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The CFPB’s final collections rule: meaningful attorney involvement safe harbor removed; debt sale restrictions modified

Our blog post series has detailed a number of ways in which the CFPB’s final debt collection rule departs from last year’s NPRM. There are two additional topics approached very differently in the final rule: (1) the proposed...more

CFPB, FTC, and Others Partner to Target Phantom and Abusive Debt Collection

On September 29, the CFPB, in partnership with the FTC and numerous federal and state law enforcement agencies, announced a nationwide effort addressing “phantom debt collection” and abusive and threatening debt collection...more

New Jersey Names Student Loan Ombudsman

Last week, the New Jersey Department of Banking and Insurance (DOBI) announced that it was designating Raghu Kakumanu as the state’s Student Loan Ombudsman. The DOBI opted to fill the role internally, as Kakumanu currently...more

CFPB, FTC and others partner to target phantom and abusive debt collection

On September 29, the CFPB, in partnership with the FTC and numerous federal and state law enforcement agencies, announced a nationwide effort addressing “phantom debt collection” and abusive and threatening debt collection...more

FTC Launches Military Consumer Data Dashboard

The Federal Trade Commission (FTC) has launched a new online “dashboard” that makes certain data received from active duty servicemembers and veterans publicly available. ...more

Lawsuit By 3 Trade Groups Challenging Nevada Spousal Credit History Law Dismissed

A federal District Court judge in Nevada has dismissed a case filed by several trade associations against the Commissioner of the Financial Institutions Division (“FID”) of the Nevada Department of Business and Industry and...more

More On Virginia’s New Law Requiring Licensure Of Student Loan Servicers

We previously blogged about Virginia’s enactment last month of a law requiring student loan servicers to be licensed by the Virginia State Corporation Commission (“Commission”). As promised, we are providing a more detailed...more

Virginia Enacts Law Requiring Licensure of Student Loan Servicers

One Wednesday, Virginia enacted a law that requires student loan servicers to be licensed. While Virginia opened its “Office of the Qualified Education Loan Ombudsman” in 2019, efforts to require licensure of student loan...more

Trade groups respond to Nevada regulator and AG in lawsuit challenging Nevada law

We recently provided an update in a case we’ve been following involving a lawsuit challenging a Nevada statute, SB 311, that allows an applicant for credit with no credit history to request that a creditor treat an...more

Nevada regulator and AG file new motion to dismiss in lawsuit by 3 trade groups challenging Nevada law

We have been closely following a lawsuit challenging a 2019 Nevada amendment that relates to the treatment of spousal credit history during the credit application process. ...more

Washington Proposes Amendments to Student Loan Servicing Rules

The Washington State Department of Financial Institution (DFI) has published proposed revisions to its student loan servicer regulations. This proposal would amend rules that went into effect earlier this year pursuant to...more

Debt Collector Enters into Consent Order with CFPB to Settle Alleged FDCPA and UDAAP Violations

Last week, the CFPB announced that that it had entered into a consent order with an Illinois-based debt collection company. According to the settlement, the company’s business consists primarily of purchasing and then...more

Senate Passes Bill That Would Amend SCRA to Expand Spousal Lease Termination Rights

On June 27 the Senate passed the Gold Star Spouses and Spouses of Injured Servicemembers Leasing Relief Expansion Act as part of the Fiscal Year 2020 National Defense Authorization Act (see Sec. 6007). If it becomes law, the...more

Maine Enacts Student Loan Servicing Law

We can add Maine to the list of states to have enacted a “Student Loan Bill of Rights” that requires student loan servicers to be licensed. On June 20th, Maine Governor Janet Mills signed into law LD 995, “An Act To Establish...more

Colorado Enacts Student Loan Servicer Licensing Law and Maryland Expands Regulation of Servicers

Colorado and Maryland have each enacted legislation regulating student loan servicers. On May 13, Colorado Governor Jared Polis (D) signed into law SB 19-002, and that same day, Maryland Governor Larry Hogan (R) signed HB...more

Department of Defense Proposes Data Sharing Arrangement with Department of Education to Identify Service Members Eligible for 0%...

A Federal Register entry published last week details a proposed data-sharing arrangement between the Department of Defense (DoD) and the Department of Education (DoE) designed to reduce the amount of interest that certain...more

CFPB Makes Changes to Advisory Committee Charters and is Accepting New Membership Applications

The CFPB has announced a number of changes to its advisory committee charters, publishing notices in the Federal Register on March 22 pertaining to each advisory committee: the Consumer Advisory Board (CAB), Community Bank...more

Regulation CC Amendments Proposed and Comment Period Reopened for Amendments Proposed in 2011

On November 20, the Federal Reserve Board (FRB) and CFPB jointly proposed amendments to Reg. CC, which implements the Expedited Funds Availability Act (EFA Act), and also reopened for public comment various amendments that...more

Democratic Senators Urge Mulvaney To Reconsider MLA Supervision Policy Change

In response to reports that Acting CFPB Director Mick Mulvaney intends to dispense with routine supervisory examinations of creditors for violations of the Military Lending Act (MLA), Senate Democrats sent a joint letter...more

Ohio Enacts Restrictive Payday Lending Law

Ohio Governor John Kasich on Monday signed into law tough new restrictions on small-dollar lending. It will take at least 270 days until licensed lenders are required to comply with the limitations in the new law. ...more

Maryland enacts law establishing Student Loan Ombudsman and significantly amends other consumer financial services statutes

On May 15, Maryland Governor Larry Hogan signed into law a bill that, among other things, establishes the role of Student Loan Ombudsman within the Office of the Commissioner of Financial Regulation and sets forth various...more

FinCEN Provides Exceptive Relief from New Beneficial Ownership Rule

Relief is Narrow, but FinCEN’s Explanation of Low Money Laundering Risk Posed by Lending Products is Instructive - On May 11, the Financial Crimes Enforcement Network (“FinCEN”) issued a ruling to provide exceptive relief...more

DOJ brings suit against indirect auto lender alleging its repossession practices violated the SCRA

On March 28, the Department of Justice (DOJ) brought another lawsuit against an auto finance company alleging the company violated the Servicemembers Civil Relief Act (SCRA) by repossessing vehicles owned by servicemembers...more

More industry groups petition Department of Defense to withdraw MLA interpretation on GAP insurance financing—is a response...

We previously reported that several trade groups had sent letters petitioning the Department of Defense (DoD) to rescind or withdraw Question and Answer #2 (Q&A 2) from its 2016 interpretative rule for the Military Lending...more

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