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
Last week, the Consumer Financial Protection Bureau issued a Policy Statement announcing a new designation for CFPB guidance, which will be known as “Compliance Aids.” In its announcement, the CFPB explained the legal status and effect of this designation. The full Policy Statement can be located here and became effective on February 1.
The Policy
On January 24, the Consumer Financial Protection Bureau issued a policy statement that limits the “abusive acts and practices” standard created by the 2010 Dodd-Frank Act. While the policy statement does not define what constitutes an “abusive” act or practice, and in fact leaves many important questions unanswered, it plainly limits the scope of the
Is the Consumer Financial Protection Bureau constitutional? Soon we will know. But what happens to the CFPB’s day-to-day work in the meantime? A student loan relief company decided to find out, and learned that the issue of the CFPB’s constitutionality will have no effect on the company’s obligation to respond to a civil investigative demand.
Wire fraud cases, arising from what the Federal Bureau of Investigation calls “business email compromise,” are on the rise. In 2018, the FBI reported that business email compromise and other internet-enabled theft, fraud, and exploitation resulted in $2.7 billion of financial loss. See FBI – IC3 Annual Report Released. Surprisingly, even sophisticated parties and