Compliance in Consumer Finance
2.4K views | +0 today
Follow
Compliance in Consumer Finance
The latest buzz in Compliance covering Regulations (CFPB, SEC, etc.) and Solutions (Automation, CMS, COM, etc.) specifically for those in the Consumer Finance and Financial Services spaces.
Curated by Brian Larson
Your new post is loading...
Your new post is loading...
Scooped by Brian Larson
Scoop.it!

Prepaid Product Complaints Top CFPB Snapshot | PYMNTS.com

Prepaid Product Complaints Top CFPB Snapshot | PYMNTS.com | Compliance in Consumer Finance | Scoop.it
CFPB's latest consumer complaint snapshot showed a spike in complaints about prepaid products.
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

Does an automated CMS help lenders with in-house collections?

Does an automated CMS help lenders with in-house collections? | Compliance in Consumer Finance | Scoop.it
Quick Q&A - We’re a fast-growing auto loan lender that provides in-house collection services. Would an automated CMS be an advantage, and do we need one?
Brian Larson's insight:
We’re starting out 2016 with a new weekly feature, the Compliance Quick Q&A. Each week we’ll take questions from our readers and pose them to our collection of really smart people. Let’s start off with this great question: "We’re a fast-growing auto loan lender that provides in-house collection services. Would an automated CMS be an advantage, and do we need one in place?"

http://hubs.ly/H01Q3z20

more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

Florida Court Holds Offer of Judgment Statute is Preempted in Actions under the Florida Consumer Collection Practices Act (FCCPA) | JD Supra

A Hillsborough County Court recently held that Florida’s offer of judgment statute, Fla. Stat. § 768.79, is preempted by the Florida Consumer Collection Practices Act (the “FCCPA”),...
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

CFPB Takes Action Against Lead Aggregators | JD Supra

On December 17, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it has taken action against lead aggregators that resold sensitive personal information to lenders...
Brian Larson's insight:

Lead Aggregators now in the CFPB's sights?

more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

CFPB Announces Complaint and Proposed Consent Order Against Massachusetts Debt Collection Firm | JD Supra

On December 7, the CFPB announced the filing of a complaint and a proposed consent order against a Massachusetts-based debt collection firm for alleged violations of the Fair Debt...
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

CFPB Fines Clarity Services $8 Million | Auto Finance News

CFPB Fines Clarity Services $8 Million | Auto Finance News | Compliance in Consumer Finance | Scoop.it
Clarity Services Inc., a credit reporting company specializing in the subprime segment, reached a consent order with the Consumer Financial Protection Bureau
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

Protection Bureau’s Stormy Path to Reform the Auto Finance Industry

Protection Bureau’s Stormy Path to Reform the Auto Finance Industry | Compliance in Consumer Finance | Scoop.it
A political battle is brewing over the Consumer Financial Protection Bureau’s attempt to regulate the auto finance industry.
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

No Surprise, Auto Finance High On CFPB Rule-Making Agenda | Auto Finance News

No Surprise, Auto Finance High On CFPB Rule-Making Agenda | Auto Finance News | Compliance in Consumer Finance | Scoop.it
The Consumer Financial Protection Bureau reiterated its interest in creating new rules in several areas touching on auto finance including arbitration, debt
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

Increase Workforce Compliance Rates Using Clarity as Your Secret Weapon

Increase Workforce Compliance Rates Using Clarity as Your Secret Weapon | Compliance in Consumer Finance | Scoop.it
Being as direct as possible on purpose, process and expectations of a corporate compliance initiative will help management understand what is expected.
Brian Larson's insight:

How clear is your compliance program? Being clear in all messages, materials and expectations makes it far easier to enlist middle managers as compliance advocates, and for them to communicate the information to their teams. http://hubs.ly/H01qCNw0

more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

CFPB Must Show Its Cards on Defining 'Abusive'

CFPB Must Show Its Cards on Defining 'Abusive' | Compliance in Consumer Finance | Scoop.it
The Consumer Financial Protection Bureau s implementation of the statute banning abusive conduct through enforcement action instead of rulemaking is not sustainable.
Brian Larson's insight:

Is this an(other) example of the CFPB's lack of clarity and detail related to regulations and requirements?

more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

CFPB Orders Auto Finance Company to Pay Over Three Million for Alleged Unfair Debt Collection Practices | JD Supra

