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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.
- September 25, 2017September 22, 2017 VIA Electronic Submission Ms. Marlene H. Dortch, Secretary Federal Communications Commission 44 12 th Street SW Washington, D.C., 20554 Re: Reply Comments on Second Notice of Inquiry Regarding Advanced Methods to Target and Eliminate Unlawful Robocalls, CG Docket No. 17-59. Dear Ms. Dortch, The Consumer Bankers Association (“CBA”)  appreciates the opportunity to respond to...
- September 18, 2017On Monday, September 18, 2017, the CFPB took action against the National Collegiate Student Loan Trusts and their debt collector, Transworld Systems, Inc., for alleged illegal student loan debt collection lawsuits. The companies sued consumers for private student loan debt the companies could not prove was owed, or debt too old to litigate. The lawsuits allegedly relied on the filing of false or...August 16, 2017The CFPB released two report this week outlining challenges with student loan repayment and repayment programs. The first report, entitled “ CFPB Data Point: Student Loan Repayment ,” found nearly half of student loan borrowers leave school owing at least $20,000 – double the share of borrowers a decade ago. The Bureau also found more borrowers are taking out student loans later in life, and...August 4, 2017August 4, 2017 By electronic delivery to: www.regulations.gov Darrin King Paperwork Reduction Act Officer Consumer Financial Protection Bureau 1275 First Street, N.E. Washington, D.C. 20002 RE: Information Collection Activities: Common Request [Docket No: CFPB-2017-0013] Dear Mr. King: The Consumer Bankers Association (“CBA”)  appreciates the opportunity to respond to the Consumer Financial...June 22, 2017On Thursday, June 22, 2017, the CFPB held an event in Raleigh, N.C. outlining its work with student loan debt, specifically public student loan forgiveness programs. The CFPB released a report spotlighting complaints from borrowers about student loan servicers mishandling public student loan forgiveness programs. The report indicated servicers delayed or denied access to loan forgiveness through...June 12, 2017On Monday, June 12, 2017, the Supreme Court issued its decision in Henson v. Santander . In a unanimous decision written by Justice Neil Gorsuch, the Court unanimously affirmed the Fourth Circuit decision, the result CBA’s joint-trade amicus brief urged. In particular, the Court held a company may collect debts it purchased for its own account, as Santander did, without triggering the statutory...June 8, 2017On Thursday, June 8, 2017, CBA and the Financial Services Roundtable submitted a joint comment letter in response the CFPB’s request for information on the state of the consumer credit market. The CFPB is required under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) of 2009 to conduct a review of this market on a biennial basis. In our letter, the Associations...April 27, 2017On Thursday, April 27, 2017, the CFPB took action against four online lenders – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – for allegedly deceiving consumers by collecting debt not legally owed. In a suit filed in federal court, the CFPB alleged the four lenders could not legally collect on these debts because the...April 26, 2017On Wednesday, April 26, 2017, the CFPB announced it had entered into a consent order with Security National Automotive Acceptance Company (SNAAC), which had been subject to a previous Bureau enforcement action. In the first order, the Bureau alleged the company engaged in deceptive collection practices against servicemember borrowers who had obtained loans to purchase used vehicles. These...April 17, 2017On Tuesday, April 17, 2017, the CFPB filed a lawsuit in a federal district court against debt collection firm Weltman, Weinberg & Reis. The Bureau claims the firm sent collection letters to consumers suggesting attorneys were involved in collecting the debt. The law firm allegedly made statements on collection calls and sent collection letters creating the false impression that attorneys had...