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Regulatory Requirements Debt Collection

Sheppard Mullin Richter & Hampton LLP

CFPB Withdraws Dozens of Guidance Documents as Part of Deregulatory Push

On May 12, the CFPB formally withdrew nearly 70 guidance materials—including policy statements, advisory opinions, circulars, and interpretive rules—through a Federal Register notice issued by Acting Director Russell...more

Shipkevich PLLC

New Jersey Court Reaffirms Judiciary’s Exclusive Authority Over Legal Practice, Voids Ambiguous Debt Adjustment Exception

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In a recent decision, a New Jersey court reaffirmed the Judiciary Branch’s exclusive constitutional authority to regulate the practice of law within the state. The case involved a challenge to the “limited attorney exemption”...more

Bond Schoeneck & King PLLC

New Department of Education Communication Requires Institutions to Contact Students About Loan Debt

On May 5, 2025, the Department of Education (ED) released a “Request for Institutions to Provide Repayment Information to Former Students to Prevent Defaults” (GEN-25-19). Noting that “only 38% of Direct Loan and...more

A&O Shearman

FCA policy statement on new regulatory return for consumer credit firms

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The UK Financial Conduct Authority (FCA) has issued a final policy statement (PS25/3) on consumer credit regulatory returns, published together with an updated webpage. The FCA is introducing a new regulatory return for...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – May 2025 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Orrick, Herrington & Sutcliffe LLP

Virginia enacts law protecting consumers from medical debt abuse

On May 2, the governor of the Commonwealth of Virginia approved HB 1725, which establishes the Medical Debt Protection Act to regulate billing and collection practices for medical debts. Effective July 1, 2026, the Act...more

Orrick, Herrington & Sutcliffe LLP

CFPB backs industry associations in bid to strike down medical debt rule

On April 30, the CFPB and two industry associations filed a joint motion with the U.S. District Court for the Eastern District of Texas requesting that the court vacate the Bureau’s medical debt rule. The associations,...more

Holland & Knight LLP

CFPB Seeks to Vacate the Medical Debt Rule

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The CFPB on April 30, 2025, reached an agreement with lender trade groups to vacate the Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information Rule (the Medical Debt Rule). The joint motion...more

Sheppard Mullin Richter & Hampton LLP

Indiana Enacts Earned Wage Access Law 

On May 6, Indiana Governor Mike Braun signed House Enrolled Act No. 1125 into law, making Indiana the latest state to enact a statutory framework for regulating earned wage access (EWA) products. The Indiana Earned Wage...more

Sheppard Mullin Richter & Hampton LLP

CFPB to Revoke Medical Debt Collection Advisory Opinion

On April 11, the CFPB filed a joint motion in the U.S. District Court for the District of Columbia indicating its intent to revoke an advisory opinion on medical debt collection. The Bureau requested a stay of litigation...more

Orrick, Herrington & Sutcliffe LLP

NYC’s amended debt collection rules effective this October

Recently, the NYC Department of Consumer and Worker Protection (DCWP) published an FAQ document providing guidance on amended rules for debt collectors, set to become effective on October 1. As previously covered by...more

Orrick, Herrington & Sutcliffe LLP

CFPB to revoke its medical debt advisory opinion

On April 11, the CFPB stated in a court filing that it plans to revoke its advisory opinion on medical debt collection from October 1, 2024. The filing was a motion to the U.S. District Court for the District of Columbia and...more

Troutman Pepper Locke

CFPB Announces 2025 Supervision and Enforcement Priorities

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This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released a memo to staff outlining its new supervision and enforcement priorities for 2025....more

Wiley Rein LLP

Wiley Consumer Protection Download (April 9, 2025)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and at the state level. CFPB activity continues to be...more

Sheppard Mullin Richter & Hampton LLP

Utah and Arkansas Enact Earned Wage Access Regulations

Utah and Arkansas have enacted new legislation governing earned wage access (EWA) services, establishing state-level registration obligations and consumer protection standards. Both laws clarify that EWA services are not...more

Troutman Pepper Locke

Indiana Federal Court Dismisses FDCPA Suit Alleging Violations for being an Unlicensed Debt Collector

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In a recent decision from the U.S. District Court for the Northern District of Indiana, the court granted a motion to dismiss in favor of a debt collection law firm and one of its attorneys who were not licensed as debt...more

Shipkevich PLLC

North Carolina Legislative Alert: Lawmakers Propose Act to License, Examine, and Regulate Debt Settlement Services

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On March 25, 2025, North Carolina Senators Johnson (R), Overcash (R), and Jackson (R) as primary sponsors introduced Senate Bill 491 (“S.B. 491” or the “Bill”), which seeks to license, examine, and regulate debt settlement...more

Troutman Pepper Locke

2024 Credit Reporting Review: Impactful Changes and Future Forecast — FCRA Focus Podcast

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In this episode of FCRA Focus, host Dave Gettings is joined by Cindy Hanson, Scott Kelly, and Tim St. George, partners in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss the most impactful...more

Goodwin

Utah Becomes Seventh State to Enact Law Regulating Earned Wage Access Services

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Utah has become the seventh state (and the second in 2025) to enact a law that establishes a financial services oversight regime for earned wage access services, also known as on-demand pay services, which allow workers to...more

Troutman Pepper Locke

Arkansas Passes Earned Wage Access Services Act

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On March 20, the Arkansas governor signed into law Arkansas Act 347, known as the Earned Wage Access Services Act. Sponsored by Representative David Ray (R) and Senator Ben Gilmore (R), this legislation aims to regulate...more

Orrick, Herrington & Sutcliffe LLP

California DFPI updates regulations under its Debt Collection Licensing Act

Recently, the California DFPI adopted updated regulations concerning the state’s Debt Collection Licensing Act. The DFPI established definitions and specific requirements for the term “net proceeds generated by California...more

Sheppard Mullin Richter & Hampton LLP

DFPI Finalizes Debt Collection Licensing Regulations, Effective July 1

On March 4, the California DFPI finalized regulations under the Debt Collection Licensing Act (DCLA). The final regulations, which take effect July 1, 2025, clarify key licensing and reporting requirements....more

Troutman Pepper Locke

Utah Legislature Passes Earned Wage Access Services Act

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The Utah Legislature has passed H.B. 279, known as the Earned Wage Access Services Act. Sponsored by Representative A. Cory Maloy (R) and Senator Chris H. Wilson (R), this legislation aims to regulate earned wage access (EWA)...more

Sheppard Mullin Richter & Hampton LLP

GOP Senators Moving to Invoke the Congressional Review Act Over Biden-Era Rules

The CFPB is facing pushback from the U.S. Senate over two final rules issued under the Biden administration: one expanding oversight of nonbank digital payment providers and another limiting the reporting of medical debt....more

Orrick, Herrington & Sutcliffe LLP

FTC stops debt collection scheme, freezes assets, and seeks consumer redress

On March 3, the FTC announced it obtained a temporary restraining order to halt the operations and freeze assets of an alleged debt collection scheme following a lawsuit filed by the FTC. The scheme, operated by several...more

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