To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following:
CFPB: By the numbers. The CFPB lists various statistics, such as...more
7/26/2016
/ Automotive Loans ,
Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consumer Complaint Management ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Relief ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Mortgages ,
Popular ,
RESPA ,
Student Loans
The CFPB has announced that it will hold a field hearing about debt collection on July 28, 2016 in Sacramento, California. We expect the field hearing to coincide with the CFPB’s release of an outline of the proposals it is...more
In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt...more
7/6/2016
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
ECOA ,
EFTs ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Financial Institutions ,
HMDA ,
Mortgage Loan Originators ,
Mortgages ,
Regulation B ,
Regulation V ,
Regulation X ,
Regulation Z ,
RESPA
The CFPB has issued its June 2016 complaint report which highlights complaints about consumer loans and complaints from consumers in Arkansas and the Little Rock metro area. The CFPB began taking consumer loan complaints in...more
7/1/2016
/ Automotive Loans ,
Banking Sector ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Mortgage Servicers ,
Online Marketplace Lending ,
Payday Loans ,
Student Loans ,
Title Loans
The CFPB has filed a supplemental amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP, the case in which the district court ruled that a debt collection law firm violated the...more
6/10/2016
/ Amicus Briefs ,
Article III ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Debt Settlement Services ,
Debt-Relief Industry ,
FDCPA ,
Federal Trade Commission (FTC) ,
Spokeo v Robins ,
Standing
The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives:
Arbitration. The Spring 2016 agenda does not...more
5/27/2016
/ Arbitration ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reports ,
Debt Collection ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration Clauses ,
Mortgages ,
Online Marketplace Lending ,
Overdraft Fees ,
Payday Loans ,
Popular ,
Prepaid Payment Products ,
Rulemaking Process ,
Small Business ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The CFPB has issued its May 2016 complaint report which highlights complaints about credit reporting and complaints from consumers in New Mexico and the Albuquerque metro area. The CFPB began taking complaints about credit...more
5/26/2016
/ Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Credit Reports ,
Debt Collection ,
Financial Institutions ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
Student Loans
The CFPB has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives:
Arbitration. The Spring 2016 agenda does not reflect the CFPB’s release of its proposed...more
5/23/2016
/ Arbitration ,
Arbitration Agreements ,
CFPB Bulletins ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Mandatory Arbitration Clauses ,
Mortgages ,
NPRM ,
Overdraft Fees ,
Payday Loans ,
Prepaid Payment Products ,
Service Contracts ,
Small Business ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID)
In a new blog post, the CFPB promotes its “Ask CFPB” website feature as “a source of clear, impartial answers to hundreds of financial questions.”
We agree that the feature can be a source of potentially helpful...more
The CFPB has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California. The CFPB began taking complaints about mortgages in December 2011....more
The CFPB announced that it has entered into two consent orders involving debt collection litigation practices. A debt collection law firm and two of its partners are the subject of one consent order and a debt buyer is the...more
When a consumer's current balance will increase over time due to interest and late fees, a debt collection notice must disclose this information, the U.S. Court of Appeals for the Second Circuit has ruled. In Avila v....more
The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2015 indicates that volume rose 8% from 250,700 complaints in 2014 to 271,600 in 2015. The report provides data on the most common types of complaints...more
The CFPB has issued its March 2016 complaint report which highlights complaints about debt collection and complaints from Florida consumers. The CFPB began taking complaints about debt collection in July 2013. General...more
On March 29, 2016, the U.S. Supreme Court will hear oral argument in a Fair Debt Collection Practices Act case in which the CFPB joined the Solicitor General in filing an amicus brief in support of the plaintiffs. The court...more
The CFPB has issued its fifth annual Fair Debt Collection Practices Act report covering the CFPB’s activities in 2015. In the background section of the report, the CFPB provides various statistics about the debt collection...more
The CFPB’s Office of Servicemember Affairs released its fourth annual report highlighting complaints submitted in 2015 by servicemembers, veterans, and their families. The report states that in 2015, the CFPB received...more
In its Winter 2016 Supervisory Highlights, which covers supervision work generally completed between September and December 2015, the CFPB highlights violations found by CFPB examiners involving consumer reporting, debt...more
In conjunction with yesterday’s meeting of the CFPB’s Consumer Advisory Board, which included a session on the CFPB’s strategic outlook, the CFPB issued its “near-term priority goals where we hope to make substantial progress...more
The CFPB has issued its December 2015 complaint report which highlights money transfer complaints and complaints from consumers in Georgia and the Atlanta metro area.
General findings include the following:
As of...more
The CFPB has issued a bulletin (Compliance Bulletin 2015-07) to provide guidance to creditors, debt buyers and third-party debt collectors about compliance with the CFPA UDAAP prohibition and the FDCPA when conducting...more
The CFPB has issued its November 2015 complaint report, the fifth in its new series of monthly complaint reports. The new report highlights bank account or service complaints and complaints from consumers in Connecticut and...more
The CFPB has issued a new “snapshot of servicemember complaints.” The report states that as of November 2015, the CFPB had received about 2,500 complaints from servicemembers, veterans and their dependents about high-cost...more
The CFPB released its Fall 2015 rulemaking agenda last Friday. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Fall 2015 agenda gives a December 2015 date for further prerule...more
Last week, the FTC announced a new coordinated effort against unlawful debt collection practices, “Operation Collection Protection.” The FTC also announced that federal, state and local law enforcement agencies have brought...more