Debt Collection

CFPB's Monthly Complaint Report Spotlights Debt Collection Issues, Trends in Credit Card Complaints

On March 28, 2017, the Consumer Financial Protection Bureau (CFPB) released Volume 21 of its Monthly Complaint Report (the “Report”).  The purpose of the Report is, in part, to educate consumers and financial institutions on major consumer issues—which it does by providing a high-level analysis of trends in consumer complaints, focusing on one or two…

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CFPB Issues Consent Order Against Moneytree for Deceptive Practices

On December 16, 2016, the Consumer Financial Protection Bureau (CFPB) and Moneytree, Inc., which offers payday loans and other financial services, entered into a consent order that requires Moneytree to pay approximately $255,000 in restitution to consumers and to pay an additional civil money penalty of $250,000.  The consent order concerns the CFPB’s allegations that…

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CFPB Considering Debt Collection Reform Proposals

*Editor’s Note:  This post originally appeared on our firm site as a client alert. Summary On July 28, the Consumer Financial Protection Bureau (the CFPB) released a summary of proposals it is considering to reform debt collection practices. At the same time, it released a Study of Third Party Debt…

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CFPB Releases 2016 Rulemaking Agenda

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced its Spring 2016 Rulemaking Agenda, setting forth its current initiatives. In its latest installment of the semi-annual update, the Bureau highlighted its recent (or imminent) activity in several high-profile areas, including arbitration and payday lending.  Below are highlights of…

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CFPB Releases Report on Single-Payment Vehicle Title Loans

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued a report analyzing consumer usage and default patterns for certain single-payment vehicle title loans (the “Report”).  Vehicle title loans are loans issued to borrowers by non-depository lenders in exchange for a security interest in their vehicles.  A unique aspect of vehicle…

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Eleventh Circuit Appellate Panel Finds FDCPA Claims Not Preempted by the Bankruptcy Code on Time Barred Debts

In an opinion issued May 24th in two consolidated cases, a federal appellate panel for the Eleventh Circuit could not find an “irreconcilable conflict” between the Bankruptcy Code and the Fair Debt Collections Practices Act (“FDCPA”) as determined by the district court in a putative class action brought by bankruptcy debtors…

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Policy Analysts Propose Merger of Freddie Mac and Fannie Mae

In a March 23, 2016 proposal titled “A More Promising Road to GSE Reform“, several prominent policy commentators recently outlined their suggested plan for reforming the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), which—according to these analysts—are “two enormously important yet flawed institutions”…

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Federal Trade Commission Issues Report to the Consumer Financial Protection Bureau of its Enforcement of the Fair Debt Collection Practices Act

On February 12, 2016, the Federal Trade Commission (FTC) issued a report to the Consumer Financial Protection Bureau regarding its efforts to implement the Fair Debt Collection Practices Act.  The full report can be reviewed here. According to the report, in 2015, the Commission: coordinated the first federal-state-local enforcement initiative targeting deceptive…

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CFPB Issues Monthly Consumer Complaint Report Highlighting Consistent Concerns with Mortgages, Credit Reporting, and Debt Collection Practices

On January 28, 2016, the Consumer Financial Protection Bureau (CFPB) published its monthly consumer complaint snapshot, identifying the most recent trends in consumer complaints about various financial products and services.  CFPB Monthly Complaint Rep., Jan. 2016, at 1.  The report analyzes trends by complaint volume by product, state, and company.  Id. at 3-10….

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Operation Collection Protection Targets Abusive and Deceptive Debt Collectors

Late last year, the Federal Trade Commission (FTC) revealed an ongoing nationwide enforcement initiative targeting debt collectors, called Operation Protection Collection.  The initiative is the first of its kind coordinated crackdown by state and federal enforcers targeting abusive and deceptive debt collection practices.  According to statements by the FTC, the…

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