On April 25, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it would begin invoking a provision in Dodd-Frank, previously used only infrequently, to conduct supervisory examinations over a greater number of nonbank financial companies that may “pose risks to consumers.”
Under Dodd-Frank, the CFPB has authority to examine three categories of nonbank
On April 18, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, scrutinizing the practice of withholding transcripts from students with delinquent accounts and who are attending an institute of higher education.
The practice of withholding transcripts as a collections tactic has never been popular with regulators or consumer advocates. As
On March 18, the three nationwide consumer reporting agencies — Equifax, Experian, and TransUnion (NCRAs) — announced plans to change how medical debt will be reported on credit reports. The joint measures will result in the removal of nearly 70% of medical collection debt records from credit reports.
The announcement included the following three major
This article was republished on insideARM on March 28, 2022.
On March 15, the Federal Trade Commission (FTC or Commission) released a consent agreement with Electronic Payment Systems and its owners John Dorsey and Thomas McCann (collectively, EPS) for allegedly opening credit card processing merchant accounts for fictitious companies on behalf of Money Now Funding
*Garrett Kelly is not licensed to practice law in any jurisdiction; his bar application is pending in Virginia.
On March 1, the Consumer Financial Protection Bureau (CFPB) released its “Medical Debt Burden in the United States” report, which questions whether consumer credit reports should include unpaid medical billing data.
According to the
On March 1, the Supreme Court of California held oral arguments in Pulliam v. HNL Automotive, Inc., No. S267576 (2021). The appeal may decide (at least under California state law) whether the Federal Trade Commission’s (FTC) “Holder Rule” permits a consumer to recover amounts beyond what he or she has paid to the holder,
On February 23, the Consumer Financial Protection Bureau (CFPB) issued an outline of proposals and alternatives (Outline) under consideration related to an automated valuation model (AVM) rulemaking. Despite the lack of imminency on a final rule, the Outline serves as further proof that fair lending and its application to algorithmic systems is a top priority
The filing lawsuits under the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA), and the Telephone Consumer Protection Act (TCPA) increased dramatically in the first month of 2022 when compared to the number of filings in January and December 2021, per a report released recently by Web Recon LLC. The number
On February 14, the Consumer Financial Protection Bureau (CFPB) updated its Supervision and Examinations Manual to reflect changes it made to the Remittance Transfer Rule (Rule) in a final rule published on June 5, 2020. The changes made to Subpart B of Regulation E, effective July 21, 2020, (1) increased the Rule’s safe harbor for
According to a recent year-in-review report by WebRecon, Fair Credit Reporting Act (FCRA) filings continued their upward trajectory throughout 2021. This stands in contrast to filings under the Fair Debt Collection Practices Act (FDCPA) or the Telephone Consumer Protection Act (TCPA), which decreased from the previous year. Meanwhile, complaints filed with the CFPB increased substantially