News & Analysis as of

Credit Reporting Agencies Debt Collectors Consumer Financial Protection Bureau (CFPB)

Orrick, Herrington & Sutcliffe LLP

CFPB publishes four ANPRs seeking comment on the definitions of “larger participants” in specific supervised industries

On August 8, the CFPB published four advance notices of proposed rulemaking in the Federal Register seeking public comment to reconsider the test for defining larger participants in the consumer reporting, debt collection,...more

Brownstein Hyatt Farber Schreck

CFPB Classifies Data Brokers as Credit Reporting Agencies in New Proposal

On Dec. 3, 2024, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would treat data brokers as credit reporting agencies, subjecting them to requirements under the Fair Credit Reporting Act (FCRA)....more

Ballard Spahr LLP

CFPB Blog: Debt collectors who attempt to collect on spouse’s medical bills from a survivor may violate federal law

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The CFPB recently issued a blog post, highlighting debt collection impacts on surviving spouses. In the blog, the CFPB warns that debt collectors who try to collect on a spouse’s medical bills from a survivor, who is not...more

Troutman Pepper Locke

General Counsel of the CFPB Delivers Remarks Focusing on Medical Collections and Tenant Screening

Troutman Pepper Locke on

In a recent speech at the National Consumer Law Center/National Association of Consumer Advocates Spring Training, Seth Frotman, General Counsel of the Consumer Financial Protection Bureau (CFPB or Bureau), focused on medical...more

Ballard Spahr LLP

CFPB issues annual FDCPA report; FTC issues annual letter on debt collection to CFPB (UPDATED)

Ballard Spahr LLP on

The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s debt collection activities in 2022.  The report incorporates information from the FTC’s most recent annual letter to the CFPB...more

Troutman Pepper Locke

Medical Debt Under the Microscope: Insights from the CFPB’s 2022 FDCPA Report

Troutman Pepper Locke on

On November 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Fair Debt Collection Practices Act (FDCPA) Annual Report detailing the CFPB’s 2022 activities related to debt collection practices. This...more

Brownstein Hyatt Farber Schreck

CFPB Seeks to Fundamentally Alter the Credit Reporting Process and Use of Public Data

On Sept. 21, 2023, the Consumer Financial Protection Bureau (CFPB) officially announced it is considering a rulemaking to address several consumer reporting topics under the Fair Credit Reporting Act (FCRA). Under the process...more

Bradley Arant Boult Cummings LLP

Questions to Consider as Regulators Increase Scrutiny of Medical Debt

Over the last year and a half, the Consumer Financial Protection Bureau (CFPB) has become increasingly interested in the origination, servicing, and collection of medical debt. The CFPB alone has published several pieces of...more

Goodwin

The CFPB Proposal to Remove Medical Debt from Credit Report

Goodwin on

​​​​​​​The Consumer Financial Protection Bureau (CFPB) is moving forward with a rulemaking proposal to change the process of reporting medical debt on consumer credit reports. Specifically, the rulemaking proposal the Bureau...more

Cozen O'Connor

Proposed CFPB Order Requires Debt Collector to Pay $24 Million

Cozen O'Connor on

The CFPB filed a proposed order against Portfolio Recovery Associates, LLC (PRA), one of the largest debt collectors in the nation, accusing the company of illegal debt collection practices in violation of a 2015 CFPB order,...more

Cooley LLP

Alert: Recent CFPB Actions Highlight Focus on Debt Collection

Cooley LLP on

On August 16, 2021, the Consumer Financial Protection Bureau (CFPB) filed a proposed settlement to resolve a 2019 lawsuit against a debt collection enterprise and its owner. The CFPB asserts that the debt collection...more

Cozen O'Connor

Debt Collector’s Alleged Failure To Conduct Due Diligence And Ensure Accuracy In Credit Reporting Leads To $850,000 Settlement

