Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CFPB Fights Harmful Debt Collection Practices
WASHINGTON (7/11/13)--Look out harmful-debt-collection-practitioners, the Consumer Financial Protection Bureau has you in its sights. On Tuesday,  the CFPB issued two bulletins putting companies on notice about harmful debt collection practices, released new consumer tools to deal with problem debt collectors, and started taking complaints about debt-collection problems related to any consumer debt, including credit cards, mortgages and student loans.
 
In its first bulletin, the bureau explains that under the Dodd-Frank Wall Street Reform and Consumer Protection Act, debt collectors are statutorily prohibited from committing unfair, deceptive, or abusive acts or practices. The bulletin serves to clarify what such practices are.
 
The second bulletin serves as guidance to creditors, debt buyers, and third-party collectors about compliance with the Fair Debt Collection Practices Act  and sections of the Dodd-Frank Act  "when making representations about the impact that payments on debts in collection may have on credit reports and credit scores."
 
The CFPB also released a new tool to help consumers faced with debt-collection woes--a compilation  of five letters they can use when replying to collectors: The letters may help consumers get valuable information about claims being made against them, or may help them protect themselves from "inappropriate or unwanted collection activities."
 
Use the resource link for more details of the CFPB's actions.
Other Resources

CFPB Release on Actions
RSS





print
News Now LiveWire
16.9% of U.S. homeowners underwater, down from peak 31.4% in 2012, reports @zillow http://t.co/EbILqY1HMz
16 hours ago
Breaking at #NewsNow: President Obama signs IOLTA bill into law. http://t.co/5N741Bygmn
18 hours ago
.@edmunds says the week between Christmas and New Year's is the busiest car shopping time of the year.
19 hours ago
.@CFPB sues Sprint for cramming 3rd-party service fees onto consumers' bills http://t.co/mhlMWqLKku
19 hours ago
#HomeDepot #databreach lawsuits consolidated in Georgia http://t.co/A4bei5z0mV
20 hours ago