Utah and Arkansas have enacted new legislation governing earned wage access (EWA) services, establishing state-level registration obligations and consumer protection standards. Both laws clarify that EWA services are not...more
On February 23, the CFPB filed a joint stipulation in the United District Court for the Central District of California to dismiss its lawsuit against an online lending platform. The lawsuit, originally filed in May 2024,...more
On February 6, a judge for the United District Court for the Eastern District of Texas issued a 90-day stay on the CFPB’s final rule prohibiting the inclusion of medical debt in consumer credit reports, delaying the rule’s...more
On January 22, New York Attorney General Letitia James announced a $1 billion settlement with a now defunct cash advance firm and its officers. The settlement resolves allegations that the firm and its officers repeatedly...more
On January 7, 2025, the CFPB announced the finalization of a rule amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 et seq., to prohibit the inclusion of medical bills on credit...more
On December 9, the CFPB entered into a consent order with a debt collection agency for alleged unlawful student loan debt collection practices against defaulted borrowers. The debt collection agency’s allegedly improper...more
On November 1, a debt collection trade group filed a complaint in federal court challenging an October 1 CFPB advisory opinion that warned debt collectors against seeking payment on unverified or potentially inflated medical...more
On October 22, the California DFPI announced the state’s approval of registration regulations enacted under the CCFPL, which will require providers of (1) debt settlement services, (2) education financing, (3) income-based...more
11/4/2024
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Credit Repair Services ,
Debt Collection ,
Debt Settlement Services ,
Department of Financial Protection and Innovation (DFPI) ,
Licensing Rules ,
Loans ,
New Legislation ,
New Regulations ,
Registration Requirement ,
Reporting Requirements ,
State Legislatures ,
Student Loans
On October 22, the CFPB announced the finalization of its Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act. The rule aims to bring the U.S. closer to an “open banking” framework by making it easier...more
10/28/2024
/ Administrative Procedure Act ,
Consumer Financial Protection Bureau (CFPB) ,
Data Controller ,
Debt Collection ,
Debt Collectors ,
EFTA ,
Final Rules ,
Financial Institutions ,
Personal Data ,
Proposed Rules ,
Truth in Lending Act (TILA)
On October 1, the CFPB issued an advisory opinion highlighting that debt collectors engaging in certain practices with respect to the collection of medical debts are strictly liable under the FDCPA and Regulation F....more
On September 24, California enacted a series of consumer protection laws, including three bills aimed specifically at restricting certain debt collection practices in connection with medical debt reporting, civil actions for...more
On September 5, the CFPB issued its annual report on debt collection practices, detailing the Bureau’s efforts to enforce the Fair Debt Collection Practices Act (FDCPA). This year’s report focuses on improper practices in the...more
On June 11, the CFPB announced a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act, to alter the treatment of medical debts in credit reporting. The rule proposes to remove medical bills from...more
On May 31, the CFPB filed suit in federal court in the Middle District of Pennsylvania against a Pennsylvania-based student loan servicer accusing it of illegally pursuing student loan debts discharged in bankruptcy and...more
In a significant ruling on March 19, the Third Circuit Court of Appeals held that the CFPB can proceed with its lawsuit against a group of Delaware student loan trusts rejecting their claims that they are just passive...more