News & Analysis as of

CFPB files supplemental amicus brief in Third Circuit FDCPA case to address Spokeo

The CFPB has filed a supplemental amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP, the case in which the district court ruled that a debt collection law firm violated the...more

Financial Services Report, Summer 2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Seventh Circuit Refuses To Impose a Heightened Litigation Standard on Debt Collector

In St. John v. Cach, LLC, the U.S. Court of Appeals for the Seventh Circuit recently issued an opinion holding that the Fair Debt Collection Practices Act (FDCPA) does not prohibit debt collectors from filing collection...more

SCOTUS decides FDCPA case

On May 16, 2016, the U.S. Supreme Court unanimously held in Sheriff v. Gillie that an independent contractor to the Ohio Attorney General (OAG) did not mislead consumers in violation of the Fair Debt Collection Practices Act...more

Do We Want the CFPB to Regulate the Practice of Law?

On April 25, the Consumer Financial Protection Bureau (“CFPB”) entered into a Consent Order with a New Jersey debt collection law firm, Pressler & Pressler, LLP, and two of its managing partners, Sheldon H. Pressler, and...more

CFPB: The Quarterly Review - April 2016

If the first quarter is any indication, 2016 is going to be a busy year for the CFPB and market participants alike. The CFPB Speaks - Regulation by enforcement - On March 9, during his prepared remarks to...more

CFPB Announces $2.5 Million Fine, Compliance Monitoring for Deceptive Debt Collection Practices

On April 25, 2016, the Consumer Financial Protection Bureau (CFPB) entered into consent orders with a debt collection law firm, two of the firm’s principal partners, and New Century Financial Services, Inc., a company that...more

Debt Collection Litigation in the Cross Hairs: CFPB's Consent Order Against New Jersey Law Firm Creates More Problems Than...

Lightning can strike twice. With the ink barely dry on the Consent Order against the Hanna Law Firm (Hanna) in Georgia, the Consumer Financial Protection Bureau (CFPB or Bureau) yesterday took action against another debt...more

CFPB announces consent orders with debt collection law firm, two law firm partners, debt buyer

The CFPB announced that it has entered into two consent orders involving debt collection litigation practices. A debt collection law firm and two of its partners are the subject of one consent order and a debt buyer is the...more

The CFPB's New Debt Collection Rule is Coming

The CFPB published its fifth annual report summarizing activities to administer the Fair Debt Collection Practices Act (FDCPA) on March 22. The report does not provide a date to expect the CFPB's new rule on debt collection,...more

CFPB Releases FDCPA Annual Report

The Consumer Financial Protection Bureau (CFPB) recently released its fifth annual Fair Debt Collection Practices Act (FDCPA) Annual Report, detailing the CFPB and FTC’s activities throughout 2015 related to debt collection...more

FTC Highlights FDCPA Risks for Debt Collectors Using Social Media, Texts

The Federal Trade Commission (FTC) recently published a reminder to debt collectors of the Fair Debt Collection Practices Act (FDCPA) compliance risks that are created by the use of social media or text messages in connection...more

Top 10 Financial Institution Considerations for 2016: #5 – Marketplace Lending

In our initial article announcing our top 10 considerations for financial institutions in 2016, our fifth consideration was marketplace lending. Just as the U.S. government and banking agencies have focused efforts to...more

Solicitor General to participate in SCOTUS oral argument in FDCPA case

On March 29, 2016, the U.S. Supreme Court will hear oral argument in a Fair Debt Collection Practices Act case in which the CFPB joined the Solicitor General in filing an amicus brief in support of the plaintiffs. The court...more

CFPB issues 2016 FDCPA report

The CFPB has issued its fifth annual Fair Debt Collection Practices Act report covering the CFPB’s activities in 2015. In the background section of the report, the CFPB provides various statistics about the debt collection...more

CFPB Announces Two-Year Policy Priorities

At the end of February 2016, the Consumer Financial Protection Bureau (CFPB) announced nine priority goals for the next two years. According to its press release, the CFPB set these priorities by balancing the amount of...more

What You Need to Know About the CFPB's Priorities for 2016 and 2017

The CFPB recently announced its policy priorities for the next two years. There are not too many surprises, since the CFPB has been targeting most of these areas in recent months and years. Here's what the Bureau is planning,...more

FTC's Annual FDCPA Enforcement Letter to CFPB Filled with Insight into 2016 Focus

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (CFPB) is required to submit annual reports to Congress on the Fair Debt Collection Practices Act (FDCPA). Since...more

CFPB Returns Millions to Consumers Using Supervisory Authority

On March 8, 2016, the Consumer Financial Protection Bureau (CFPB) announced that, through its supervisory authority, it recovered $14.3 million for approximately 228,000 consumers. This recovery spans CFPB work completed in...more

Federal Trade Commission Issues Report to the Consumer Financial Protection Bureau of its Enforcement of the Fair Debt Collection...

On February 12, 2016, the Federal Trade Commission (FTC) issued a report to the Consumer Financial Protection Bureau regarding its efforts to implement the Fair Debt Collection Practices Act. The full report can be...more

FTC sends letter to CFPB on 2015 debt collection activities

The FTC has sent a letter to the CFPB summarizing the FTC’s debt collection activities in 2015. The letter is intended to provide the CFPB with information for its annual report to Congress on the federal government’s FDCPA...more

CFPB Outlines Expectations for In-Person Debt Collection Activities by First- and Third-Party Debt Collectors

Consumer debt collection activities remain one of the primary focus areas of the Consumer Financial Protection Bureau (CFPB)—and this focus is not limited to the activities of third—party debt collectors....more

CFPB Enforcement Update

This update analyzes the trends and patterns in the Consumer Financial Protection Bureau’s publicly available enforcement actions. Leveraging the analysis in our December 2014 White Paper, CFPB Enforcement by the Numbers...more

Dodd-Frank News: January 2016: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

CFPB Warns About "Heightened Risk" of In-Person Debt Collections, Settles Case Against Lender for $10.5 Million

Why it matters - In conjunction with the announcement of a $10.5 million agreement with a lender that allegedly engaged in illegal debt collection practices, the Consumer Financial Protection Bureau (CFPB) issued a...more

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