Troutman Sanders

JANUARY 31, 2023

As discussed here , on October 27, 2022, the CFPB released an Outline of Proposals and Alternatives Under Consideration for public comments on the CFPB’s Section 1033 rulemaking. The ABA further emphasized the need for the CFPB to extend its supervision to cover data aggregators.

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Credit Unions Credit Unions Banks Trade 52

Troutman Sanders

JUNE 30, 2022

On June 29, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion focused on consumer debt collectors and the convenience fees they charge for some payments, such as online or by phone. Convenience fees — common in many types of financial transactions — have recently been categorized as “junk fees” by the CFPB.

Debt collector 52

Debt collector Creditors Fair Debt Collection Banks 52

Troutman Sanders

OCTOBER 25, 2023

On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking under Section 1033 of the Consumer Financial Protection Act of 2010 (CFPA). The CFPB is currently accepting comments on the proposed rule until December 29, 2023. A right to share data.

Banks 52

Banks Financial Institution Credit Unions Credit Unions 52

Public Citizen

JUNE 28, 2022

The CFPB rule explains that, with limited preemption exceptions, states have the flexibility to preserve fair and competitive credit reporting markets by enacting state-level laws that are stricter than the federal Fair Credit Reporting Act. The CFPB rule is here.

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Government 40

Troutman Sanders

DECEMBER 21, 2021

On December 16, the Consumer Financial Protection Bureau (CFPB) issued orders to five companies offering buy now, pay later (BNPL) products. The CFPB noted that BNPL saw “explosive growth” through the holiday shopping period. The CFPB noted that BNPL saw “explosive growth” through the holiday shopping period.

Loans 52

Loans Financial services Collections 52

Troutman Sanders

OCTOBER 28, 2021

The rules in question were issued by the Consumer Financial Protection Bureau (CFPB) in 2020 and 2021. The updates reflect changes to the definition of a General QM loan and the addition of a new category of QM, Seasoned QM loans. For QMs under the General QM loan definition in Section 1026.43(e)(2),

Loans 52

Loans Credit Unions Credit Unions Consumer Credit 52

Collection Industry News

JUNE 20, 2022

The DFPI’s final regulations address seven categories of commercial financing transactions: Closed-End Transactions. All Other Transactions (a catchall for transactions that don’t fit in the six specific categories above). CFPB Takes Adverse Action Against Machine Learning McGlinchey Stafford. Open-End Credit Plans.

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Troutman Sanders

NOVEMBER 21, 2023

On November 16, the Consumer Financial Protection Bureau (CFPB) published its Fair Debt Collection Practices Act (FDCPA) Annual Report to Congress. Per the CFPB’s report, the most common issue raised in debt collection complaints — across all types of debt — is the attempt to collect debt that the consumer does not owe.

Financial services 52

Financial services Retail Banks Collections 52

Collection Industry News

JANUARY 24, 2022

On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor BrightSpeed Solutions and its founder Kevin Howard (collectively, “defendants”), which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors.

Judgment 40

Judgment Acquisition Law Firms Financial Institution 40

Troutman Sanders

MARCH 11, 2024

On March 5, the CFPB finalized a rule to cut excessive credit card late fees by closing a loophole exploited by large card issuers. The CFPB estimates that American families will save more than $10 billion in late fees annually once the final rule goes into effect by reducing the typical fee from $32 to $8. between 2021 and 2022.

Financial services 52

Financial services Garnishment Lender Banks 52

Troutman Sanders

SEPTEMBER 19, 2023

For qualified mortgages (QMs) under the General QM loan definition in §1026.43(e)(2),

Manufacturing 52

Manufacturing Loans Consumer Credit Banks 52

Collection Industry News

JUNE 13, 2022

Since Rohit Chopra’s confirmation as director of the Consumer Financial Protection Bureau in 2021, he has aggressively moved the CFPB back to the policy positions formerly employed during the Obama administration. The enforcement of federal consumer laws is partially shared between federal agencies such as the CFPB and state AGs.

Retail 40

Retail Manufacturing Trade Financial services 40

Troutman Sanders

NOVEMBER 4, 2021

In a report released on November 2, the Consumer Financial Protection Bureau (CFPB) found that credit report disputes more commonly occur among consumers in majority Black and Hispanic neighborhoods than consumers in majority white neighborhoods.

