Tag Archives: CFPB

The Consumer Financial Protection Bureau yesterday announced an enforcement action against a debt settlement company that has ties to the very creditors it was trying to help consumers get out of debt from, fining the company $750,000 and ordering it to repay $646,000 back to its customers. The company, Settlet, …

The Consumer Financial Protection Bureau yesterday issued a Notice of Proposed Rulemaking (NPRM) that would prohibit mortgage servicers from starting foreclosure proceedings until 2022 while also providing servicers with the ability to offer streamlined loan modification options to homeowners who have been impacted by the COVID-19 pandemic. The NPRM follows …

On the day that the Centers for Disease Control and Prevention extended an eviction moratorium until June 30, the acting directors of the Consumer Financial Protection Bureau and the Federal Trade Commission issued a joint statement saying that they will use the Fair Debt Collection Practices Act to ensure that …

Complaints about debt collectors filed by consumers with the Consumer Financial Protection Bureau increased 10% in 2020 compared with 2019, ranking the industry only behind credit or consumer reporting in terms of the total number of complaints that were filed last year, a year in which the total number of …

Both the Federal Trade Commission and the Consumer Financial Protection Bureau fulfilled their Congressional mandate in recent days by summarizing how both agencies administered and enforced the Fair Debt Collection Practices Act. The FTC provided its recap in a letter to the CFPB, while the CFPB published a report on …

The Consumer Financial Protection Bureau yesterday rescinded restrictions put in place by the previous leadership that established a two-part test to determine whether a company had engaged in abusive acts or practices, saying it intends to “exercise its supervisory and enforcement authority consistent with the full scope of its statutory …

There is an old saying in sports that a tie game is like kissing your sister. I bet that Rohit Chopra feels a little differently this morning after the Senate Banking Committee voted 12-12 on his nomination to be the next director of the Consumer Financial Protection Bureau. Because of …

Opportun Inc., a unit of Opportun Financial Corp., a consumer finance lender that caters to Latino immigrants, disclosed yesterday that its lending and debt collection practices are being investigated by the Consumer Financial Protection Bureau as part of an apparent wider investigation into whether small dollar lenders have violated federal …

The Consumer Financial Protection Bureau yesterday made a pair of announcements — delaying the enactment date of a rule that was set to go into effect July 1 and filing a lawsuit against a payment processor and its former chief executive for aiding clients that were taking advantage of individuals …

PRA Group announced in a filing with the Securities and Exchange Commission last week that it is defending itself against allegations from the Consumer Financial Protection Bureau that it violated the terms of a consent order it entered into in 2015 that accused the company of engaging in a number …