Compliance

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 …

While the number of complaints filed with the Consumer Financial Protection Bureau against collection agencies continued to decline, the number of lawsuits alleging violations of the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, and the Fair Credit Reporting Act continued to rise, according to data released by …

A draft of a letter that was to be sent to the Consumer Financial Protection Bureau and was written by a pair of Senators, and asked the agency to continue fighting against discriminatory and unfair lending practices, especially in the auto finance industry, may have been written by a consumer advocate who …

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is announcing the addition of several new members to leadership positions within the Bureau. The positions being announced today are: the Deputy Associate Director for the External Affairs Division; the Deputy Associate Director for the Consumer Education and Engagement Division; the …

In what can be described as an eye-opening reversal, the Massachusetts Division of Banks has reversed its position and now will not require lawyers who collect debts to obtain licenses. The reversal was announced in a letter that the regulator sent to the law firm of Lustig, Glaser & Wilson. …

A federal court has granted a request from the Federal Trade Commission and the Illinois Attorney General to temporarily force a series of six companies that were allegedly threatening and intimidating individuals into making payments on phantom payday loans that were not owed, or not owed to the defendants to stop operating. The …

For the second time in less than a year, the Consumer Financial Protection Bureau has shined a spotlight on complaints filed by consumers against regarding the debt collection industry. Last year, the CFPB began issuing what it calls a “monthly complaint snapshot,” which provides additional context and data on the …

An attorney at the Federal Trade Commission posted a blog on the agency’s website yesterday, entitled “Debt collectors: You may “like” social media and texts, but are you complying with the law?” What follows is the attorney saying that the Fair Debt Collection Practices Act does not forbid using text …

The Consumer Financial Protection Bureau has issued its annual report from the Office of Servicemember Affairs and the key takeaway is that servicemembers are filing complaints about debt collectors and collection-related activities at a rate that is twice as high as those filed by non-servicemembers. Nearly half of the 19,000 complaints …