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.
  • September 9, 2015
    The Council of Better Business Bureaus recently released data from 2014 showing that collection agencies are the fifth most complained about financial service by consumers. The BBB’s 2014 Complaint and Inquiry Statistics also show a dramatic decrease in the number of complaints against collection agencies. This number is contrary to data released by the Consumer Financial Protection Bureau, which...
  • August 21, 2015
    CFPB, New York Target Pension-Advance Lenders On August 20, 2015, the CFPB, in conjunction with the New York Department of Financial Services, filed suit against Pension Funding, LLC and Pension Income, LLC and three fund managers for alleged wrongful conduct regarding pension advance loans. Under the Unfair Deceptive Abusive Acts and Practices (UDAAP), and New York's prohibitions against false...
  • August 7, 2015
    Another Constitutionality Challenge Filed Against the CFPB PHH Corporation on Friday, June 26, 2015 filed a Motion for Stay Pending Judicial Review with the D.C. Circuit Court of Appeals (Court) seeking to stay a final action of the CFPB scheduled to take effect on Wednesday, August 5, 2015. On Monday, August 3, 2015, the Court granted PHH's motion, finding the company had "satisfied the...
  • June 19, 2015
    CFPB Issues Mid-Year Update of Student Loan Market On Thursday, June 18, 2015, the CFPB Student Loan Ombudsman issued a Mid-Year Update about complaints received regarding private student loans, and debt collection complaints about federal student loans. The report highlighted lenders policies regarding co-signer release, and found more than 90 percent of consumers who applied for co-signer...
  • May 14, 2015
    May 14, 2015 The Honorable Steve Stivers 1022 Longworth House Office Building United States House of Representatives Washington, DC 20515 The Honorable Denny Heck 425 Cannon House Office Building United States House of Representatives Washington, DC 20515 Dear Congressmen Stivers and Heck, On behalf of the Consumer Bankers Association (CBA), we sincerely appreciate your bi-partisan effort on...
  • April 10, 2015
    Bureau Issues Consent Order for Mortgage Advertisements On Thursday, April 9, 2015, the CFPB entered into a consent order with RMK Financial Corporation, also doing business as Majestic Home Loans, to resolve allegations of deceptive mortgage advertising. As a result of the order, RMK will be prohibited from falsely implying government affiliation in future advertisements and pay $250,000 in...
  • March 20, 2015
    CBA LIVE 2015: The Consumer Agenda – It's Here! T-minus 3 days before you learn all things consumer — their thoughts, their goals, their attitudes, and what speaks to their souls. Sunny Florida awaits the arrival of the largest gathering of retail banking executives this year. CBA LIVE 2015 marks our fifth straight year of record attendance with nearly 1,300 registrants (and counting), 579 of...
  • March 13, 2015
    CBA LIVE Sets New Attendance Record If you are looking to join with retail banking's decision makers and better understand the mind of the consumer, there is no better place than CBA LIVE, now just 10 days away. On Thursday, we surpassed our all-time record with the registration of the 1,212th attendee. Combined with our record number of bankers (575), these registration numbers show CBA LIVE is...
  • March 6, 2015
    CFPB Director Testifies Before House Financial Services Committee On Tuesday, March 3, 2015, CFPB Director Richard Cordray testified before the House Financial Services Committee (HFSC) and provided the Bureau's Semiannual Report to Congress . In his opening statement, Director Cordray summarized the Bureau's activities for the previous six months including highlighting enforcement actions, some...
  • February 18, 2015
    CBA’s President and CEO Richard Hunt issued the following statement after the New York Fed issued its Quarterly Report on Household Debt and Credit for the fourth quarter of 2014. “We agree with the New York Fed – a college degree is a worthy investment. CBA's members are proud to partner with students and their families to achieve this dream. Private student loans play a small but important role...

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