Debt Collectors Consumer Financial Protection Bureau

News & Analysis as of

CFPB Supervisory Highlights

The Consumer Financial Protection Bureau (CFPB) recently released its ninth supervisory highlights report, which includes new findings from its supervisory program from May – August 2015. Overall, the report focuses on...more

FTC Unveils Nationwide Debt-Collection Enforcement Action

The Federal Trade Commission (FTC) on Wednesday announced that it would launch its first-ever coordinated, nationwide law enforcement effort targeting abusive and deceptive debt-collection practices. The initiative is known...more

Newly Announced FTC "Operation Collection Protection" Targets Debt Collectors

The Federal Trade Commission (FTC) announced today a major law enforcement initiative targeting deceptive and abusive debt collection practices. "Operation Collection Protection" is a nationwide initiative that the FTC is...more

Dodd-Frank News: November 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

CFPB Sanctions Midland Funding – What it Means for your Arizona Debt Collection Case

Recently I wrote about the Consumer Financial Protection Bureau (“CFPB”) sanctioning Midland Funding and its sister companies Midland Credit Management, Asset Acceptance, and parent company Encore Capital. After a thorough...more

CFPB Orders Auto Finance Company to Pay Over Three Million for Alleged Unfair Debt Collection Practices

On October 28, the CFPB filed an administrative order against an Ohio-based auto lender specializing in extending credit to servicemembers. The CFPB alleged that the company violated the CFPA by engaging in unfair, abusive,...more

CFPB Releases Monthly Complaint Report for September

On October 27, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends in consumer complaints. This Monthly Complaint Report also...more

CFPB highlights credit card complaints in fourth monthly complaint report

The CFPB has issued its October 2015 complaint report, the fourth in its new series of monthly complaint reports. The new report highlights credit card complaints and complaints from consumers in the Chicago, Illinois metro...more

CFPB urged to consider “unintended consequences” of debt collection regulations

A new article by Todd Zywicki for the Mercatus Center at George Mason University urges the CFPB to consider the “unintended consequences” of new debt collection regulations and conduct a careful cost-benefit analysis before...more

Georgia Court Sheds Light on CFPB’s Power to Sue Companies that ‘Recklessly Provide Substantial Assistance’

On September 1, 2015, the Consumer Financial Protection Bureau (“CFPB”) won an important decision in which a federal court, for the first time, interpreted the meaning of “recklessly provid[ing] substantial assistance” under...more

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

In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

CFPB Orders Indirect Auto Finance and Title Loan Companies to Pay $48.35 Million in Redress and Penalties For Abusive Debt...

The CFPB has entered into a consent order with Westlake Services, LLC, an indirect auto finance company, and its wholly owned subsidiary, Wilshire Consumer Credit, LLC, for alleged deceptive debt collection practices. The...more

CFPB Takes Action Against Second Indirect Auto Finance Company in Three Days

On October 1, 2015, the Consumer Financial Protection Bureau (CFPB) announced its second enforcement action in three days against an indirect auto finance company. In its latest action, the CFPB took aim at indirect auto...more

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

CFPB Issues Consent Orders Regarding Debt Collection Practices

On September 9, the CFPB ordered the two largest U.S. debt buyers and collectors to pay a combined total of nearly $80 million in civil penalties and consumer restitution related to their debt collection practices. The CFPB...more

CFPB Cracks Down on Major Debt Collection Companies for Due Diligence and Deceptive Practices Infractions

Last week the Consumer Finance Protection Bureau (CFPB) took action against the nation's two largest debt collection companies for lack of due diligence when buying portfolios of debt, and deceptive practices in collecting on...more

Atlanta federal district court interprets CFPA standard for “substantial assistance” liability

Earlier this year, the CFPB filed a complaint in Atlanta federal district court targeting an alleged debt collection scam in which not only were the debt collectors named as defendants (Debt Collectors) but three companies...more

In Win for CFPB, Federal Court Clarifies Scope of “Substantial Assistance” and “Service Provider” Provisions of Dodd-Frank Act

In the first court decision to opine on the “service provider” and “substantial assistance” provisions of the Dodd-Frank Act, a federal district court in Georgia denied a motion to dismiss brought by payments processors who...more

Can You be Regulated by the CFPB?

The Consumer Financial Protection Bureau, or CFPB, was created to enforce various consumer finance laws like the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Home Mortgage...more

CFPB Wins MTD, But Loses on Scienter Standard for Aiding-and-Abetting Claims

A federal judge has rejected the CFPB’s argument that the CFPA should incorporate a lower standard for “recklessness” than that to secondary liability under the Securities and Exchange Act of 1934 (“SEC Act”). On September 1,...more

FTC Dallas debt collection program draws a crowd

The FTC has announced that it is moving its second “Debt Collection Dialogue,” scheduled to be held in Dallas, Texas on September 29, 2015, to a larger venue. The FTC is moving to the larger venue because the number of...more

CFPB files amicus brief in FDCPA case applying “meaningful attorney involvement” standard to debt collection litigation

The CFPB, jointly with the FTC, has filed an amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP, the case in which the district court ruled that a debt collection law firm...more

CFPB to participate in Dallas FTC debt collection program

The CFPB will be participating in the FTC’s second “Debt Collection Dialogue” to be held in Dallas, Texas on September 29, 2015. Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be a...more

CFPB sends debt collection questionnaire

The CFPB has sent a questionnaire which, according to the CFPB’s accompanying cover letter, is intended to help the CFPB “better understand operational costs and other factors associated with debt collection.” The cover...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

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