On February 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog discussing improvements made to its services with the goal of providing the same experience to consumers with limited English proficiency (LEP) that its English-speaking consumers receive. These improvements include redesigned website landing pages in seven languages and the ability to accept
On February 14, the Consumer Financial Protection Bureau (CFPB) released a report entitled Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting. The report sought to examine trends in the reporting of debt in collections from 2018 to 2022. Based on the CFPB’s Consumer Credit Panel, a nationally representative sample of approximately five
Can websites or mobile apps that offer ranked lists of mortgage providers purportedly best suited for individual consumers violate section 8 of the Real Estate Settlement Practices Act (RESPA)? According to the Consumer Financial Protection Bureau (CFPB or Bureau) in its recent advisory opinion, these digital platforms may violate the RESPA if the platform:
In a recent decision, a Michigan district court found that because there was a genuine issue of fact as to whether the defendant debt collector notified the consumer reporting agency (CRA) to remove a disputed debt notification from the plaintiff’s tradeline, the case could proceed to trial.
As previously reported here, the Federal Communications Commission (FCC) issued a proposed rule specifying that to be exempt from the Telephone Consumer Protection Act’s (TCPA) consent requirements callers would be limited to three prerecorded non-commercial, non-telemarketing, or non-profit calls per 30 days, or three calls per week (one per day) for healthcare-related calls, and
Today the Consumer Financial Protection Bureau (CFPB) published a proposed rule with request for public comment that would amend Regulation Z to: 1) decrease the safe harbor for credit card late fees to $8 and eliminate altogether a higher safe harbor amount for subsequent late payments; 2) eliminate the annual inflation adjustments for the late
Federal courts across the country continue to divest themselves of Fair Debt Collection Practices Act (FDCPA) cases following the Supreme Court’s salient Article III standing decision in TransUnion LLC v. Ramirez. The Southern District of Illinois is no exception, with a court in that district recently dismissing an FDCPA action for lack of standing
On January 24, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on how the consumer credit market is functioning as part of its biennial review required by the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act). The CFPB will be accepting comments until April 24.
The CARD Act
On December 28, 2022, the New York Department of Financial Services released its debt collection rule amendments to 23 NYCRR 1, the regulation titled “Debt Collection by Third-Party Debt Collectors and Debt Buyers.” The initial proposed amendments were opened to public comment in late 2021. The rule amendments will take effect 180 days after the
As previously reported here, the Federal Communications Commission (FCC) issued a proposed rule in December 2020 that would place new call-frequency limitations and opt-out requirements on certain prerecorded non-telemarketing calls to residential numbers that can be called without prior consent under the Telephone Consumer Protection Act (TCPA). The TCPA has long allowed unlimited prerecorded