CFPB’s Supervisory Report Highlights Concerns about Debt Collection

Industry participants can use the information in the CFPB’s Supervisory Highlights to help ensure their operations remain in compliance with federal consumer financial law. As previously reported by ACA, the CFPB recently released Supervisory Highlights: Spring 2014, which reports its examination insights from November 2013 to February 2014. The full report discussed observations in short-term, small dollar lending (commonly known as “payday lending”), consumer reporting, fair lending and debt collection. This article will focus on the debt collection aspects of the Supervisory Highlights report. <more>