News & Analysis as of

Fair Debt Collection Practices Act Consumer Financial Protection Bureau

CFPB weighs in on Eighth Circuit’s competent attorney standard, standing to bring FDCPA claim

by Ballard Spahr LLP on

The CFPB recently submitted an amicus brief to the Eighth Circuit, arguing that a debt collector cannot avoid liability under the FDCPA when it falsely represents the amount of a debt to a consumer’s attorney, rather than to...more

Financial Services Weekly News - April 2017 #4

by Goodwin on

Editor's Note - State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for...more

Court orders former president of debt collection company to pay $2 million penalty to FTC for alleged FDCPA/FTC Act violations

by Ballard Spahr LLP on

A Texas federal district court has entered a $2 million civil penalty judgment against the former president of a debt collection company for alleged violations of the FDCPA and FTC Act. ...more

CFPB Files Complaint Against Ohio Debt Collection Law Firm Over Misrepresentations

by Goodwin on

?On April 17, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a complaint in the U.S. District Court for the Northern District of Ohio against an Ohio-based debt collection law firm, alleging...more

CFPB issues 2017 FDCPA report

by Ballard Spahr LLP on

The CFPB has issued its fifth annual Fair Debt Collection Practices Act report covering the CFPB’s activities in 2016. According to the report’s section on complaints, the CFPB handled approximately 88,000 debt...more

The CFPB Enforcement Action Against Navy Federal Credit Union and the Broad Sweep of UDAAPs

by Nexsen Pruet, PLLC on

This past October, the Consumer Financial Protection Bureau (“CFPB”) took action against Navy Federal Credit Union, the largest credit union in the country. In doing so, the CFPB relied upon one of its favorite enforcement...more

Collection Letter Containing Check Box To Dispute Debt Created Potential FDCPA Claims, Federal Court Rules

by Ballard Spahr LLP on

A collection letter potentially violated the Fair Debt Collection Practices Act (FDCPA) because a box the plaintiff could check to indicate she disputed the validity of the debt was accompanied by a statement that a reason...more

Financial Services 2016 Year-End Report

by BakerHostetler on

Welcome to the 2016 Year-End Report from BakerHostetler’s Financial Services Industry Team. We are pleased to share our analysis of some of the key legal developments in the financial services industry in the past year and...more

Letter With Check Box to Dispute Debt Created Potential FDCPA Claims, Court Rules

by Ballard Spahr LLP on

A collection letter potentially violated the Fair Debt Collection Practices Act (FDCPA) because a box that the plaintiff could check to indicate that she disputed the validity of the debt was accompanied by a statement that a...more

FTC sends letter to CFPB on 2016 debt collection activities

by Ballard Spahr LLP on

The FTC has sent a letter to the CFPB summarizing the FTC’s debt collection activities in 2016.  The letter is intended to provide the CFPB with information for its annual report to Congress on the federal government’s FDCPA...more

Financial Services Weekly News - February 2017 #2

by Goodwin on

Editor's Note - No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more

CFPB Again Challenges Meaningful Attorney Involvement

by McGuireWoods LLP on

The Consumer Financial Protection Bureau (CFPB) has entered into its latest consent order targeting consumer debt collection law firms. Once again, the CFPB challenges the lack of “meaningful attorney involvement” it deems...more

CFPB and Two States File Suit Against Student Loan Company Navient

The CFPB announced on Wednesday that it had filed a lawsuit against Navient Corporation, formerly part of Sallie Mae, and two of its subsidiaries for alleged “systematic” failures in student loan servicing. The complaint...more

CFPB Files Lawsuit Against Largest U.S. Student Loan Servicer Over Deceptive Practices

by Goodwin on

On January 18, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court for the Middle District of Pennsylvania against a servicer of private and federal student...more

CFPB Continues Its Focus on Medical Debt

by Baker Donelson on

Last week, the Consumer Financial Protection Bureau (CFPB) announced a consent order with two debt collection law firms specializing in medical debt. This action is similar to prior CFPB enforcement actions taken against debt...more

CFPB settles FDCPA claims against debt collection law firms

by Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with two law firms specializing in the collection of medical debts and their president for alleged FDCPA violations.  The consent order also settles allegations that...more

CFPB files SCOTUS amicus brief in FDCPA case on filing bankruptcy proof of claim on time-barred debt

by Ballard Spahr LLP on

The CFPB has filed an amicus brief in the U.S. Supreme Court in support of the respondent/consumer in Midland Funding, LLC v. Aleida Johnson, a decision of the Eleventh Circuit that held Midland’s alleged filing of an...more

How Does the CFPB View Private Label Servicing?

by Baker Donelson on

As mortgage servicing compliance costs have risen year over year, lenders have looked for a way to decrease costs while retaining their customer visibility and brand awareness. In response to this demand, private label...more

Financial Services Report, Winter 2016

by Morrison & Foerster LLP on

EDITOR’S NOTE - Hope you survived all of those awkward Thanksgiving holiday conversations— amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season,...more

CFPB Fall 2016 rulemaking agenda published

by Ballard Spahr LLP on

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

Consumer Financial Services Newsletter - November 2016

by Hinshaw & Culbertson LLP on

D.C. Circuit Delivers First Blow to CFPB, Trump Win Delivers Second - The future of the Consumer Financial Protection Bureau (CFPB) is up for grabs following a landmark Court of Appeals Decision, PHH Corporation v....more

FTC continues vigorous use of enforcement authority

by Ballard Spahr LLP on

As observers ponder the CFPB’s future in a Trump Administration, the Federal Trade Commission’s continuing role as an enforcer of federal consumer financial protection laws should not be overlooked. Over the approximately...more

Application of FDCPA to Social Security benefits at issue in CFPB Second Circuit amicus brief

by Ballard Spahr LLP on

The CFPB has filed an amicus brief in support of the plaintiff in Arias v. Gutman, Mintz, Baker & Sonnenfeldt, PC and 1700 Development Co., a FDCPA case on appeal to the U. S. Court of Appeals for the Second Circuit. In its...more

Consumer Financial Services Regulation Will Remain in a Trump Presidency

by Clark Hill PLC on

As the country emerges from the smoke of a bitter and downright ugly election cycle, there is much speculation about the canvas of the regulatory landscape. For the consumer financial services industry, the past eight years...more

Debt Collection Practices Under Scrutiny of CFPB and NY Attorney General

by McGuireWoods LLP on

On November 2, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General filed a lawsuit in federal district court in New York over an alleged “massive, illegal debt-collection scheme” that supposedly...more

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