Student loans 59

Student loans Student Loans Retail Loans 59

True Accord

JULY 13, 2023

Debt increases showed up across almost all categories, with larger balances for mortgages , home equity lines of credit, auto loans, student loans , retail cards and other consumer loans. The CFPB also reports that approximately 2.5 9%) to $17.05 And demand for more credit continues, which will drive household debt balances up farther.

Financial Institution 66

Financial Institution Student loans Student Loans Loans 66

Troutman Sanders

OCTOBER 27, 2022

Today, the CFPB released an Outline of Proposals and Alternatives Under Consideration for industry participants to weigh in on the Section 1033 rulemaking. The CFPB will be accepting written feedback from stakeholders through January 25, 2023. The CFPB is also considering proposals to require authorized third-.

Banks 52

Banks Financial Institution Credit Unions Credit Unions 52

True Accord

OCTOBER 5, 2022

Lauren Valenzuela [LV]: Needless to say, over the last 10 years the CFPB has fundamentally changed how we think about and approach compliance. LV: Over the last decade the CFPB has taught us that compliance is an evolving thing. Attendee Poll Question: Which category does your Compliance Management System (CMS) fall under today?

Collections 85

Collections Collection Agencies Collections Agency Education 85

Consumer Financial Services Law

FEBRUARY 17, 2017

The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. Each month, the report focuses on a category of consumer financial products. In February 2016, the CFPB updated its student loan intake form to accept complaints about federal student loan servicing.

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Student loans Student Loans Foreclosure Loans 40

Collection Industry News

NOVEMBER 8, 2021

In a report released on November 2, the Consumer Financial Protection Bureau (CFPB) found that credit report disputes more commonly occur among consumers in majority Black and Hispanic neighborhoods than consumers in majority white neighborhoods. Source: site.

Student loans 40

Student loans Student Loans Retail Loans 40

Collection Industry News

JULY 4, 2022

The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on June 29, 2022, clarifying its view as to the legality under the Fair Debt Collection Practices Act (FDCPA) of “convenience fees” for optional methods of expedited payment not prescribed in the underlying loan documents, such as payment by phone or on the web.

Debt collector 40

Debt collector Fair Debt Collection Collections Loans 40

Troutman Sanders

NOVEMBER 15, 2022

Federal Activities: On November 11, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra delivered remarks before the FDIC Systemic Resolution Advisory Committee. On November 10, the CFPB released its analysis of the crypto-related consumer complaints it received from October 2018 through September 2022. State Activities.

Financial services 52

Financial services Student loans Student Loans Trade 52

Consumer Financial Services Law

JUNE 27, 2017

The CFPB has issued its monthly complaint report. The report traditionally provides a summary of the volume of complaints by product category, by company and by state. The report is a high level snapshot of trends in consumer complaints.

Collections 40

Collections 40

Troutman Sanders

JANUARY 23, 2023

On January 18, the CFPB released the updated “Mortgage Servicing Examination Procedures,” providing transparency to stakeholders about how we do our work. The updated examination procedures include CFPB guidance released since the last update in June 2016. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Government Banks 52

Consumer Financial Services Law

MARCH 4, 2018

The CFPB recently issued its second Quarterly Consumer Credit Trends Report which examines the impact of changes to credit reporting regarding the reporting of civil public records. The Report breaks civil public records into three broad categories: bankruptcies, judgments and tax liens.

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Bankruptcy Judgment Consumer Credit Collections 40

Fico Collections

SEPTEMBER 9, 2021

The use of overdraft services has been extensively researched by organizations such as the Pew Charitable Trusts , and the Consumer Financial Protection Bureau (CFPB). New leadership at the CFPB has indicated that OD is on the agenda for a possible rulemaking.

Banks 52

Banks Collections 52

Troutman Sanders

SEPTEMBER 25, 2023

CFPB Director Rohit Chopra indicated that a proposed rule would likely be issued in 2024. On September 19, the CFPB issued guidance regarding the legal requirements that creditors must follow when using AI and complex models. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Loans Banks Debt collector 52

Troutman Sanders

MAY 2, 2023

The bill additionally leaves room for assets that don’t fit neatly into either category. On April 28, the CFPB issued an interim final rule, amending the agency’s 2021 LIBOR transition rule. While prompted by activity in the mortgage space, the CFPB noted that the prohibition applies to all time-barred debt.

