CFPB

CFPB Report On College Credit Cards Highlights Importance Of Consumer Education

December 16th, 2014

When it wasn't clear what they were signing up for, many college students went through the process of getting a credit card. Furthermore, those credit cards were issued in the context of agreements between credit card companies and colleges.

Oftentimes, those students signed up largely due to a lack of information and eventually found themselves in trouble with credit card debt as a result. With new rules in place to address that problem, college students are offered different options and therefore have fewer credit cards.

Industry News: CFPB Report Outlines Debt Collection Violations

October 30th, 2014

A recent report from the Consumer Financial Protection Bureau (CFPB) includes a focus on violations in the debt collection industry. This report serves as a reminder for creditors and for collection agencies that it is simply impossible to remain competitive at the present moment if appropriate attention is not paid to issues of compliance.

Consumers Provide Input on Debt Collection Laws

March 31st, 2014

With the introduction of the CFPB Rule-making Process at the end of 2013, there was an opportunity for agencies, creditors, and consumers alike to offer their input on debt collection laws. While collection agencies would like to see certain laws undergo a modernization process, consumers provided input about their own rights and the experience of being a debtor.

Inside Arm Summit: Compliance is the Hot Button Issue in 2014

January 30th, 2014

Last week InsideArm hosted a Large Market Participant Summit in Washington D.C. While the summit was catered to large firms within the A/R industry, some of the key points are instructive for all agencies and companies, regardless of shape or size.

The main takeaway? Compliance will be key. It is the issue for collection agencies in 2014.

The Need To Modernize Debt Collection Laws

January 14th, 2014

Collection agencies aren't looking for short cuts. They aren't looking for loop holes or opportunities to do wrong by consumers. Most collection agencies, committed to treating people with respect, simply want to be able to do their job.

In an article for Global Banking and Finance Review, Pat Morris, the CEO of ACA International, summed it up well:

Industry News: CFPB Director Discusses Consumer Information, Treatment of Consumers as Top Priorities

November 13th, 2013

On Tuesday Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), testified before the Senate Committee on Banking, Housing, and Urban Affairs. Cordray delivered prepared comments as part of the semi-annual report to Congress. Of more pressing note were his responses to questions he received about the CFPB's ongoing efforts to address issues in the debt collection industry.

Industry News: CFPB Announces Start of Rule-making Process

November 6th, 2013

Today the Consumer Financial Protection Bureau (CFPB) announced that it will commence its rule-making process for the debt collection industry. Per Inside Arm, this begins with a 90-day comment period. This marks one step in a process that has the attention of both creditors and collection agencies in the coming months.

Choosing the Right Collection Agency: Compliance

September 25th, 2013

One of the most important factors when you are choosing a collection agency is compliance. The interesting thing about the topic of compliance is that today it is an increasingly complex one.

At the present moment compliance is more important than ever. You need to be sure you are choosing a business partner who understands that. Here is a set of questions you should ask to start out with when making an effort to choose the right collection agency:

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