The proposal was jointly developed by the Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission. Comments will be accepted for 60 days after the proposal’s publication in the Federal Register. Source . Comment: Fortunately, S. 2155 made this issue moot for most community banks with total assets under $10B. CFPB actions and news Complaint snapshot: An analysis of debt collection complaints (05.31.2018) In its latest Complaint Snapshot, the Bureau of Consumer Financial Protection examined complaint trends, with a focused look at complaints about debt collection. Since July 2011, the Bureau has received approximately 400,500 debt collection complaints, which is 27 percent of the total complaints we’ve received. In-depth analysis of debt collection complaints helps us to understand the problems consumers are experiencing with debt collection. Some common themes emerged in our analysis of these complaints. For example, some people reported that there were debts on their consumer credit reports but that they did not have prior written notice of the existence of the debt. Some people stated in their complaints that they felt uncomfortable disclosing personal information to people who called asking for it because they were not sure whether the person calling was a legitimate debt collector. People also complained about the communication tactics companies used when attempting to collect a debt. Overall complaint trends In addition to focusing on debt collection, the Snapshot also examines complaint trends more broadly. "Credit or consumer reporting" was the most-complained-about financial product or service category in March 2018. Thirty-seven percent of the approximately 30,300 complaints received in March were about credit or consumer reporting. Debt collection was the second most-complained-about consumer product. It accounted for 27 percent of complaints. The third most-complained-about financial product or service was mortgages, accounting for about 10 percent of complaints. Source . Comment: This complaint info is now shaping the CFPB’s enforcement direction toward the debt collection and reporting area and away from traditional banking issues. the new report includes overall And while complaint volume information by product and state (that was previously part of the CFPB’s monthly complaint reports) it does not include complaint volume information by company (i.e. the “top 10 about companies.”)
The proposal was jointly developed by the Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission. Comments will be accepted for 60 days after the proposal’s publication in the Federal Register. Source . Comment: Fortunately, S. 2155 made this issue moot for most community banks with total assets under $10B. CFPB actions and news Complaint snapshot: An analysis of debt collection complaints (05.31.2018) In its latest Complaint Snapshot, the Bureau of Consumer Financial Protection examined complaint trends, with a focused look at complaints about debt collection. Since July 2011, the Bureau has received approximately 400,500 debt collection complaints, which is 27 percent of the total complaints we’ve received. In-depth analysis of debt collection complaints helps us to understand the problems consumers are experiencing with debt collection. Some common themes emerged in our analysis of these complaints. For example, some people reported that there were debts on their consumer credit reports but that they did not have prior written notice of the existence of the debt. Some people stated in their complaints that they felt uncomfortable disclosing personal information to people who called asking for it because they were not sure whether the person calling was a legitimate debt collector. People also complained about the communication tactics companies used when attempting to collect a debt. Overall complaint trends In addition to focusing on debt collection, the Snapshot also examines complaint trends more broadly. "Credit or consumer reporting" was the most-complained-about financial product or service category in March 2018. Thirty-seven percent of the approximately 30,300 complaints received in March were about credit or consumer reporting. Debt collection was the second most-complained-about consumer product. It accounted for 27 percent of complaints. The third most-complained-about financial product or service was mortgages, accounting for about 10 percent of complaints. Source . Comment: This complaint info is now shaping the CFPB’s enforcement direction toward the debt collection and reporting area and away from traditional banking issues. And while the new report includes overall complaint volume information by product and state (that was previously part of the CFPB’s monthly complaint reports) it does not include complaint volume information by company (i.e. the “top 10 about companies.”)