Debt Collection
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.
February 28, 2014Re: Advance Notice of Proposed Rulemaking on Debt Collection Practices; Docket No. CFPB-2013-0033, RIN 3170-AA41 Dear Ms. Jackson: The American Bankers Association, the Consumer Bankers Association, and the Financial Services Roundtable (collectively, the Associations) appreciate the opportunity to comment on the Consumer Financial Protection Bureau’s (Bureau) advance notice of proposed...
November 8, 2013CFPB Issues ANPR on Debt Collection On Tuesday, November 6, 2013, the CFPB released an Advanced Notice of Proposed Rulemaking (ANPR) to gather information about the debt collection system. The ANPR follows a joint Federal Trade Commission-CFPB industry roundtable held in June 2013 and a field hearing in July 2013, where the Bureau first expressed its intent to issue regulations related to debt...
October 18, 2013CFPB Issues Bulletin, Interim Rules to Clarify Mortgage Servicing Requirements On Tuesday, October 15, 2013, the CFPB released a bulletin and interim final rule providing additional guidance on the mortgage servicing rules issued in January. The guidance addresses several issues, such as communications with family members of deceased barrowers, contact with delinquent borrowers, and the treatment...
October 4, 2013CFPB Releases Second Annual CARD Act Report On Wednesday, October 2, 2013, the CFPB issued a report on the effects the Credit Card Accountability Responsibility and Disclosure (CARD) Act has had on the consumer credit card market. The report details how the Act has reduced penalty fees and made the cost of credit cards clearer to consumers. The report found the total cost of credit declined by...
July 19, 2013Director Cordray Confirmed by the Senate On Tuesday, July 16, 2013, the U.S. Senate confirmed Richard Cordray as Director of the CFPB, 66-34, as part of a compromise between Senate Democrats and Republicans that prevented a change in the Senate rules known as the ‘nuclear option.’ It is expected this will make the Noel Canning case moot. CBA issued the following statement upon Director Cordray’s...
July 12, 2013Senate Rules Change Could Help Cordray be Confirmed Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY) continued a heavy debate this week over the so-called “nuclear option.” Current Senate rules allow for Executive Branch nominees to be filibustered, forcing a 60 vote majority from the Senate for a confirmation. Traditionally, the Senate requires 67 votes...
June 7, 2013CFPB Expands Online Complaint Database On Friday, May 31, 2013, the CFPB announced the addition of credit reporting and money transfer complaints to its online database. The CFPB began accepting credit complaints in October 2012, and has added more than 6,000 of these to the database. The Bureau began accepting complaints for money transfers in April 2013. Additionally, all types of complaints...
May 10, 2013CFPB Student Debt Report On Wednesday, May 8, 2013, the CFPB issued a report on “Student Loan Affordability: Analysis of Public Input on Impact and Solutions.” The report summarized input from the public about the challenges student loan debt presents and the wide-ranging impact it has on the financial lives of consumers including housing, small business development, retirement savings and rural...
March 22, 2013Cordray Nomination Moves to Full Senate On Tuesday, March 19, 2013, the Senate Banking Committee advanced President Obama’s nominees for the CFPB and the SEC. As expected, current CFPB Director Richard Cordray - who was recessed appointed by the President in January 2012 - was approved by a party line vote of 12 to 10. These nominations will now go to the full Senate for consideration...
CBA Comments to Dept. of Commerce re: Access to Social Security Public Death Master File