The U.S. House of Representatives has introduced a bill, H.R. 1773, that seeks to amend the Fair Debt Collection Practices Act (FDCPA). The proposed amendment would include a two-year bar on the collection of medical debts from the date first payment on the debt is due.
The bill was introduced by Michigan Representative Rashida
As discussed here, in August 2020, a district court for the Middle District of Tennessee held that a medical provider’s third-party billing servicer did not qualify as a debt collector under the Fair Debt Collections Practices Act (FDCPA) because the debt was not in default when it was placed with the extended billing office
The Federal Trade Commission (FTC) has reached a settlement with three companies over an alleged telemarketing scam involving extended automobile warranties. In addition to imposing a penalty of $6.6 million, which is largely suspended based on the companies’ inability to pay, the stipulated order includes a lifetime ban from the extended automobile warranty industry and
As discussed here, on December 7, the Consumer Financial Protection Bureau (CFPB or Bureau) made a preliminary conclusion that New York’s Commercial Financing Law (the New York law) was not preempted by the Truth in Lending Act (TILA), and was also considering whether to make a preemption determination regarding similar state laws in California
The Federal Reserve issued a press release announcing its plans for a July debut of FedNow, its service “to facilitate nationwide reach of instant payment services by financial institutions.” As previously discussed here, the FedNow service will provide individuals and businesses the ability to send and receive instant payments through the Federal Reserve’s
Indiana Attorney General Todd Rokita and the Indiana Department of Financial Institutions announced a settlement in excess of $250,000 with Integrity Acceptance Corp., affiliated companies, and their owners to resolve allegations that they originated personal loans without the required license, contracted for charges in excess of the maximum allowable rate, misrepresented finance charges, and failed to disclose prepaid finance charges in violation of the Indiana Uniform Consumer Credit Code and Indiana Deceptive Consumer Sales Act. As part of the settlement, the entities will forgive $223,685 in loans, pay $33,991 in restitution, and pay $33,000 in civil penalties and costs to the state. The entities and their owners are also enjoined from engaging in similar conduct in the future.
Yesterday, a three-judge panel of the Second Circuit Court of Appeals issued a unanimous opinion declining to follow the Fifth Circuit’s decision in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau (CFPB or Bureau) finding no “support for the Fifth Circuit’s conclusion” that the CFPB’s funding structure is unconstitutional in Supreme
In an agency order issued on February 27, the Consumer Financial Protection Bureau (CFPB) permanently banned RMK Financial Corporation from the mortgage lending industry. In addition to imposing a penalty of $1,000,000, the order prohibits the lender from engaging in any mortgage lending activities or receiving remuneration from mortgage lending.
The CFPB based its decision
Today, the Federal Trade Commission (FTC) issued a Notice of Proposed Rulemaking with the stated intent to make it easier for consumers to cancel recurring subscriptions and memberships. This rulemaking is part of the FTC’s review of its Negative Option Rule. Amongst other things, the proposed rule would increase the coverage of the Negative Option