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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.
- May 21, 2020 - 11:00AMPastApril 21, 2020 - 1:00PMPastApril 1, 2020 - 2:00PMPastMarch 31, 2020Recovery and Resilience in Default Management - How banks can weather the storm and prepare for the future As the year began, some economists were bullish on the economy. Yes, there were signs that a recession could be coming: the US-China trade war, Brexit uncertainty, soft spending in Australia due to drought and bushfires, an inverted yield curve in the US bond market last summer. But no one...March 17, 2020 - 2:00PMPastMarch 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...