On March 14, the U.S. Court of Appeals for the Fourth Circuit vacated the dismissal of a lawsuit alleging a failure to reasonably investigate a disputed debt.
The lawsuit concerned a consumer who disputed a debt that she...more
On May 16, Vermont Governor Phil Scott signed into law S. 27, a medical debt relief measure that prohibits the inclusion of medical debt on consumer credit reports and establishes a state-funded initiative to abolish...more
5/30/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Credit Reports ,
Debt Collection ,
Disclosure Requirements ,
Financial Institutions ,
Healthcare ,
Healthcare Facilities ,
Medical Debt ,
New Legislation ,
Nonprofits ,
Regulatory Reform ,
State and Local Government
On May 12, the CFPB formally withdrew nearly 70 guidance materials—including policy statements, advisory opinions, circulars, and interpretive rules—through a Federal Register notice issued by Acting Director Russell...more
5/16/2025
/ Advisory Opinions ,
Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Earned Wage Access ,
Federal Register ,
Financial Services Industry ,
Regulatory Authority ,
Regulatory Reform ,
Regulatory Requirements ,
UDAAP ,
Unfair or Deceptive Trade Practices
On April 30, 2025, the FTC filed an amended complaint and final order in the U.S. District Court for the Northern District of Georgia against a debt collection company in connection with allegations that the company engaged...more
5/9/2025
/ Consent Order ,
Consumer Protection Laws ,
Cryptocurrency ,
Debt Collection ,
Enforcement Actions ,
FDCPA ,
Federal Trade Commission (FTC) ,
GLBA Privacy ,
Penalties ,
Settlement ,
UDAAP ,
Unfair or Deceptive Trade Practices
On May 6, Indiana Governor Mike Braun signed House Enrolled Act No. 1125 into law, making Indiana the latest state to enact a statutory framework for regulating earned wage access (EWA) products. The Indiana Earned Wage...more
On May 1, the U.S. District Court for the Northern District of Illinois ordered the former owner of a now-defunct debt-relief company to pay over $43 million in restitution and penalties. The order resolves a lawsuit filed...more
On May 1, the CFPB filed a joint motion with two financial trade groups to vacate a Biden-era rule barring most medical debt from appearing on consumer credit reports. The motion comes after lender groups filed a lawsuit in...more
The CFPB recently dropped two more lawsuits it brought under the Chopra administration—one involving a student loan securitization trust and the other regarding a subprime auto finance company. Both lawsuits included...more
On April 16, the CFPB released an internal memo outlining major shifts in its supervision and enforcement priorities, signaling a retreat from several areas of regulatory activity. The next day, the Bureau issued formal...more
On April 11, the CFPB filed a joint motion in the U.S. District Court for the District of Columbia indicating its intent to revoke an advisory opinion on medical debt collection. The Bureau requested a stay of litigation...more
Utah and Arkansas have enacted new legislation governing earned wage access (EWA) services, establishing state-level registration obligations and consumer protection standards. Both laws clarify that EWA services are not...more
On March 13, New York Attorney General Letitia James announced the introduction of the Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Business Practices Act). The proposed legislation...more
3/24/2025
/ Artificial Intelligence ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Debt Collection ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Proposed Legislation ,
State Attorneys General ,
Student Loans ,
Technology Sector ,
Unfair or Deceptive Trade Practices
On March 4, the California DFPI finalized regulations under the Debt Collection Licensing Act (DCLA). The final regulations, which take effect July 1, 2025, clarify key licensing and reporting requirements....more
3/17/2025
/ California ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Debt Collection ,
Department of Financial Protection and Innovation (DFPI) ,
Final Rules ,
New Regulations ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements
The CFPB is facing pushback from the U.S. Senate over two final rules issued under the Biden administration: one expanding oversight of nonbank digital payment providers and another limiting the reporting of medical debt....more
The CFPB has recently dismissed two more enforcement actions—one against a major credit reporting agency and another against a lease-to-own financing provider. Both lawsuits involved allegations of abusive, unfair, and...more
3/17/2025
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Protection Laws ,
Debt Collection ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
UDAAP ,
Unfair or Deceptive Trade Practices
On February 23, the CFPB filed a joint stipulation in the United District Court for the Central District of California to dismiss its lawsuit against an online lending platform. The lawsuit, originally filed in May 2024,...more
On February 6, a judge for the United District Court for the Eastern District of Texas issued a 90-day stay on the CFPB’s final rule prohibiting the inclusion of medical debt in consumer credit reports, delaying the rule’s...more
On January 22, New York Attorney General Letitia James announced a $1 billion settlement with a now defunct cash advance firm and its officers. The settlement resolves allegations that the firm and its officers repeatedly...more
On January 7, 2025, the CFPB announced the finalization of a rule amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 et seq., to prohibit the inclusion of medical bills on credit...more
On December 9, the CFPB entered into a consent order with a debt collection agency for alleged unlawful student loan debt collection practices against defaulted borrowers. The debt collection agency’s allegedly improper...more
On November 1, a debt collection trade group filed a complaint in federal court challenging an October 1 CFPB advisory opinion that warned debt collectors against seeking payment on unverified or potentially inflated medical...more
On October 22, the California DFPI announced the state’s approval of registration regulations enacted under the CCFPL, which will require providers of (1) debt settlement services, (2) education financing, (3) income-based...more
11/4/2024
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Credit Repair Services ,
Debt Collection ,
Debt Settlement Services ,
Department of Financial Protection and Innovation (DFPI) ,
Licensing Rules ,
Loans ,
New Legislation ,
New Regulations ,
Registration Requirement ,
Reporting Requirements ,
State Legislatures ,
Student Loans
On October 22, the CFPB announced the finalization of its Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act. The rule aims to bring the U.S. closer to an “open banking” framework by making it easier...more
10/28/2024
/ Administrative Procedure Act ,
Consumer Financial Protection Bureau (CFPB) ,
Data Controller ,
Debt Collection ,
Debt Collectors ,
EFTA ,
Final Rules ,
Financial Institutions ,
Personal Data ,
Proposed Rules ,
Truth in Lending Act (TILA)
In a September 26 settlement, the Massachusetts Attorney General’s office reached an agreement with a mortgage loan servicer to resolve allegations of violations of Massachusetts consumer protection laws and the Truth in...more
On October 1, the CFPB issued an advisory opinion highlighting that debt collectors engaging in certain practices with respect to the collection of medical debts are strictly liable under the FDCPA and Regulation F....more