On November 16, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report, focusing on the auto servicing industry, consumer reporting, mortgage servicing, and COVID-19 relief funds. The report highlights the CFPB’s continued focus on so-called junk fees and inaccurate credit reporting.
Among other findings from the report, the CFPB says that:
As discussed here, on October 19, a three-judge panel of the Fifth Circuit Court of Appeals held that the Consumer Financial Protection Bureau’s (CFPB) funding mechanism violates the appropriations clause because the CFPB does not receive its funding from annual congressional appropriations like most executive agencies, but instead receives funding directly from the Federal
On November 10, the Consumer Financial Protection Bureau (CFPB) published a circular, stating that both consumer reporting agencies (CRAs) and furnishers may be held liable under the Fair Credit Reporting Act (FCRA) for failing to investigate disputes, including when they impose what the CFPB views as barriers to the submission of disputes. Specifically, the
More than two years ago, the Eleventh Circuit Court of Appeals ruled in Johnson v. NPAS Solutions, LLC, 975 F.3d 1244 (11th Cir. 2020) that incentive payments for lead plaintiffs in class-action lawsuits are improper. After being denied rehearing en banc, the plaintiff has filed a petition for writ of certiorari for the
Unsurprisingly, defendants in two separate enforcements actions filed by the Consumer Financial Protection Agency (CFPB) have cited the Fifth Circuit’s recent decision in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau as a basis for having their actions dismissed. As we discussed here, earlier this month, the Fifth Circuit held
After a years-long effort, the Federal Housing Finance Agency (FHFA) has announced the approval of both the FICO 10T and the VantageScore 4.0 credit score models for use by Fannie Mae and Freddie Mac (Enterprises). The FHFA expects the transition to the two-score model to take multiple years to implement, which will require both scores
In a major decision released October 19, a three-judge panel of the Fifth Circuit Court of Appeals found the funding mechanism for the Consumer Financial Protection Bureau (CFPB or Bureau) to be unconstitutional. Specifically, the court in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau held the CFPB’s funding violates the
On June 23, the Consumer Financial Protection Bureau (CFPB) issued a final rule, prohibiting consumer reporting agencies (CRAs) from reporting adverse information resulting from human trafficking on survivors’ credit reports. This rule took effect on July 25.
The CFPB’s final rule amends Regulation VII, the Fair Credit Reporting Act’s (FCRA) implementing regulation, to comply
In a much anticipated decision released September 8, an en banc panel of the Eleventh Circuit Court of Appeals reversed the district court’s decision that a debt collector’s outsourcing of its letter process to a third-party mail vendor violated the Fair Debt Collection Practices Act’s (FDCPA) prohibition on third-party disclosure and ruled that plaintiff Hunstein
Please join Consumer Financial Services Partner Kim Phan and her guests and colleagues Alan Wingfield and David Anthony in the second episode of a special four-part series on recent developments with the Consumer Financial Protection Bureau (CFPB). In this episode, topics include the CFPB’s position on preemption issues, Fair Credit Reporting Act (FCRA) state law infringement, and the CFPB’s general position on state interactions and enforcement.