On Sept. 17, the Consumer Financial Protection Bureau (CFPB) published guidance for federal and state consumer protection enforcement officials to use to prevent banks and credit unions from charging overdraft fees in certain...more
On June 11, 2024, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would introduce sweeping changes to the process of medical debt credit reporting and the use of information related to the nonpayment of...more
On June 3, the Consumer Financial Protection Bureau (CFPB) published a final rule to create a registry of nonbank companies that have entered into consent agreements or who have otherwise been found by the bureau to be in...more
On May 30, the Consumer Financial Protection Bureau (CFPB) released a Request for Information (RFI) regarding mortgage closing costs. The seven-page RFI provided nine questions about the impact of closing costs, and how they...more
In a landmark decision issued on May 16, the Supreme Court held that the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is constitutionally sound, as it does not violate the Appropriations Clause. The...more
For the first time in its history, the Consumer Financial Protection Bureau recently invoked supervisory authority over a nonbank lender, World Acceptance Corp., one of the largest small-dollar installment lenders in the...more
On Sept. 21, 2023, the Consumer Financial Protection Bureau (CFPB) officially announced it is considering a rulemaking to address several consumer reporting topics under the Fair Credit Reporting Act (FCRA). Under the process...more
11/10/2023
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Bureaus ,
Credit Reporting Agencies ,
Credit Reports ,
Data Privacy ,
Data Security ,
Debt Collection ,
Debt Collectors ,
Financial Institutions ,
Financial Services Industry
Organizations in many instances no longer must spend money on compliance with the Consumer Financial Protection Bureau’s (CFPB) interpretation of its UDAAP authority announced in the March 2022 update to its Supervision and...more
On July 14, 2023, the U.S. Supreme Court announced it would hear oral arguments in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA) on October 3, 2023. The court will...more
On Monday, the U.S. Supreme Court announced that it has agreed to review the Fifth Circuit’s decision in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA). The decision...more
On Feb. 1, 2023, the Biden administration released a fact sheet describing actions taken by the White House that continue a focus on so called “junk fees.” The announcement, which was done along with several independent...more
On Jan. 11, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would require nonbanks under its supervisory authority, subject to limited exceptions, to annually register information about...more
Seeking to “enhance market monitoring and risk-based supervision efforts,” the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has proposed a new, online registry of nonbank financial firms in order to track, what...more
As the financial services industry continues to digest what is known so far about election results, a new twist for 2023 emerged this week when the Consumer Financial Protection Bureau (CFPB) put the question of the...more
Last week, the U.S. Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) independent funding mechanism is unconstitutional. Under the Dodd-Frank Act, the CFPB is not funded...more
This week, two House Republican Committee Ranking Members, Reps. Patrick McHenry (R-NC) from the House Financial Services Committee and James Comer (R-KY) from the House Oversight and Reform Committee, sent a letter to...more
As the Consumer Financial Protection Bureau (CFPB) continues to highlight coordination with state attorneys general, lawmakers and regulators, top congressional officials from the U.S. House Financial Services Committee...more
The Consumer Financial Protection Bureau recently warned companies that, under federal anti-discrimination laws, they still owe consumers an explanation of specific reasons for denying credit applications, even if they use...more
The Consumer Financial Protection Bureau (CFPB) and Congress have both signaled an interest in expanding the scope of the Fair Debt Collection Practices Act (FDCPA) to cover commercial debt, a move that would likely subject...more
On Oct. 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a final rule clarifying prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when...more
On June 29, 2020, in Seila Law v. Consumer Financial Protection Bureau (CFPB), a divided Supreme Court held that the statute that created the CFPB is unconstitutional because it did not vest enough powers with elected...more
On Tuesday evening, Sept. 17, ACA International filed a 155-page comment to the Consumer Financial Protection Bureau’s (“Bureau”) proposed debt collection rule. The comment advocates for consumers, creditors and a stable U.S....more
On May 21, the CFPB published its long-awaited proposed rule on debt collection practices (“Proposed Rule”) in large part to address application of the Fair Debt Collection Practices Act (“FDCPA”) to modern collection issues....more
6/5/2019
/ Bright-Line Rule ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
FCC ,
FDCPA ,
Opt-Outs ,
Popular ,
Prior Express Consent ,
Proposed Rules ,
Robocalling ,
TCPA