Advisory opinion explains that most “pay-to-pay” fees charged by debt collectors violate federal law
Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion affirming that federal law often prohibits debt collectors from charging “pay-to-pay” fees. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to make a payment in a particular way, such as online or by phone.
Read More!
CFPB moves to prohibit check by phone fees – CFPB – Consumer Financial Protection Bureau
More Stories
Auto Lending Accelerates as Borrower Credit Quality Slips
After the Repo: When Does a Credit Union Finally Admit the Loss?
Auto Lending Is Moving Down the Credit Risk Ladder – Collections and Repo May Follow
The Vendor Scorecard Playbook: Your Head Start on 2027
The Fraud Factory
Holmes Motors to Pay $137,000 Over Alleged Violations of Servicemembers’ Vehicle Lease Rights