On May 6, 2021, the CFPB’s Office of Servicemember Affairs issued its eighth annual report summarizing its activities from January 1 through December 31, 2020. The report discussed the Office’s consumer outreach and...more
In a blog post published on January 28, 2021 sharing a statement sent to CFPB staff, Acting Director David Uejio announced several new priorities for the CFPB’s Supervision, Enforcement and Fair Lending Division under the...more
On January 13, 2021, the Illinois legislature overwhelmingly passed SB 1792 (the “Act”), intended to, among other things, overhaul the state’s consumer finance laws. Described prior to enactment as a bill related to “Energy...more
On December 30, 2020, the CFPB announced a consent order with Omni Financial of Nevada, Inc. based on alleged violations of the Military Lending Act (MLA) and Electronic Funds Transfer Act (EFTA). This is the second consent...more
In an Order on Reconsideration issued December 9, 2020, the Federal Communications Commission concluded that the TCPA applies to contractors working for the federal government. The Order reverses a 2016 Declaratory Ruling. ...more
Continuing our series of blog posts breaking down the CFPB’s final debt collection rule, we now discuss the use of email and text messages, and how to qualify for a safe harbor from civil liability for unintentional third...more
In the next in our series of blog posts breaking down the CFPB’s final debt collection rule, we now turn to a discussion of how to understand and comply with the final rule’s inconvenient time and place provisions. For the...more
Last week, the FTC released two new reports about the agency’s findings from an April 2017 study of consumers’ experiences with the car buying process. The FTC’s Bureau of Consumer Protection (BPC) authored a summary report...more
Last week, New Jersey Attorney General Gurbir Grewal took the lead in pursing two actions against the U.S. Department of Education related to the Department’s alleged refusals to cooperate with state investigations of student...more
9/23/2019
/ Department of Education ,
Disclosure ,
Evidence ,
FOIA ,
For Profit Education ,
Government Investigations ,
Law Enforcement ,
Loan Servicer ,
Professional Misconduct ,
State and Local Government ,
State Attorneys General ,
Student Loans
Less than a week after warning subpoena and CID recipients to take their obligation to respond “seriously,” the FTC took aim at perceived inadequacies in compliance reports submitted pursuant to FTC consent orders and...more
On September 28, 2018, the Maryland Commissioner of Financial Regulation issued a notice advising companies servicing student loans of Maryland borrowers to provide their contact information to the state’s new Student Loan...more
On July 26, 2018, the FTC testified before two subcommittees of the U.S. House Committee on Oversight and Government Reform regarding the FTC’s continued focus on payment processors....more
The cities of Chicago and San Francisco and the Massachusetts Attorney General have filed the first enforcement actions against Equifax following the announcement of a data breach affecting an estimated 143 million consumers....more
The West Virginia Supreme Court recently ruled in favor of a debt collector in an action alleging a violation of West Virginia’s Consumer Credit and Protection Act. In its June 12 decision, the court held that call volume,...more
Oral arguments were recently held before the U.S. Court of Appeals District of Columbia Circuit in a consolidated case, spearheaded by ACA International, challenging the Federal Communications Commission's (FCC) recent order...more
10/27/2016
/ Arbitrary and Capricious ,
ATDS ,
Auto-Dialed Calls ,
Cell Phones ,
Declaratory Rulings ,
FCC ,
Financial Institutions ,
Reassigned Phone Numbers ,
Robocalling ,
Safe Harbors ,
Smartphones ,
TCPA
The CFPB filed suit against J.G. Wentworth, LLC on June 7, 2016 after the company challenged the Bureau’s expansive view of its jurisdiction.
The CFPB served a CID against J.G. Wentworth, LLC on September 11, 2015 to...more
6/20/2016
/ Annuities ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Adviser ,
Financial Institutions ,
Jurisdiction ,
Popular ,
Structured Settlements ,
Truth in Lending Act (TILA) ,
UDAAP
The CFPB has entered into a consent order with Westlake Services, LLC, an indirect auto finance company, and its wholly owned subsidiary, Wilshire Consumer Credit, LLC, for alleged deceptive debt collection practices. The...more
10/5/2015
/ Automotive Industry ,
Automotive Loans ,
Borrowers ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Criminal Prosecution ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Financial Institutions ,
Lenders ,
Motor Vehicles ,
Redress Payments ,
Repossess ,
Title Loans ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
A meeting of the CFPB’s Credit Union Advisory Council has been scheduled for October 8, 2015 at the CFPB’s offices in Washington, DC. The agenda indicates that the “Council will discuss consumer challenges in payments.”...more
Home equity conversion mortgages, commonly known as “reverse mortgages” are popular loan products in Florida. In order to foreclose on a reverse mortgage, the lender generally must allege that all conditions necessary to...more
8/12/2015
/ Appeals ,
Borrowers ,
Financial Institutions ,
Foreclosure ,
Home Equity ,
Home Equity Line of Credit ,
Homestead Exemption ,
HUD ,
Judicial Foreclosure Process ,
Mortgage Insurance ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Promissory Notes ,
Reverse Mortgages ,
Spouses ,
Surviving Spouse
Consistent with its continued focus on student lending, the CFPB issued a new request for information regarding student loan servicing. The request for information seeks input from the public regarding all aspects of student...more
The voluntary dismissal of a foreclosure action pursuant to a settlement agreement does not make the borrower the “prevailing party” for purposes of a motion for attorneys’ fees, the Florida Court of Appeals has ruled. The...more
The timing and mechanics of rescinding a loan under the Truth and Lending Act (TILA) has been a hotly contested legal issue. As highlighted during the recent oral argument in Jesinoski v. Countrywide Home Loans, Inc. before...more
A recent decision by the Georgia Court of Appeals helps to add further clarity to the state’s foreclosure notice statute. The statute, which was amended in 2008, requires that the written notice of a foreclosure sale “shall...more
The Federal Trade Commission recently announced a consent order with a subprime auto lender for alleged violations of the Federal Trade Commission Act (FTC Act), the Fair Debt Collection Practices Act (FDCPA), and the Fair...more
The Federal Trade Commission recently announced two more settlements with data brokers for alleged violations of the Fair Credit Reporting Act (FCRA). The settlements with Instant Checkmate, Inc., InfoTrack Information...more