Rohit Chopra said in a message to his new employees and fellow regulators yesterday that he is looking forward to shifting “market power toward consumers and law-abiding businesses” now that he has officially been sworn in as the new Director of the Consumer Financial Protection Bureau. Chopra outlined his vision …
Read More »Biden Nominates New FTC Commissioner, Freeing Chopra to Lead CFPB
President Joe Biden yesterday nominated Alvaro Bedoya to be a commissioner on the Federal Trade Commission, which should finally pave the way for Rohit Chopra to be able to leave the FTC to become the next director of the Consumer Financial Protection Bureau. Chopra has remained at the FTC in …
Read More »CFPB Issues Consent Order; Fintech Lender to Pay $11M in Fines, Refunds to Consumers
The Consumer Financial Protection Bureau has entered into a consent order with a fintech company accused of originating loans to consumers without the proper authorization, fining the company $2.5 million and requiring it to cancel or refund up to $9 million in loans. The company, GreenSky, was accused of working …
Read More »Biden Taps CFPB Acting Director for HUD Post
In yet another sign that Rohit Chopra is on his way to the Director’s office of the Consumer Financial Protection Bureau, the White House yesterday announced it was nominating the CFPB’s current Acting Director, Dave Uejio, to be an Assistant Secretary at the Department of Housing and Urban Development. If …
Read More »CFPB, NY AG Go After Hidden Assets of Collection ‘Kingpin’
It’s something you normally see on TV or in the movies. An individual, in an attempt to hide something valuable from an ex-spouse or law enforcement, signs over possession of the asset to a friend or relative for $1. It usually doesn’t work on TV or in the movies, and, …
Read More »False Threats Nets Collector Lifetime Ban from Industry
The Consumer Financial Protection Bureau yesterday announced it had entered into a consent order with a debt collector and its owner for falsely threatening to take legal action against individuals and that the company and the owner have been permanently banned from the industry and ordered to pay $860,000 in …
Read More »CFPB Issues NPRM Seeking to Halt Foreclosures Until 2022
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 …
Read More »CDC Extend Eviction Ban; CFPB & FTC Directors Vow Crackdown
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 …
Read More »CFPB, FTC Release Annual FDCPA Report, But What Does the Footnote Mean?
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 …
Read More »CFPB Announces First Enforcement Action Under New Leadership
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 …
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