In a notice published in the January 14, 2014 Federal Register, the CFPB announced that it would be extending the comment deadline for the Announced Notice of Proposed Rulemaking (“ANPR”) that it issued on November 6, 2013 (discussed here). The ANPR seeks to modernize the Fair Debt Collection Practices Act (“FDCPA”) and will
Ninth Circuit Holds that Plaintiff has Alleged Adequate Constitutional Standing Under FCRA Based on Claimed Statutory Violations
On February 4, 2014, the United States Court of Appeals for the Ninth Circuit reversed the decision of the district court, which had previously dismissed a lawsuit under the Fair Credit Reporting Act (FCRA) due to the plaintiff’s lack of Article III standing. If adopted more widely, the Ninth Circuit’s decision could create an additional
Major Development: CFPB Issues Advance Notice of Proposed Rulemaking for Debt Collectors
On November 6, 2013, the Consumer Financial Protection Bureau (CFPB) issued an Advance Notice of Proposed Rulemaking (ANPR) directed at the debt collection industry. The CFPB is seeking comments, data and information from the public regarding a variety of rules proposed to govern collection agencies as well as first-party debt collectors, such as banks and
OCC Consent Order Likely to Serve as Model for Debt-Collection and Banking Industries
In conjunction with its recent $389 million joint enforcement action with the CFPB against a national bank (the Bank), the Office of the Comptroller of the Currency (OCC) issued a sweeping, 58-page consent order that may serve as a potential template for future regulation of certain debt-collection practices throughout the debt collection-agency, debt-buying, and first-party