Toggle
Compliance E-Guide
Affirmative Action Americans With Disabilities Appraisals Bank Bribery Act Bank Secrecy Act Bank Secrecy Act_TEST Bankruptcy Board Governance Bylaws Certificates of Indebtedness Charitable Contributions Check 21 Children's Online Privacy Protection Act - COPPA Community Development Revolving Loan Program Conflicts Of Interest Credit Practices Rule Credit Risk Retention Credit Union Service Organizations (CUSOs) Cybersecurity Derivatives Disaster Recovery Elder Financial Abuse Electronic Fund Transfers - Regulation E Electronic Signatures Eligible Obligations Equal Credit Opportunity - REG B Examinations Expedited Funds Availability Act - REG CC Fair Credit Reporting Act Fair Debt Collection Practices Act Fair Housing Act Fair Labor Standards Act FATCA Fidelity Bonds Field Of Membership Fixed Assets Flood Insurance FOM Summary July 2015 Foreign Branching Garnishments (Federal Benefit Payments) Health Savings Accounts History of Federal Income Tax Exemption Holder In Due Course Rule Home Mortgage Disclosure Act - REG C Home Ownership Counseling Notification Identity Theft Incidental Powers Individual Development Accounts - IDAs Individual Retirement Accounts (IRAs) Interchange Fees And Routing Internet Gambling Investments - NCUA Part 703 IRS Reporting – 1098-E Student Loan Interest Statement IRS Reporting – Form 1099-INT Interest Reporting IRS Reporting - Form W-9 - Request For Taxpayer Identification Number And Certification IRS Reporting 1098 Mortgage Interest IRS Reporting Form 1099-C Discharge Of Indebtedness IRS Reporting Non-Resident Alien Reporting–Forms W-8BEN and 1042-S (also see E-guide section for FATCA) IRS REPORTING–1099-MISC,Miscellaneous Income IRS Reporting-Form 990,Return of Organization Exempt from Income Tax IRS Small Business Health Care Tax Credit IRS Summons And Levies J-Regulation J - Collection of Checks or Funds Transfer Through Fedwire Leasing - REG M Liquidity Loan Participations Management Interlocks Margin Loans - REG U Member Business Loans Mergers Military Lending Act Mortgage Loan Originator Registration (SAFE Act) NCUA - Private Student Loans NCUA Lending Non-Member Services Office Of Foreign Assets Control (OFAC) Privacy Private Mortgage Insurance Private Student Loans Prompt Corrective Action Real Estate Settlement Procedures Reclamations Record Retention-NCUA Records Preservation Program Regulation J-Collection of Checks-Funds Transfers Through Fedwire Remittance Transfers (Regulation E) Reserve Requirements (Regulation D) Right To Financial Privacy Act Security Program-Security Of Member Information Service Members Civil Relief Act Service to the Under-Served Share Insurance Signature Guarantee Programs Small Business Administration (SBA) Loans Social Security Funds Usage SPAM e-MAIL State Chartered Credit Unions Statutory Lien Supervisory Committee Tax Exemption History Taxation (history) Telemarketing Truth In Lending - REG Z Truth In Savings Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)

Comp Blog

New- July 30: Extension of Comment Period/CFPB enforcement/Debt collection study

By: Danielle Wright

CommentWednesday - July 30, 2014

CFPB extends comment period
The CFPB has announced the extension of the deadline to September 22, 2014, for comments regarding the Bureau's proposal to give consumers the option to share the stories behind their complaints in the CFPB's public Consumer Complaint Database. This extends the comment period from the original 30 days to 60 days.

Servicemembers to get relief from predatory lender
The CFPB has announced that it and 13 state attorneys general obtained a Consent Order providing approximately $92 million in debt relief from Colfax Capital Corporation and Culver Capital, LLC, also known as "Rome Finance," for about 17,000 U.S. servicemembers and other consumers harmed by the company's predatory lending scheme.

The relief comes in the form of termination of servicemembers' obligations under current Rome Finance financing agreements. Portions of the order calling for reimbursements will be suspended because Rome Finance is in bankruptcy. However, a $1 million civil penalty is to be paid under the order.

Study: More than 35% of Borrowing Americans in Collections

More than 35% of Americans with credit files have debt in collections, according to a report prepared by the Urban Institute in conjunction with the Consumer Credit Research Institute. The study defines debt in collections as a debt involving a nonmortgage bill—such as a credit card balance, medical or utility bill—that is more than 180 days past due and has been placed in collections. The study found that 5.3 percent of Americans with a credit file have a report of past due debt, indicating they are between 30 and 180 days late on a nonmortgage payment. Both debt in collections and debt past due are concentrated in the South.

The Urban Institute called the statistics alarming. However, the organization also determined the percentage of Americans with debt in collections is remarkably stable; a study conducted for the Federal Reserve in 2004 found 36.5% of Americans had debt in collections, the institute said.






print

Add Your Comment

close

 

()