Financial services 52

Financial services Trade Consumer Credit Government 52

Consumer Financial Services Law

MAY 7, 2017

The Report provides a summary of the volume of complaints by product category, by company and by state. Complaint Volume by Product The three most complained of consumer products remain debt collection, credit reporting and mortgage.

Student loans 40

Student loans Student Loans Loans Collections 40

Collection Industry News

FEBRUARY 21, 2022

Bureau of Consumer Financial Protection (CFPB) recently issued an advisory opinion regarding CRAs’ inadequate “name-only” matching procedures when preparing consumer reports that reminds CRAs how those procedures can lead to liability under the FCRA. The CFPB, the U.S. The CFPB’s Advisory Opinion. That’s why the U.S.

Trade 40

Trade Law Firms Construction Government 40

Consumer Financial Services Law

MARCH 6, 2017

The CFPB issued its monthly report on consumer complaints last week. The Report provides a summary of the volume of complaints by product category, by company and by state. The report is a high-level snapshot of trends in consumer complaints. Additionally, it highlights a product type.

Student loans 40

Student loans Student Loans Loans Bankruptcy 40

Troutman Sanders

APRIL 5, 2023

On January 4, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General (NY AG) filed a joint complaint in the U.S. We argue: (1) The complaint represents an end-run around the Dodd-Frank Act’s express exclusion of automobile dealerships from the CFPB’s rulemaking, enforcement, and supervisory authority. (2)

Trade 52

Trade Consumer Credit Financial services Government 52

National Service Bureau

APRIL 15, 2015

Last week we wrote about 2014 CFPB complaints against debt collection agencies. The CFPB recorded 5,567 complaints in 2014 based on improper communication tactics. Payday loan collections was the second worst category with 879 complaints. The CFPB started publishing statistics on 10 July, 2013. 2,333 complaints in 2014.

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Collection Agencies Collections Agency Collections Credit Card Collections 40

Consumer Financial Services Law

OCTOBER 27, 2016

The CFPB issued its Monthly Report this week. The report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of complaints by product category, by company and by state. CFPB Monthly Complaint Snapshot Highlights Prepaid Product Complaints. NATIONAL OUTLOOK.

Student loans 40

Student loans Student Loans Financial services Loans 40

Collection Industry News

NOVEMBER 2, 2020

22, seeking comment on 46 questions in nine categories surrounding consumer access to financial information under section 1033 of the 2010 Dodd-Frank Act (15 U.S.C. The categories underscore the broad scope of section 1033 and the impact any rules could have on the consumer financial services industry. Article by Donald Maurice.

Financial services 40

Financial services Credit Unions Credit Unions Lender 40

Consumer Financial Services Law

SEPTEMBER 1, 2016

The CFPB issued its monthly report on consumer complaints this week making it clear that consumers’ access to depository accounts remains a focal point for the CFPB. The Report provides a summary of the volume of complaints by product category, by company and by state.

Student loans 40

Student loans Student Loans Credit Unions Credit Unions 40

Consumer Financial Services Law

JANUARY 3, 2017

The CFPB recently issued its monthly report of consumer complaints and turned its focus back to debt collection. The Report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of complaints by product category, by company and by state. What's New?

Third-party Debt Collectors 40

Third-party Debt Collectors Student loans Student Loans Collections 40

Troutman Sanders

OCTOBER 4, 2022

On September 29, the Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights on recent examination findings, covering the practices of student loan servicers and schools that lend to students directly. For more information, click here. For more information, click here.

Financial services 52

Financial services Trade Retail Banks 52

Troutman Sanders

AUGUST 7, 2023

The court issued this judgment in connection with the civil enforcement action filed by the CFPB in 2019. Banks reported that lending standards are currently on the tighter end of the range for all loan categories. For more information, click here. On July 31, New York District Judge Jed S. For more information, click here.

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Financial services Financial Institution Manufacturing Loans 52