How the PHH Decision Could Limit CFPB's Enforcement Powers in Two Critical Ways

The entire consumer financial industry has been buzzing about yesterday’s U.S. Court of Appeals decision in PHH Corporation v. Consumer Financial Protection Bureau, wherein the D.C. Circuit Court ruled the CFPB’s structure to be unconstitutional.  For the debt collection industry, however...

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There's a lot of news today, people.

The PHH Corp. / CFPB ruling leads at insideARM for the second day in a row. Be sure to read Kelly Knepper-Stephens' sharp analysis of the case and which elements of it could have the biggest impact on the debt collection industry. Hint: it's not the court's pronouncements on the unconstitutionality of the CFPB's structure. Meanwhile, the CFPB fined Navy Fed $28.5M over collection practices, the Supreme Court agrees to hear an FDCPA case, and a Minn. District Court Judge rules on another FDCPA case, this time involving licensed debt collectors servicing debt not yet in default.

On a related note, now might be a good time to study up on CFPB enforcement action. Check out insideARM's Complete Guide to CFPB Consent Orders - free to members of the Compliance Professionals Forum.

News and Opinion

from insideARM.com

» How the PHH Decision Could Limit CFPB's Enforcement Powers in Two Critical Ways

» Navy Federal Credit Union Agrees to CFPB Order, $28.5M Fine for Improper Collection Actions

» U.S. Supreme Court Agrees to Hear FDCPA Case

» Court Holds Company Licensed as Debt Collector is Not a Debt Collector Under FDCPA if Servicing Debt Not in Default

» WALKtober Employee Wellness Healthy Success

» In Long Awaited Decision, DC Court of Appeals Rules CFPB Structure is Unconstitutional

» The Most Forgotten Part of Taking a Consumer Payment (Sponsored)

Navy Federal Credit Union Agrees to CFPB Order, $28.5M Fine for Improper Collection Actions

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with Navy Federal Credit Union (NFCU). The CFPB had taken action against NFCU for making false threats about debt collection to its members, which include active-duty military, retired servicemembers, and their families. The CFPB also claimed that NFCU had unfairly restricted account access when members had a delinquent loan.

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2nd Annual First Party Summit

17 October 2016 at 06:00 p.m.

The industry’s only event focused entirely on the unique challenges of First Party Outsourcing, the inaugural Summit in October 2015 was a wild success. No exhibit hall, multiple content tracks, intimate setting. If you're still thinking about it, now is the time to register.

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