On September 10, the Consumer Financial Protection Bureau issued three new policies to promote innovation and facilitate compliance: the Policy on No-Action Letters (NAL), Policy to Encourage Trial Disclosure Programs (TDP), and Policy on the Compliance Assistance Sandbox (CAS). The policies were proposed in 2018 and went through a period of public
The U.S. Court of Appeals for the Seventh Circuit recently affirmed judgment in favor of two debt collectors and against a debtor for claims arising under the Fair Debt Collection Practices Act and the Wisconsin Consumer Act (“WCA”). In its ruling, the Court held that the debtor did not create a triable issue of material
On July 25, the Consumer Financial Protection Bureau released an Advance Notice of Proposed Rulemaking (“ANPR”) asking for the mortgage industry’s opinion on the scheduled expiration of a provision in its Ability to Repay/Qualified Mortgage Rule (“Rule”), commonly known as the “QM patch.” The QM patch allows certain mortgage loans that are eligible for purchase
On August 2, the Consumer Financial Protection Bureau announced that it would be extending the public comment period on its Notice of Proposed Rulemaking (“NPRM”) to amend Regulation F as part of implementing the Fair Debt Collection Practices Act. The CFPB announced that it is extending the public comment deadline to September 18, 2019.
On
When the U.S. Court of Appeals for the D.C. Circuit decided ACA International v. Federal Communications Commission[1] in March 2018, many viewed the decision as a potential swan song for the Telephone Consumer Protection Act. Experts predicted the FCC, buoyed by Chairman Ajit Pai, would step in quickly to reform existing regulatory guidance interpreting
On July 18, the Consumer Financial Protection Bureau released a report analyzing market data from 2004 through 2018 on third-party debt collections tradelines reflected on credit reports compiled by the nationwide consumer reporting agencies. The CFPB segmented the report into two parts: buyers (entities that purchase debts and then collect on them) and non-buyers (entities
The Consumer Financial Protection Bureau hosted a symposium with private attorneys to discuss the term “abusive” in “unfair, deceptive, and abusive acts and practices” (“UDAAP”) in late June. This was the first symposium, part of a symposia series, that will help the CFPB explore consumer protections in the changing financial services marketplace. There were two
As a part of her plan to address the homeownership gap for black families in America, Democratic presidential candidate Kamala Harris has proposed an amendment to the Fair Credit Reporting Act that will require credit reporting agencies to include rent, cellphone, and utility payments when calculating consumer credit scores.
The Consumer Financial Protection Bureau has
On June 14, the Consumer Financial Protection Bureau announced a settlement that effectively forgives $168 million in private student loans owed by former students of ITT Technical Institute, the for-profit college that filed for bankruptcy in 2016 in the face of regulatory scrutiny concerning its recruitment and student loan practices. The settlement is with Student
On June 25, the Consumer Financial Protection Bureau will host the first of a series of symposia exploring consumer protections in the financial services industry. This initial symposium will focus on the meaning and scope of “abusiveness” under Section 1031 of the Dodd-Frank Act.
Under the Dodd-Frank Act, the CFPB may take enforcement, supervision,
