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UDAAP Council Weekly UDAAP Standards Report - 12/10/2014

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the...more

Financial Services Regulatory Bulletin - December 2014

In this issue: - CFPB Issues Final Rule on Regulation P: Annual Privacy Notices Can Be Delivered By Posting Online - ‘It Takes Hutzpah!’: D.C. Federal Judge Issues Stunning Rebuke of HUD Disparate Impact Rule...more

CFPB Proposes Amendments to Mortgage Servicing Rules

On November 20, the CFPB announced the issuance of a proposed rule to amend RESPA (Reg. X) and TILA (Reg.Z). The proposed rule changes primarily focus on clarifying, revising or amending (i) Regulation X’s servicing...more

CFPB Takes Action Against ‘Buy-Here, Pay-Here’ Auto Dealer

The CFPB took its first action against a “buy-here, pay-here” car dealer. The CFPB alleged that the dealer, DriveTime, harmed consumers by making harassing debt collection calls and providing inaccurate credit information...more

Special Alert: CFPB Takes Enforcement Action Against "Buy-Here, Pay-Here" Auto Dealer for Alleged Unfair Collection and Credit...

On November 19, the CFPB announced an enforcement action against a ‘buy-here, pay-here’ auto dealer alleging unfair debt collection practices and the furnishing of inaccurate information about customers to credit reporting...more

CFPB highlights unlawful practices relating to mortgage and student loan servicing, debt collection, electronic fund transfers and...

While mortgage and student loan servicing violations cited by the CFPB in its Fall 2014 Supervisory Highlights have grabbed the headlines, the report also includes noteworthy observations regarding the violations found by the...more

CFPB Sues For-Profit College For Alleged Predatory Lending

On September 16, the CFPB filed a civil action against a for-profit college for allegedly engaging in an “illegal predatory lending scheme.” Specifically, the CFPB alleges that the school engaged in unfair and deceptive...more

Hanna Law Firm Moves to Dismiss CFPB Complaint

Today, the law firm of Fredrick J. Hanna & Associates filed a motion to dismiss the enforcement action brought by the CFPB against it in the U.S. District Court for the Northern District of Georgia....more

CFPB files amicus brief in Ninth Circuit FDCPA case

The CFPB, together with the FTC, has filed an amicus brief in Hernandez v. Williams, Zinman & Parham, P.C., a Fair Debt Collection Practices Act case on appeal to the U.S. Court of Appeals for the Ninth Circuit. ...more

NY Department of Financial Services Issues Revised Proposed Debt Collection Rules

The New York Department of Financial Services (DFS) recently issued revised proposed debt collection regulations, which have important implications concerning charged-off and time-barred debt, for third-party debt collectors...more

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 Sues Debt Collection Law Firm

On July 14, the CFPB sued a Georgia-based law firm and its three principal partners for allegedly using high-volume litigation tactics to collect millions of dollars from consumers who may not actually have owed the debts or...more

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

In This Issue: - RECENT CASES ..Preemption ..CFPB Involvement in Litigation ..CFTC Regulation of Retail Commodity Transactions ..Durbin Amendment ..Appraiser Disclosure Requirements Under...more

CFPB highlights unlawful practices by consumer reporting agencies, debt collectors and payday lenders

In its Spring 2014 Supervisory Highlights report issued yesterday, the CFPB highlighted deficiencies and violations it found during examinations of consumer reporting agencies (CRAs), debt collectors and payday lenders. The...more

How to Respond to a CFPB Civil Investigative Demand

Under CFPB’s broad mandate, many companies outside the financial services industry may be subject to expensive civil investigations. A for-profit technical school may not appear to be a financial services company. But...more

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

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