In an April letter to Congressman Blaine Luetkemeyer (R-Mo.), the Consumer Financial Protection Bureau refused to provide a grace period for enforcement of the TILA-RESPA Integrated Disclosure Rule (“the Integrated Disclosure Rule”), which has an effective date of August 1, 2015.
Director Richard Cordray’s letter provides information about the CFPB’s work to support implementation of
On April 13, 2015, a bipartisan group of 34 members of the United States House of Representatives introduced a bill that would repeal a Consumer Financial Protection Bureau (CFPB) bulletin from 2013 challenging a common practice in the indirect auto finance industry where automobile dealers would set interest rates on consumer financings.
The bill, entitled
Authored by Alexandria J. Reyes and Benjamin R. Carlsen
Two federal district courts have dismissed lawsuits filed against debt collectors, holding that filing proofs of claim in a bankruptcy case on debt subject to a statute of limitations defense is not actionable under the Fair Debt Collection Practices Act.
On April 23, the Federal Trade Commission and the Office of the New York Attorney General announced they will host a “dialogue” to discuss consumer protection issues with the debt collection industry, including recent enforcement actions, consumer complaints about debt collection practices, and compliance issues.
The first “Debt Collection Dialogue” in Buffalo, New York will
On April 22, the House of Representatives passed a bill requiring the Consumer Financial Protection Bureau to solicit input from several advisory boards and to cap the CFPB’s future funding.
H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act, was adopted in a 235-183 vote, after a House committee earlier adopted
The city of Yonkers, New York, enacted General Ordinance No. 16-2014 to amend its Consumer Protection Code (“Code”) by adding new requirements for debt buyers and collection agencies. The revised Code includes the following sections: definitions, license requirements, required collection practices, prohibited collection practices, and penalties for non-compliance. The new Code requirements became effective on
On March 2, a class of job applicants requested that the U.S. District Court for the Middle District of North Carolina approve a nearly $3 million settlement they had reached with Delhaize America LLC, Food Lion LLC’s parent company. The applicants had sued Delhaize – which owns Food Lion, Hannaford, and Bottom Dollar – for
On March 9, a regulatory milestone occurred. Consumer Financial Protection Bureau Director Richard Cordray presided over oral arguments in the first ever appeal of a CFPB administrative enforcement action. As this blog reported on December 31, 2014, this appeal concerns the first “recommended decision” issued by an Administrative Law Judge in a contested CFPB enforcement
On March 24, in a case that has captured the attention of commercial lenders, the United States Supreme Court heard oral arguments on the issue of whether a Chapter 7 debtor can “strip off” junior liens on residences that are already underwater.
Most courts agree that debtors filing under Chapter 13 of the Bankruptcy Code
On March 17, the Consumer Financial Protection Bureau announced it is seeking public comment on how the credit card market is functioning and the impact of credit card protections on consumers and issuers. This public inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and