The Consumer Financial Protection Bureau is proposing changes to the Fair Debt Collection Practices Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act (commonly referred to as “Dodd-Frank”). State attorneys general from 28 states have banded together to comment on the changes, which may impact an estimated 49 million American consumers who
The Consumer Financial Protection Bureau announced on October 11 that it will establish a taskforce of industry experts to examine the legal and regulatory environment facing consumers and financial service providers. The aim of the taskforce is to harmonize, modernize, and update consumer credit laws and their implementing regulations and to identify gaps in these
Organizations preparing for the California Consumer Privacy Act have heard it and read it before — to prepare for the CCPA, all organizations, including covered “businesses” and third-party vendors, must review their vendor contracts. What is not always (or ever) explained, however, is what reviewing actually consists of and how organizations benefit from ensuring such
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