The CFPB has issued a special edition of its Supervisory Highlights that focuses on compliance with the FCRA and Regulation V. The report contains two main sections, with one devoted to supervisory observations at furnishers...more
12/13/2019
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Consumer Reports ,
Debt Collection ,
Delinquency Status ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Mortgage Servicers ,
Policies and Procedures ,
Regulation V ,
Supervisory Highlights
In an 8-1 decision, the U.S. Supreme Court has ruled in Rotkiske v. Klemm that the FDCPA’s one-year statute of limitations (SOL) runs from the date of the alleged violation and not from a consumer’s discovery of the...more
12/12/2019
/ Cause of Action Accrual ,
Credit Cards ,
Debt Collection ,
Default Judgment ,
Discovery Rule ,
Equitable Tolling ,
FDCPA ,
Rotkiske v. Klemm ,
SCOTUS ,
Service of Process ,
Statute of Limitations
The DOJ has filed an amicus brief in support of the defendant debt collector in Rotkiske v. Klemm, the case before the U.S. Supreme Court that hopefully will resolve a circuit court split over whether the FDCPA one-year...more
A bipartisan group of U.S. Senators have introduced the “ISA Student Protection Act of 2019” that would create a legal framework for income share agreements (ISA) offered to students. ...more
8/7/2019
/ ECOA ,
EFTA ,
Electronic Fund Transfer Act ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Legislative Agendas ,
Military Lending Act ,
Proposed Legislation ,
Qualifying Income ,
SCRA ,
Student Loans ,
Students ,
Tuition
One day after announcing its notice of proposed rulemaking regarding the Fair Debt Collection Practices Act (FDCPA), the CFPB held a town hall at the University of Pennsylvania to discuss the major aspects of the proposal,...more
The CFPB has published its long-awaited notice of proposed rulemaking under the Fair Debt Collection Practices Act (FDCPA). ...more
5/8/2019
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
FDCPA ,
Financial Services Industry ,
NPRM ,
Proposed Rules ,
Rulemaking Process ,
Title X ,
UDAAP
The CFPB has issued its eighth annual Fair Debt Collection Practices Act report covering the CFPB’s and FTC’s activities in 2018....more
A law firm hired to pursue a nonjudicial foreclosure under Colorado law was not a "debt collector" under the Fair Debt Collection Practices Act (FDCPA), the U.S. Supreme Court ruled unanimously today in Obduskey v. McCarthy &...more
Persons or entities that engage third parties to collect consumer debts they acquired when the debts were in default, known as "passive debt buyers," are "debt collectors" subject to the Fair Debt Collection Practices Act...more
The U.S. Supreme Court has agreed to resolve a circuit court split over whether the one-year statute of limitations (SOL) in the Fair Debt Collection Practices Act (FDCPA) runs from the date of the alleged violation or starts...more
2/26/2019
/ Appeals ,
Cause of Action Accrual ,
Certiorari ,
Consumer Protection Laws ,
Debt Collection ,
Default ,
Discovery Rule ,
FDCPA ,
Rotkiske v. Klemm ,
SCOTUS ,
Split of Authority ,
Statute of Limitations
In a matter of first impression, the U.S. Court of Appeals for the Sixth Circuit has ruled that the Fair Debt Collection Practices Act (FDCPA) requirement for a debt collector to "cease collection of the debt" after receipt...more
Debt collectors should take note of a recent decision by the U.S. Court of Appeals for the Fifth Circuit holding that a Texas federal district court was justified in relying on "special circumstances"...more
The U.S. Court of Appeals for the Seventh Circuit recently ruled that an auto repossession company's alleged demand that a debtor pay an administrative property retrieval fee to retrieve personal property left in her...more
In Loja v. Main Street Acquisition Corporation, the plaintiff filed a lawsuit in federal district court for alleged FDCPA violations against Main Street Acquisition Corporation and the law firm it retained to file a state...more
In Scheffler v. Gurstel Chargo, P.A., the U.S. Court of Appeals for the Eighth Circuit rejected a career plaintiff’s attempts to manufacture a Fair Debt Collection Practices Act (FDCPA) claim by baiting a debt collector into...more
The U.S. Court of Appeals for the Third Circuit has ruled that although the plaintiffs had plausibly alleged facts stating a claim that a debt collector had violated the Fair Debt Collection Practices Act (FDCPA) by not using...more
The U.S. Court of Appeals for the Seventh Circuit has ruled that because the plaintiff’s attorney had not yet filed a written appearance or pleading with the Illinois state court where the defendant law firm had filed a...more
The U.S. Court of Appeals for the Third Circuit held in Tepper v. Amos Fin., LLC, that debt buyers (i.e., entities collecting, on their own behalf, consumer debts they acquired when the debts were in default), can qualify as...more
Resolving tension between New York and federal law, the U.S. Court of Appeals for the Second Circuit has ruled that a debtor must show that a debt collector's alleged false representation was material for it to be a "false,...more
8/3/2018
/ Consumer Financial Products ,
Creditors ,
Debt Collection ,
FDCPA ,
Financial Services Industry ,
Foreclosure ,
Judicial Intervention ,
Misrepresentation ,
Mortgage Servicers ,
Motion to Dismiss ,
Unfair or Deceptive Trade Practices
After a four-day trial, the Ohio federal district court hearing the CFPB’s lawsuit against a law firm, Weltman, Weinberg & Reis Co., L.P.A., found that the CFPB had failed to prove its FDCPA and CFPA claims by a preponderance...more
The U.S. Supreme Court announced on June 28 that it had granted a petition for a writ of certiorari to review the judgment of the U.S. Court of Appeals for the 10th Circuit in Obduskey v. McCarthy & Holthus LLP, et al.,...more
The CFPB announced that it has entered into a consent order with Security Group Inc. and its subsidiaries (Security Group) to settle an administrative enforcement action that charged the companies with having engaged in...more
6/15/2018
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Reports ,
Debt Collection ,
Enforcement Actions ,
FDCPA ,
Financial Services Industry ,
Popular ,
UDAAP ,
Unfair or Deceptive Trade Practices
The one-year statute of limitations (SOL) for Fair Debt Collection Practices Act (FDCPA) claims begins to run when the alleged violation occurs and not when it is discovered, the U.S. Court of Appeals for the Third Circuit...more
A company did not violate the Fair Debt Collection Practices Act (FDCPA) by creating a false impression that it was meaningfully involved in a medical center’s debt collection, even though it “did not engage in many of the...more
The U.S. Court of Appeals for the Eighth Circuit recently ruled that a debtor must show that a debt collector's alleged false representation was material for it to be a "false, deceptive, or misleading representation" in...more