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Bill on Bankruptcy: Detroit Shows Need for Amending Bankruptcy Law
Dodd-Frank created the Consumer Financial Protection Bureau (“CFPB”) and granted that federal agency significant powers to regulate financial institutions. But Dodd-Frank also empowers state regulators to enforce the new...more
On February 5, 2015, the Federal Trade Commission sent a letter to the Consumer Financial Protection Bureau (“CFPB”) describing its consumer protection efforts in 2014 in the area of debt collection. As reflected in the...more
Despite rumblings from the new Congress about reining in the Consumer Finance Protection Bureau (CFPB), the Bureau has indicated a packed agenda for 2015. Following an aggressive push in 2014, the attention of the CFPB...more
In the FTC’s 2014 annual letter to the CFPB summarizing the FTC’s debt collection activities, the FTC describes the CFPB as a “valuable partner” with whom the FTC anticipates an “even stronger [partnership] in the...more
The National Consumer Law Center is urging the CFPB to ban the collection of debts on which the statute of limitations has run.
The recommendation is made in a new NCLC report titled “Zombie Debt: What the CFPB Should...more
This will be a busy year at the Consumer Financial Protection Bureau (CFPB), and that certainly means it will be a busy year for financial institutions as well.
In addition to exercising its supervisory and enforcement...more
An increasing number of banks, mortgage lenders, auto finance companies and other financial services industry participants are dealing with inquiries, investigations and actual or threatened legal claims from the Consumer...more
Last month, the New York Department of Financial Services (“DFS”) finalized a regulation with a number of novel requirements affecting debt collection (including servicing delinquent loans) in New York. Previously, debt...more
On December 18, the CFPB and the Attorneys General of North Carolina and Virginia announced an enforcement action against three affiliated companies offering credit and financing services to military servicemembers. ...more
Earlier this month, New York adopted enhanced consumer debt collection regulations proposed by the New York State Department of Financial Services (NYDFS). The regulations, among other things, require debt collectors to...more
On December 11, the CFPB held a field hearing on medical debt collection and how it affects consumer credit reports. In his prepared remarks, Director Cordray announced the release of a white paper focused on the specific...more
As part of this week’s flurry of enforcement-related announcements, the CFPB announced the settlement of a lawsuit filed jointly with the Attorneys General of North Carolina and Virginia against Freedom Stores, Inc....more
In conjunction with its field hearing today on medical debt collection, the CFPB released a study that “describes characteristics of the medical and non-medical collections tradelines on consumers’ credit reports and the...more
Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims.
In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the...more
The CFPB has announced that it will hold a field hearing on medical debt collection in Oklahoma City, OK on December 11. The hearing will include remarks from Director Cordray and testimony from consumer groups, industry...more
Why it matters
In the latest edition of The Bureau of Consumer Financial Protection (CFPB) Supervisory Highlights, the Bureau reported continuing violations in several markets. The Fall 2014 report, which covers...more
In This Issue:
- Supervisory observations
..Student loan servicing
..Fair Lending: CFPB’s HMDA...more
Based on the CFPB’s Fall 2014 rulemaking agenda, proposed rules dealing with payday loans/deposit advance products, overdrafts, and debt collection are still months away.
The CFPB’s timetables for “prerule activities”...more
The CFPB took its first action against a “buy-here, pay-here” car dealer. The CFPB alleged that the dealer, DriveTime, harmed consumers by making harassing debt collection calls and providing inaccurate credit information...more
On November 19, the CFPB announced an enforcement action against a ‘buy-here, pay-here’ auto dealer alleging unfair debt collection practices and the furnishing of inaccurate information about customers to credit reporting...more
On November 5, the CFPB announced the release of a report highlighting debt collection issues among older Americans. The report analyzed nearly 8,700 complaints made by older consumers from July 2013 to September 2014....more
Between July 17, 2012 and October 9, 2014, the Consumer Financial Protection Bureau brought 60 enforcement actions. According to our unofficial tally, they resulted in settlements requiring the payment of $2.2 billion in...more
The CFPB’s Office of Older Americans has issued a report titled “a snapshot of debt collection complaints submitted by older consumers,” which provides information drawn from complaints submitted to the CFPB from July 2013 to...more
While mortgage and student loan servicing violations cited by the CFPB in its Fall 2014 Supervisory Highlights have grabbed the headlines, the report also includes noteworthy observations regarding the violations found by the...more
On October 23, the CFPB and the FTC will hold a roundtable to discuss the effects of debt collection and credit reporting in the Latino community....more
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