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Tag Archives: CFPB

Evidence CFPB Actively Investigating Next Generation Debt Settlement

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In what is the first big sign that the CFPB is tackling debt settlement, a tipster (send in your tips here) sent me a copy of a letter from the CFPB to Next Generation Debt Settlement. The letter states the Consumer Financial Protection Bureau issued a Civil Investigative Demand letter on August 3, 2012. The letter asked Next Generation Debt ... Read More »

Obama or Romney: Which One is Better for Debtors

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With the 2012 presidential election coming up and the choice left to either sitting President Barack Obama or Republican nominee Mitt Romney, anyone concerned about their personal finances might want to look at the positions of the two candidates and factor that into their voting strategy. Over the past four years the Democrats, and President Obama have been pushing for ... Read More »

CFPB Appears to Lay Ground Rules to Begin Enforcement in Debt Relief Industry

In a predatory move, the Consumer Financial Protection Bureau (CFPB) has issued a public request for comment over rules that could be used to regulate debt relief industry companies, both for-profit and not-for-profit. The document, “Procedural Rules to Establish Supervisory Authority over Certain Nonbank Covered Persons Based on Risk Determination” has been put out for public comment. Under this proposed ... Read More »

CFPB Sends Clear Message You Will Be Held Responsible for Your Affiliates and Lead Sources

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You absolutely can’t overlook the April 13th announcement from the Consumer Financial Protection Bureau about the liability that extends to any debt relief company by the actions of service providers. The CFPB will hold all appropriate companies accountable when legal violations occur with service providers you contract with. “Consumers are at a real disadvantage because they do not get to ... Read More »

CFPB Rolls Out Beta Version of Cost of College Tool – Cool!

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The Consumer Financial Protection bureau has just announced a beta version of a new tool they’ve been working on to help inform people about the costs of college in order to make better decisions. For a first pass it’s pretty cool. It allows you to enter up to three school names in the tool and then compare the average costs. ... Read More »

CFPB Getting Ready to Set Rules by UDAAP Enforcement Actions

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Ballard Spahr law firm has published an article today that indicates the Consumer Financial Protection Bureau is most likely in the midst of conducting active enforcement actions. Their website (cfpbmonitor.com) is reporting: While the CFPB’s choice of initial enforcement targets will undoubtedly be significant regardless of the kinds of violations the CFPB’s alleges, they will take on even more significance ... Read More »

CFPB Lays Out What It Will Look For as an Abusive or Deceptive Practice

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The Consumer Financial Protection Bureau (CFPB) has released material which lays out how it will investigate and/or identify unfair, deceptive or abusive acts and practices. This has a serious impact on the entire debt relief industry, non-profits included. The rules and regulations, to me, appear to be clear that the underlying issue is if the material and activities by the ... Read More »

Debt Collectors and Credit Bureaus to Report to the Consumer Financial Protection Bureau

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The CFPB has just announced they will be rolling out new proposed rules that will regulate consumer debt collection and consumer reporting markets. Proposed rules would mark the first time these important markets would be subject to federal supervision. “Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to ... Read More »

CFPB Gets an Earful of Good Suggestions About Student Loan Disclosures

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Recently the Consumer Financial Protection Bureau (CFPB) requested feedback from consumers about student loan issues. Advanced results and feedback on the survey are now available. The focus of the CFPB effort is to make information more available to students and potential students so they can make the best and most informed decision possible before falling on the sword for student ... Read More »

CFPB Whistleblower Hotline for Debt Relief Company Tipsters

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The Consumer Financial Protection Bureau recently announced a whistleblower procedure for employees of financial companies and debt relief providers to use to anonymously submit complaints. According to Venable law firm and Jonathan Pompan: The Consumer Financial Protection Act (the “CFPA”), Title X of Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), enacted strong anti-retaliation protections for employees ... Read More »

CFPB Appears to Embrace Debt Workout Arrangements

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The Consumer Financial Protection Bureau has recently released a copy of their new simpler proposed credit card agreements. One point that caught my eye was the use of the term “Workout Arrangement” in conjunction with defaulted debt. The use of this term, rather than specifying credit counseling or some other debt relief channel is very interesting. It mirrors the language ... Read More »

CFPB Releases Credit Card Complaint Report

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The Consumer Financial Protection Bureau (CFPB) released a report today on the first three months of collecting consumer complaint information about credit card issues. Of the 5,074 complaints received by the CFPB, 83.8$ were forwarded to the credit card issuer. Of those forwarded to the credit card issuers, 74% were reported as a full or partial resolution. 71% of the ... Read More »

Consumer Financial Protection Bureau May Issue Early Warning of Investigation Activity

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The CFPB today announced a new policy that may give people under investigation by the CFPB a chance to respond early in an investigation. The Consumer Financial Protection Bureau (CFPB) today outlined plans to provide advance notice of potential enforcement actions to individuals and firms under investigation. The Early Warning Notice process allows the subject of an investigation to respond ... Read More »

My Public Testimony Regarding CFPB Supervision of Debt Relief Companies

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Below you will find a copy of my public testimony to the CFPB as part of their request for comments regarding determining who they should regulate. If you read my previous article, “CFPB is Looking for Public Comments on Debt Relief Industry” you can learn more about their request. Get Out of Debt Guy – Twitter, G+, Facebook My Public ... Read More »

CFPB Praised for Openness and Transparency Trying to Be Gutted on Capitol Hill

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Will Innovative New Financial Regulator Be Hobbled Before It Even Starts? by Lois Beckett ProPublica, July 20, 2011, 4:26 p.m. Want to know what people find most confusing about mortgage disclosure documents? Then check out these heat maps created by a new government regulatory agency. The heat maps show two model mortgage forms that the agency posted on its website ... Read More »

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