Debt Collection

CFPB finalizes disclosure requirements for debt collectors


The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.


What debt collectors can and can't do under CFPB rule


The agency’s final rule modernizing the Fair Debt Collection Practice Act limits calls to seven per week, but collectors won stronger protections from liability claims and other key changes to the original proposal.


Barrett could cement court’s restrictive view of debt collection cases


A 2019 decision by Amy Coney Barrett, then a 7th Circuit judge, cited an earlier Supreme Court ruling suggesting a high bar for plaintiffs to claim harm. But other jurists have favored a less onerous standard.


‘Enigmatic’ CFPB chief could drop more surprises in a second Trump term


Kathy Kraninger’s job status would be in question if Joe Biden wins the White House. If the president is reelected, she may continue balancing a deregulatory agenda with her unexpectedly tough stance on enforcement.


CFPB announces nationwide crackdown on abusive debt collectors


Through Operation Corrupt Collector, the bureau is coordinating with over 50 other state and federal agencies to target firms for wrongdoing and inform consumers of their rights


CFPB gets tough with debt collectors as it readies rule


The financial industry has praised the measured approach taken in a pending regulation on permitted communications with consumers. But two recent complaints by the bureau against debt collectors reflect a potentially aggressive enforcement stance.


Banks, consumer groups both got what they wanted in ‘mini-CFPB’ bill


The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.


Why sluggish mail delivery matters to banks


Late fees on loan payments and late-arriving documents tied to forbearance and loan forgiveness are just some examples of how delays caused by cutbacks at the U.S. Postal Service could affect lenders and their customers.


Student Loan Relief Update


Student loan relief provisions required by the CARES Act expire on September 30. Those protections included 1) for all federal direct loans: zero interest and automatic payment forbearance, 2) credit towards IDR and PSLF forgiveness for the 6 months covered by the Act, and importantly, 3) suspension of wage garnishments and other collections on defaulted loans.


Google checking accounts, debt collection tech, PPP loan sell-off: Top stories of the week


Why banks want in on Google checking accounts; readying new tech tools to tackle anticipated rise in delinquencies; more institutions opt to sell PPP loans as heavy lifting nears; and more from this week’s most-read stories.