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CBA responded to the CFPB’s Advanced Notice of Proposed Rulemaking (ANPR) on debt collections. In its notice, the Bureau cites it is the first agency with the authority to issue substantive rules under the Fair Debt Collection Practices Act (FDCPA), a law governing the practices of third-party collectors and debt buyers. The Bureau may address first-party debt collection activities under its unfair, deceptive and abusive practices (UDAAP) authority. The ANPR is the Bureau’s initial step towards issuing new rules regulating the relationship between creditors, third-party debt collectors and consumers.
- December 28, 2015On Monday, December 28, 2015, the CFPB filed a proposed consent order in federal court to settle its enforcement case against Frederick J. Hanna & Associates, a Georgia-based debt collection law firm. If agreed to by the court, this would close a contentious case where the defendant argued the Bureau lacks the authority to regulate the litigation activities of lawyers. In its July 2014...December 18, 2015CFPB Takes Action against Auto Dealer On Thursday, December 17, 2016, the CFPB announced action against CarHop, one of the country's biggest "buy-here, pay-here" auto dealers, and its affiliated financing company, Universal Acceptance Corporation, for allegedly providing damaging, inaccurate consumer information to credit reporting companies. The parties also allegedly failed to provide accurate...December 11, 2015CFPB Brings Enforcement Action against Debt Collector On Monday, December 7, 2015, the CFPB filed a civil complaint in federal court against EOS CCA, a Massachusetts-based debt buying and collection firm. The Bureau alleges EOS violated the Fair Debt Collection Practices Act and Dodd-Frank's ban on unfair, deceptive or abusive acts and practices when it collected on cellphone debt purchased from...December 4, 2015Bureau Releases CARD Act Report On Thursday, December 3, 2015, the CFPB released its biyearly report on the effects of Credit Card, Accountability, Responsibility and Disclosure (CARD) Act on consumer credit. Signed into law in May of 2009, the Bureau assumed authority for the Act in July 2011. The law directs the CFPB to regularly review the credit card market and the impact of the law's rules...November 20, 2015CFPB Releases Updates to Rulemaking Agenda On Friday, November 20, 2015, the CFPB released its semiannual rulemaking agenda as part of the federal government's Unified Agenda of Regulatory and Deregulatory Actions. Part of the CFPB's mandate from Congress is to make rules governing consumer finance markets more effective and to create new rules when warranted. The agenda includes rulemaking...November 6, 2015CBA Comments on CFPB Overdraft Survey On Tuesday, November 3, 2015, CBA filed a comment letter in response to the CFPB's request to the Office of Management and Budget to conduct a survey as part of its study of overdraft protection services. On September 9, 2015, the CFPB published a notice in the Federal Register seeking approval for a web-based consumer survey on overdraft services. This first...October 2, 2015Director Cordray Testifies Before House Financial Services Committee On Tuesday, September 29, 2015, CFPB Director Richard Cordray appeared before the House Financial Services Committee to offer the Semi-Annual Report of the Bureau of Consumer Financial Protection. In his testimony , he noted the recent growth in the mortgage market as well as in other consumer credit markets. He also touted the...September 9, 2015The Council of Better Business Bureaus recently released data from 2014 showing that collection agencies are the fifth most complained about financial service by consumers. The BBB’s 2014 Complaint and Inquiry Statistics also show a dramatic decrease in the number of complaints against collection agencies. This number is contrary to data released by the Consumer Financial Protection Bureau, which...August 21, 2015CFPB, New York Target Pension-Advance Lenders On August 20, 2015, the CFPB, in conjunction with the New York Department of Financial Services, filed suit against Pension Funding, LLC and Pension Income, LLC and three fund managers for alleged wrongful conduct regarding pension advance loans. Under the Unfair Deceptive Abusive Acts and Practices (UDAAP), and New York's prohibitions against false...August 7, 2015Another Constitutionality Challenge Filed Against the CFPB PHH Corporation on Friday, June 26, 2015 filed a Motion for Stay Pending Judicial Review with the D.C. Circuit Court of Appeals (Court) seeking to stay a final action of the CFPB scheduled to take effect on Wednesday, August 5, 2015. On Monday, August 3, 2015, the Court granted PHH's motion, finding the company had "satisfied the...