Current Industry News
Defendants in FTC Credit Repair Scheme Case Agree to Settle Charges
The operators of a bogus credit repair scheme are banned from the credit repair business and subject to a wide array of other requirements under settlement terms with the Federal Trade Commission. The settlements relate to an FTC complaint filed in June 2019 alleging that the defendants targeted consumers with false promises of substantially improving consumers’ credit scores by claiming to remove all negative items and “hard” credit inquiries (which can often change a consumer’s credit score) from consumers’ credit reports. In addition, the FTC alleged the defendants illegally charged upfront fees for their services and advised consumers to mislead credit bureaus and lenders, as well as threatening consumers with lawsuits when they complained or disputed charges.
RMAI Supports New York’s Efforts to License Debt Collectors
January 17, 2020 (Sacramento, CA): The Receivables Management Association International (RMAI) supports New York Governor Andrew Cuomo’s initiative announced last week in his State of the State Address in which he calls for the licensure of debt collection businesses. RMAI has long been a proponent of state licensing. “Licensure is not only good for consumers, but it is also good for the receivables industry” said RMAI Executive Director Jan Stieger. “Licensure is highly consistent with the principles contained in RMAI’s Receivables Management Certification Program, which advances consumer protections by establishing the industry standards for best practices.”
We are accepting applications for our Advisory Committees
To ensure that the CFPB hears from a variety of external experts with diverse viewpoints, we established the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council. These advisory committees provide the Bureau with information about emerging trends and practices in the consumer financial marketplace. They also allow us to hear directly from small financial institutions.
CFPB Announces Additional Member of Taskforce on Federal Consumer Financial Law
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced an additional member who will serve on the Taskforce on Federal Consumer Financial Law. The addition is: William MacLeod, partner at Kelley Drye & Warren, LLP, Past Chair of the Antitrust Section of the American Bar Association, and former Bureau Director at the U.S. Federal Trade Commission.