Debt Collection Consumer Financial Protection Bureau

News & Analysis as of

CFPB Reaches $700 Million Settlement to Resolve Credit Card Ancillary Products Investigation

On July 21, the CFPB announced a nearly $700 million settlement against a leading financial institution and its subsidiaries. According to the consent order, the Bureau alleges that the entities engaged in deceptive...more

CFPB Launches Monthly Complaint Report to Spotlight Consumer Complaint Trends

Last week, the CFPB launched a new series of monthly reports to “highlight key trends from consumer complaints submitted to the Bureau.” The CFPB intends for each monthly report to provide top-level highlights of consumer...more

CFPB launches monthly complaint report

The CFPB has issued a complaint report which it describes as “the first in a new series of monthly reports to highlight key trends from consumer complaints submitted to the Bureau.” In addition to providing overall data on...more

Treasury Request for Public Input on Expanding Access to Credit through Online Marketplace Lending

On July 20, the Department of the Treasury published a Notice and Request for Information (“RFI”) seeking comment on various aspects of online marketplace lending, including – - the business models and products offered...more

Chase Bank Ordered to Stop Collecting on 528,000 Accounts – Pay $50 Million to Consumers

On July 8, 2015 the Consumer Financial Protection Bureau (CFPB) and 47 states took action against Chase Bank for illegal debt collection activities involving the sale of delinquent accounts to third-party junk debt buyers. ...more

CFPB Releases First Monthly Consumer Complaint Report

The CFPB has released its first in a series of new monthly reports on consumer complaints. The CFPB says that the purpose of these reports is to identify trends with respect to volume, product type, and geographic region....more

Lessons From CFPB’s Latest Debt Collection Settlement

On Wednesday, July 8, the Consumer Financial Protection Bureau announced its latest — and largest — settlement of claims of unfair and deceptive debt collection practices. The Office of the Comptroller of the Currency and 47...more

Director Cordray appears before Senate Banking Committee

On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which...more

CFPB, 47 State AGs, and District of Columbia Announce $216 Million Settlement to Resolve Credit Card Debt-Buying Investigation

On July 8, the CFPB along with 47 state attorneys general and DC announced an agreement with a major bank to resolve allegations that it sold faulty credit card “zombie debts” to third-party debt buyers, which included...more

CFPB Shifts Focus to Auto Lending Industry

Auto lenders and servicers be advised: the Consumer Financial Protection Bureau (CFPB) turns its lonely eyes to you. On June 17, 2015, the CFPB brought an action in the Southern District of Ohio against Security National...more

Credit Card Issuer Debt Collection Consent Order: The CFPB’s Latest Rulemaking Through Enforcement Effort

On Wednesday, July 8, the CFPB announced its latest — and largest — settlement of claims of unfair and deceptive debt collection practices. The OCC and 47 State Attorneys General all were part of the overall settlement. The...more

JP Morgan Chase to Pay $216 Million Over Credit Card Debt Sales Practices

This week, JP Morgan Chase & Co. agreed to a settlement with the Consumer Financial Protection Bureau (CFPB), the Office of Comptroller of the Currency, and 47 states to settle probes into its credit card debt collection...more

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

In its Supervisory Highlights recently released, which cover the period from January to April 2015, the Consumer Financial Protection Bureau (“The Bureau”) reported its examination observations in consumer reporting, debt...more

NCLC recommends debt collection regulations to the CFPB

In a new report entitled “Debt Collection Communications: Protecting Consumers in the Digital Age,” the National Consumer Law Center “specifies the regulations the [CFPB] should adopt regarding when, where, how, and how often...more

CFPB Drives Action Against Auto-Finance Company

Putting the brakes on what it viewed as aggressive debt-collection tactics, the Consumer Financial Protection Bureau (CFPB) filed suit in Ohio federal court on June 17, 2015, against Security National Automotive Acceptance...more

Supervisory Haiku-lights, Summer 2015

Break out the short shorts everybody: it’s summer! We know you could use a palate cleanser between the 50 Shades novels and Game of Thrones wikis you’re reading on the beach. Supervisory Haiku-lights to the rescue! The Summer...more

CFPB supervisory report highlights violations in consumer reporting, debt collection, student loan servicing, mortgage origination...

In its Summer 2015 Supervisory Highlights, which covers supervision work generally completed between January and April 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving...more

CFPB update on student loan complaints continues to highlight co-signer release issues

The CFPB has issued a “Mid-year update on student loan complaints” that analyzes the approximately 3,100 private student loan complaints received by the CFPB betweenOctober 1, 2014 and March 31, 2015. The update also analyzes...more

Special Alert: CFPB Finalizes Rule to Oversee Nonbank Auto Lenders

On June 10, the CFPB issued its final rule to oversee “larger participant” nonbank auto finance companies. Although the CFPB received significant feedback during the comment period, the final rule is nearly identical to that...more

“Abusive” Development – Recent Applications of the Prohibition against Abusive Acts and Practices

The enactment of the Dodd-Frank Act in 2010 created the Consumer Financial Protection Bureau (“CFPB”) and, among other things, vested it with broad authority to enforce prohibitions on unfair, deceptive and abusive acts and...more

Financial Services Report, Summer 2015

In This Issue: - Arbitration Report - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report -...more

CFPB to participate in debt collection program with FTC and NY regulators

The CFPB will be participating in a “Debt Collection Dialogue” to be hosted by the FTC and the New York AG on June 15, 2015 in Buffalo, NY. Greg Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to...more

CFPB Spring 2015 Agenda: Significant Rulemaking Actions on the Horizon

Just in time for the holiday weekend, the CFPB released its Spring 2015 rulemaking agenda last Friday. The agenda sets the following timetables: Debt collection. In November 2013, the CFPB issued an Advance Notice of...more

State AG – Credit Bureaus Settlement: What Furnishers Need to Know - More than 30 state attorneys general reached a settlement...

Last week, Ohio Attorney General Mike DeWine issued a press release announcing the results of a multi-state investigation into the three national credit reporting agencies (CRAs) - Equifax Information Services LLC, Experian...more

Trade groups urge CFPB to solicit public comments on arbitration study

Five leading financial services industry trade groups have sent a letter to the CFPB urging it to solicit public comments on the final results of its arbitration study before deciding whether to initiate a rulemaking...more

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