Another Circuit Court of Appeals has weighed in on the constitutionality of the Consumer Financial Protection Bureau’s structure, on the very day that the Supreme Court of the United States heard argument on the same question. In CFPB v. All American Check Cashing, Inc., et al, a divided panel of the Fifth Circuit held
On February 26, the Consumer Financial Protection Bureau added ten FAQs concerning lender credits to its TILA-RESPA Integrated Disclosures (“TRID”) FAQs resource.
The new lender credit FAQs appear to be consistent with the industry’s current practices for managing and disclosing lender credits. They address topics such as:
In Allen v. Credit Collection Services, the United States District Court for the Eastern District of California recently ruled that a Fair Debt Collection Practices Act plaintiff’s vague, self-serving testimony of oral revocation was insufficient to trump a debt collector’s detailed call records that contained no evidence of revocation. The court’s decision illustrates the
Plaintiff Amanda Groettum may be alive and well, but in Groettum v. Kohl’s Department Stores, Inc., the United States District Court for the District of Minnesota laid to rest her claims under Minnesota’s credit defamation laws and any contention that the Fair Credit Reporting Act’s two preemption provisions are in conflict.
In her complaint,
On Friday, the Consumer Financial Protection Bureau (CFPB) published a supplement to its Spring 2019 notice of proposed rulemaking on third-party debt collection. The proposed supplemental rule addresses the collection of time-barred debt, which is debt that has run past any applicable statute of limitations.
Specifically, the proposed supplemental rule requires debt collectors to make
Sen. Kristen Gillibrand (D-N.Y.) recently introduced a 41-page bill that would transfer the authority to create and enforce data protection rules from the Federal Trade Commission to a new independent federal agency. This proposal comes on the heels of a similar proposal from Sen. Josh Hawley (R-Mo.). Both of these proposals have emerged due to
Recently, the Consumer Financial Protection Bureau released its Supervisory Highlights, No. 21 (Winter 2020) (“the Report”). The Report discusses findings related to many of the CFPB’s examinations regarding debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April and August 2019.
Key takeaways from the Report are as follows:
Debt
On January 29, the U.S. House of Representatives passed the Comprehensive Credit Act (“the Act”). Packaging several Democrat-sponsored bills together, the Act garnered the support of all but two of the present House Democrats. If enacted into law, the Act would significantly change the information that credit reports can contain, expand the processes available
We are pleased to announce that Troutman Sanders attorneys, David Anthony, Cindy Hanson, and Timothy St. George will be presenting during the 2020 Professional Background Screening Association (PBSA) Mid-Year Conference in Arlington, VA from April 19-21, 2020. The Mid-Year Legislative & Regulatory Conference is held each year in the spring. The focus is
This month, the Consumer Financial Protection Bureau and the Department of Education entered into a Memorandum of Understanding intended to enhance their level of collaboration with respect to complaints and concerns raised by student loan consumers.
The agreement provides that the two federal agencies will, to the extent permitted by privacy laws, share consumer complaint