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CFPB outlines auto finance plans

While the Consumer Financial Protection Bureau focused supervisory and enforcement activity last year on mortgage lending, small business lending and student loan servicing, it hasn’t forgotten about the auto finance industry, according to the agency’s 2018 Fair Lending Report to Congress. In fact, several of the hot-topic issues the bureau has highlighted will have implications […]

Comments pour in on CFPB’s debt collection proposal

With 41 days left to submit feedback on the Consumer Financial Protection Bureau’s proposed amendments to the Fair Debt Collection Practices Act, more than 1,100 comments already have been filed. Of those comments, 469 were sent today. Many of the consumer comments claim that the number of contact attempts is too high and that allowing texts and emails […]

CFPB Innovation ‘Sandbox’ Likely to Fuel State AG Enforcement

SAN DIEGO — Companies that participate in the Consumer Financial Protection Bureau’s proposed innovation-focused “sandbox” rules to spur innovation may be penalized by state attorneys general, lawyers said at the Auto Finance Innovation Summit last week. The CFPB released proposals earlier this year meant to encourage innovation in the consumer financial services space by allowing […]

Initial Comments on Debt Collection Proposal Trickle In

The Consumer Financial Protection Bureau’s recently proposed amendments to the Fair Debt Collection Practices Act has earned rebuke from the public, just three days into the proposal’s comment period. The bureau’s proposal to amend the regulation that implements the FDCPA primarily focuses on debt collection communications and disclosures in light of "newer communication technologies” such as mobile phones, […]

Proposed Changes to Collection Practices Could Affect First-Party Creditors

The Consumer Finance Protection Bureau has issued a Notice of Proposed Rulemaking (NPRM) to the Fair Debt Collection Practices Act (FDCPA) and, while the proposal is geared toward third-party collectors, first-party creditors will need to make changes as well, Stefanie Jackman, a partner at Ballard Spahr, told Powersports Finance. “Some of the proposals, if enacted as […]

CFPB Move to Cap Collection Calls Sparks Controversy Between Agencies, Advocates

PHILADELPHIA — The Consumer Financial Protection Bureau’s proposed rule change to the Fair Debt Collection Practices Act, which would limit the number of times debt collectors can call consumers, “will likely force creditors to turn to [increased] litigation or credit reporting,” ACA International Chief Executive Mark Neeb said at the agency’s first town hall meeting […]

Industry Pushes Back on CFPB Proposal for ‘Time-Barred Debt’

PHILADELPHIA — The Consumer Financial Protection Bureau’s proposed rule related to lawsuits on "time-barred debts" — those no longer legally collectible under the Fair Debt Collection Practices Act — came under fire from consumer advocates and debt collection agencies at a town hall on May 7. The proposed CFPB rule would bar a debt collector from […]

Collectors, Consumer Advocates Face Off on Debt Collection Rules at Town Hall Meeting

PHILADELPHIA — Subject matter experts representing debt collection agencies and consumer advocacy groups had split reactions on changes to the Fair Debt Collection Practices Act proposed by the Consumer Financial Protection Bureau on May 7. “Back [in 1977], phone booths were on almost every corner, and the ubiquity of cell phones was not even imaginable,” CFPB […]
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