With the CFPB having decided to leave the effective date of the Debt Collection Rule as November 30th, the push is on for debt collectors to ensure their compliance with the Rule by that date. As debt collectors make the...more
The House has passed a bipartisan bill that amends the FDCPA to provide additional protections to servicemembers. The bill, H.R. 5003, amends 15 U.S.C. §§1692c and f to add provisions regarding communications to...more
The CFPB has issued a Statement of Policy which seeks to “convey and foster greater certainty above the meaning of abusiveness” and provide a framework for its exercise of supervisory and enforcement authority as to abusive...more
1/31/2020
/ Abusive Acts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Enforcement Actions ,
Enforcement Authority ,
Enforcement Guidance ,
Financial Services Industry ,
Good Faith ,
Policy Statement ,
Remedies ,
Restitution ,
Safe Harbors ,
Unfair or Deceptive Trade Practices
The CFPB’s 2020 Rulemaking Agenda provides a preview of the Bureau’s intended rulemaking activities for 2020. Here are the highlights of what we can look forward to in 2020:
Business Lending Data (Pre-rule Stage): Under...more
1/7/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Final Rules ,
Financial Services Industry ,
HMDA ,
Mortgages ,
NPRM ,
Payday Lending Rule ,
Proposed Rules ,
Regulatory Agenda ,
Rulemaking Process ,
Small Business
More than five years after it issued its Advanced Notice of Proposed Rulemaking, the CFPB appears poised to issue its proposed debt collection rules. The first hint that this was imminent came in the fall of 2018 when the...more
4/24/2019
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Debt Collectors ,
Dispute Resolution ,
Electronic Communications ,
FDCPA ,
SBREFA ,
Third-Party
For the first time in over a year, the CFPB has issued a Complaint Snapshot. A practice started by Cordray in 2015, the report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of...more
Just four days after the U.S. Supreme Court heard oral arguments in Obduskey v. McCarthy & Holthus LLP regarding whether non-judicial foreclosures qualify as debt collection under the FDCPA, the Sixth Circuit doubled down on...more
District Court Takes Expansive View of Deceptive or Misleading Practices under FDCPA -
The FDCPA prohibits a debt collector from using "any false, deceptive, or misleading representation" in connection with the collection...more
5/11/2018
/ Administrative Appointments ,
Article III ,
ATDS ,
Collection Agencies ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Debt Collection ,
Disclosure Requirements ,
FCC ,
FDCPA ,
Fees ,
Financial Services Industry ,
Foreclosure ,
Interest Accrual ,
Proposed Legislation ,
Safe Harbors ,
Strategic Enforcement Plan ,
TCPA ,
Unfair or Deceptive Trade Practices
The CFPB has issued its semi-annual report to Congress, leaving little doubt as to the agenda of Acting Director, Mick Mulvaney. While the information contained in the actual report is largely inconsequential, it is...more
The Seventh Circuit recently joined the Fourth and Ninth Circuits in holding that a debt collection discharges its obligation as to debt validation by verifying that its letters accurately conveyed the information received...more
The Tenth Circuit has weighed in on whether a non-judicial foreclosure is debt collection activity. In doing so, the Tenth Circuit has joined a split in the circuits on the issue. With the Tenth Circuit’s decision the...more
With the growth of technology and the development of the fintech market, an unprecedented amount of consumer financial data has become available. While protections through the FTC Safeguard Rule and EFTA provide certain...more
10/26/2017
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Information ,
Data Breach ,
Data Protection ,
Data Security ,
Electronic Data Transmissions ,
Financial Services Industry ,
Information Security ,
Informed Consent ,
Request For Information
The CFPB has issued its monthly complaint report. The report is a high level snapshot of trends in consumer complaints. The report traditionally provides a summary of the volume of complaints by product category, by company...more
The Fourth Circuit recently examined the issue of Article III standing in the context of the FDCPA. In Ben-Davies v. Blibaum & Associates, P.A., 2017 U.S. App. LEXIS 9667 (4th Cir. June 1, 2017), the consumer sought to...more
6/7/2017
/ Article III ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Federal Rule 12(b)(1) ,
Financial Services Industry ,
Injury-in-Fact ,
Standing ,
Third-Party Service Provider
The CFPB’s most recent monthly report on consumer complaints spotlights student loans. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product...more
The CFPB has issued its 2016 Fair Lending Report which provides a summary of the Bureau’s efforts in fair lending for 2016. The Report also includes an indication of the Bureau’s fair lending priorities for 2017. Here are...more
The CFPB issued its monthly report on consumer complaints this week. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product category, by...more
3/31/2017
/ Banking Sector ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Debt Collection ,
Mortgages ,
Regulatory Oversight ,
Rewards Programs ,
Student Loans
The CFPB issued its monthly report on consumer complaints this month, providing a high-level snapshot of the recent trends in consumer complaints. The Report provides a summary of the volume of complaints by product category...more
The CFPB issued its monthly report on consumer complaints last week. The report is a high-level snapshot of trends in consumer complaints. The Reportprovides a summary of the volume of complaints by product category, by...more
The CFPB continues to flex its muscle and expand its reach, this time punishing a prepaid card provider and its vendor for a conversion to a new system that did not go as planned. The consent order, which was entered into...more
The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more
2/17/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Escrow Accounts ,
Financial Institutions ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Prepaid Payment Products ,
Real Estate Market ,
Student Loans
The CFPB published its Fall Supervisory Highlights last week, highlighting its examination observations across various financial products for examinations conducted between May and August 2016. The Report highlights key...more
11/11/2016
/ Audit Policies ,
Automotive Loans ,
Board of Directors ,
Compliance ,
Compliance Management Systems ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corrective Actions ,
Debt Collection ,
Fair Lending ,
Internal Controls ,
Mortgage Lenders ,
Policies and Procedures ,
Policy Statement