Defendants World Law Debt Services, LLC, World Law Processing, LLC, and Family Capital Investment & Management LLC, face a potentially hefty penalty after failing to respond to a complaint filed by the Consumer Financial Protection Bureau relating to alleged illegal debt relief services.
According to a complaint filed in the Southern District of Florida in
On June 28, the Consumer Financial Protection Bureau released its Monthly Complaint Report, which aims to provide “a high-level snapshot of trends in consumer complaints” concerning products such as auto loans, installment loans, and title loans. The CFPB claims that since it began collecting such complaints in July 2011, it has handled a total
A recently introduced House bill would provide a mechanism to let states opt out of the CFPB’s newly announced rules regulating payday, auto title, and other short-term, small dollar loans. On June 21, Congressman Scott Tipton (R-Colo.) introduced H.B. 5552 which would effectively amend the CFPB’s recently proposed rules. If passed,
On June 17, 2016, the Consumer Financial Protection Bureau (“CFPB”) announced changes to the dollar amount thresholds for certain consumer credit transactions under the Truth in Lending Act (“TILA”). According to the notice submitted to the Federal Register, these new thresholds could affect minimum interest charges and safe harbor penalty fees under the Credit Card
In Bock v. Pressler & Pressler, LLP, the U.S. Court of Appeals for the Third Circuit requested supplemental briefs applying Spokeo, Inc. v. Robins to the Article III standing issue at bar. As we previously reported, the Court requested targeted discussion on whether a violation of the statutory right at issue was by
On June 9, Representative Matt Salmon (R-AZ) introduced legislation to impose new requirements on how the Consumer Financial Protection Bureau makes consumer complaints public in the Consumer Complaint Database. According to Salmon, the Consumer Financial Protection Bureau (“CFPB”) Data Accountability Act “would improve the current database by requiring the CFPB to verify the
On June 22, 2016, the Consumer Financial Protection Bureau (“CFPB”) issued its third update to its exam procedures for mortgage servicers. In its press release, the CFPB stated that mortgage servicers should “note a greater emphasis” on complaint handling, responses to requests by borrowers, and fair lending issues. According to the CFPB, the update
The Consumer Financial Protection Bureau (“CFPB”) has released an “auto loan shopping sheet” and other online resources as part of its “Know Before You Owe” initiative, which aims to assist consumers with comparison shopping and financing auto purchases. The initiative “walks consumers through each step of the auto finance process to help them
On June 2, the Consumer Financial Protection Bureau released a newly proposed rule that, if enacted, will place new burdens on lenders who offer consumers payday loans, auto title loans, and other short-term, small-dollar loans.
Overview
The proposed rule will require lenders to inquire about the loan applicant’s income and expenses by conducting a “full-payment”
In a case that looks at the statutory bounds of the Consumer Financial Protection Bureau’s investigative authority, the CFPB announced that it plans to appeal a federal district court decision denying the agency’s request to enforce a civil investigative demand, or “CID”.
In August 2015, the CFPB issued a CID to the Accrediting Council for