Security Group, Inc. and several of its wholly owned subsidiaries entered into a consent order with the Consumer Financial Protection Bureau (CFPB) in which it agreed to injunctive relief and to pay a $5 million penalty. Security Group is a financial services company that originates, purchases, services, and collects on short-term secured and unsecured loans.
CFPB Solicits Comments for its 2017 Credit Card Market Report
On Friday, the Consumer Financial Protection Bureau (CFPB) published a request for information about the credit card market. The CFPB uses responses to those requests, in conjunction with other data and research, to publish the biennial consumer Credit Card Market Report required by the Credit Card Accountability Responsibility and Disclosure Act (CARD). The CFPB issued
Filing a Collection Suit? The Statute of Limitations for the Forum State May Not Be the Correct Limitations Period
Debt collectors filing suit often assume that the forum state’s statute of limitations will apply. However, a string of recent cases suggests that may not always be the case. The Ohio Supreme Court recently determined that, by virtue of Ohio’s borrowing statute, the statute of limitations for the place where the customer submits payments or
Creditors and Debt Collectors Should Pay Close Attention to the CFPB’s Consent Order with Navy Federal Credit Union
The Consumer Financial Protection Bureau (CFPB) announced a consent order with Navy Federal Credit Union (Navy Federal) on October 11, 2016. While financial institutions should always analyze CFPB consent orders closely and carefully scrutinize their relevant practices in light of the consent order, first-party creditors, debt collectors, and any financial institution that electronically restricts access
CFPB’s Meeting with Community Bank Advisory Council Provides Insights into Upcoming Debt Collection Rules
Last week , the Consumer Financial Protection Bureau (CFPB) met with the Community Bank Advisory Council (CBAC) to discuss the CFPB’s July 28, 2016, outline of the proposed debt collection rules (Outline) intended to “drastically overhaul the debt collection market.” The meeting was available online through the CFPB’s website.
The CBAC did not
CFPB Director Cordray Emphasizes Major Changes Coming to the Debt Collection Marketplace; Bradley Analysis Coming Soon
As noted previously, the Consumer Financial Protection Bureau (CFPB) published an outline on July 28, 2016, of proposed debt collection rules intended to “drastically overhaul the debt collection market.” Earlier this week, CFPB Director Richard Cordray, in prepared remarks to the National Association of Federal Credit Unions, highlighted the Bureau’s efforts to overhaul the debt
CFPB Takes Next Step Toward Issuing Debt Collection Rules
The Consumer Financial Protection Bureau (CFPB) published an outline on July 28, 2016, of proposed debt collection rules intended to “drastically overhaul the debt collection market.” Pursuant to the Small Business Regulatory Enforcement Fairness Act (SBREFA) consultation process, the CFPB convened a SBREFA panel that met with small entity representatives (SERs) concerning the debt collection
Debt-Collection Proposals: CFPB Releases Outline of Proposals for Debt Collectors
The Consumer Financial Protection Bureau (CFPB) issued its long-awaited proposals for addressing its concerns in the debt collection industry yesterday. CFPB Director Richard Cordray acknowledged that the entity’s proposals would serve to “drastically overhaul the debt collection market.” The proposals are not binding, and the CFPB will almost certainly make significant edits and adjustments prior
Mortgage Servicers Can Submit Proof of Standing after Filing Complaint, Says Ohio Supreme Court
In Wells Fargo Bank, N.A. v. Horn, the Ohio Supreme Court held “that the plaintiff in a foreclosure action must have standing at the time it files its complaint. But…the plaintiff [is not required to] submit proof of standing at that time.” By issuing this opinion, the Horn court overturned an appellate court ruling