Debt collection

Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight.

Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight.

California Gov. Gavin Newsom plans to ask the legislature to revamp the current Department of Business Oversight and rename it the Department of Financial Protection and Innovation, modeled after the federal CFPB.

Research shows most consumers would prefer more options to pay down their debt early. Here’s why it would also help banks.

The Consumer Financial Protection Bureau faces a busy policy agenda heading into the new year, as well as strong external forces that are beyond its control.

Lenders contend the proposal goes beyond policing third-party debt collectors and could expose banks to enforcement actions and lawsuits.

The case — the card issuer's third in six years — is an example of the legal peril that banks and other companies continue to face over the use of automated phone calls for debt collection and other purposes.

In her second day of congressional testimony, Kathy Kraninger took heat from Senate Democrats for weighing in on constitutional questions about her agency and for her enforcement track record.

CFPB Director Kathy Kraninger faced a barrage of questions from Democrats on the House Financial Services Committee over why the agency has not demanded refunds for consumers in recent settlements.

BofA’s do-no-harm approach to AI; looking at what comes next for Fannie and Freddie now that they get to keep their earnings; ruling cuts short debt collectors’ victory lap over CFPB proposal; and more from this week’s most-read stories.

The industry had welcomed the Consumer Financial Protection Bureau plan allowing debt collectors to use electronic communication, but some worry about the effect of a court decision concerning email correspondence.

A hearing on legislative proposals exposed a sharp partisan divide over a regulatory plan to restrict the frequency of collection calls.

The industry is waiting to see if banks will get the same no-cost land leases on military bases that credit unions currently enjoy.

Readers react to plans by Democratic presidential candidates to reform college tuition, credit unions buying more banks, whether the next president could fire the CFPB head and more.

Linda Lacewell, New York’s superintendent of financial services, said the CFPB's debt collection proposal does not go far enough to protect consumers.

Asset Recovery Associates told borrowers that it could sue them, garnish their wages and place liens against their homes, according to a consent order by the consumer bureau.

Regulatory efforts to protect consumers from harassment and robocalling are forcing big changes. Attorney Quyen Truong at Stroock & Stroock explains.

Issuers like Chase and Citi that added installment features to compete with digital lenders will need to think beyond traditional card options.

Issuers like Chase and Citi that added installment features to compete with digital lenders will need to think beyond traditional card options.

The card company is buying the corporate-services businesses of Danish payments provider Nets A/S; the online lender’s stock plunged after it missed second quarter earnings expectations.