CFPB, Federal Agencies, State Agencies, and Attorneys General
A Georgia federal district court has entered a temporary restraining order against a Georgia-based debt collection operation in response to a complaint filed by the Federal Trade Commission.
According to the complaint, the debt collection operation engaged in a variety of illegal debt collection practices, including:
…
The CFPB announced last week that it has entered into a settlement of the lawsuit it filed in September 2020 against Encore Capital Group, Inc., Midland Funding, LLC, Midland Credit Management, Inc., and Asset Acceptance Capital Corp. alleging that the defendants engaged in various unlawful practices in violation of the FDCPA, the CFPA, and a…
On September 29, the CFPB, in partnership with the FTC and numerous federal and state law enforcement agencies, announced a nationwide effort addressing “phantom debt collection” and abusive and threatening debt collection practices. The initiative has been titled “Operation Corrupt Collector.”
Phantom debt collection (also known as fake debt collection) covers a range of practices, …
The enforcement grace period for the New York City Department of Consumer Affairs’ (“DCA”) new debt collection rules, ends today, October 1st.
Among the provisions of the new debt collection rules is the requirement for entities engaged in debt collection procedures to include a link to the DCA’s glossary and translations of…
Earlier this month, the California legislature passed three bills that will significantly impact consumer financial service providers in the state. AB-1864 creates the Department of Financial Protection and Innovation (DFPI), widely named a “mini-CFPB” because of its broad jurisdiction and sweeping new authorities that closely resemble those of the CFPB. The two other major bills…
The New York Department of Financial Services (DFS) announced on September 16 that it has filed a Statement of Charges against debt collector Forster & Garbus LLP (Forster) for alleged violations of the state’s Debt Collection Regulation, Part 1 of Title 23 of the New York Codes, Rules, and Regulations, promulgated in 2015. The alleged…
Almost five years after entering into an administrative consent order with Encore Capital Group, Inc., Midland Funding, LLC, Midland Credit Management, Inc., and Asset Acceptance Capital Corp. (collectively, “Defendants”) to resolve claims relating to the Defendants’ debt collection practices, the CFPB, on September 8, 2020, filed a five count complaint (the “Complaint”) in…
Last week the CFPB and New York Attorney General filed a lawsuit against five debt collection companies and four individuals who own and manage the companies. The complaint alleges the defendants used deceptive, harassing, and otherwise improper methods to induce consumers to make payments to them in violation of the Fair Debt Collection Practices Act…
The CFPB has released the Summer 2020 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of consumer reporting, debt collection, deposits, fair lending, mortgage servicing, and payday lending that were completed between September 2019 and December 2019.
Key findings are described below.
Consumer reporting. CFPB examiners found:…
As part of California’s recent triad of consumer financial services legislation, including AB-1864, which creates the Department of Financial Protection and Innovation and the California Financial Protection Law, and AB-376, which includes a new Student Loan Borrower Bill of Rights. California is also on the cusp of enacting a law requiring licensure of…
