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 […]

• Joey Pizzolato
• May 15, 2019
• Compliance, Operations, Update

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 […]

• Joey Pizzolato
• May 10, 2019
• Compliance, Operations

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 […]

• Joey Pizzolato
• May 9, 2019
• Compliance, Operations

Consumer Advocates Call on Regulators to Clamp Down on Discriminatory Auto Lending

Consumer advocates proposed prohibiting dealer markups and increasing federal oversight to combat alleged discriminatory indirect lending practices, in a U.S. House Committee on Financial Services hearing Wednesday. “Many of the disparities we will discuss here today are only possible because the market for cars — especially car finance for used cars — is opaque and […]

• Bianca Chan
• May 2, 2019
• Compliance, Operations

CFPB Chief Kraninger Appointed Chairman of FFIEC

Kathy Kraninger, director of the Consumer Financial Protection Bureau, was appointed chairman of the Federal Financial Institutions Examination Council last week, according to a company press release. The FFIEC is a formal inter-agency body tasked with prescribing recommendations to promote uniformity in the supervision of financial institutions through uniform principles, standards, and report forms. Its […]

• Joey Pizzolato
• April 9, 2019
• Compliance, Operations

CFPB, OCC, Federal Reserve Prioritize Fintech Regulation in 2019

WASHINGTON, D.C. — Half of the bankers at CBA Live 2019 identified investments in technology as their No. 1 priority for the immediate future. On the heels of that audience response, a panel of regulators urged that innovation and technology is a top priority, as well. One of the top objectives of the Consumer Financial […]

• Nicole Casperson
• April 2, 2019
• Innovation & Mobility, Risk, Technology

California Mini-CFPB Could Spell Trouble for Lenders, Lawyers Say

The creation of a state-level regulatory agency in California similar to the Consumer Financial Protection Bureau would be burdensome for lenders, Quyen Truong, partner at Stroock & Stroock & Lavan LLP, told Auto Finance News, especially considering the Department of Business Oversight is already active in regulating the finance industry. “If a new agency were […]

• Joey Pizzolato
• March 29, 2019
• Compliance, Operations, Strategy

Former CFPB Director Joins Committee to Discuss Regulatory Oversight in California

Former Consumer Financial Protection Bureau Director Richard Cordray joined the California State Assembly Committee on Banking and Finance Wednesday to discuss Trump administration rollbacks of consumer protections. Cordray was joined by Kat Taylor, Beneficial State Bank co-founder and chief executive, along with representatives from three consumer groups. The goal of the hearing, according to a […]

• Joey Pizzolato
• March 28, 2019
• Compliance, Operations, Strategy