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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.
- March 29, 2021In this webinar, hear from Dan Quan, former Senior Advisor to the Director, CFPB, on how the Biden administration is signaling for more relief for consumers affected by COVID-19 and how that will impact lending organizations. Dan and TrueAccord co-founder Ohad Samet will talk about how lending organizations can ensure regulatory compliance while building more consumer-friendly collection...
- March 16, 2021Collections organizations are initiating or enhancing digitalization to keep up with behaviors and preferences of a digital-first customer. In fact, 75% of industry executives surveyed plan to accelerate digitalization and automation across the business in 2021 (Bridgeforce Survey, Jan. 2021). This large push means organizations across the industry are weighing the pros and cons of building vs...
- January 28, 2021 - 2:00PMPastDecember 3, 2020 - 2:00PMPastOctober 15, 2020Consumer Financial Protection Bureau Settles Lawsuit With Debt Collectors And Debt Buyers Encore Capital Group, Midland Funding, Midland Credit Management, And Asset Acceptance Capital Corp. On Thursday, October 15, 2020, the CFPB issued a press release regarding a filing for a proposed stipulated final judgment and order to settle its lawsuit against Encore Capital Group, Inc., and its...August 5, 2020Ms. McPartland: The Consumer Bankers Association (CBA) appreciates this opportunity to further comment on the Consumer Financial Protection Bureau’s (Bureau) amendments to the Fair Debt Collection Practices Act (FDCPA), focusing on disclosures of certain time-barred debts. CBA commented thoroughly on other issues related to revisions of the FDCPA during the initial comment period in 2019 and...July 22, 2020We’ve all heard it before: the coronavirus pandemic has created an economic disruption on a scale like no other. In real time, we are experiencing the next big economic downturn. For many Americans, income has been shorted while payments continue to pile up. What are your debt collections plans for the 11% of Americans who have recently lost their jobs and may need assistance to prevent default...