On April 21, 2021, the U.S. Court of Appeals for the Eleventh Circuit issued a decision that threatens significant consequences for a variety of loan servicing and debt collection industries. The upshot of the court’s holding...more
4/22/2021
/ Appeals ,
Article III ,
Corporate Counsel ,
Debt Collection ,
Debt Collectors ,
Debtors ,
FDCPA ,
Loan Servicing ,
Motion to Dismiss ,
Standing ,
Third-Party
On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) published its debt collection final rule in the Federal Register. This is obviously a significant event because the rule is set to become effective one...more
On Thursday, July 2, the Consumer Financial Protection Bureau (CFPB) announced that it plans to publish final debt collection rules in October 2020. The final rules will be the first rules clarifying the nearly 40-year-old...more
Last November, Bradley’s Financial Services Perspectives team predicted that the Consumer Financial Protection Bureau’s (CFPB) then upcoming Notice of Proposed Rulemaking (NPRM) for the Does the New Debt Collection Rule Apply...more
6/14/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Debt Collection ,
Debt Collectors ,
Dodd-Frank ,
Enforcement ,
Enforcement Authority ,
FDCPA ,
NPRM ,
Proposed Rules ,
UDAAP
The Consumer Financial Protection Bureau (CFPB) previously indicated in its Fall 2018 Rulemaking Agenda that it intends to issue a Notice of Proposed Rulemaking (NPRM) in the Spring of 2019 regarding debt-collection practices...more
On October 17, 2018, the Bureau of Consumer Financial Protection (BCFP), formerly known as the CFPB, announced that it plans to issue a Notice of Proposed Rulemaking (NPRM) for the Fair Debt Collection Practices Act (FDCPA)...more
On October 24, 2018, the Bureau of Consumer Financial Protection (BCFP), formerly known as the CFPB, entered into a Consent Order with Cash Express, LLC. Cash Express is a small dollar lender based in Cookeville, Tennessee,...more
10/26/2018
/ Borrowers ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
FDCPA ,
Set Off ,
Small Lenders ,
Statute of Limitations ,
Time-Barred Debt ,
UDAAP ,
Unfair or Deceptive Trade Practices
Debt collectors filing suit often assume that the forum state’s statute of limitations will apply. However, a string of recent cases suggests that may not always be the case. The Ohio Supreme Court recently determined that,...more
11/8/2016
/ Affirmative Defenses ,
Borrowers ,
Borrowing Statutes ,
Cause of Action Accrual ,
Corporate Counsel ,
Creditors ,
Debt Collectors ,
Default Judgment ,
Dismissals ,
FDCPA ,
Forum State ,
OH Supreme Court ,
Statute of Limitations ,
Summary Judgment ,
Vacated
The Consumer Financial Protection Bureau (CFPB) announced a consent order with Navy Federal Credit Union (Navy Federal) on October 11, 2016. While financial institutions should always analyze CFPB consent orders closely and...more
10/18/2016
/ Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Creditors ,
Debt Collection ,
Debtors ,
Electronic Account Restrictions ,
Enforcement Actions ,
FDCPA ,
Financial Institutions ,
U.S. Navy ,
UDAAP
Last week , the Consumer Financial Protection Bureau (CFPB) met with the Community Bank Advisory Council (CBAC) to discuss the CFPB’s July 28, 2016, outline of the proposed debt collection rules (Outline) intended to...more
As noted previously, the Consumer Financial Protection Bureau (CFPB) published an outline on July 28, 2016, of proposed debt collection rules intended to “drastically overhaul the debt collection market.” Earlier this week,...more