Seeking to “enhance market monitoring and risk-based supervision efforts,” the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has proposed a new, online registry of nonbank financial firms in order to track, what...more
The Federal Communications Commission (“FCC”) released an order finding that ringless voicemails constitute calls subject to the Telephone Consumer Protection Act (“TCPA”). Companies sending prerecorded or artificial messages...more
This summer, Sandra Thompson, the director of the Federal Housing Finance Agency (“FHFA”), announced, as part of her testimony to the House Financial Services Committee, that the FHFA would be undergoing a comprehensive...more
As the financial services industry continues to digest what is known so far about election results, a new twist for 2023 emerged this week when the Consumer Financial Protection Bureau (CFPB) put the question of the...more
In late October, the Consumer Financial Protection Bureau (CFPB), in conjunction with the White House, announced more actions in regard to limiting what they have collectively negatively labeled as “junk fees” as well as...more
Last week, the U.S. Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) independent funding mechanism is unconstitutional. Under the Dodd-Frank Act, the CFPB is not funded...more
On Sept. 27, the Federal Communications Commission (“FCC”) released a Notice of Proposed Rulemaking (NPRM) that details the FCC’s initial proposal to protect consumers from illegal text messages used to defraud consumers. The...more
This week, two House Republican Committee Ranking Members, Reps. Patrick McHenry (R-NC) from the House Financial Services Committee and James Comer (R-KY) from the House Oversight and Reform Committee, sent a letter to...more
More than a year ago on April 21, 2021, the 11th Circuit Court of Appeals issued an opinion in Hunstein v. Preferred Collection and Management Services Inc. that rocked the world of the debt collection industry, and the...more
9/13/2022
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
Debt Financing ,
Debtor-Creditor ,
Financial Institutions ,
Financial Services Industry ,
Loan Servicer
As the Consumer Financial Protection Bureau (CFPB) continues to highlight coordination with state attorneys general, lawmakers and regulators, top congressional officials from the U.S. House Financial Services Committee...more
Several Democratic members of the U.S. House of Representatives, including the chairman of the House Oversight and Reform Subcommittee on Economic and Consumer Policy, recently introduced the Robotext Scam Prevention Act (HR...more
A new Federal Trade Commission (FTC) Notice of Proposed Rulemaking (NPRM) concerning advertising, add-on products and new disclosures in the motor vehicle marketplace could have a major impact on industry participants. Using...more
The Federal Trade Commission (FTC) recently moved forward proposals that could add extensive record-keeping requirements and make other material changes for compliance for impacted businesses and financial services providers...more
What do civil rights laws, emerging technology and the business community have in common? The growing demands for civil rights audits....more
As the topic of credit reporting and credit scoring remains front and center at several federal agencies, a major Federal Housing Finance Agency (FHFA) decision, stemming from a 2019 final rule regarding credit score...more
On Capitol Hill this week during Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra’s testimony for the Semi-Annual Report, members of Congress touched on several hot button issues impacting financial service...more
The Consumer Financial Protection Bureau (CFPB) and Congress have both signaled an interest in expanding the scope of the Fair Debt Collection Practices Act (FDCPA) to cover commercial debt, a move that would likely subject...more
White House Activity Surrounding Medical Debt -
On April 11, 2022, the White House announced plans in line with a recent government focus on medical debt and credit reporting that could impact medical providers, the...more