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Debt Collectors Financial Services Industry Regulatory Agenda

Troutman Pepper Locke

CFPB Proposes Rules Re-Defining Larger Participants in Multiple Markets

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On August 8, the Consumer Financial Protection Bureau (CFPB or Bureau) published a series of proposed rules aimed at redefining what constitutes a “larger participant” in several key financial markets. Under § 1024 of the...more

Hinshaw & Culbertson - Consumer Crossroads

New York City Department of Consumer and Worker Protection Announced Another Delay to the Effective Date for its Final Rules...

In January 2025, the New York City Department of Consumer and Worker Protection (DCWP) issued a Notice of Change of Effective Date (Notice), further delaying the effective date for the final rules relating to debt collectors...more

Hinshaw & Culbertson - Consumer Crossroads

New York City Department of Consumer and Worker Protection Proposes Amendments to its Definition of "Debt Collector"

In November 2024, the New York City Department of Consumer and Worker Protection (DCWP) proposed additional amendments to its rules relating to debt collectors to clarify the definition of a "debt collector."...more

Troutman Pepper Locke

House Resolution Introduced to Disapprove the CFPB Advisory Opinion on Medical Debt Collection Practices

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On November 13, Representative Gary J. Palmer (R-AL) introduced House Joint Resolution 220, which seeks congressional disapproval of an advisory opinion published by the Consumer Financial Protection Bureau (CFPB or Bureau)...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter- October 2024 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper Locke

Illinois Passes Legislation to Ban Reporting of Medical Debt

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On May 16, the Illinois legislature passed Senate Bill (SB) 2933. The bill amends the Illinois Consumer Fraud and Deceptive Business Practices Act making it unlawful for a consumer reporting agency (CRA) to create a consumer...more

Troutman Pepper Locke

Minnesota House Passes Key Provisions of Debt Fairness Act

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On April 15, the Minnesota House of Representatives passed the Commerce Policy Omnibus bill, which includes key provisions of the Minnesota Debt Fairness Act. Minnesota AG Keith Ellison supports this bill and celebrated its...more

Troutman Pepper Locke

California Proposes Amending State FDCPA to Cover Small Business Debt

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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

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - March 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper Locke

Massachusetts AG Settles With Major Student Loan Servicer for $1.8M Over Faulty Notices

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On January 11, Massachusetts Attorney General (AG) Andrea Joy Campbell announced a $1.8 million settlement with Nelnet, Inc. (Nelnet), one of the largest federal student loan servicers in the U.S., for allegedly sending...more

Troutman Pepper Locke

NYC Department of Consumer and Worker Protection Proposes Amendments to Debt Collection Rules

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New York City’s Department of Consumer and Worker Protection (NYC DCWP) recently released a notice of proposed amendments to its debt collection rules. The proposed amendments are detailed, lengthy, and include expanded...more

Venable LLP

CFPB Eyes Consumer Payment Markets for Supervision and Examinations

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The CFPB's latest regulatory agenda signals that it is considering rules to define larger participants in markets for consumer payments, to be published in July 2023. This action, if implemented, would represent a sea change...more

Troutman Pepper Locke

House Introduces Bill To Amend FDCPA To Set A Two-Year Limitation Before Collecting On Medical Debts

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The U.S. House of Representatives has introduced a bill, H.R. 1773, that seeks to amend the Fair Debt Collection Practices Act (FDCPA). The proposed amendment would include a two-year bar on the collection of medical debts...more

Orrick, Herrington & Sutcliffe LLP

NYDFS revises proposed amendments to third-party debt collection rules

In December, NYDFS released revised proposed amendments to 23 NYCRR 1, which regulates third-party debt collectors and debt buyers. NYDFS first issued a proposed amendment to 23 NYCRR 1 in December 2021 ...more

Burr & Forman

U.S. House Passes Comprehensive Debt Collection Improvement Act

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On May 13, 2021, the U.S. House of Representatives passed H.R. 2547 (the “Comprehensive Debt Collection Improvement Act” or “CDCIA”).  Originally introduced by House Financial Services Chairwoman Maxine Waters, the CDCIA’s...more

Ballard Spahr LLP

Senate Dems Target For-Profit Colleges and Federal Student Loan Servicers and Collectors in Letter to Dept. of Education

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Last week, Senators Elizabeth Warren, Kamala Harris and Cory Booker sent a letter to the U.S. Department of Education’s Office of Civil Rights (OCR) requesting information about how OCR “plans to address alarming racial...more

Ballard Spahr LLP

CFPB extends comment deadline for proposed debt collection rules

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In a notice to be published in tomorrow’s Federal Register, the CFPB is extending the comment deadline for its proposed debt collection rules until September 18.  The proposal’s initial 90-day comment period was set to expire...more

Ballard Spahr LLP

Meaningful attorney involvement: the CFPB’s new proposed “safe harbor” standard

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As part of our continuing discussion of the CFPB’s proposed debt collection rules, we focus in this blog post on a provision that occupies very little real estate in the proposal, but could have tremendous significance: a new...more

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