Last week, the U.S. Supreme Court issued its long-awaited decision in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau) holding that the CFPB’s...more
5/20/2024
/ Community Financial Services Association ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Dodd-Frank ,
Federal Funding ,
Final Rules ,
Financial Services Industry ,
SCOTUS ,
Section 1071 ,
Texas
On May 10, a Texas federal court granted a preliminary injunction enjoining the Consumer Financial Protection Bureau (CFPB or Bureau) from implementing the credit card late fee rule, most recently discussed here. The court...more
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) published an Issue Spotlight focusing on consumer complaints relating to credit card rewards programs. The report notes that credit card companies often...more
On May 3, the U.S. Court of Appeals for the Fifth Circuit entered an order denying the CFPB’s (CFPB) petition for a panel rehearing and effectively setting the stage for a long-awaited ruling on a preliminary injunction in...more
5/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Injunctive Relief ,
Late Fees ,
Petition For Rehearing ,
Preliminary Injunctions
The U.S. Court of Appeals for the Third Circuit has recently underscored the fact that a plaintiff does not automatically gain Article III standing under the Fair Debt Collections Practices Act (FDCPA) simply because they are...more
5/8/2024
/ Article III ,
Creditors ,
Debt ,
Debt Collection ,
FDCPA ,
Financial Services Industry ,
Injury-in-Fact ,
Putative Class Actions ,
Remand ,
Standing ,
Vacated
The Consumer Financial Protection Bureau (CFPB) recently released an Issue Spotlight highlighting the costs and fees associated with Health Savings Accounts (HSAs). While acknowledging that HSAs offer tax advantages that can...more
5/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Employee Benefits ,
Employees ,
Employer Liability Issues ,
Financial Regulatory Reform ,
Financial Services Industry ,
HDHP ,
Health Insurance ,
Health Savings Accounts ,
Medical Expenses ,
Tax Deductions
On April 30, the U.S. Court of Appeals for the Fifth Circuit issued an order vacating the district court’s effective denial of the motion for a preliminary injunction filed by several trade groups, including the U.S. Chamber...more
Earlier this week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its second report detailing changes in the credit reporting of medical debts made by the three national consumer reporting agencies (CRAs)...more
A U.S. District Court in the Eastern District of Missouri recently granted a defendant’s summary judgment motion in a Fair Debt Collection Practices Act (FDCPA) case, holding that the plaintiff lacked standing because she did...more
4/25/2024
/ Article III ,
Banks ,
Consumer Reporting Agencies ,
Consumer Reports ,
Debt ,
Debt Collection ,
FDCPA ,
Financial Services Industry ,
Injury-in-Fact ,
Standing ,
Summary Judgment
In March, the U.S. District Court for the District of New Jersey granted the defendant’s motion to dismiss a claim that the defendant violated § 1692e(8) of the Fair Debt Collection Practices Act (FDCPA) when it failed to...more
On April 17, the Consumer Financial Protection Bureau (CFPB or Bureau) entered a consent order against BloomTech, a for-profit vocational school, and its CEO, Austen Allred, for deceptive marketing practices related to...more
Recently, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted letters to senators in Connecticut and California supporting their proposals to prohibit medical debt reporting....more
On Tuesday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a procedural rule streamlining the designation proceedings for nonbank supervision based on a particular entity posing “risks to consumers.” As...more
In March, a district court in the Eastern District of California followed other courts holding that an undated, model form debt validation notice does not violate the Fair Debt Collection Practices Act (FDCPA). Specifically,...more
The California Senate Banking and Financial Institutions Committee is currently considering Senate Bill (SB) 1286, which would expand the scope of the Rosenthal Fair Debt Collection Practices Act (RFDCPA) to also prohibit...more
4/10/2024
/ California ,
Debt ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Financial Institutions ,
Financial Services Industry ,
Proposed Amendments ,
Regulatory Agenda ,
Small Business ,
The Rosenthal Act
On April 5, the U.S. Court of Appeals for the Fifth Circuit issued an order effectively reversing the district court’s decision to transfer the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more
4/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Preliminary Injunctions ,
Regulatory Agenda ,
Unconstitutional Condition ,
Writ of Mandamus
On April 2, the U.S. Court of Appeals for the Fifth Circuit issued an order staying the district court’s decision to transfer the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) credit card late fee rule...more
4/4/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Stays
Last week, the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee rule (Final Rule) was transferred from the U.S. District Court for the Northern District of Texas to the...more
4/1/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Preliminary Injunctions ,
Safe Harbors
In Scott v. Collecto, Inc., the plaintiff filed a complaint in state court alleging a violation of the Fair Debt Collection Practices Act (FDCPA) and common law negligence based on the defendant’s use of a letter vendor to...more
A U.S. District Court in the Southern District of Florida recently granted a motion for summary judgment filed by debt collector, I.C. Systems, finding that the plaintiff failed to provide any evidence of an inadequate...more
As discussed here, earlier this month the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its credit card late fee rule (Final Rule). The Final Rule sets a safe harbor amount for late fees at $8 and eliminates...more
As discussed here, earlier last week the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its credit card late fee rule (Final Rule). The Final Rule sets a safe harbor amount for late fees at $8 and eliminates...more
We discussed the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee proposed rule here 13 months ago, and today, the Bureau announced that it has finalized the rule (Final Rule) setting a safe harbor...more
Can digital comparison-shopping operators or lead generators violate the Consumer Financial Protection Act (CFPA) by preferencing products or services based on financial benefit? According to today’s guidance issued by the...more
Join us for an enlightening episode of The Consumer Finance Podcast, where we dissect the intricate world of debt collection, reflecting on the past year and forecasting future trends. This episode, hosted by Chris Willis,...more