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CFPB scraps no action letter and compliance assistance sandbox programs and creates new Office of Competition and Innovation

The CFPB announced earlier this week that as part of a new approach to innovation in consumer finance, it is replacing its Office of Innovation and Operation Catalyst with a new office, the Office of Competition and...more

CFPB issues annual fair lending report (UPDATED)

The CFPB recently issued its annual fair lending report covering its fair lending activity in 2021. ...more

Treasury Dept. revenue proposals address tax treatment of earned wage access programs

A key issue for earned wage access (EWA) programs is whether they constitute “credit” for purposes of federal consumer financial protection laws such as TILA, ECOA, and the CFPA, or under state law. The Treasury Department’s...more

CFPB issues advisory opinion affirming ECOA’s application to existing borrowers

The CFPB has issued a new advisory opinion “to affirm that the Equal Credit Opportunity Act (ECOA) and Regulation B protect those actively seeking credit and those who sought and received credit.”...more

FTC seeks comment on whether to continue Telemarketing Sales Rule business-to-business exception and proposes amendments

The Federal Trade Commission issued two notices this week concerning the Telemarketing Sales Rule (TSR)—an advance notice of proposed rulemaking (ANPR) and a notice of proposed rulemaking (NPR). Both notices address the...more

CFPB Spring 2022 Supervisory Highlights looks at auto servicing, credit reporting, credit card account management, debt...

The CFPB has released the Spring 2022 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection,...more

CFPB issues report on consumer complaints involving medical debt; Biden Administration announces actions relating to medical debt

Just a little more than a month after issuing a report taking aim at medical debt collections, the CFPB has issued a new report on “Medical billing and collection issues described in consumer complaints.”...more

Department of Education announces major revisions to IDR payment counting

On April 19, one day before the release of a highly critical performance audit by the U.S. Government Accountability Office, the Department of Education (ED) announced a series of actions it is taking to “address[] historical...more

FTC announces settlement with for-profit medical school alleged to have engaged in deceptive marketing

The FTC has announced a stipulated order of judgment in a lawsuit that it recently filed against Saint James School of Medicine, a for-profit medical school located in the Caribbean, together with its operator and financiers....more

CFPB criticizes transcript withholding by postsecondary schools

A recent CFPB blog post endorsed part of U.S. Department of Education Secretary Cardona’s keynote address for the 2021 FSA Training Conference that issued a call to end the longstanding institutional practice of transcript...more

CFPB issues annual FDCPA report; FTC issues annual letter on debt collection to CFPB

The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s debt collection activities in 2021. The report incorporates information from the FTC’s most recent annual letter to the CFPB...more

CFPB blog post and report focus on student loan servicing

Student loan servicing was the focus of recent CFPB attention in the form of a blog post, “Busting myths about bankruptcy and private student loans,” and a report (labeled a “special issue brief”) titled “Student Loan...more

FTC announces $10 million settlement with auto dealerships for alleged unlawful add-on charges and discriminatory conduct

The FTC has announced the settlement of a lawsuit filed jointly with the Illinois Attorney General against a group of auto dealerships that alleged the dealerships violated federal and state law by engaging in deceptive...more

FDIC Consumer Compliance Supervisory Highlights looks at unauthorized EFTs, overdraft programs, re-presentment of unpaid...

The FDIC has issued the March 2022 edition of Consumer Compliance Supervisory Highlights which includes a description of some of the most significant consumer compliance issues identified by FDIC examiners during consumer...more

CFPB enters into consent order with student loan servicer to settle alleged UDAAP violations in connection with FFELP loans

The CFPB has entered into a consent order with Edfinancial Services, a student loan servicer, to settle the Bureau’s allegations that Edfinancial engaged in deceptive acts and practices in violation of the CFPA UDAAP...more

Lawsuit filed in CA federal district court alleges unlawful discrimination based on credit union’s denial of loan application from...

In a new lawsuit filed in a California federal district court, a recipient of Deferred Action for Childhood Arrivals (DACA) alleges that a credit union violated the Civil Rights Act of 1866 (42 U.S.C. § 1981) and California’s...more

CFPB issues compliance bulletin on consumer reviews

The CFPB has issued a compliance bulletin that discusses business practices related to customer reviews that could be considered deceptive or unfair for purposes of the CFPA’s UDAAP prohibition....more

Equifax, Experian, and TransUnion announce changes in medical debt reporting

Equifax, Experian, and TransUnion have announced that effective July 1, 2022, they will no longer include medical debt that was paid after it was sent to collections on consumer credit reports.  In addition, the time period...more

DOJ enters into settlement with credit union to resolve alleged SCRA violations in connection with interest rates and vehicle...

The Department of Justice recently entered into a settlement with BayPort Credit Union to resolve allegations that it violated the Servicemembers Civil Relief Act (SCRA) by charging unlawful interest to servicemembers and...more

CFPB updates examination manual to use UDAAP authority to target discriminatory practices, including those involving non-credit...

Consistent with expectations that the CFPB under Director Chopra’s leadership would take an expansive view of its statutory authorities, the CFPB has announced its intention to use its authority to prohibit unfair, deceptive,...more

CFPB updates debt collection examination procedures

The CFPB has updated the section of its Supervision and Examination Manual on debt collection examination procedures.  The update reflects the requirements of Regulation F, the Bureau’s final debt collection rule that...more

CFPB Files Another Status Report in Section 1071 Rulemaking Lawsuit; Republican Lawmakers Send Letter to Director Chopra on...

On February 22, 2022, the CFPB filed its eighth status report with the California federal district court hearing the lawsuit brought by the California Reinvestment Coalition, National Association for Latino Community Asset...more

Pennsylvania federal district court rules public records vendor is consumer reporting agency subject to Fair Credit Reporting Act

A Pennsylvania district court has ruled that a company that provides reports based on a search of public records is a “consumer reporting agency” (CRA) as defined by the Fair Credit Reporting Act....more

CFPB issues report on medical debt

A new CFPB report titled “Medical Debt Burden in the United States,” takes aim at medical debt collections, with the CFPB indicating that it intends to “[d]etermine whether policies should be implemented to eliminate unpaid...more

CFPB issues compliance bulletin on auto repossession

In a move intended “to thwart illegal repossessions in the heated auto market,” the CFPB has issued a compliance bulletin that describes conduct related to repossession that it has found to be an unfair, deceptive, or abusive...more

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