We reported in September of this year on a demand from multiple consumer advocacy groups to the Consumer Financial Protection Bureau (“CFPB”) to rescind its April 1, 2020, credit report guidance that relaxed the Fair Credit Reporting Act’s (“FCRA”) deadlines to investigate consumer-initiated direct disputes. In a letter dated November 9, 2020, CFPB Director Kathleen
Following a Consumer Financial Protection Bureau (“CFPB”) investigation into its credit reporting procedures, telecommunications debt collector Afni, Inc. agreed Thursday to implement additional safeguards against inaccurate reporting and pay a $500,000 civil penalty.
The CFPB’s investigation found that Afni had violated the Fair Credit Reporting Act (“FCRA”) in several ways. First, Afni had negligently furnished
New York Attorney General Letitia James and Governor Andrew Cuomo announced on November 4, 2020, that the State will continue the suspension of its debt collection efforts of medical and student debt through the remainder of the calendar year. The suspension, which was originally instituted during March 2020 as part of the state’s response to
On October 29, 2020, the FTC hosted its most recent “Green Lights & Red Flags” workshop. This virtual workshop focused on recent fraud patterns, advertising compliance, and data security.
Fraud Fashioned Under COVID-19. The pandemic’s effect on the consumer protection world was front and center at this year’s workshop. According to Andrew Smith, Director of
The Fair and Accurate Credit Transactions Act (“FACTA”) forbids sellers who accept credit cards from including more than the last five digits of a buyer’s credit card number on a purchase receipt. Yet including more than those five digits will not, by itself, make a seller liable under FACTA, according to a decision issued by
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,