News & Analysis as of

Servicemembers Civil Relief Act Consumer Financial Protection Bureau (CFPB)

Orrick, Herrington & Sutcliffe LLP

CFPB says SCRA-related complaints are increasing

On May 23, the CFPB published a blog post reporting that complaints from servicemembers, veterans, and their families significantly increased, with the total number of complaints surpassing 400,000 since the CFPB began...more

Cadwalader, Wickersham & Taft LLP

CFPB Litigation On Fire

The Consumer Financial Protection Bureau (“CFPB”) is engaged in a firestorm of tricky litigation these days. Some highlights, in addition to the Third Circuit’s NCSLT ruling we reported on previously: With respect to the...more

Ballard Spahr LLP

CFPB continues to look to creditors to help servicemembers take advantage of SCRA benefits

Ballard Spahr LLP on

On January 12, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a report highlighting an increase in reported incidents of identity theft by servicemembers. The report, titled “Servicemember reports about...more

Morgan Lewis

Latest Developments in Automotive Finance and Consumer Protection

Morgan Lewis on

Federal agencies such as the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) have increased their scrutiny of auto loan servicing activities, particularly regarding auto dealers who engage in...more

Troutman Pepper

CFPB's Policy Statement on Abusiveness (Part 2) - The Consumer Finance Podcast

Troutman Pepper on

Please join Troutman Pepper Partner Chris Willis and his colleagues Stefanie Jackman, Caleb Rosenberg, and Chris Capurso for the second installment of our special two-part series about the Consumer Financial Protection...more

Hudson Cook, LLP

CFPB Issues SCRA Paper Identifying Underused Benefits

Hudson Cook, LLP on

A couple of months ago, the Consumer Financial Protection Bureau issued a research paper it said revealed that many active duty servicemembers who were entitled to interest rate reductions under the federal Servicemembers...more

Ballard Spahr LLP

New CFPB Report Proactively Encourages Creditors To Apply SCRA Interest Rate Benefits

Ballard Spahr LLP on

On December 7, 2022, the CFPB issued a report recommending that creditors proactively provide Servicemember Civil Relief Act (SCRA) interest rate benefits to eligible customers, bypassing the statute’s requirements of a...more

Ballard Spahr LLP

New CFPB report encourages creditors to proactively apply SCRA interest rate benefits

Ballard Spahr LLP on

On December 7, 2022, the CFPB issued a report recommending that creditors proactively provide Servicemember Civil Relief Act (“SCRA”) interest rate benefits to eligible customers, bypassing the statute’s requirements of a...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter -December 2022 # 2

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Goodwin

Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial...

Goodwin on

Regulatory Developments - Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial Risks - On December 2, the Federal Reserve announced that it...more

Troutman Pepper

CFPB Report Finds Only Small Fractions of Activated Guard and Reserve Servicemembers Receive SCRA Interest Rate Reductions

Troutman Pepper on

On December 7, the Consumer Financial Protection Bureau (CFPB) released a report entitled Protecting Those Who Protect Us. The report sought to quantify, for the first time, the use of the Servicemembers Civil Relief Act...more

Troutman Pepper

CFPB and DOJ Remind Auto Finance Companies of SCRA Protections for Servicemembers

Troutman Pepper on

On July 29, the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) issued a joint letter to auto finance companies, reminding them of the protections the Servicemembers Civil Relief Act (SCRA) affords...more

Nelson Mullins Riley & Scarborough LLP

DOJ, CFPB Warn Auto Finance Companies about Servicemember Protections

The U.S. Department of Justice (“DOJ”) and the Consumer Finance Protection Bureau (“CFPB”) issued a joint letter reminding the auto finance industry to enforce certain interest rate restrictions and other consumer protection...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2022 # 3

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Cadwalader, Wickersham & Taft LLP

CFPB and DOJ Send Clear Message Regarding Servicemembers to the Auto Industry 

Following the Consumer Financial Protection Bureau’s supervisory observations that the auto finance industry seemed to be struggling with providing adequate consumer protections to servicemembers, the CFPB has joined with the...more

Sheppard Mullin Richter & Hampton LLP

Regulators Remind Auto Industry of Servicemember Protections

On July 29, the CFPB and DOJ issued a joint letter to the auto lending and leasing industry reminding auto companies of their obligations under the Servicemembers Civil Relief Act (SCRA)....more

Wiley Rein LLP

Wiley Consumer Protection Download (August 8, 2022)

Wiley Rein LLP on

Regulatory Announcements- FTC Commissioner Phillips Plans to Leave the Agency in the Fall, Per Media Reports. On August 8, several media outlets reported that FTC Commissioner Noah Phillips informed his staff through a memo...more

Bradley Arant Boult Cummings LLP

CFPB and DOJ Caution Auto Industry on SCRA Protections

Auto finance companies and others in the auto space should take note of a recent joint letter issued by the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) about the legal protections under the...more

Ballard Spahr LLP

DOJ and CFPB send notification letter to auto finance companies regarding SCRA protections

Ballard Spahr LLP on

On July 29, 2022, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a notification letter (the “joint letter”) to “remind” auto lenders and leasing companies of the protections...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2022

Troutman Pepper on

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

McGlinchey Stafford

CFPB zeros in on Servicemembers Civil Relief Act

McGlinchey Stafford on

Continuing a recent trend of highlighting potential unfair and deceptive acts or practices (UDAAP) within the auto loan servicing industry, the Consumer Financial Protection Bureau (CFPB) recently issued a new blog post...more

Ballard Spahr LLP

House Oversight and Reform Subcommittee on National Security holds hearing on protecting military servicemembers and veterans from...

Ballard Spahr LLP on

On July 13, 2022, the House Committee on Oversight and Reform, Subcommittee on National Security held a hearing entitled “Protecting Military Servicemembers and Veterans from Financial Scams and Fraud.”  A recording of the...more

Troutman Pepper

CFPB and DOJ Reinforce Federal Housing Protections for the Military Community

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The Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) issued joint letters, restating the federal housing protections afforded to military servicemembers during the COVID-19 pandemic. While some...more

Ballard Spahr LLP

CFPB and DOJ send joint letters to landlords and mortgage servicers on CARES Act and SCRA protections

Ballard Spahr LLP on

On Monday, the CFPB and DOJ announced that they sent joint letters to landlords/property management companies and mortgage servicers regarding the protections given to servicemembers by the Coronavirus Aid, Relief and...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - September 2021 #4

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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

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