This month, the Consumer Financial Protection Bureau (“CFPB”) is actively finalizing a policy that will allow consumers to voice their opinions on financial companies, and the products they offer — consumer complaints can be made publicly or maintained privately. Specifically, the CFPB’s policy will allow consumers, when submitting a complaint to the CFPB, to choose
Third Circuit Finds That If the Settlement Does Not Fit, You Must … Revisit
On February 24, the United States Court of Appeals for the Third Circuit addressed, for the second time, an appeal arising out of the Delaware Chapter 11 bankruptcy of SCH Corp., American Corrective Counseling Services, Inc., and ACCS Corp (collectively referred to here as “the Debtors”). (The U.S. Bankruptcy Court for the District of Delaware
FTC Shows Texas-based Debt Collector ‘the Horns’ by Filing Suit Alleging Illegal Collection Tactics
On January 20, 2015, the Department of Justice, on the Federal Trade Commission’s behalf, filed a complaint against Commercial Recovery Systems, Inc. (CRS), a Texas-based debt collector, including its current and former principals, for allegedly using illegal tactics, such as threatening consumers with false claims of lawsuits and potential garnishments, in the United States District
Colorado Attorney General’s Office Continues to Focus on In-State Consumer Protection
The Colorado Attorney General’s Office, in a recent press release, warned its in-state consumers of a “debt-collection” scam whereby imposters pose as law enforcement officials or government agencies. This warning was triggered by a sharp increase in the number of reports to the AG’s Office of threatening telephone calls and emails as part of
FTC Creates Graphic Novel to Educate Spanish-Speaking Consumers on Debt Collection
As part of the Federal Trade Commission’s ongoing initiative to promote consumer education and protection in the Latino community through its fotonovelas series, it recently announced the creation of a new Spanish-language graphic novel. As the third and most recent installment of the FTC’s fotonovelas series, the graphic novel titled “Cobradodres de Dueda”,
Colorado’s Attorney General is Busy Making Things “Rocky” for Certain Foreclosure Law Firms
As part of a recent investigation and clean-up of that state’s foreclosure industry, Colorado’s Attorney General John Suthers has filed two more lawsuits against in-state foreclosure law firms, alleging fraud and violations of state consumer protection laws. These lawsuits close out a busy 2014, in which other similar civil lawsuits were filed by Colorado’s AG,
CFPB Issues Warning to Consumers and Springs Into Action Against Student Debt Relief Scams
On December 11, the Consumer Financial Protection Bureau issued an advisory warning to consumers about student loan debt relief companies. While the CFPB warns all student borrowers, in distress or otherwise, to steer clear of companies with aggressive marketing tactics that make promises that they can save student borrowers thousands of dollars on student loan
CFPB Delays Proposed Rulemakings on Overdraft, Payday Lending, and Debt Collection Until 2015
On November 25, the Consumer Financial Protection Bureau announced that it plans to push back three key rulemakings until next year. These rulemakings center on overdraft protection, payday lending, and debt collection. The agenda released by the CFPB stated that it would issue proposals on these issues in the first seven months of 2015. This
Maine’s Attorney General Issues Warning to Residents Regarding Calls from “Scammers”
On November 14, Maine’s Attorney General Janet T. Mills issued a warning to the state’s residents regarding calls from “scammers” demanding immediate payment on supposed debts. Mills’ warning stemmed from many recent reports to her office of aggressive calls from “scammers” attempting to get consumers to make payments by wire transfer or pre-paid debit card.
CFPB Report: One-Third of Older Consumers’ Complaints Are About Debt Collection
On November 5, the Consumer Financial Protection Bureau issued a report detailing debt collection complaint statics received from older consumers between July 2013 and September 2014.
From a broader perspective, the CFPB reports that since September 2013, consumers of all ages have filed more complaints with the CFPB about debt collection than about any other