The final rule outlines the steps collectors must take to inform borrowers about an existing debt and prohibits vendors from bringing legal action over time-barred claims. But neither industry nor consumer groups are happy.
The changes under the final debt collection rule, such as call frequency limitations, will impact the operation of certain mortgage servicers who are now deemed FDCPA debt collectors.
Debt collectors will finally be allowed to use modern communication technology (emails and text messages) in tracking down late payors. Consumers can opt out if they want.
Townstone Financial seeks to dismiss redlining lawsuit; CFPB settles with debt collectors and auto lenders; the bureau will hold a virtual town hall to discuss managing and protecting finances during difficult times.
Under Operation Corrupt Collector, the CFPB in September filed a lawsuit against five debt-collection companies for engaging in threatening and abusive practices.
California’s plan to create a state-level CFPB back on the table; NCLC calls for prohibition of collection of all time-barred debts; Mr. Cooper nears settlement with the CFPB.
An updated budget proposal does not scale back the funding needed to create a state-level CFPB despite an anticipated drop in revenue due to the coronavirus pandemic.
A district court in Delaware denied a motion for the entry of a consent judgment because the law firm that signed the settlement lacked authority from the defendants.
The CFPB recently issued guidance to provide flexibility to credit card issuers in resolving billing disputes with small businesses impacted by the coronavirus pandemic.
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