Supreme Court ruling in foreclosure case is a win for lenders
In a unanimous ruling, the court placed new limits on the ability of consumers to sue law firms that handle foreclosures on behalf of mortgage servicers. ... Read full article
News Topic: Debt Collection
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Madden lawsuit nears end, but online lenders still seek fix from regulators
The online lending industry has turned to the courts, Congress and now federal banking agencies in an effort, thus far fruitless, to blunt the impact of a 2015 appeals court ruling. ... Read full article
'What the heck do you think the CFPB was set up for?': Comments of the week
Readers consider Square's bid to become an industrial loan company, weigh the Federal Deposit Insurance Corp.'s oversight of brokered deposits and debate reforms to the Consumer Financial Protection Bureau. ... Read full article
Dear CFPB: Revamp your complaint database
Under the recently appointed Director Kathy Kraninger, the bureau has the opportunity to address numerous problems with its collection and presentation of consumer grievances. ... Read full article
New Paper: Consumer Protection After the Global Financial Crisis
Historian Ed Balleisen and I have just posted a paper of interest to Credit Slips readers who are interested in consumer protection, financial crises, and inputs into post-crisis policymaking more generally. I will let the abstract speak for itself: ... Read full article
CFPB fines payday lender Cash Tyme for overcharging customers
The lender collected at least $21,800 that consumers did not owe and harassed borrowers' personal references, according to a CFPB settlement. ... Read full article
SCRA and the Coast Guard in the Shutdown
The Coast Guard apparently briefly had some advice for furloughed guardsmen that included "Bankruptcy is a last option." The leaped out at me as strange. What about the Servicemembers Civil Relief Act, a special act that provides protection ... Read full article
FDCPA Exclusion for Litigating Attorneys
On the heels of oral arguments in the latest Supreme Court case concerning application of the Fair Debt Collection Practices Act to lawyers, ... Read full article
Building a safety net for when the consumer debt balloon pops
LendStreet is looking to break the circle of debt that often arises when struggling borrowers try to consolidate what they owe. ... Read full article
CFPB once again enters new year with direction TBD
The biggest question is whether new CFPB Director Kathy Kraninger will deviate from the pro-industry policies of her predecessor, or bring continuity. ... Read full article
Advocates want CFPB's Kraninger to set limits on debt collectors
Two groups are asking the agency to restrict collectors to "one live conversation per week" with a borrower and up to three phone attempts per week. ... Read full article
Are banks' collection departments finally ready for a tech overhaul?
In a world where most financial matters can be handled with a few taps on an app, debt collection appears stuck in the last century. ... Read full article
American Bar Association: exempt lawyers from FDCPA
The American Bar Association, at the urging of its debt collection lawyer members, is supporting HR 5082 , which would partly exempt lawyers from the Fair Debt Collection Practices Act. ... Read full article
CFPB fines Tennessee payday lender over claims it misled borrowers
Cash Express LLC allegedly sent customers threats of legal action even though the time for taking legal action had expired. ... Read full article
Three big states account for nearly a third of complaints to CFPB
A detailed breakdown released by the agency shows residents in California, Florida and Texas having submitted the most complaints about a financial institution, but D.C. had the most per-capita complaints. ... Read full article
CFPB settles with group accused of delaying consumers' debt payments
The agency alleges that some customers made payments to the e-commerce group even though their accounts had already been sold to third-party debt buyers. ... Read full article
Trump Administration's Student Loan Policy
Legal industry scores victory over CFPB in debt collection battle
A ruling involving a Cleveland law firm casts doubt on CFPB claims that attorneys misrepresent their role to consumers. ... Read full article
CFPB penalizes payday debt collector but reduces fine
The CFPB said National Credit Adjusters had hired third-party collectors that routinely inflated the amounts that customers owed. ... Read full article
Debt-collection fix aimed at new target: Local government
Consumer advocates are urging local governments and courts to consider a person’s ability to pay before assessing fines and fees for such infractions as unpaid traffic tickets. Such changes could help low-income households avoid bankruptcy — and perhaps ... Read full article