According to a recent report by WebRecon, the month of April saw a significant reduction from the previous month in filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), and the...more
On April 26, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion reminding the industry that a debt collector who brings or threatens to bring a foreclosure action to collect a time-barred...more
The U.S. PIRG Education Fund (PIRG) released a report analyzing consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) in 2021 and 2022. The report noted that consumer complaint totals set a new...more
An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as...more
On February 14, the Consumer Financial Protection Bureau (CFPB) released a report entitled Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting. The report sought to examine trends in the reporting...more
In a much anticipated decision released September 8, an en banc panel of the Eleventh Circuit Court of Appeals reversed the district court’s decision that a debt collector’s outsourcing of its letter process to a third-party...more
“Convenience” fees charged to consumers for the use of certain debt payment options have come under increased scrutiny, as regulators have sought to limit charges and other back-end fees that may come as a surprise to...more
On June 29, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion focused on consumer debt collectors and the convenience fees they charge for some payments, such as online or by phone....more
On February 22, the Eleventh Circuit Court of Appeals held oral argument in Hunstein v. Preferred Collection and Management Services Inc. (Case Number 19-14434). Almost a year ago, on April 21, 2021, the Court of Appeals...more
According to a recent year-in-review report by WebRecon, Fair Credit Reporting Act (FCRA) filings continued their upward trajectory throughout 2021. This stands in contrast to filings under the Fair Debt Collection Practices...more
On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (Legislation S.153/A.2382). The Act amends provisions of New York’s Civil Practice Law and Rules, commonly referred to as...more
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB or the Bureau) released its long-awaited final debt collection rule — also known as Regulation F. The Bureau supplemented the rule on December 18, 2020 and...more
The Second Circuit Court of Appeals recently upheld a ruling that reporting a judgment as “satisfied” was accurate under the Fair Credit Reporting Act (FCRA) when the underlying lawsuit was dismissed by stipulation as...more
On March 24, the Consumer Financial Protection Bureau (CFPB) provided the Consumer Response 2020 Annual Report (CFPB Report) to Congress. The CFPB Report reflects complaints submitted by consumers to the CFPB and analyzes...more
In Guzman v. I.C. Sys., 2021 U.S. Dist. LEXIS 42595, 2021 WL 861914 (E.D.N.Y. Mar 8, 2021), Carolina Guzman (plaintiff) alleged that I.C. System, Inc. (defendant) violated the FDCPA by reporting to Experian that her debt to...more
2020 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions...more
3/3/2021
/ Background Checks ,
Banking Sector ,
Bankruptcy Code ,
Banks ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Collection ,
Debt Collectors ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Lenders ,
Student Loans ,
TCPA
In a recently filed Form 10-K, PayPal Holdings, Inc. (PayPal) announced that it received a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) on January 21 “related to Venmo’s unauthorized...more
The Consumer Financial Protection Bureau (CFPB) signaled Thursday that it may seek to delay implementation of the agency’s recently completed qualified mortgage and debt collection rules. Although the qualified mortgage rule...more
On January 21, 2021, the United States District Court for the Northern District of Illinois granted TransUnion Data Solutions LLC’s (Trans Union) motion for judgment on the pleadings, denying Blue Sobenes’ (Sobenes) claims...more
Reversing a district court’s dismissal for failure to state a claim under the Fair Debt Collection Practices Act (“FDCPA”), the Second Circuit (“the Court”) ruled in Mizrachi v. Wilson, Elser, Moskowitz, Edelman & Dicker LP...more
Following a Consumer Financial Protection Bureau (“CFPB”) investigation into its credit reporting procedures, telecommunications debt collector Afni, Inc. agreed Thursday to implement additional safeguards against inaccurate...more
The United States Supreme Court issued its much-awaited decision in Barr v. American Association of Political Consultants on Monday, July 6, striking down the government-backed debt exemption in the Telephone Consumer...more
7/8/2020
/ ATDS ,
Auto-Dialed Calls ,
Barr v American Association of Political Consultants Inc ,
Cell Phones ,
Compelling Governmental Interest ,
Constitutional Challenges ,
Content-Based Restrictions ,
Debt Collection ,
Exceptions ,
Federal Bans ,
First Amendment ,
Free Speech ,
Government Debt-Exception ,
Robocalling ,
SCOTUS ,
Severability Doctrine ,
Strict Scrutiny Standard ,
TCPA