On April 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released Spanish language translations for certain model and sample forms included in the Prepaid Rule in Regulation E and for certain adverse action model and sample notices included in Regulation B.
The Bureau also used the announcement as an “opportunity to remind financial institutions
On April 25, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it would begin invoking a provision in Dodd-Frank, previously used only infrequently, to conduct supervisory examinations over a greater number of nonbank financial companies that may “pose risks to consumers.”
Under Dodd-Frank, the CFPB has authority to examine three categories of nonbank
On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy. Specifically, the CFPB argues that the following private student loans can be discharged without
On March 18, the three nationwide consumer reporting agencies — Equifax, Experian, and TransUnion (NCRAs) — announced plans to change how medical debt will be reported on credit reports. The joint measures will result in the removal of nearly 70% of medical collection debt records from credit reports.
The announcement included the following three major
Wednesday, March 23 • 2:30 – 3:30 p.m. ET
On March 16, the Consumer Financial Protection Bureau unveiled an enormous change to its fair lending philosophy that will have major ramifications for financial services providers of all types. Please join us for a webinar where we will examine this announcement, its enormous practical impacts, and
On March 16, the Consumer Financial Protection Bureau (CFPB or Bureau) unveiled an enormous change to its fair lending philosophy that will have major ramifications for financial services providers of all types. In a press release, the CFPB announced that it will begin targeting discrimination as an unfair practice under its unfair, deceptive, and
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 through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can
On February 28, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a bulletin and accompanying press release, highlighting an issue that the agency has written about frequently over the past several years: inadvertent repossessions. For the most part, the bulletin reminds the industry of guidance previously issued by the CFPB in several editions
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 through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can
On February 23, the Consumer Financial Protection Bureau (CFPB) issued an outline of proposals and alternatives (Outline) under consideration related to an automated valuation model (AVM) rulemaking. Despite the lack of imminency on a final rule, the Outline serves as further proof that fair lending and its application to algorithmic systems is a top priority