The New Consumer Financial Protection Bureau

This new federal agency  (the CFPB) is charged with protecting consumers in many of the financial arenas.  It now has rule writing authority (which used to be with the Federal Reserve Board), and can enforce and supervise many activities which used to be overseen by other federal agencies. The Agency will have “an unparalleled opportunity to correct the decades of credit deregulation that led to the current economic crisis and caused untold injury to consumers.”  NCLC Reports, Vol.... 

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More on the End Abuses Bill

The National Association of Consumer Advocates reports that Franken’s bill was introduced right before the Senate adjourned for mid-term elections. The bill has bi-partisan support from George Lemieux, Republican Senator from Florida. The End Debt Collector Abuse Act would amend the Fair Debt Collection Practices Act by outlawing arrest warrants,  require additional disclosures to help consumers identify the debt, require debt collectors to be specific about the amount of the debt owed, increase... 

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Franken’s Bill to End Debt Collection Abuses

Here is a link to the text of Senator Franken’s bill to end certain debt collection abuses.  More on the progress of this bill, and what it would mean to consumers to follow: http://www.govtrack.us/congress/billtext.xpd?bill=s111-3888    Send article as PDF     Read More →

What Else Can’t Debt Collectors Do?

They can’t say they’ll seize your assets or garnish your wages unless they are permitted to do so by law AND they intend to do so.  They can’t say they’ll take legal action against you unless that is what they intend to do, and they are legally permitted to do that. They can’t give false credit information about you to anyone, not even a credit reporting agency.  They can’t send you mail that looks like it comes from a government agency.  They can’t use... 

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What Can’t Debt Collectors Do?

More from the Fair Debt Collection Practices Act:  debt collectors can’t harass you. They can’t use threats of violence.  They can’t publish a list of names of people who refuse to pay their debts.  They can’t use obscene language.  And they can’t use the phone to annoy you. They’re not allowed to lie about being a government agency or attorney, or claim that you’ve committed a crime just because you haven’t paid a debt.  They can’t claim... 

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Federal Law Governs Debt Collectors

The Fair Debt Collection Practices Act is the Federal Law that governs debt collectors. The law defines who is a debt collector, which debts are covered, and what types of behaviors are prohibited by debt collectors.   The Act describes when a debt collector may contact you, how to stop a collector from contacting you, who else a collector may contact, and what the debt collector has to tell you about the debt. Also, if a debt collector is trying to collect more than one debt from you, you have... 

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WNYC Reports on Justice Department Action Against Credit Card Companies

“Alleging anti-competitive practices, the Justice Department filed suit against the three largest U.S. credit card companies in Brooklyn federal court Monday. At the same time, the Department announced a possible settlement with two of those card companies. That agreement would prohibit Visa and MasterCard from preventing retailers from offering discounts for using certain charge cards. The Justice Department continues to seek a settlement with American Express.”  WNYC.org 10/4/10 ... 

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