Compliance

The Consumer Financial Protection Bureau has issued a proposed rule and a request for information related to payday lending, title loans, and other short-term lending products. Under the terms of the proposed rule, lenders would be required to verify that borrowers are fully capable of repaying the entire amount being borrowed …

Rep. Jeb Hensarling [R-Tex.], the chairman of the House Financial Services Committee, has announced that he will unveil plans to “replace the Dodd-Frank Act and promote economic growth” in a speech next week in New York. Hensarling has been one of the most vocal critics of the Consumer Financial Protection …

While most of the industry was looking at the Supreme Court’s decision on a case involving lawyers being allowed to use the letterhead of state’s attorneys general when collecting debts on behalf of the states, the Supreme Court also issued another ruling on Monday that has implications for the debt …

ProPublica, which has written a series of articles that painted an incredibly negative picture of the collections and debt-buying industries, is calling for a reform of the way in which garnishments can be executed on consumers with unpaid debts. Previous articles written by ProPublica have focused on how collection agencies and …

The use of virtual debt negotiation tools has grown sevenfold in the past two years, according to the results of an annual survey of collection agencies conducted by BillingTree. Virtual debt negotiation tools are being used by more than 35% of survey respondents in 2016, up from 5% in 2014. …

In a consent order that was announced on Monday, the Consumer Financial Protection Bureau announced it had levied a $1.5 million fine against New Century Financial Services, a debt buyer based in New Jersey. The CFPB also fined a law firm, Pressler & Pressler, $1 million for “churning out unfair …

The following article is re-printed with permission from Joann Needleman and Clark Hill.  By Joann Needleman Lightening can strike twice. With the ink barely dry on the Consent Order against the Hanna Law Firm (Hanna) in Georgia, the Consumer Financial Protection Bureau (CFPB or Bureau) yesterday took action against another …

PARSIPPANY, N.J. — April 25, 2016 — Pressler and Pressler, a law firm specializing in retail collections, today announced it has entered into a settlement agreement with the Consumer Financial Protection Bureau (CFPB). While the CFPB rigorously and thoroughly scrutinized the firm for more than a year and a half, the …

The Consumer Financial Protection Bureau yesterday issued a consent order against the law firm of Pressler & Pressler and debt buyer New Century Financial Services for “churning out unfair and deceptive debt collection lawsuits based on flimsy or nonexistent evidence.” Pressler & Pressler was ordered to pay a $1 million …

Camas, Wash. – April 20, 2016 – The Intelitech Group, a premiere analytics provider and consulting practice in the ARM industry, today announced the launch of its latest collector training solution StackUp. StackUp is a game designed to help continuously train collectors in areas such as compliance, industry regulations, collection …