This week, the CFPB filed a notice with the Texas federal district court stating that it intends to move to transfer the lawsuit challenging the CFPB’s final credit card late fee rule (Rule). The notice was filed pursuant to...more
3/21/2024
/ 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
The federal district court judge to whom the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) was reassigned entered an order this week questioning whether the Fort Worth Division of the Northern District...more
3/20/2024
/ 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 ,
Truth in Lending Act (TILA)
The Consumer Financial Protection Bureau (“CFPB”) filed an opposition brief (the “Opposition”) on Tuesday in response to a request by plaintiff trade groups to enjoin the CFPB’s final credit card late fee rule (the “Final...more
3/18/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Federal Student Loans ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Health and Essential Rights (HERO) Act ,
Late Fees ,
Motion To Enjoin ,
Preliminary Injunctions ,
Truth in Lending Act (TILA)
A New York federal district court has denied a motion to dismiss the lawsuit filed in January 2022 by the CFPB against three companies that purchase portfolios of defaulted debts (Corporate Defendants) and three individuals...more
On September 14th, the Federal District Court for the Eastern District of Kentucky granted the plaintiff’s motion to preliminarily enjoin the CFPB from implementing the Small Business Lending Rule (Rule) promulgated under...more
9/25/2023
/ American Bankers Association ,
Beneficiaries ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Lenders ,
Debt Collection ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Preliminary Injunctions ,
Section 1071 ,
Small Business
The CFPB has published its Fall 2020 rulemaking agenda as part of the Fall 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions. It represents the CFPB’s fourth rulemaking agenda under Director Kraninger’s...more
The CFPB announced last week that it has entered into a settlement of the lawsuit it filed in September 2020 against Encore Capital Group, Inc., Midland Funding, LLC, Midland Credit Management, Inc., and Asset Acceptance...more
The CFPB has published its Spring 2020 rulemaking agenda as part of the Spring 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions. It represents the CFPB’s third rulemaking agenda under Director Kraninger’s...more
The CFPB announced that it has entered into a proposed consent order with Think Finance and six subsidiaries (collectively, the “Think Entities’) to settle the Bureau’s lawsuit filed in November 2017 that alleged the Think...more
2/7/2020
/ Abusive Acts ,
Chapter 11 ,
Civil Monetary Penalty ,
Commercial Bankruptcy ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Debt Collectors ,
Enforcement Actions ,
Financial Services Industry ,
Interest Rates ,
Motion To Enjoin ,
Settlement Agreements ,
State and Local Government ,
State Attorneys General ,
Unfair or Deceptive Trade Practices ,
Usury ,
Void Contracts
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
2/6/2020
/ Abusive Acts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Debt Collection ,
Debt Collectors ,
Failure to Notify ,
FDCPA ,
Financial Services Industry ,
Litigation Strategies ,
Subsequent Litigation
The New York Department of Financial Services has announced the creation of a new Consumer Protection Task Force within the NYDFS. ...more
1/14/2020
/ Abusive Acts ,
Consumer Financial Products ,
Debt Collection ,
Debt Collectors ,
Enforcement Authority ,
Federal Agency Taskforce ,
Financial Services Industry ,
Licensing Rules ,
NYDFS ,
Regulatory Oversight ,
Unfair or Deceptive Trade Practices
The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator. Both governors have framed their proposals as a response to what they...more
1/13/2020
/ Abusive Acts ,
Administrative Authority ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Discriminatory Lending Practices ,
Elder Issues ,
Financial Literacy ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Legislative Agendas ,
Military Service Members ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Reform ,
Robocalling ,
State and Local Government ,
Students ,
Unfair or Deceptive Trade Practices
The CFPB has published its Fall 2019 rulemaking agenda as part of the Fall 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget....more
11/22/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
E-SIGN ,
Financial Services Industry ,
HMDA ,
Mortgage Loan Originators ,
PACE ,
Payday Lending Rule ,
Qualified Mortgage Rule ,
Regulatory Agenda ,
Request For Information ,
Rulemaking Process
The Seventh Circuit held in Koehn v. Delta Outsource Group, Inc., et al. that using the term “current balance” in a collection letter to reference a static amount of debt was not misleading and did not violate the Fair Debt...more
The Committee on Financial Services will hold a hearing entitled, “Examining Legislation to Protect Consumers and Small Business Owners from Abusive Debt Collection Practices,” on Thursday, September 26, 2019, at 10:00 a.m....more
The CFPB has released the Summer 2019 edition of its Supervisory Highlights. The report discusses the Bureau’s examination findings in the areas of automobile loan originations, credit card account management, debt...more
9/23/2019
/ Automotive Loans ,
Banking Examinations ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Insurance Products ,
Credit Cards ,
Credit Reporting Agencies ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Popular ,
Regulation Z ,
Reverse Mortgages ,
Supervisory Highlights
In a precedential opinion, the U.S. Court of Appeals for the Third Circuit concluded that a plaintiff in a class action complaint had Article III standing and was properly awarded summary judgment when a debt collector sent...more
A unanimous three-judge panel of the U.S. Court of Appeals for the Ninth Circuit in Duguid v. Facebook, Inc., has reaffirmed the broad reading of the Telephone Consumer Protection Act’s (TCPA) definition of an automatic...more
6/19/2019
/ ATDS ,
Constitutional Challenges ,
Debt Collection ,
Facebook ,
Financial Services Industry ,
First Amendment ,
Free Speech ,
Putative Class Actions ,
Social Media ,
TCPA ,
Text Messages
Consumer advocates have heavily criticized Director Kraninger and former Acting Director Mick Mulvaney for taking a much less aggressive attitude towards enforcement than former Director Cordray. ...more
6/4/2019
/ Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Enforcement Authority ,
Enforcement Guidance ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Motion to Set Aside the Verdict ,
Small Dollar Lenders ,
Unfair or Deceptive Trade Practices
The CFPB has announced that it will hold a Town Hall to take place in Philadelphia, Pennsylvania beginning at Noon on May 8, 2019....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
The parties in Madden v. Midland Funding, LLC. have filed a joint motion with the New York federal district court seeking preliminary approval of a class settlement....more
3/19/2019
/ Charge-Off ,
Class Action ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Madden v Midland Funding ,
National Bank Act ,
OCC ,
Settlement Agreements ,
Settlement Negotiations ,
True Lender
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
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