Connor Webb

Venable LLP

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CFPB Warns Debt Collectors of Illegal Pay-to-Pay Fees

The Consumer Finance Protection Bureau ("CFPB") issued an advisory opinion warning debt collectors that they may be collecting illegal fees from consumer-borrowers. Specifically, the Bureau has interpreted Section 808(1) of...more

7/6/2022  /  Advisory Opinions , Consumer Financial Protection Act (CFPA) , Consumer Financial Protection Bureau (CFPB) , Convenience Fees , Debt Collectors , FDCPA , Fees , Illegal Fees

The CFPB Targets FinTechs and Other Nonbanks for Supervision and Examination

The Consumer Finance Protection Bureau ("CFPB") announced that it will examine nonbank financial companies that pose risks to consumers, using statutory authority that until now had gone unused. Additional examinations would...more

5/2/2022  /  Comment Period , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Enforcement Authority , Enforcement Priorities , Financial Services Industry , FinTech , Nonbank Firms , Rulemaking Process
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