Debt collection

In her second day of congressional testimony, Kathy Kraninger took heat from Senate Democrats for weighing in on constitutional questions about her agency and for her enforcement track record.

CFPB Director Kathy Kraninger faced a barrage of questions from Democrats on the House Financial Services Committee over why the agency has not demanded refunds for consumers in recent settlements.

The industry had welcomed the Consumer Financial Protection Bureau plan allowing debt collectors to use electronic communication, but some worry about the effect of a court decision concerning email correspondence.

A hearing on legislative proposals exposed a sharp partisan divide over a regulatory plan to restrict the frequency of collection calls.

Linda Lacewell, New York’s superintendent of financial services, said the CFPB's debt collection proposal does not go far enough to protect consumers.

The agency's vote Thursday threatens to block many of the industry's communications with customers, though banks did win one concession.

The long-awaited proposal includes safe harbors to protect collectors from getting sued, but would restrict phone collection attempts and allow borrowers to opt out of receiving other communications.

As the CFPB moves closer to updating its debt collection regulations, revising restrictions on phone calls and other communications with consumers must be a priority.

The debt collection proposal is expected to address how debt collectors can use text messages and emails to track down debtors.

In her first policy speech since being confirmed as the agency's director, Kathy Kraninger promised less focus on enforcement actions and more emphasis on consumer education.

In a unanimous ruling, the court placed new limits on the ability of consumers to sue law firms that handle foreclosures on behalf of mortgage servicers.

The biggest question is whether new CFPB Director Kathy Kraninger will deviate from the pro-industry policies of her predecessor, or bring continuity.

A ruling involving a Cleveland law firm casts doubt on CFPB claims that attorneys misrepresent their role to consumers.

Servicers and MSR investors face increased regulation and oversight as nearly all states now require some form of licensing for firms responsible for mortgage collections.

The U.S. Supreme Court agreed to decide whether thousands of borrowers can invoke a federal debt-collection law when they are facing foreclosure.

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.

Banks 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.

Issues with mortgages and debt collection are making up almost half of consumer complaints received by the CFPB. Here's a look at how these two most common complaints measure up nationwide.

Test your knowledge of these key terms from the servicing sector of the mortgage industry.