News & Analysis as of

Fair Debt Collection Practices Act Compliance

Hudson Cook, LLP

Technical Violations of State Collection Practices Laws Can Lead to Class Action Liability

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If you are reading this article, you are likely aware that a creditor collecting its own debts in its own name is not a "debt collector" under the federal Fair Debt Collection Practices Act ("FDCPA") or its implementing rule,...more

Venable LLP

CFPB to Launch Registry of Nonbank Enforcement Actions

Venable LLP on

In a move that's sure to make nonbank financial institutions even more uncomfortable, the Consumer Financial Protection Bureau (CFPB) has decided to shine a brighter light on those that have been alleged to violate consumer...more

Womble Bond Dickinson

CFPB Files Amicus Brief in FDCPA Appeal

Womble Bond Dickinson on

This month, the Consumer Financial Protection Bureau (CFPB) started the new year by filing an amicus brief in an ongoing appeal in the First Circuit focusing on an interpretation of the Fair Debt Collection Practices Act...more

Troutman Pepper

Utah Court of Appeals Reverses Dismissal of Consumer Claims Based on Failure to Register Under Collection Agency Act

Troutman Pepper on

In a change of course, the Utah court of appeals has reversed the dismissal of a plaintiffs’ suit against a debt collector based on its alleged failure to register as a collection agency prior to filing collection suits....more

Sheppard Mullin Richter & Hampton LLP

NY Federal Court Rules CFPB Vicarious Liability Suit Can Proceed

In August, a New York federal district court denied a motion to dismiss a CFPB lawsuit against three affiliated companies engaged in the business of purchasing distressed consumer debt and several of the companies’ owners and...more

Goodwin

Financial Services Weekly News: OCIE Issues Risk Alert On Investment Adviser Principal And Agency Cross Trading Compliance

Goodwin on

In This Issue. The Securities and Exchange Commission (SEC) issued a risk alert on investment adviser principal and agency cross trading compliance issues, published disclosure interpretations relating to the Inline XBRL...more

Hudson Cook, LLP

What's Missing? The CFPB's Notice of Proposed Rulemaking on Debt Collection Fails to Resolve a Number of Compliance Issues

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This article is part of a series of articles and webinars Hudson Cook will present over the coming weeks addressing the CFPB's Notice of Proposed Rulemaking on Debt Collection (the "Proposals"). While the Proposals, if...more

Hudson Cook, LLP

Compliance: Setting up a Preventative Maintenance Compliance Budget

Hudson Cook, LLP on

Prioritizing compliance with federal and state law may be the last item on your never ending to-do list. Most days, you have bigger fish to fry - you want to increase sales and decrease overhead. However, a small investment...more

Morrison & Foerster LLP

Dodd-Frank at 4: Where do we go from here?

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

Stinson LLP

How to Respond to a CFPB Civil Investigative Demand

Stinson LLP on

The Consumer Financial Protection Bureau (“CFPB”) was created to enforce the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) and various consumer finance laws (e.g., Equal Credit Opportunity...more

Burr & Forman

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Manatt, Phelps & Phillips, LLP

Advertising Law - June 2014

Auto Lender Pays $5.5M Over FDCPA, FCRA, and FTC Act Charges - More than $5.5 million was required to settle the Federal Trade Commission’s charges against Consumer Portfolio Services, a California-based auto lender...more

Latham & Watkins LLP

How to Respond to a CFPB Civil Investigative Demand

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Under CFPB’s broad mandate, many companies outside the financial services industry may be subject to expensive civil investigations. A for-profit technical school may not appear to be a financial services company. But...more

Polsinelli

Two New CFPB Bulletins Directly Affect Your Debt Collections

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On July 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued two bulletins that directly affect all consumer lenders and creditors that are subject to the Dodd-Frank Act. Bulletin 2013-07 puts creditors on...more

Goodwin

FFEIC Releases Guidance on Applicability of Consumer Protection Laws to Social Media

Goodwin on

The Federal Financial Institutions Examination Council, which is comprised of the OCC, FRB, FDIC, NCUA, CFPB, and a state liaison committee, issued guidance addressing the applicability of federal consumer protection laws to...more

Burr & Forman

Mortgage Debt Lesson: Don't Pursue Collection Of A Discharged Mortgage

Burr & Forman on

Creditors should double check the bankruptcy status of a debtor/borrower before pursuing collection. As a pending case illustrates, pursuing collection of an initially reaffirmed, but later discharged mortgage could be a...more

Ballard Spahr LLP

New York Takes Aim at Internet Payday Lenders and Other Industry Players

Ballard Spahr LLP on

The Cuomo administration, through the New York State Department of Financial Services (DFS), recently announced aggressive enforcement-related activities in an ongoing DFS investigation designed to stop supposedly unlawful...more

Ballard Spahr LLP

FTC Enforcement Action against Debt Collector Ends in Record Settlement

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The Federal Trade Commission’s recent announcement that it entered into a record settlement with “the world’s largest debt collection operation” demonstrates that it intends to continue its vigorous enforcement of the Fair...more

Ballard Spahr LLP

CFPB Targets Debt Collection in New UDAAP Bulletins, Complaint System, Consumer Action Letters

Ballard Spahr LLP on

The Consumer Financial Protection Bureau made clear that debt collection continues to be a major focus by issuing two new bulletins and five action letters for consumers to use when responding to debt collectors....more

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