Tag Archives: CFPB

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The Consumer Financial Protection Bureau yesterday rescinded restrictions put in place by the previous leadership that established a two-part test to determine whether a company had engaged in abusive acts or practices,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 …

The Consumer Financial Protection Bureau should “halt” the implementation of its debt collection rule and “fix” it by reducing the number of call attempts, requiring consumers to opt in to receive electronic communications, and prohibit the collection of time-barred debt, as a means of improving consumer protection and stemming the …

The post-Kraninger Consumer Financial Protection Bureau announced its first enforcement action yesterday, and while it might not directly relate to the accounts receivable management industry, there are a number of insights that the industry can and should glean from the news. In conjunction with the Attorneys General of Virginia, New …

The Senate Banking Committee announced yesterday that it will hold its confirmation hearing for the nomination of Rohit Chopra to be the next director of the Consumer Financial Protection Bureau on Tuesday, March 2. The hearing, which will be conducted remotely, will be livestreamed and available to be watched via …