Prioritizing your efforts… superhero style!
As compliance professionals, it’s so hard being the good guy all of the time because there are so many things to focus on. In the movies, the superhero has to choose between saving their partner, saving themselves, or completing the mission. And of course, in the movies the superhero ends up somehow successfully doing all three. Well, despite the common adage that “life isn’t always like the movies”, we can rise like the superhero by prioritizing our efforts and focus on the issues that our regulators are focusing on, specifically the CFPB and NCUA.
About three weeks ago, the CFPB issued its monthly report on consumer complaints. Based on the report’s findings, consumer debt collection continues to be a clear focus of the CFPB, as well as credit reporting.
- Debt Collection– For a few years now, debt collection has been the source of most complaints submitted to the Bureau, and this report continues to highlight that. Debt collection was the most complained about product submitted in January 2017. Generally, consumers complain that collectors contacted them for debts that they do not owe; harass them by making multiple calls weekly or daily, or using false, deceptive, or misleading statements in connection with the debt collection; threatened to take illegal actions, such as arrests or seizure of the consumer’s property; and impermissibly contacted or shared information with others, such as employers. For more on the CFPB’s efforts on debt collection practices, check out my previous blog on the topic here.