The CFPB has issued a new report on tradelines reported by third-party debt collectors as reflected on credit reports compiled by nationwide consumer reporting agencies. The third-party collector tradelines consist of those...more
7/23/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Credit Reports ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
Financial Services Industry ,
Medical Debt ,
Regulatory Oversight ,
Third-Party Service Provider
The CFPB’s annual fair lending report covering its 2018 activities was published in today’s Federal Register. While most of the report recycles information about which we have previously blogged, it does contain the...more
7/8/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Data Points ,
Debt Collection ,
Disparate Impact ,
ECOA ,
Fair Lending ,
Information Reports ,
Mortgage Loan Originators ,
Mortgages ,
Student Loans
On June 14, 2019, Texas Governor Greg Abbott signed HB 996, which amends Chapter 392 of the Texas Finance Code dealing with debt collection. The amendments are effective September 1, 2019. ...more
6/24/2019
/ Consumer Financial Products ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Legislation ,
Rulemaking Process ,
State and Local Government ,
Third-Party Service Provider
Plans announced on May 15 by the FCC to empower voice service providers to offer more aggressive call-blocking programs could create significant problems for creditors and debt collectors. ...more
One day after announcing its notice of proposed rulemaking regarding the Fair Debt Collection Practices Act (FDCPA), the CFPB held a town hall at the University of Pennsylvania to discuss the major aspects of the proposal,...more
The CFPB has published its long-awaited notice of proposed rulemaking under the Fair Debt Collection Practices Act (FDCPA). ...more
5/8/2019
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
FDCPA ,
Financial Services Industry ,
NPRM ,
Proposed Rules ,
Rulemaking Process ,
Title X ,
UDAAP
The CFPB has issued its eighth annual Fair Debt Collection Practices Act report covering the CFPB’s and FTC’s activities in 2018....more
A law firm hired to pursue a nonjudicial foreclosure under Colorado law was not a "debt collector" under the Fair Debt Collection Practices Act (FDCPA), the U.S. Supreme Court ruled unanimously today in Obduskey v. McCarthy &...more
Persons or entities that engage third parties to collect consumer debts they acquired when the debts were in default, known as "passive debt buyers," are "debt collectors" subject to the Fair Debt Collection Practices Act...more
The U.S. Supreme Court has agreed to resolve a circuit court split over whether the one-year statute of limitations (SOL) in the Fair Debt Collection Practices Act (FDCPA) runs from the date of the alleged violation or starts...more
2/26/2019
/ Appeals ,
Cause of Action Accrual ,
Certiorari ,
Consumer Protection Laws ,
Debt Collection ,
Default ,
Discovery Rule ,
FDCPA ,
Rotkiske v. Klemm ,
SCOTUS ,
Split of Authority ,
Statute of Limitations
The CFPB’s Office of Servicemember Affairs has released its annual report on complaints submitted to the Bureau by servicemembers....more
In a matter of first impression, the U.S. Court of Appeals for the Sixth Circuit has ruled that the Fair Debt Collection Practices Act (FDCPA) requirement for a debt collector to "cease collection of the debt" after receipt...more
Debt collectors should take note of a recent decision by the U.S. Court of Appeals for the Fifth Circuit holding that a Texas federal district court was justified in relying on "special circumstances"...more
The U.S. Court of Appeals for the Seventh Circuit recently ruled that an auto repossession company's alleged demand that a debtor pay an administrative property retrieval fee to retrieve personal property left in her...more
It has been reported that, without announcement or warning, the regulations applicable to third-party debt collectors in Massachusetts may have changed. ...more
In Loja v. Main Street Acquisition Corporation, the plaintiff filed a lawsuit in federal district court for alleged FDCPA violations against Main Street Acquisition Corporation and the law firm it retained to file a state...more
In Scheffler v. Gurstel Chargo, P.A., the U.S. Court of Appeals for the Eighth Circuit rejected a career plaintiff’s attempts to manufacture a Fair Debt Collection Practices Act (FDCPA) claim by baiting a debt collector into...more
The U.S. Court of Appeals for the Third Circuit has ruled that although the plaintiffs had plausibly alleged facts stating a claim that a debt collector had violated the Fair Debt Collection Practices Act (FDCPA) by not using...more
The U.S. Court of Appeals for the Seventh Circuit has ruled that because the plaintiff’s attorney had not yet filed a written appearance or pleading with the Illinois state court where the defendant law firm had filed a...more
The U.S. Court of Appeals for the Third Circuit held in Tepper v. Amos Fin., LLC, that debt buyers (i.e., entities collecting, on their own behalf, consumer debts they acquired when the debts were in default), can qualify as...more
A report issued last week by the U.S. Treasury Department recommends sweeping regulatory changes intended to promote innovation in the consumer financial services market, reduce regulatory burdens on consumer financial...more
8/8/2018
/ Consumer Financial Products ,
Consumer Information ,
Data Security ,
Debt Collection ,
Financial Services Industry ,
FinTech ,
Innovation ,
Non-Bank Lenders ,
Online Marketplace Lending ,
Reassigned Phone Numbers ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
Special Purpose National Bank Charter ,
Student Loans ,
TCPA ,
True Lender ,
U.S. Treasury ,
Valid When Made Doctrine
Resolving tension between New York and federal law, the U.S. Court of Appeals for the Second Circuit has ruled that a debtor must show that a debt collector's alleged false representation was material for it to be a "false,...more
8/3/2018
/ Consumer Financial Products ,
Creditors ,
Debt Collection ,
FDCPA ,
Financial Services Industry ,
Foreclosure ,
Judicial Intervention ,
Misrepresentation ,
Mortgage Servicers ,
Motion to Dismiss ,
Unfair or Deceptive Trade Practices
After a four-day trial, the Ohio federal district court hearing the CFPB’s lawsuit against a law firm, Weltman, Weinberg & Reis Co., L.P.A., found that the CFPB had failed to prove its FDCPA and CFPA claims by a preponderance...more
The CFPB announced that it has entered into a consent order with Security Group Inc. and its subsidiaries (Security Group) to settle an administrative enforcement action that charged the companies with having engaged in...more
6/15/2018
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Reports ,
Debt Collection ,
Enforcement Actions ,
FDCPA ,
Financial Services Industry ,
Popular ,
UDAAP ,
Unfair or Deceptive Trade Practices
The one-year statute of limitations (SOL) for Fair Debt Collection Practices Act (FDCPA) claims begins to run when the alleged violation occurs and not when it is discovered, the U.S. Court of Appeals for the Third Circuit...more