In the joint report with the Federal Trade Commission on debt collection practices, the CFPB said it had initiated four enforcement actions last year, had resolved one case and has five others pending.
FIs say that an appeals court’s decision to ease restrictions will allow them to warn customers more easily when loans are past due or accounts have been compromised. But consumer groups argue that the decision gives financial firms license to market their products more aggressively and could lead to more harassing phone calls over unpaid debts.
Alliance Partnership Manager at LexisNexis Risk Solutions
Using big data can help credit unions better understand which delinquent members have the assets to repay accounts in collections, saving CUs time and effort, and increasing the likelihood of repayment.
The Consumer Financial Protection Bureau on Wednesday warned about the risks of the online debt sales, alleging that sensitive personal and financial information is available in some instances to any visitor to a debt marketplace website.