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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.
- February 23, 2016On Tuesday, February 23, 2016, the CFPB issued two consent orders against Citibank, settling allegations the bank engaged in illegal debt collection and debt sales practices. In the first action , the Bureau alleges Citibank violated Dodd-Frank’s ban on unfair, deceptive or abusive acts or practices when it sold consumer credit card debt to debt buyers with “inflated interest rates” and failed to...January 28, 2016On Thursday, January 28, 2016 the CFPB released the latest edition of its Monthly Complaint Report , which focused on complaints in the New York Metro area, as well as those falling into the “other financial services” category. Below are notable takeaways: For three months in a row, the top three “Most Complained about Companies” are credit bureaus, not banks. Prepaid complaints showed the...January 22, 2016On Friday, January 22, 2016, in anticipation of severe winter storms, the OCC issued a statement authorizing national banks and other federal savings associations in potentially impacted areas to close, but cautioned them on their responsibility to consumers. The agency reminded banks of their obligations to aid financial institutions and consumers affected by the storm, and recognized the...December 28, 2015On Monday, December 28, 2015, the CFPB filed a proposed consent order in federal court to settle its enforcement case against Frederick J. Hanna & Associates, a Georgia-based debt collection law firm. If agreed to by the court, this would close a contentious case where the defendant argued the Bureau lacks the authority to regulate the litigation activities of lawyers. In its July 2014...December 18, 2015CFPB Takes Action against Auto Dealer On Thursday, December 17, 2016, the CFPB announced action against CarHop, one of the country's biggest "buy-here, pay-here" auto dealers, and its affiliated financing company, Universal Acceptance Corporation, for allegedly providing damaging, inaccurate consumer information to credit reporting companies. The parties also allegedly failed to provide accurate...December 11, 2015CFPB Brings Enforcement Action against Debt Collector On Monday, December 7, 2015, the CFPB filed a civil complaint in federal court against EOS CCA, a Massachusetts-based debt buying and collection firm. The Bureau alleges EOS violated the Fair Debt Collection Practices Act and Dodd-Frank's ban on unfair, deceptive or abusive acts and practices when it collected on cellphone debt purchased from...December 4, 2015Bureau Releases CARD Act Report On Thursday, December 3, 2015, the CFPB released its biyearly report on the effects of Credit Card, Accountability, Responsibility and Disclosure (CARD) Act on consumer credit. Signed into law in May of 2009, the Bureau assumed authority for the Act in July 2011. The law directs the CFPB to regularly review the credit card market and the impact of the law's rules...November 20, 2015CFPB Releases Updates to Rulemaking Agenda On Friday, November 20, 2015, the CFPB released its semiannual rulemaking agenda as part of the federal government's Unified Agenda of Regulatory and Deregulatory Actions. Part of the CFPB's mandate from Congress is to make rules governing consumer finance markets more effective and to create new rules when warranted. The agenda includes rulemaking...November 6, 2015CBA Comments on CFPB Overdraft Survey On Tuesday, November 3, 2015, CBA filed a comment letter in response to the CFPB's request to the Office of Management and Budget to conduct a survey as part of its study of overdraft protection services. On September 9, 2015, the CFPB published a notice in the Federal Register seeking approval for a web-based consumer survey on overdraft services. This first...October 2, 2015Director Cordray Testifies Before House Financial Services Committee On Tuesday, September 29, 2015, CFPB Director Richard Cordray appeared before the House Financial Services Committee to offer the Semi-Annual Report of the Bureau of Consumer Financial Protection. In his testimony , he noted the recent growth in the mortgage market as well as in other consumer credit markets. He also touted the...