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CFPB Complaints Shattered Records In COVID-19 Pandemic

Collection Industry News

On March 1, 2021, the United States Public Interest Research Group (U.S. PIRG) released a study – “Consumers In Peril” – that reviewed the public complaint database of the Consumer Financial Protection Bureau (CFPB) and found consumer complaints about financial grievances spiked during the COVID-19 pandemic year of 2020.

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Debt collectors re-evaluate medical debt furnishing in light of data integrity issues

Collection Industry News

This decline, as well as insights from CFPB market monitoring, suggests that debt collectors are moving away from reporting (or furnishing) medical bills to credit reporting companies, resulting in fewer medical tradelines on consumer credit reports.

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DFPI marks success in implementation of the California Consumer Financial Protection Law

Collection Industry News

The Department has made substantial progress in its first year to implement the new law, expand protection for consumers, and foster responsible financial innovation,” said Clothilde V. Research and Market Monitoring. Hewlett, DFPI Commissioner. “We In 2020, the Legislature passed the CCFPL as AB 1864 (Limón).

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Credit Report Complaints Jumped In 2021

Collection Industry News

Arizonans went from filing 6,600 complaints with the Consumer Financial Protection Bureau in 2020 to filing nearly 8,000 the next year, the most on record. But a trade group that represents the credit reporting companies questioned the reliability of the CFPB’s complaint reports.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Federal Activities: On September 23, the Consumer Financial Protection Bureau (CFPB) released its first in-depth report analyzing complaint submission patterns by U.S. Census demographic data.

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How TrueAccord Embraces Machine Learning to Create Positive Consumer Experiences in Debt Collections

True Accord

At TrueAccord, we know that consumers prefer digital channels and self-service. To truly engage with consumers we need to help them throughout the journey. Or they may be using ML for a very specific, very limited scope – like automating some consumer support responses. This is where machine learning comes in.

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DOJ Reaches Largest Ever Redlining Settlement with Los Angeles-based Bank

Troutman Sanders

In the complaint , which was filed in the district court for the Central District of California on January 12, 2023, the DOJ alleged that from 2017 through 2020, the bank “avoided” providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County. Spend at least $1.75

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