Debt Collection

CBA responded to the CFPB’s Advanced Notice of Proposed Rulemaking (ANPR) on debt collections. In its notice, the Bureau cites it is the first agency with the authority to issue substantive rules under the Fair Debt Collection Practices Act (FDCPA), a law governing the practices of third-party collectors and debt buyers. The Bureau may address first-party debt collection activities under its unfair, deceptive and abusive practices (UDAAP) authority. The ANPR is the Bureau’s initial step towards issuing new rules regulating the relationship between creditors, third-party debt collectors and consumers.
  • October 4, 2013
    CFPB Releases Second Annual CARD Act Report On Wednesday, October 2, 2013, the CFPB issued a report on the effects the Credit Card Accountability Responsibility and Disclosure (CARD) Act has had on the consumer credit card market. The report details how the Act has reduced penalty fees and made the cost of credit cards clearer to consumers. The report found the total cost of credit declined by...
  • July 19, 2013
    Director Cordray Confirmed by the Senate On Tuesday, July 16, 2013, the U.S. Senate confirmed Richard Cordray as Director of the CFPB, 66-34, as part of a compromise between Senate Democrats and Republicans that prevented a change in the Senate rules known as the ‘nuclear option.’ It is expected this will make the Noel Canning case moot. CBA issued the following statement upon Director Cordray’s...
  • July 12, 2013
    Senate Rules Change Could Help Cordray be Confirmed Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY) continued a heavy debate this week over the so-called “nuclear option.” Current Senate rules allow for Executive Branch nominees to be filibustered, forcing a 60 vote majority from the Senate for a confirmation. Traditionally, the Senate requires 67 votes...
  • June 7, 2013
    CFPB Expands Online Complaint Database On Friday, May 31, 2013, the CFPB announced the addition of credit reporting and money transfer complaints to its online database. The CFPB began accepting credit complaints in October 2012, and has added more than 6,000 of these to the database. The Bureau began accepting complaints for money transfers in April 2013. Additionally, all types of complaints...
  • May 10, 2013
    CFPB Student Debt Report On Wednesday, May 8, 2013, the CFPB issued a report on “Student Loan Affordability: Analysis of Public Input on Impact and Solutions.” The report summarized input from the public about the challenges student loan debt presents and the wide-ranging impact it has on the financial lives of consumers including housing, small business development, retirement savings and rural...
  • March 22, 2013
    Cordray Nomination Moves to Full Senate On Tuesday, March 19, 2013, the Senate Banking Committee advanced President Obama’s nominees for the CFPB and the SEC. As expected, current CFPB Director Richard Cordray - who was recessed appointed by the President in January 2012 - was approved by a party line vote of 12 to 10. These nominations will now go to the full Senate for consideration...
  • March 7, 2013
    Dear Director: On December 31, 2012 the Department of Education published a notice of information collection activities associated with Preferred Lender Arrangements (Part 601). The regulations require covered educational institutions to provide a variety of new loan disclosures on private student loans. In the notice, the Department noted it is submitting the Private Education Loan Applicant...
  • February 22, 2013
    CFPB Consumer Advisory Board Meeting On Wednesday, February 20, 2013, the CFPB held a public meeting of the Consumer Advisory Board (CAB). The CAB is mandated by Section 1014 of the Dodd-Frank Act to advise and consult with the Bureau in the exercise of its function, and is required to meet at least twice a year. A list of the members can be found on the CFPB website . Though most of the business...

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