News & Analysis as of

Fair Debt Collection Practices Act Consumer Financial Protection Bureau

Five state regulators enter into settlement agreement with debt collectors for alleged federal and state law violations

by Ballard Spahr LLP on

Regulators from the states of Connecticut, Idaho, Massachusetts, Minnesota and North Dakota (“Participating States”) have entered into a settlement agreement with three affiliated debt collection companies to settle...more

CFPB Warns Against “Tricking Consumers” with Pay-by-Phone Fees

by Baker Donelson on

Regulated entities should be prepared to defend their policies and practices surrounding fee-based pay-by-phone options in light of new guidance issued by the Consumer Financial Protection Bureau (CFPB). The CFPB released...more

CFPB issues guidance on pay-by-phone fees

by Ballard Spahr LLP on

The CFPB has issued a new compliance bulletin (2017-11) to provide guidance on pay-by-phone fees.  The guidance includes examples of conduct relating to pay-by-phone practices identified by the CFPB in its supervision and...more

CFPB Issues Pay-by-Phone Guidance with Far-Reaching Implications

On July 31, the Consumer Financial Protection Bureau (CFPB) issued a public bulletin intended to provide guidance to covered persons and service providers who take payments from consumers using pay-by-phone services and...more

Regulatory Alert: Debt Collection

by Davis Wright Tremaine LLP on

Among the announcements in its Spring 2017 rulemaking agenda, which was just released on July 20, the Consumer Financial Protection Bureau (CFPB) announced that later this year it plans to issue a Notice of Proposed...more

CFPB issues Spring 2017 rulemaking agenda

by Ballard Spahr LLP on

The CFPB’s Spring 2017 rulemaking agenda has been published as part of the Spring 2017 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

House Financial Services subcommittee to hold July 12 hearing on community financial institution relief; bills to be examined...

by Ballard Spahr LLP on

On July 12, 2017, a subcommittee of the House Financial Services Committee will hold a hearing entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions.” The...more

Nutter Bank Report, June 2017

Supreme Court: Bank That Buys Debt for Its Own Account Is Not Debt Collector - The U.S. Supreme Court recently held that a bank that collects on debts it has bought and holds “for its own account” is not a debt collector...more

Supreme Court Narrows FDCPA’s Definition of Debt Collector

by Davis Wright Tremaine LLP on

Debt buyers generally are considered “debt collectors” under the Fair Debt Collection Practices Act (“FDCPA”). However, on June 12, 2017, the Supreme Court decided Henson v. Santander Consumer USA Inc., which resolved an...more

Financial Services Weekly News - June 2017 #2

by Goodwin on

Editor's Note - Financial Regulatory Reform Picks Up Speed. The Trump administration, which views burdensome and costly regulation as a significant impediment to lending and economic growth, has consistently maintained...more

Dodd-Frank News - Summer 2017

by Burr & Forman on

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

In Justice Gorsuch’s First Opinion, Supreme Court Holds That Debt Buyers Are Exempt From Fair Debt Collection Practices Act

On June 12, 2017, the U.S. Supreme Court held in Henson v. Santander Consumer USA that the Fair Debt Collection Practices Act does not apply to debt buyers, as opposed to debt collectors working on behalf of loan originators....more

Supreme Court Holds Debt Buyer Not Subject to FDCPA

by Dorsey & Whitney LLP on

On June 12, 2017, the U.S. Supreme Court upheld the Fourth Circuit’s decision in favor of Santander Consumer USA, Inc. (“Santander”) under the Fair Debt Collection Practices Act (“FDCPA”). In his first written opinion, the...more

Summer 2017 Dodd Frank Wall Street Reform and Consumer Protection Act Update

by Burr & Forman on

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

SCOTUS Says Debt Purchasers Are Not Debt Collectors

by Baker Donelson on

Debt purchasers attempting to collect on those debts across multiple jurisdictions now have uniform law that they are not debt collectors subject to the FDCPA. On June 12, in a unanimous decision, the United States Supreme...more

So Who Really Is A ‘Debt Collector’ Under The FDCPA?

by Fox Rothschild LLP on

When the Fair Debt Collection Practices Act became law in 1977, it promised to regulate the conduct of anyone who “regularly collects or attempts to collect … debts owed or due … another.” But the courts have divided over...more

U.S. Supreme Court Excludes Banks Collecting Purchased Delinquent Debt from Definition of “Debt Collector” under the FDCPA

by Blank Rome LLP on

Action Item: Banks and other consumer finance firms that purchase delinquent debt and then collect on their own behalf are not “debt collectors” under the Fair Debt Collection Practices Act. However, this limitation still...more

Supreme Court Decides Henson v. Santander Consumer USA Inc.

by Faegre Baker Daniels on

On June 12, 2017, the Supreme Court decided Henson v. Santander Consumer USA Inc., No. 16–349, holding that a company may collect debts that it purchased for its own account without triggering the statutory definition of...more

SCOTUS’s FDCPA Opinion in Henson v. Santander: It’s Not Debt Collection When You Own It

by Balch & Bingham LLP on

Yesterday, the Supreme Court of the United States issued its opinion in Henson v. Santander Consumer USA, Inc.—Justice Gorsuch’s first as a Supreme Court Justice. The question presented was whether “individuals and entities...more

CFPB to seek OMB approval of survey on debt collection disclosures

by Ballard Spahr LLP on

In a notice published earlier this week in the Federal Register, the CFPB announced that it plans to seek OMB approval to conduct an online survey of approximately 8,000 individuals as part of its research on debt collection...more

Fourth Circuit Weighs in on Article III Standing

The Fourth Circuit recently examined the issue of Article III standing in the context of the FDCPA. In Ben-Davies v. Blibaum & Associates, P.A., 2017 U.S. App. LEXIS 9667 (4th Cir. June 1, 2017), the consumer sought to...more

Law Firm-Issued Collections Letters Continue to Pose High Risks

by Pepper Hamilton LLP on

On April 17, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in Ohio district court against the Weltman, Weinburg & Reis law firm (WWR), alleging violations of the Fair Debt Collections Practices Act (FDCPA)...more

CFPB: Incorrect Representations Regarding Debt Amounts are Actionable, Even if Made to a Consumer's Lawyer

by Baker Donelson on

In a recent amicus curiae brief to the U.S. Court of Appeals for the Eighth Circuit, the Consumer Financial Protection Bureau (CFPB) took the position that a debt collector violates the Fair Debt Collection Practices Act...more

Texas Court Holds FDCPA Requires Snail Mail

by Carlton Fields on

A debt collector runs afoul of the Fair Debt Collection Practices Act (FDCPA) if it fails to mail its response to a consumer’s request for verification of debt, ruled a Texas federal judge in Ghanta v. Immediate Credit...more

Financial Services Weekly News - May 2017

by Goodwin on

Editor's Note - In This Issue. The Senate confirmed Jay Clayton as the new chairman of the U.S. Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC) released its final handbook for...more

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