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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 9, 2020March 9, 2020 The Honorable Mike Crapo Chairman Committee on Banking, Housing and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers Association (CBA) submits the...
- November 20, 2019 - 2:00PMPastSeptember 25, 2019On Wednesday, September 25, 2019, the Bureau filed a lawsuit in the federal district court in the District of Maryland against FCO Holding, Inc. and its subsidiaries. The entities are Maryland-based debt collectors that operate collectively under the name Fair Collections & Outsourcing and FCO. Also named in the Bureau’s lawsuit is Michael E. Sobota, the chief executive officer, president,...September 18, 2019Director Kathleen L. Kraninger Office of the Executive Secretary Consumer Financial Protection Bureau 1275 First Street, NE Washington, DC 20002 Email: 2019-NPRM-DebtCollection@cfpb.gov Re: Comments in Response to the Notice of Proposed Rulemaking under Regulation F Docket No. CFPB-2019-0022 Director Kraninger, This letter is submitted by the Consumer Bankers Association (“CBA”) in response to...July 25, 2019On Thursday, July 25, 2019, the CFPB and the New York Attorney General filed proposed settlements with multiple debt collection groups for violations of the FDCPA. The Bureau and the New York Attorney General alleged that since at least 2009, the debt collection companies together purchased millions of dollars’ worth of consumer debt, inflated those consumer debts, and relied on illegal tactics...July 16, 2019July 16, 2019 The Honorable Frank Pallone The Honorable Greg Walden Chairman Ranking Member Committee on Energy & Commerce Committee on Energy & Commerce 2125 Rayburn House Office Building 2125 Rayburn House Office Building Washington, D.C. 20510 Washington, D.C. 20510 Dear Chairman Pallone and Ranking Member Walden: On behalf of the Consumer Bankers Association (CBA) I write to share our...July 9, 2019On Tuesday, July 9, 2019, the CFPB settled its lawsuit against Freedom Debt Relief, LLC , the nation’s largest debt-settlement services provider. The Bureau’s lawsuit alleged that Freedom Debt Relief violated the Telemarketing Sales Rule by charging advance fees and failing to inform consumers of their rights to funds they deposited with the company. The Bureau also alleged that Freedom Debt...May 17, 2019On Friday, May 17, 2019, the CFPB issued a press release regarding filing a lawsuit in the federal district court in the Eastern District of New York against Forster & Garbus, LLP, a New York debt-collection law firm. The Bureau’s complaint alleges that Forster & Garbus violated the Fair Debt Collection Practices Act by representing to consumers that attorneys were meaningfully involved...May 17, 2019On Friday, May 17, 2019, the CFPB issued a press release regarding filing a lawsuit in the federal district court in the Eastern District of New York against Forster & Garbus, LLP, a New York debt-collection law firm. The Bureau’s complaint alleges that Forster & Garbus violated the Fair Debt Collection Practices Act by representing to consumers that attorneys were meaningfully involved...September 21, 2018D.C. DOWNLOAD Hurricane Florence Efforts: Banks are stepping up once again to help those impacted by natural disasters. Bank of America, Wells Fargo, Fifth Third, JPMorgan Chase, Bank OZK and Regions are among the many CBA members lending a hand and offering monetary support. CBA Default Management Committee (DMC) & Auto Finance Committee In-Person Meetings: This week, CBA HQ hosted the first...