Cozen O'Connor on

The Consumer Financial Protection Bureau (“CFPB”) reached a settlement with debt collection company Fair Collections & Outsourcing Holdings, Inc. and its owner and related entities (collectively “FCO”) to resolve allegations...more

Jaburg Wilk

Using Credit Reporting as Debt Collection Strategy Has Changed

Jaburg Wilk on

Credit scores are important and frequently determine interest rates and can even impact insurance rates. For many years, judgment creditors could enforce their judgments in a variety of ways. Prior to 2017, judgment creditors...more

Womble Bond Dickinson

CFPB Announces Consent Order with Debt Collector for Violations of FCRA

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On November 12, 2020, Illinois-based non-bank debt collector and furnisher of consumer information, Afni, Inc. (Afni) and the Consumer Financial Protection Bureau (CFPB) entered into a Consent Order requiring that Afni take a...more

Troutman Pepper Locke

Debt Collector Agrees to Independent Consultant, Regular Review in FCRA Settlement

Troutman Pepper Locke on

Following a Consumer Financial Protection Bureau (“CFPB”) investigation into its credit reporting procedures, telecommunications debt collector Afni, Inc. agreed Thursday to implement additional safeguards against inaccurate...more

Ballard Spahr LLP

CFPB announces settlement with debt collector for FCRA violations involving furnishing of consumer information to CRAs

Ballard Spahr LLP on

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

Goodwin

CFPB Settles with Telecommunications Debt Collector for Alleged FCRA and CFPA Violations

Goodwin on

On November 12, 2020, the Consumer Financial Protection Bureau (CFPB) announced ​​that it had entered into a consent order with an Illinois-based debt collector that collects debts on behalf of telecommunications companies...more

Ballard Spahr LLP

The CFPB’s final collections rule: impact on credit reporting

Ballard Spahr LLP on

This latest installment of our blog posts about the CFPB debt collection rule examines how the final rule will impact credit reporting....more

Sheppard Mullin Richter & Hampton LLP

California Legislature Passes Mini-CFPB Bill; If You Liked The Department Of Business Oversight, Get Ready For The Department Of...

On August 31, both houses of the California legislature passed and sent to Governor Newsom for signature the California Consumer Financial Protection Law (the CCFPL). Effective on January 1, 2021 if Governor Newsom signs the...more

Hinshaw & Culbertson - Consumer Financial...

Consumer Law Hinsights – July 2020

Welcome to Consumer Law Hinsights?a monthly compilation of nationwide consumer protection cases of interest to financial services and accounts receivable management companies. This edition highlights our interactive COVID-19...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Issues Semi-Annual Report to Congress

The CFPB has issued its semi-annual report to Congress. The Report, which covers April through September of 2019, is mandated by Dodd-Frank and was released in conjunction with Director Kraninger’s testimony to the House...more

Ballard Spahr LLP

Seventh Circuit offers advice to debt collectors facing sequential lawsuits

Ballard Spahr LLP on

The U.S. Court of Appeals for the Seventh Circuit recently ruled in Horia v. Nationwide Credit & Collection, Inc. that a consumer was not precluded from bringing a second FDCPA lawsuit against a debt collector for failing to...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Issues Semi Annual Report to Congress

The CFPB has issued its Semi-Annual Report to Congress for the time period beginning April 1, 2018 and ending September 30, 2018. The Report is the first issued by newly confirmed Director Kathy Kraninger and outlines the...more

Baker Donelson

CFPB Continues Its Focus on Medical Debt

Baker Donelson on

Last week, the Consumer Financial Protection Bureau (CFPB) announced a consent order with two debt collection law firms specializing in medical debt. This action is similar to prior CFPB enforcement actions taken against debt...more

Sheppard Mullin Richter & Hampton LLP

Most Recent CFPB Supervisory Highlights Feature FCRA, LO Compensation and Debt Collection Issues

The Consumer Financial Protection Bureau’s most recent supervisory highlights publication featured issues relating to the Fair Credit Reporting Act, loan originator compensation and in-person debt collection that should be on...more

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