On October 28, the CFPB filed an administrative order against an Ohio-based auto lender specializing in extending credit to servicemembers. The CFPB alleged that the company violated...
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

CFPB Releases Monthly Complaint Report for September | JD Supra

On October 27, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends in consumer...
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

What to expect from regulators in 2016

What to expect from regulators in 2016 | Compliance in Consumer Finance | Scoop.it
There could be new curves for dealers to navigate this year on the regulatory road, a path that can sometimes wind and change course with little notice.
Brian Larson's insight:

Some insight on what auto dealers and auto finance companies should potentially expect from regulators - including the CFPB and FTC - in 2016

more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

Westlake Accelerates M&A Mode This Year | Auto Finance News

Westlake Accelerates M&A Mode This Year | Auto Finance News | Compliance in Consumer Finance | Scoop.it
What do auto lenders Condor Capital Corp., Western Funding Inc., and Blackhawk Finance have in common? All three were acquired by Advanced Lending &
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

CFPB gives mortgage lenders a Christmas present

CFPB gives mortgage lenders a Christmas present | Compliance in Consumer Finance | Scoop.it
Financial regulator under increased pressure as housing market feels impact from TRID.
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

CFPB issues bulletin on in-person debt collection | JD Supra

The bulletin highlights the following potential compliance violations that can result from in-person collection visits:
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

It's not just MSAs: Barclay's warns CFPB is looking at all referrals

It's not just MSAs: Barclay's warns CFPB is looking at all referrals | Compliance in Consumer Finance | Scoop.it
The Consumer Financial Protection Bureau, which has sharpened its enforcement of marketing services agreements this year, may be expanding its definition of a kickback to include any type of referral, according to a report from Barclays. "The CFPB seems to be taking the stance that referrals of any type are not a 'bona fide service' and that the exchange of anything of value tied to referred business could be considered a kickback," Barclays states in its U.S. Building Products & Homebuilding report. "This more aggressive . . .
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

Mass. firm EOS CCA fined by CFPB for collecting on allegedly bogus AT&T debt - Boston Business Journal

Mass. firm EOS CCA fined by CFPB for collecting on allegedly bogus AT&T debt - Boston Business Journal | Compliance in Consumer Finance | Scoop.it
In some cases, the debt had already been repaid by consumers, and in others the Norwell-based firm could not verify consumers actually owed anything, according to the U.S. Consumer Financial Protection Bureau.
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

Justice Department Collects More Than $23 Billion in Civil and Criminal Cases in Fiscal Year 2015 | OPA | Department of Justice

Justice Department Collects More Than $23 Billion in Civil and Criminal Cases in Fiscal Year 2015 | OPA | Department of Justice | Compliance in Consumer Finance | Scoop.it
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

TRID is a real obstacle to mortgage process

TRID is a real obstacle to mortgage process | Compliance in Consumer Finance | Scoop.it
Despite reports saying that TRID hasn’t caused any major lending delays, the key word in all the reports is 'yet.'
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

CFPB Sues Online Payday Lender for Overcharging Borrowers

CFPB Sues Online Payday Lender for Overcharging Borrowers | Compliance in Consumer Finance | Scoop.it
The online payday lender Integrity Advance is being sued by the Consumer Financial Protection Bureau for allegedly deceiving consumers about its loan costs.
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

Why a Commission for CFPB May Be in Agency's Best Interest

Why a Commission for CFPB May Be in Agency's Best Interest | Compliance in Consumer Finance | Scoop.it
Advocates of keeping the single-director model to run the Consumer Financial Protection Bureau should not write off the virtues of a commission so quickly.
Brian Larson's insight:

Would a commission structure for the CFPB add more diversity, continuity and be more reflective of the country's political climate?

more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

Regulators Ramp Up Debt-Collection Crackdown

Regulators have shut four debt-collection agencies during the past month as federal and state authorities say they are intensifying a crackdown on abusive collection practices against borrowers.
more...
No comment yet.
Scooped by Brian Larson
Scoop.it!

CFPB secures $107 million in relief for consumers

CFPB secures $107 million in relief for consumers | Compliance in Consumer Finance | Scoop.it
In the ninth edition of the Consumer Financial Protection Bureau’s Supervisory Highlights, the bureau records that its actions resulted in $107 million in relief to more than 238,000 consumers. The report includes details on exactly where servicers and originators violated rules.
more...
No comment yet.