The CFPB's Consent Orders Regulating the ARM Industry

Since its inception, the Consumer Financial Protection Bureau (CFPB) has issued a wide range of consent orders penalizing companies for alleged violations of federal consumer financial protection laws. The CFPB intends for these orders to set industry-wide precedents, with Director Richard Cordray saying in March 2016 that consent orders are a guide "to all participants in the marketplace to avoid similar violations and make an immediate effort to correct any such improper practices." 

The CFPB's Consent Orders Regulating the ARM Industry is the first report of its kind designed to help the debt collection industry comply with these consent orders.

The report includes easy-to-understand explanations of each consent order and a comprehensive chart of all relevant consent orders. Learn how the CFPB identifies and penalizes UDAAP violations with real-world examples. Understand which practices the CFPB is looking at before an agent knocks on your company's door.

Even if you're not directly affected, being CFPB-ready can only make your collection agency more compliant.

You'll learn:

• Who has been affected so far by the CFPB's consent orders
• Top industry violations, and how to avoid them
• Best practices for compliance
• Liability for the companies subjected thus far to consent orders

This report will be updated quarterly.

Stay up-to-date by buying the new edition every quarter - or join CPF and get every update for free!

Product: PDF Download

Updated: August 2017

Table of Contents

• Introduction
• 2012-CFPB-0002 – American Express Centurion Bank
• 2012-CFPB-0003 – American Express Bank FSB
• 2012-CFPB-0004 – American Express Travel Related Services
• 2013-CFPB-0008 – Cash America International, Inc.
• 2014-CFPB-0007 – Synchrony Bank, f/k/a GE Capital Retail Bank
• 2014-CFPB-0008 – ACE Cash Express, Inc.
• 2014-CFPB-0012 – First Investors Financial Services Group, Inc.
• 2014-CFPB-0013 – U.S. Bank National Association
• 2014-CFPB-0017 – DriveTime Automotive Group, Inc. and DT Acceptance Corp.
• 2015-CFPB-0012 – Syndicated Office Systems, LLC
• 2015-CFPB-0013 – Chase Bank, USA N.A. and Chase Bankcard Services, Inc.
• 2015-CFPB-0015 – Citibank, N.A.; Department Stores National Bank; and Citicorp Credit Services, Inc.
• 2015-CFPB-0016 – Discover Bank, The Student Loan Corporation, and Discover Products, Inc.
• 2015-CFPB-0022 – Encore Capital Group, Inc.; Midland Funding, LLC; Midland Credit Management, Inc.; and Asset Acceptance Capital Corp.
• 2015-CFPB-0023 – Portfolio Recovery Associates, LLC
• 2015-CFPB-0026 – Westlake Services, LLC
• 2015-CFPB-0027 – Security National Automotive Acceptance Company, LLC
• 2015-CFPB-0030 – Clarity Services, Inc. and Timothy Ranney
• 2015-CFPB-0031 – EZCORP, Inc.
• 2015-CFPB-0033 – Eric V. Sancho d/b/a Lead Publisher
• 2016-CFPB-0003 – Citibank, N.A.
• 2016-CFPB-0004 – Citibank, N.A., Department Stores National Bank, and CitiFinancial Servicing, LLC
• 2016-CFPB-0005 – Solomon & Solomon, P.C.
• 2016-CFPB-0006 – Faloni & Associates, LLC
• 2016-CFPB-0008 – Student Aid Institute, Inc.
• 2016-CFPB-0009 – Pressler & Pressler, LLP
• 2016-CFPB-0010 – New Century Financial Services, Inc.
• 2016-CFPB-0013 – Wells Fargo Bank, N.A.
• 2016-CFPB-0016 – Bridgepoint Education, Inc.
• 2016-CFPB-0022 – TMX Finance LLC
• 2016-CFPB-0024 – Navy Federal Credit Union
• 2016-CFPB-0028 – Moneytree, Inc. 
• 2016-CFPB-0029 – Military Credit Services, LLC 
• 2017-CFPB-0003 – Works & Lentz, Inc.; Works & Lentz of Tulsa, Inc., and Harry A. Lentz, Jr.
• 2017-CFPB-0004 – CitiFinancial Servicing, LLC; CitiFinancial Company; CitiFinancial Services, Inc.; CitiFinancial, Inc.
• 2017-CFPB-0015 – JPMorgan Chase Bank, N.A.
  
• 2017-CFPB-0013 – Security National Automotive Acceptance Company, LLC
  
• Appendix A - Consent Order Chart