Consumer Financial Protection Bureau (CFPB)

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Troutman Sanders’ lawyer David Anthony will be presenting at the upcoming American Conference Institute’s 18th National Forum on Consumer Finance Class Actions & Litigation. The conference will be held April 8-9, 2014 at the Westin Bonaventure Hotel &Suites in Los Angeles, CA. David will be presenting on , “CLASS ACTIONS: New and Emerging…

In an annual report issued by the Consumer Financial Protection Bureau on Monday, March 31, 2014, the Bureau announced that it had received nearly double the number of consumer complaints in 2013 as compared to 2012. The report noted that 163,700 total complaints were brought to the Bureau’s attention in 2013, a jump from approximately…

This month, the Federal Trade Commission charged an Arkansas auto dealer, Abernathy Motor Company, and its two principals, with failing to display a “Buyers Guide” on used vehicles offered for sale, as required by the FTC’s Used Car Rule. Before being charged, the FTC had visited the dealer in December 2012 and identified issues of…

In its annual FDCPA report to Congress released on March 20, 2014, the CFPB stated that the industry continues to be plagued by aggressive collection tactics and inaccurate record-keeping.  According to the Bureau, since it began receiving consumer complaints about the industry in July, it has received more than 30,000 complaints concerning debt collection practices.…

On March 11, 2014, the Seventh Circuit ruled that settlement letters sent to debtors concerning the settlement of time-barred debt were misleading even though the letters did not threaten litigation.

The plaintiffs were both Illinois residents with outstanding debt that was subject to the state’s four-year statutes of limitations, and the collection firms named in…

As a part of its plans to modernize regulation of the debt collection industry, the CFPB announced on February 26, 2014, that it will begin the process of soliciting consumer input to “learn about their experiences interacting with the debt collection industry” – specifically their most recent contact with debt collectors and whether they recognized…

The State Attorneys General from 30 states and the District of Columbia submitted a comment letter to the CFPB on February 28, 2014, urging the CFPB to “adopt well-tailored, comprehensive, and balanced rules” that will apply to “all persons engaged in the collection of consumer debts” which would presumably include both first and third-party collectors.…

The ACA issued its response to the CFPB’s Announced Notice of Proposed Rulemaking.  In its comment letter, the ACA suggested a number of considerations that it believes should guide CFPB’s development of new regulations designed to modernize the FDCPA:

  • Any new rules should recognize the industry’s diversity, namely the types of debt being collected and

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A recent comment letter from the American Bankers Association, Consumer Bankers Association and the Financial Services Roundtable to the CFPB urged the Bureau to prioritize third-party agencies in its FDCPA rulemakings.

Chief among the group’s concerns is maintaining “the distinction between first and third-party collections recognized by the FDCPA.”  The signatories “strongly oppose placing FDCPA-like…

As part of the CFPB’s annual report to Congress on the federal government’s efforts to implement the FDCPA, the FTC submitted highlights from its 2013 enforcement actions signaling that the Commission will continue to play an active role in enforcing the FDCPA in collaboration with the CFPB and state attorneys general.

The FTC noted that…