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Posts published in “Compliance Management”

CFPB Issues Taskforce Report on How to Improve Consumer Protection in the Financial Marketplace

Last week the Consumer Financial Protection Bureau released its report from the Taskforce on Federal Consumer Financial Law. It is just shy of 900 pages and includes some 100 recommendations that, if implemented, would broaden the CFPB’s regulatory oversight powers.

6th Circuit Rejects ‘Benign Language’ Exception in FDCPA Envelope Disclosure Claim

The U.S. Court of Appeals for the Sixth Circuit recently held that the plain language of 15 U.S.C. 1692f(8), a provision of the Fair Debt Collection Practices Act (FDCPA) regulating what may be shown on an envelope when a debt collector communicates with a consumer by mail, does not include a “benign language” exception.

Four Cases Are Trying to Disrupt the Debt Buying Industry, What You Can Do to Protect Your Company

Managing against unforeseen risks can be a difficult task. But sometimes you can get a hint of potential trouble ahead. In the past few months there have been at least four cases that could cause substantial disruption to debt buyers, creditors and their service providers alike. Here they are:

Leading Subprime Auto Finance Company Settles With CFPB for Violations of the Fair Credit Reporting Act

The Consumer Financial Protection Bureau recently announced a consent order against a subprime automobile finance company for violations of the Fair Credit Reporting Act resulting from systemic errors in data furnished to credit reporting agencies between January 2016 and August 2019.

2020 In Review: Federal and State Activity in Consumer Debt Collection Regulation

During what was an extraordinary and difficult year, there was an abundance of activity at the state and federal levels and a good deal of it was driven by the present COVID-19 pandemic. Here is my take on some of the most significant regulatory activities from the past year in consumer debt collection that will continue to impact both consumers and creditors in the years to come.

Debt Collection Communications Receive New Protection Under U.S. Supreme Court’s Recent TCPA Decision

The U.S. Supreme Court recently decided that a fix was needed to the federal Telephone Consumer Protection Act. But its decision in Barr v. American Assn. of Political Consultants, Inc. provides no TCPA relief for legitimate businesses that use technology to communicate with their customers.