Thursday, November 12, 2020 • 2:00 – 3:00 p.m. ET
On October 30, 2020, the CFPB released its long-awaited final debt collection rule—also known as Regulation F. This webinar – led by attorneys David Anthony, Jonathan Floyd, John Lynch, Ethan Ostroff, and Alan Wingfield – will discuss important takeaways for the debt collection industry and
Plaintiff Joseph Degroot defaulted on a credit card debt, which was subsequently placed with a collection agency. The agency sent the plaintiff a collection letter stating that “interest and fees are no longer being added to your account,” which the plaintiff took to mean that the account had been charged off. The debt was then
On October 22, 2020, the Federal Trade Commission (“FTC”) announced the launch of its new consumer fraud-reporting website at ReportFraud.ftc.gov. The website will provide a reporting platform allowing consumer to directly report instances of fraud to the FTC, as well as related consumer issues under the FTC’s purview.
The FTC touted the platform’s “streamlined
On October 13, 2020, the Consumer Financial Protection Bureau (the “CFPB”) announced that it entered into a consent order (the “Order”) with Nissan Motor Acceptance Corporation (“Nissan”) to resolve allegations that the auto finance company violated the Consumer Financial Protection Act (the “Act”). The Order requires Nissan to pay a $4 million penalty and offer
New Mexico’s Attorney General Hector Balderas announced on September 29 that his office has filed three lawsuits against debt collection companies. In his statement, Balderas explained that these lawsuits are part of a larger “crackdown” aimed at educating consumers and eliminating abusive debt collection practices within the state.
The lawsuits, filed against LVNV Funding,
On September 17, a State of Washington federal judge granted Colorado Attorney General Phil Weiser’s request in State of Washington v. Trump for a nationwide injunction, requiring the U.S. Postal Service (USPS) to stop and reverse operational changes that slowed down mail delivery on the grounds that these changes could potentially interfere with the
Multiple consumer advocacy groups are demanding the Consumer Financial Protection Bureau (“CFPB”) rescind its April 1, 2020, credit reporting guidance regarding the investigation of error disputes vowed at the beginning of the coronavirus pandemic.
In April, the CFPB said it would not hold companies to strict deadlines for investigating disputes that consumers have about information
On September 21, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced the settlement of its administrative proceeding against Lobel Financial Corporation (“Lobel”) – a California automobile lender that the CFPB claimed had engaged in unfair practices with respect to its Loss Damage Waiver (“LDW”) product. The action against Lobel alleged multiple violations of the Consumer
On Tuesday, September 15, New York Attorney General Letitia James announced a settlement with Dunkin’ Brands Inc. regarding a lawsuit in New York state court titled The People of The State of New York et al. v. Dunkin’ Brands Inc., case number 451787/2019. The case was filed in September 2019 by the New York
On September 15, 2020, after considerable delay and pursuant to a court settlement, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for small business lending data collection rulemaking. When the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) was passed, Section 1071 amended the Equal Credit Opportunity Act (ECOA) to require such small business data collection. Dodd-Frank requires the CFPB to comply with The Small Business Regulatory Enforcement Fairness Act (SBREFA) of 1996, which provided new avenues for small businesses to participate in the federal regulatory arena and created Small Business Advocacy Review panels (SBAR panels, also known as SBREFA panels).
Section 1071 states that “in the case of any application to a financial institution for credit for women-owned, minority-owned, or small business, the financial institution shall – (1) inquire whether the business is a women-owned, minority-owned, or small business, without regard to whether such application is received in person, by mail, by telephone, by electronic mail or other form of electronic transmission, or by any other means, and whether or not such application is in response to a solicitation by the financial institution…” The purpose of Section 1071 was to facilitate the enforcement of fair lending laws. The CFPB is beginning the process of writing regulations to implement Section 1071.
The CFPB’s Outline describes the various proposals that are being considered to implement Section 1071, the relevant law, the regulatory process, and an economic analysis of the potential impacts on small entities that will be directly impacted.