News & Analysis as of

Dodd-Frank News: July 2014 Dodd Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - Recent Cases ..RESPA ..FDCPA ..TCPA ..FCCPA & FDCPA ..TILA - In The News ..CFPB to Begin Collecting Complaints Regarding Prepaid Cards ..CFPB Proposes Letting...more

CFPB & DOJ Consent Orders with Former GE Capital Retail Bank: Something Old and Something New

Yesterday, the CFPB announced a $225 million settlement of two major credit card enforcement matters with Synchrony Bank, formerly known as GE Capital Retail Bank. First, the “Add-On Matter” targets alleged deceptive...more

Updated CFPB Rulemaking Agenda Adds Auto Finance Larger Participant Rule, Updates Timelines For Other Rules

The CFPB recently released its latest rulemaking agenda, which lists for the first time a larger participant rule that would define the size of nonbank auto finance companies subject to the CFPB’s supervisory authority. ...more

CFPB Reports Risky Practices in Newly Supervised Nonbank Markets

On May 22, the CFPB issued a report highlighting illegal actions uncovered by its supervision of the nonbank payday, debt collection and consumer reporting markets. These markets are being federally supervised for the first...more

CFPB confirms plans for auto finance larger participant rule in rulemaking agenda

In the latest semi-annual update of its rulemaking agenda, the CFPB officially confirmed that it plans to propose a rule to define “larger participants of a market for auto lending.” ...more

CFPB Report Highlights Nonbank Supervisory Findings

On May 22, the CFPB published its Spring 2014 Supervisory Highlights report, its fourth such report to date. In addition to reviewing recent guidance, rulemakings, and public enforcement actions, the report states that the...more

Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

CFPB Proposes Definition of Larger Participants for the International Money Transfer Market

On January 23, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would define which nonbank covered persons would be designated “larger participants” for purposes of the international money...more

Two New CFPB Bulletins Directly Affect Your Debt Collections

On July 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued two bulletins that directly affect all consumer lenders and creditors that are subject to the Dodd-Frank Act. Bulletin 2013-07 puts creditors on...more

Community Banking Excellence - Fourth Quarter 2013

In This Issue: - Interview with a Community Banking Professional - Holiday Wishes - Accidents Don't Cut It - Ensuring You Don't "Unintentionally" Violate the Automatic Stay - Dodd-Frank Essentials: Executive...more

Consumer Debt Collection

Recently, the Bureau of Consumer Financial Protection (Bureau) issued an Advance Notice of Proposed Rulemaking (Notice) seeking comment, data and information about debt collection practices affecting consumers....more

Dodd-Frank News: November 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..Dodd-Frank Prohibition on Arbitration ..Statutory Damages Under TILA ..Preemption ..Declaratory Relief ..HAMP Claims ..Constitutional Challenge to...more

The CFPB Signals Revolutionary Changes to the Collection Industry

For Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) followers, the Bureau’s advanced notice of proposed Regulation F seeking comment on potential rules under the Fair Debt Collection Practices Act (“FDCPA”)...more

CFPB Issues Advance Notice of Proposed Rulemaking on Debt Collection Rules

The CFPB published an advance notice of proposed rulemaking on debt collection rules. As part of the Dodd-Frank Act, the CFPB was given authority to issue rules for debt collection under the FDCPA, which had not authorized...more

CFPB debt collection ANPR demands industry attention

The Advance Notice of Proposed Rulemaking (ANPR) on debt collection issued by the CFPB earlier this week solicits comments on an array of issues relating to the debt collection practices of third-party debt collectors and...more

Debt Collection Subject to New Regulation Under CFPB

The Consumer Financial Protection Bureau (CFPB) is on a roll targeting debt collectors and your company could be the next target. On October 3rd, the CFPB filed an enforcement action asking for a $1.376 million civil penalty...more

CFPB Targets Debt Collection in New UDAAP Bulletins, Complaint System, Consumer Action Letters

The Consumer Financial Protection Bureau made clear that debt collection continues to be a major focus by issuing two new bulletins and five action letters for consumers to use when responding to debt collectors....more

CFPB Takes Its First Aim at Abusive Practices Under Dodd-Frank

Yesterday, the CFPB took the first step in enforcing the “abusive” standard under the Dodd-Frank Act’s prohibition of unfair, deceptive and abusive acts and practices (“UDAAP”) by filing a federal action against a Florida...more

Consumer Debt Collectors Join the Federally Supervised Community

For the consumer debt collection industry, the federal regulators have arrived. In February 2013, the Consumer Financial Protection Bureau (CFPB) began supervising roughly 175 large consumer debt collectors, defined as those...more

CFPB Issues Second Annual Report on FDCPA Activities

The Consumer Financial Protection Bureau’s second annual report to Congress on enforcement of the Fair Debt Collection Practices Act (FDCPA) confirms that debt collection will continue to be a major CFPB focus in 2013....more

The Debt Collection Industry And The CFPB: The Beginning Of A Supervisory Relationship And Specific Concerns For Attorneys

Originally Published in ABA's Business Law Today - March 2013. Prior to the enactment and implementation of Title X of the Dodd-Frank Act (Pub. L. No. 111-203, 124 Stat. 1376 (2011)), the actions of the nation's large...more

Financial Services Report - Spring 2013

Editor’s Note - This is a dignified law firm newsletter, not like the “Brand X” versions. You won’t find pandering, attention-grabbing stories about Justin Bieber, Kim Kardashian, Ashton Kutcher, Prince William, or...more

CFPB semiannual regulatory agenda: missing items and other mysteries

The CFPB has issued its semiannual regulatory agenda which identifies seven regulatory matters that the CFPB “reasonably anticipates” having under consideration during the period from October 1, 2012 to October 1, 2013....more

Financial Services Report -- Winter 2012

In This Issue: Bureau Report; Operations Report; Beltway Report; Arbitration Report; Mortgage Report; Privacy Report; Preemption Report; and Plastics Report. Excerpt from the Bureau Report: World’s Most...more

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