Why the CFPB wants to separate debt collection regulation into two rules

Last Thursday, CFPB Director Richard Cordray announced that the Bureau intends to separate debt collection rulemaking into two rules. Cordray explained that during the Bureau’s research and industry outreach it became apparent that “writing rules to make sure debt collectors have the right information about their debts is best handled by considering solutions from [...]

By | 2017-06-14T00:29:30+00:00 June 10th, 2017|CFPB Rulemaking, Debt Collection|0 Comments

Cordray: First-party creditors responsible for providing accurate consumer debt information

On Thursday, CFPB Director Richard Cordray announced during a Consumer Advisory Board Meeting that banks and other first-party creditors are responsible for the accuracy of information that they provide to third-party debt collectors. Cordray explained that the CFPB will “consolidate all the issues of 'right consumer, right amount' into the separate rule we will [...]

By | 2017-06-09T20:23:13+00:00 June 9th, 2017|CFPB Rulemaking, Debt Collection|0 Comments

What debt collectors can learn from the FTC settlement with GC Services

Last week, we wrote about the settlement agreement between the FTC and debt collector GC Services Limited Partnership. In most circles, the $700,000 civil money penalty would be the most significant aspect of the settlement. In our opinion, however, the most noteworthy and valuable information appears in the sections of the consent order that prohibit GC [...]

By | 2017-02-22T11:47:49+00:00 February 22nd, 2017|Debt Collection, Enforcement Action, FTC Enforcement, Uncategorized|0 Comments

Debt collector to pay $700,000 in settlement with FTC

On February 14, 2017, the FTC issued a press release announcing that it had reached a settlement agreement with GC Services Limited Partnership to resolve allegations that GC used “unlawful tactics to collect on federal student loans and other debts.” Under the settlement agreement, GC will pay a $700,000 civil money penalty. GC is a [...]

By | 2017-02-17T06:28:19+00:00 February 17th, 2017|Debt Collection, FTC Enforcement, Uncategorized|0 Comments

CFPB releases findings from consumer debt collection survey

The CFPB released the findings from its long-awaited national debt collection consumer survey. The survey was originally proposed on March 7, 2014, when the CFPB published a notice in the Federal Register, providing notice of its intent to conduct a “consumer” survey on debt collection and to request public comment on the survey methodology. The [...]

By | 2017-01-13T19:10:27+00:00 January 13th, 2017|CFPB Rulemaking, Debt Collection, Uncategorized|0 Comments

CFPB enters consent order with debt collection law firm

On January 9, the CFPB entered into a consent order with an Oklahoma debt collection law firm. The Bureau alleged that Works and Lentz, Inc., a law firm that specializes in collecting medical debts, falsely represented that letters and phone calls were from attorneys even though attorneys at the firm had not sufficiently reviewed accounts [...]

CFPB issues Fall 2016 rulemaking agenda

The CFPB, like other federal agencies, is required to publish regulatory agendas twice a year. Last week, the CFPB published its Fall 2016 rulemaking agenda (“Fall 2016 Agenda”) as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda includes rulemaking actions in pre-rule, proposed rule, final rule, long-term, and [...]

By | 2016-12-06T00:00:39+00:00 December 6th, 2016|CFPB Rulemaking, Uncategorized|0 Comments

CFPB fines TitleMax $9 million

On September 26, the CFPB issued a press release announcing that it has entered into a consent order with TMX Finance, LLC (TMX). The consent order settles allegations that the title lender engaged in unfair collection practices and failed to provide sufficient information to consumers regarding the terms of auto title loans, pawns or pledges. [...]

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