The heavily publicized announcement by New York federal prosecutors of the first-ever charges for insider trading in digital assets — non-fungible tokens, or “NFTs” in particular — is a significant but somewhat confusing...more
On October 29, 2021 — just 32 days prior to the November 30, 2021 effective date — the Consumer Financial Protection Bureau (CFPB) released new guidance regarding the debt validation notice requirements that are part of the...more
On April 21, 2021, the U.S. Court of Appeals for the Eleventh Circuit issued a decision that threatens significant consequences for a variety of loan servicing and debt collection industries. The upshot of the court’s holding...more
4/22/2021
/ Appeals ,
Article III ,
Corporate Counsel ,
Debt Collection ,
Debt Collectors ,
Debtors ,
FDCPA ,
Loan Servicing ,
Motion to Dismiss ,
Standing ,
Third-Party
Yesterday, the CFPB issued a proposed rule that would extend implementation of both parts of its debt collection rule by 60 days — from November 30, 2021, to January 29, 2022. The debt collection rule, which we have discussed...more
On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) published its debt collection final rule in the Federal Register. This is obviously a significant event because the rule is set to become effective one...more
On Thursday, July 2, the Consumer Financial Protection Bureau (CFPB) announced that it plans to publish final debt collection rules in October 2020. The final rules will be the first rules clarifying the nearly 40-year-old...more
In response to the recent COVID-19 outbreak, Congress recently approved a $2 trillion stimulus package in an attempt to offset the potentially disastrous economic effects of COVID-19. Meanwhile, central banks are implementing...more
In a significant victory for servicemembers and their families, who will again have access to products designed to protect them in the event of a total vehicle loss, the Department of Defense has revised its guidance that...more
The Consumer Financial Protection Bureau (CFPB) formally extended the comment period for its proposed debt collection rulemaking on Friday, August 2. Rather than requiring that all comments be submitted by August 19, 2019,...more
Last November, Bradley’s Financial Services Perspectives team predicted that the Consumer Financial Protection Bureau’s (CFPB) then upcoming Notice of Proposed Rulemaking (NPRM) for the Does the New Debt Collection Rule Apply...more
6/14/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Debt Collection ,
Debt Collectors ,
Dodd-Frank ,
Enforcement ,
Enforcement Authority ,
FDCPA ,
NPRM ,
Proposed Rules ,
UDAAP
Last week, the Bureau of Consumer Financial Protection (Bureau) issued a request for information on its remittance rules, which are located in the Electronic Fund Transfers Act (EFTA). The request primarily seeks information...more
The Consumer Financial Protection Bureau’s (CFPB) new Prepaid Rule went into effect on April 1, 2019. At a high level, the Prepaid Rule amends portions of the Truth in Lending Act and the Electronic Funds Transfer Act by...more
The Consumer Financial Protection Bureau (CFPB) previously indicated in its Fall 2018 Rulemaking Agenda that it intends to issue a Notice of Proposed Rulemaking (NPRM) in the Spring of 2019 regarding debt-collection practices...more
According to the Pew Research Center’s Social Media Use in 2018, 73 percent of adults in the United States use at least one type of social media, and the typical American uses three. For 18 to 29 year olds, 80 percent use...more
Courts and regulators continue to struggle with how to define cryptocurrencies. The latest installment of this ongoing debate came from an unlikely source: a state appellate court’s opinion on a criminal matter. Specifically,...more
On January 16, 2019, the Consumer Financial Protection Bureau (“CFPB”) and the Attorney General for the State of New York announced a consent order with Sterling Jewelers, Inc. (“Sterling”) related to Sterling’s credit card...more
On October 17, 2018, the Bureau of Consumer Financial Protection (BCFP), formerly known as the CFPB, announced that it plans to issue a Notice of Proposed Rulemaking (NPRM) for the Fair Debt Collection Practices Act (FDCPA)...more
Earlier this week, the Bureau of Consumer Financial Protection (BCFP) released a 50-State Complaint Snapshot. Credit reporting, debt collection, and mortgage continued to be the top three categories of complaints both...more
On October 17, 2018, the Bureau of Consumer Financial Protection (BCFP), formerly known as the CFPB, announced that it plans to issue a Notice of Proposed Rulemaking (NPRM) for the Fair Debt Collection Practices Act (FDCPA)...more
Triton Management Group, Inc. (Triton) and several related companies entered into a consent order with the Bureau of Consumer Financial Protection (Bureau) in which Triton agreed to a $1 civil money penalty, $500,000 in...more
7/25/2018
/ Advertising ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Failure To Disclose ,
Injunctive Relief ,
Payment Schedules ,
Title Loans ,
Truth in Lending Act (TILA)
Security Group, Inc. and several of its wholly owned subsidiaries entered into a consent order with the Consumer Financial Protection Bureau (CFPB) in which it agreed to injunctive relief and to pay a $5 million penalty....more
6/21/2018
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Injunctive Relief ,
UDAAP ,
Unfair or Deceptive Trade Practices
The United States Supreme Court issued a significant decision in Henson v. Santander Consumer USA, Inc. drastically restricting the universe of companies subject to potential liability under the Fair Debt Collection Practices...more
Last week, at the Consumer Advisory Board Meeting in Washington D.C., Consumer Financial Protection Bureau (CFPB) Director Richard Cordray provided an update on one of the most highly anticipated areas in the debt collection...more
Debt collectors filing suit often assume that the forum state’s statute of limitations will apply. However, a string of recent cases suggests that may not always be the case. The Ohio Supreme Court recently determined that,...more
11/8/2016
/ Affirmative Defenses ,
Borrowers ,
Borrowing Statutes ,
Cause of Action Accrual ,
Corporate Counsel ,
Creditors ,
Debt Collectors ,
Default Judgment ,
Dismissals ,
FDCPA ,
Forum State ,
OH Supreme Court ,
Statute of Limitations ,
Summary Judgment ,
Vacated
The Consumer Financial Protection Bureau (CFPB) announced a consent order with Navy Federal Credit Union (Navy Federal) on October 11, 2016. While financial institutions should always analyze CFPB consent orders closely and...more
10/18/2016
/ Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Creditors ,
Debt Collection ,
Debtors ,
Electronic Account Restrictions ,
Enforcement Actions ,
FDCPA ,
Financial Institutions ,
U.S. Navy ,
UDAAP