News & Analysis as of

CFPB Releases Annual Report On Debt Collection

On March 20, the CFPB released its third annual report summarizing its activities in 2013 to implement and enforce the FDCPA. The report describes the CFPB’s and the FTC’s shared FDCPA enforcement authority, incorporates the...more

CFPB and FTC File Joint Amicus Brief Related to Time-Barred Debt under the FDCPA

In its continuing advocacy related to debtors and time-barred debt, the CFPB and FTC jointly filed an amicus brief urging the United States Court of Appeals for the Sixth Circuit to reverse a district court’s decision...more

Latest CFPB amicus brief reveals ongoing focus on time-barred debt

Last week, the CFPB filed an amicus brief, in conjunction with the FTC, in a case involving collection practices related to time-barred debt (debt for which the statute of limitations has expired). On March 5, 2014, the CFPB...more

No backseat for FTC in FDCPA enforcement

The FTC wants the debt collection industry to know that it does not intend to take a backseat to the CFPB when it comes to FDCPA enforcement. In announcing the release of its annual summary of debt collection activities, the...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

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

Social Media: Consumer Compliance Risk Management Guidance

On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) released final guidance (“Guidance”) on the applicability of consumer protection and compliance laws, regulations, and policies to...more

Financial Services Law -- Dec 09, 2013

#Badidea: JPMorgan Chase Stumbles on Twitter - JPMorgan Chase’s recent activity on Twitter provides an example of the need for financial institutions to use caution when using social media....more

CFPB files amicus brief in another FDCPA case

Last month, the CFPB, jointly with the FTC, filed an amicus brief in Sykes v. Mel S. Harris and Associates LLC, a Fair Debt Collection Practices Act case on appeal to the Second Circuit. This represents the third FDCPA case...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

Financial Services Law -- Nov 21, 2013

Bank Can Be Liable Under California Law for Overdraft Fee Charge Ordering - A checking account that includes a debit card feature is a “service” under California’s Consumer Legal Remedies Act, according to a new...more

FDCPA & More: CFPB Considers “Modern” Methods of Consumer Communications

On November 12, 2013, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) published an advance notice of proposed rulemaking (“ANPR”) in the Federal Register seeking information from the public about the operations,...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 Considers New Debt Collection Rules

On November 6, the CFPB announced an advance notice of proposed rulemaking (ANPR) to solicit input on a wide array of issues related to consumer protection in the debt collection market. With the release of the ANPR, the CFPB...more

Attention Debt Collectors: New Rules Are On The Way

On November 6, 2013, the Consumer Financial Protection Bureau (the “CFPB”) formally issued an Advance Notice of Proposed Rulemaking focused on the governance of debt collectors. Since its creation, the CFPB has been equipped...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

Litigation Exposure Under The 2013 Dodd-Frank Mortgage Servicing Regulations

In This Issue: - Introduction - Potential Litigation Exposure Under the New Mortgage Servicing Regulations Governing Responses to Borrower Inquiries ..Which of the New Servicing Regulations Governing Responses...more

Banking & Financial Services E-Note - October 30, 2013

In This Issue: - Fed Proposes Rule Requiring Banks to Stay Liquid During Crisis - Simulation Tests Banks' Survival Against Cyber Attacks - Largest Banks Close to Meeting Mortgage Settlement Obligations -...more

CFPB Refines Mortgage Rules to Resolve Conflicts and Inconsistencies

On October 15, 2013, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule and bulletin refining and making technical changes to certain provisions of its January 2013 mortgage rules. The interim rule...more

Infobytes Special Alert: CFPB Issues Mortgage Servicing Rule Amendments And Guidance Addressing Conflicts With Bankruptcy And Debt...

On October 15, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued an interim final rule amending certain provisions of its mortgage servicing rules and making technical changes to other January 2013 mortgage rules...more

CFPB Proposes Final Interim Mortgage Servicing Rule

In keeping with its promise to provide further guidance to the industry on the mortgage loan rules that go into effect in January, the Consumer Financial Protection Bureau (CFPB) recently issued a press release, bulletin, and...more

CFPB files amicus brief in FCRA case

The CFPB recently filed its first amicus brief in a Fair Credit Reporting Act (FCRA) case. This brief, like the amicus brief the CFPB filed in August 2013 in the Seventh Circuit in a Fair Debt Collection Practices Act case,...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 and FTC File Joint Amicus Brief Related to Threatened Litigation Under FDCPA

The CFPB and FTC jointly filed an amicus brief urging the United States Court of Appeals for the Seventh Circuit to uphold a district court’s decision denying defendant’s motion to dismiss a class action alleging violations...more

CFPB files amicus brief in FDCPA case

A new amicus brief filing by the CFPB recently appeared on the CFPB’s amicus program webpage. On August 14, 2013, the CFPB, jointly with the FTC, filed an amicus brief in Delgado v. Capital Management Services, LP, et al., a...more

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