part of this week’s flurry of enforcement-related announcements, the CFPB announced the settlement of a lawsuit filed jointly with the Attorneys General of North Carolina and Virginia against Freedom Stores, Inc....more
Based on the CFPB’s Fall 2014 rulemaking agenda, proposed rules dealing with payday loans/deposit advance products, overdrafts, and debt collection are still months away.
The CFPB’s timetables for “prerule activities”...more
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...more