The CFPB announced that it has entered into a settlement with Afni, Inc. to address its alleged FCRA violations in furnishing consumer information to consumer reporting agencies (CRAs). Afni is a debt collector specializing...more
The CFPB filed an amicus brief in Hopkins v. Collecto, Inc., an appeal before the U.S. Court of Appeals for the Third Circuit, in support of the debt collector’s position that it did not violate the FDCPA by sending the...more
The CFPB has released the Summer 2020 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of consumer reporting, debt collection, deposits, fair lending, mortgage servicing, and...more
9/15/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
EFTA ,
Fair Lending ,
FDCPA ,
Financial Services Industry ,
Mortgage Servicers ,
Payday Loans ,
Regulatory Requirements
The U.S. Court of Appeals for the Seventh Circuit affirmed the district court’s judgment on the pleadings in favor of the defendants (a debt buyer and a collection agency) in a putative class action that alleged the...more
The CFPB has issued a special edition of its Supervisory Highlights that focuses on compliance with the FCRA and Regulation V. The report contains two main sections, with one devoted to supervisory observations at furnishers...more
12/13/2019
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Consumer Reports ,
Debt Collection ,
Delinquency Status ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Mortgage Servicers ,
Policies and Procedures ,
Regulation V ,
Supervisory Highlights
In an 8-1 decision, the U.S. Supreme Court has ruled in Rotkiske v. Klemm that the FDCPA’s one-year statute of limitations (SOL) runs from the date of the alleged violation and not from a consumer’s discovery of the...more
12/12/2019
/ Cause of Action Accrual ,
Credit Cards ,
Debt Collection ,
Default Judgment ,
Discovery Rule ,
Equitable Tolling ,
FDCPA ,
Rotkiske v. Klemm ,
SCOTUS ,
Service of Process ,
Statute of Limitations
On October 4, California Governor Gavin Newsom signed into law Assembly Bill 1313, which prohibits postsecondary schools from withholding transcripts as a debt collection tool. The law is effective January 1, 2020.
...more
The CFPB’s fourth biennial report on the credit card market was issued at the end of August.
The Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) requires the CFPB to perform periodic market...more
9/9/2019
/ CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Security Freeze ,
Debit and Credit Card Transactions ,
Debt Collection ,
Fraudulent Charges ,
Point of Sale Terminals ,
Rewards Programs ,
Risk Management ,
Third-Party Service Provider
The DOJ has filed an amicus brief in support of the defendant debt collector in Rotkiske v. Klemm, the case before the U.S. Supreme Court that hopefully will resolve a circuit court split over whether the FDCPA one-year...more
The CFPB has issued a new report on tradelines reported by third-party debt collectors as reflected on credit reports compiled by nationwide consumer reporting agencies. The third-party collector tradelines consist of those...more
7/23/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Credit Reports ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
Financial Services Industry ,
Medical Debt ,
Regulatory Oversight ,
Third-Party Service Provider
The CFPB’s annual fair lending report covering its 2018 activities was published in today’s Federal Register. While most of the report recycles information about which we have previously blogged, it does contain the...more
7/8/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Data Points ,
Debt Collection ,
Disparate Impact ,
ECOA ,
Fair Lending ,
Information Reports ,
Mortgage Loan Originators ,
Mortgages ,
Student Loans
On June 14, 2019, Texas Governor Greg Abbott signed HB 996, which amends Chapter 392 of the Texas Finance Code dealing with debt collection. The amendments are effective September 1, 2019. ...more
6/24/2019
/ Consumer Financial Products ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Legislation ,
Rulemaking Process ,
State and Local Government ,
Third-Party Service Provider
Plans announced on May 15 by the FCC to empower voice service providers to offer more aggressive call-blocking programs could create significant problems for creditors and debt collectors. ...more
One day after announcing its notice of proposed rulemaking regarding the Fair Debt Collection Practices Act (FDCPA), the CFPB held a town hall at the University of Pennsylvania to discuss the major aspects of the proposal,...more
The CFPB has published its long-awaited notice of proposed rulemaking under the Fair Debt Collection Practices Act (FDCPA). ...more
5/8/2019
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
FDCPA ,
Financial Services Industry ,
NPRM ,
Proposed Rules ,
Rulemaking Process ,
Title X ,
UDAAP
The CFPB has issued its eighth annual Fair Debt Collection Practices Act report covering the CFPB’s and FTC’s activities in 2018....more
A law firm hired to pursue a nonjudicial foreclosure under Colorado law was not a "debt collector" under the Fair Debt Collection Practices Act (FDCPA), the U.S. Supreme Court ruled unanimously today in Obduskey v. McCarthy &...more
Persons or entities that engage third parties to collect consumer debts they acquired when the debts were in default, known as "passive debt buyers," are "debt collectors" subject to the Fair Debt Collection Practices Act...more
The U.S. Supreme Court has agreed to resolve a circuit court split over whether the one-year statute of limitations (SOL) in the Fair Debt Collection Practices Act (FDCPA) runs from the date of the alleged violation or starts...more
2/26/2019
/ Appeals ,
Cause of Action Accrual ,
Certiorari ,
Consumer Protection Laws ,
Debt Collection ,
Default ,
Discovery Rule ,
FDCPA ,
Rotkiske v. Klemm ,
SCOTUS ,
Split of Authority ,
Statute of Limitations
The CFPB’s Office of Servicemember Affairs has released its annual report on complaints submitted to the Bureau by servicemembers....more
In a matter of first impression, the U.S. Court of Appeals for the Sixth Circuit has ruled that the Fair Debt Collection Practices Act (FDCPA) requirement for a debt collector to "cease collection of the debt" after receipt...more
Debt collectors should take note of a recent decision by the U.S. Court of Appeals for the Fifth Circuit holding that a Texas federal district court was justified in relying on "special circumstances"...more
The U.S. Court of Appeals for the Seventh Circuit recently ruled that an auto repossession company's alleged demand that a debtor pay an administrative property retrieval fee to retrieve personal property left in her...more
It has been reported that, without announcement or warning, the regulations applicable to third-party debt collectors in Massachusetts may have changed. ...more
In Loja v. Main Street Acquisition Corporation, the plaintiff filed a lawsuit in federal district court for alleged FDCPA violations against Main Street Acquisition Corporation and the law firm it retained to file a state...more