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Reporting Requirements Debt Collection

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

Orrick, Herrington & Sutcliffe LLP

New York State enacts private student loan reporting requirements

On February 14, the Governor of New York signed into law AB 431 (the “Act”), amending Article 9, Sections 901, 902 and 904 of the financial services law relating to private education debt reporting. The Act requires student...more

Orrick, Herrington & Sutcliffe LLP

Court stays a medical debt credit reporting case against CFPB

On February 13, the U.S. District Court for the Southern District of Texas stayed a lawsuit against the CFPB regarding the CFPB’s medical debt reporting final rule. The final rule, which the CFPB finalized in early January,...more

Sheppard Mullin Richter & Hampton LLP

Texas Federal Court Pauses CFPB Rule Banning Medical Debt from Credit Reports

On February 6, a judge for the United District Court for the Eastern District of Texas issued a 90-day stay on the CFPB’s final rule prohibiting the inclusion of medical debt in consumer credit reports, delaying the rule’s...more

Orrick, Herrington & Sutcliffe LLP

CFPB discusses repossessions in auto finance

On January 23, the CFPB published a report titled, “Repossession in Auto Finance,” which discussed auto loan repossession trends, drawing on data from a pilot program that started in February 2023. The report revealed...more

Orrick, Herrington & Sutcliffe LLP

New York State enacts law creating its private education debt registry

Recently, New York State signed into law A8913 to create a “private education debt registry” aimed at increasing transparency and allowing policymakers and consumers a complete and accurate view of student debt in New York...more

Troutman Pepper Locke

Seventh Circuit Reverses Summary Judgment in FDCPA Debt Dispute Case

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This week, the U.S. Court of Appeals for the Seventh Circuit issued a decision reversing a summary judgment order in a Fair Debt Collection Practices Act (FDCPA) case. The court found that there were genuine issues of...more

Husch Blackwell LLP

Alternative Commercial Finance Monthly | January 2025

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As we step into a new year, we’re excited to introduce a fresh look for our Alternative Commercial Finance blog. Alongside a new monthly publication schedule, we’ll be placing a stronger emphasis on upcoming laws,...more

Troutman Pepper Locke

CFPB Releases Report on Auto Repossessions

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As discussed here, in February 2023, the Consumer Financial Protection Bureau (CFPB or Bureau) launched the auto finance data pilot and issued nine market monitoring orders to three banks, three finance companies, and three...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – January 2025

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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

Sheppard Mullin Richter & Hampton LLP

California DFPI Rolls Out Registration Requirements for Debt Settlement, EWA, and Student Loan Relief Providers

On October 22, the California DFPI announced the state’s approval of registration regulations enacted under the CCFPL, which will require providers of (1) debt settlement services, (2) education financing, (3) income-based...more

Troutman Pepper Locke

CFPB Proposed Rule Banning Reporting of Medical Debt

Troutman Pepper Locke on

On June 11, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), concerning medical debt. The proposed rule would...more

Hinshaw & Culbertson - Consumer Crossroads

California Licensed Debt Collectors Required to Submit Annual Reports to DFPI by March 15, 2024

In its December 2023 Bulletin, the California Department of Financial Protection and Innovation ("DFPI") announced that debt collectors licensed prior to January 1, 2024, will be required to file an annual report by March 15,...more

Troutman Pepper Locke

NYC Department of Consumer and Worker Protection Proposes Amendments to Debt Collection Rules

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New York City’s Department of Consumer and Worker Protection (NYC DCWP) recently released a notice of proposed amendments to its debt collection rules. The proposed amendments are detailed, lengthy, and include expanded...more

Davis Wright Tremaine LLP

Quick Reactions to the CFPB's Potential Changes to Credit Reporting Practices

Takeaways from the CFPB's proposal, which addresses the Bureau's FCRA concerns – from brokers to data security to targeted marketing - The Consumer Financial Protection Bureau (CFPB) recently took its first step in making...more

Orrick, Herrington & Sutcliffe LLP

CFPB announces consumer reporting rulemaking

On September 21, the CFPB announced the beginning of its anticipated rulemaking regarding consumer reporting, including a proposal to remove medical bills from credit reports. This announcement builds upon a hearing the CFPB...more

Shipkevich PLLC

California DFPI Proposes Regulation to Implement Registration Requirements for Entities Covered Under California Consumer...

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The California Consumer Financial Protection Law (“CCFPL”), established in September of 2020 under Governor Newsom, augmented the Department of Financial Protection & Innovation’s (“DFPI”) authoritative ability by increasing...more

Burr & Forman

District Courts Consider Allegations of Inaccurate Reporting under FCRA for Past Due Payment Ratings in Metro 2

Burr & Forman on

WHAT MATTERS - The industry practice is to set the Payment Rating to a code of 0 if the account was current on the closing date or to a code of 1-6 reflecting that the account was past due when it was paid off. This...more

Goodwin

OCC Proposes Rules for CRA Benchmarks and Fair Access

Goodwin on

In the News. The Office of the Comptroller of the Currency (OCC) issued a long-awaited rule seeking comment on its proposed approach to determine the Community Reinvestment Act (CRA) evaluation measure benchmarks, retail...more

American Conference Institute (ACI)

[Virtual Event] 27th NATIONAL FORUM ON Residential Mortgage Regulatory Enforcement & Litigation - November 17th - 18th, 9:00 am -...

ACI’s Residential Mortgage Forum is a premier gathering of leading servicers, lenders, external counsel, and regulators engaging in dialogue on how to navigate the very complex residential mortgage enforcement and litigation...more

Foodman CPAs & Advisors

What do you do if you are a Financial Institution with COVID-19 Loan Accommodations near the end?

On August 3, 2020, the Federal Financial Institutions Examination Council (FFIEC)  issued a Joint Statement on Additional Loan Accommodations Related to COVID-19 regarding loans  that are near the end of an initial loan...more

Ballard Spahr LLP

New York City Amends Debt Collection Regulations To Include Language Proficiency Requirements

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New debt collection rules creating requirements relating to consumers’ language proficiency are set to take effect in New York City on June 27, 2020. The new rules amend NYC’s existing debt collection regulations applicable...more

Morrison & Foerster LLP

Financial Services Report, Fall 2019

We start this issue with a feeling of déjà vu all over again. Decisions made during the mortgage crisis are back in the news with a powerhouse legal ruling and the Treasury’s initial thinking on how to turn back time. First,...more

Womble Bond Dickinson

New Bill Would Amend FCRA by Delaying Reporting of Medical Debt

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Senate Bill 1581, introduced by Sen. Jeff Merkley [D-Ore.] and co-sponsored by Sen. Richard Blumenthal [D-Conn.], Sen. Elizabeth Warren [D-Mass.], Sen. Bob Menendez [D-N.J.], and Sen. Dick Durbin [D-Ill.], would amend the...more

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