SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) announced today that it has issued enforcement actions against multiple debt collectors for unlicensed activity under the Debt Collection Licensing Act (DCLA) and unlawful and deceptive acts or practices in violation of the California Consumer Financial Protection Law (CCFPL).
On January 4, the Colorado Attorney General announced that his office entered into assurances of discontinuance (available here and here) with two credit unions that will result in $4 million being refunded to Colorado borrowers who were entitled to refunds of guaranteed automobile protection (“GAP”) fees.
The Consumer Financial Protection Bureau has published Debt Collection Rule FAQs for Regulation F, containing questions and answers that pertain to compliance with the rule. The FAQs cover call frequency issues, electronic communications, limited-content messages and more.
St. Louis, MO January 31st – Credit Control, LLC (“Credit Control”) is proud to announce for the third year in a row, our employees have ranked us as winners in the Best Places to Work in Collections program. This is the company’s third time participating in the program with back-to-back #1 overall rankings in the large company category. The program includes a rigorous two-part blind survey process to determine the Best Places to Work in Collections. This included an evaluation of workplace policies, practices, philosophy, systems, and demographics. The second part consisted of an employee survey to measure the employee experience with direct, unfiltered employee input, including all Credit Control locations across the country.
Smaller banks are urging the CFPB to consider a more gradual technological shift and weigh their cost burdens, as the regulator crafts a new “open banking” rule to ease consumers’ sharing of financial information. The Consumer Financial Protection Bureau’s open banking proposal aims to allow consumers to seamlessly switch between financial service providers by requiring banks and credit card companies to develop technology that consumers can use to share their financial data with fintechs and other upstart competitors. Public comments on the CFPB outline for its plans were due on Jan. 25.
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