The 2 firms must refund more than $60 million to customers and pay nearly $20 million in penalties over their debt collection practices.
Some nonbanks have “systemic flaws” in how they treat consumers, the CFPB says.
The CFPB is gathering information about areas of concern in debt collection practices.
U.S. court stops fake payday loan collectors operating in Cleveland, Atlanta.
One little paragraph in President Barack Obama’s deficit-reduction plan could make it easier for federal debt collectors to reach delinquent consumers. The Huffington Post reported that on page 28 of the proposal was a section that would allow federal agencies to call people’s mobile phones to collect debts owed to or guaranteed by the federal
The Association of Credit and Collections Professionals, known as ACA International, has introduced a “blueprint” of policy initiatives that the group says would update the debt collection industry’s antiquated practices. Consumers who’ve missed one or more credit card payments may be interested. A key goal, mentioned repeatedly in the group’s press statement, is the removal