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 Responds to the CFPB’s Announced Notice of Proposed Rulemaking
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
Industry Groups Urge CFPB to Establish Debt Collection Rulemaking Priorities
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
FTC Highlights 2013 Enforcement Actions, Pledges Vigorous Enforcement Going Forward
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
Consero Financial Services and Insurance Litigation Forum – Miami, FL – May 18-20, 2014
Consero’s 2014 Financial Services and Insurance Litigation Forum will be held May 18-20, 2014 at the Trump National Doral Miami in Miami, FL. Join Troutman Sander’s lawyer, Ashley Taylor at the forum. Consero’s 2014 Financial Services and Insurance Litigation Forum will address current and looming legal and business challenges faced by today’s Chief Litigation Officers
CFPB and FTC File Amicus Brief Targeting Time-Barred Debt Collection Activities
On March 5, 2014, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) filed a joint amicus brief in Buchanan v. Northland Group Inc., No. 13–2523 (6th Cir. Mar. 5, 2014), a putative consumer FDCPA class action challenging collection practices related to debts that were time barred (i.e., for which the
Ninth Circuit Rejects Argument that Credit Card Fees Violate Substantive Due Process
On February 11, 2013, a panel of the Court of Appeals for the Ninth Circuit rejected the argument of a class of credit cardholders that certain fees imposed by their card issuers were unconstitutional. Their class complaint alleged violations of the National Bank Act (“NBA”) and Depository Institutions Deregulation and Monetary Control Act (“DIDMC”). The
House Financial Services Committee Turns Up the Heat on Investigation into CFPB Disparate Impact Methodology
Democrats and Republicans in Congress can rarely reach agreement on anything these days, but one bipartisan effort that continues to gain steam is their repeated attempts to learn the methodology by which the Consumer Financial Protection Bureau (“CFPB”) and other federal regulators investigate auto lenders for purported fair lending violations. In a letter dated March
Recent FTC Report and CFPB Bulletin Highlight Importance of Investigating Identity Theft Claims
A report issued by the Federal Trade Commission (FTC) and a bulletin issued by the Consumer Financial Protection Bureau (CFPB) both highlight the continued federal regulatory interest in endemic identity theft as well as the significant risk to businesses that fail to address complaints related to identity theft.
The FTC’s Report on the Top Categories
U.S Chamber of Commerce Requests CFPB to Issue Rules on Auto Lending
The U.S. Chamber of Commerce has sent a detailed letter, dated February 12, 2004, addressed to Director Cordray of the Consumer Finance Protection Bureau (CFPB) in which it expresses its disapproval of the CFPB’s approach of “regulation by enforcement settlement combined with issuance of brief guidance statements” in lieu of utilizing a formal rulemaking process