Republican senators have introduced a Congressional Review Act resolution to nullify the rule that bans banks and credit unions from including medical debt on credit reports and generally prohibits the use of medical...more
3/27/2025
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Credit Reports ,
Enforcement Actions ,
Equal Access to Credit ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Healthcare ,
Legislative Agendas ,
Medical Debt ,
Regulatory Reform
The CFPB has issued its final rule that will prohibit the inclusion of medical debts in credit reports lenders use to make credit decisions and that will also generally prohibit lenders from using medical debt information in...more
The U.S. Department of Housing and Urban Development (HUD) has extended from January 1, 2025 until July 1, 2025, the compliance date for certain provisions of the department’s rule entitled “Modernization of Engagement with...more
The CFPB will hold two virtual sessions later this month to answer questions about its Nonbank Enforcement Action Registry rule. The rule, issued in June 2024, will require certain nonbank entities to register certain covered...more
The U.S. Department of Veterans Affairs (VA) recently proposed rules to modify the requirements for the reporting of VA guaranteed mortgage loans, and the rules regarding when the VA would assert a defense for a partial or...more
12/2/2024
/ Borrowers ,
Consumer Financial Products ,
Fees ,
Financial Regulatory Reform ,
Financial Services Industry ,
Guaranty Claims ,
Loans ,
Mortgages ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Agenda ,
Regulatory Requirements ,
Veterans ,
Veterans Administration
Saying that it wants to provide sufficient time to brief issues in pending litigation, the CFPB has announced that it is extending the effective date of its advisory opinion on medical debt from Dec. 3, 2024 to Jan. 2, 2025....more
ACA International, the association representing the accounts receivable industry, has filed suit against the CFPB, alleging that the bureau’s advisory opinion on medical debt was overtly political, issued in violation of the...more
11/25/2024
/ Administrative Procedure Act ,
Advisory Opinions ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Healthcare ,
Medical Debt
California Gov. Gavin Newsom has signed legislation covering a range of consumer protection issues. The bills aim to “strengthen protections for consumers, addressing issues that have put financial strain on Californians...more
The Federal Emergency Management Agency (FEMA) has announced it will allow National Flood Insurance Program (NFIP) premiums to be paid on an installment basis. The final rule implements an installment payment option that was...more
This summer, the CFPB issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on loss mitigation procedures, foreclosure protections, and language access. These changes...more
The CFPB is in the process of completing its final rule intended to ban the inclusion of medical debts in credit reports, bureau Director Rohit Chopra said at a White House session intended to focus on practices in the...more
10/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Reporting Agencies ,
Credit Reports ,
Creditors ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Healthcare ,
Medical Debt
The CFPB recently issued a blog post, highlighting debt collection impacts on surviving spouses. In the blog, the CFPB warns that debt collectors who try to collect on a spouse’s medical bills from a survivor, who is not...more
10/3/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Credit Reports ,
Debt ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Medical Debt ,
Surviving Spouse
The House and Senate on September 25, 2024 passed legislation that would extend key parts of the National Flood Insurance Program (NFIP) until December 20, 2024. The extension is included in H.R. 9747, which also would...more
As interest rates drop, the CFPB is exploring ways to streamline mortgage rules to make the refinancing process easier and closing costs less expensive, Director Rohit Chopra said at a housing conference sponsored by the...more
9/25/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Federal Housing Administration (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Homeowner's Insurance ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Refinancing
The CFPB has scheduled two sessions to provide a preview of its nonbank enforcement order registry. The virtual-only discussions are scheduled for September 30 and October 9. Both sessions will feature the same content....more
The most frequent consumer debt collection complaints filed with the CFPB in 2023 were attempts to collect debts that actually were not owed, the bureau said in its annual Fair Debt Collection Practices Act report....more
9/12/2024
/ Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt ,
Debt Collection ,
Debt Collectors ,
Enforcement Actions ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry
The CFPB recently issued yet another final rule the agency says will help deter violations of consumer protection laws. This rule requires certain nonbank entities to register with the CFPB upon becoming subject to any order...more
Many financial services providers would be required to allow consumers seeking assistance to be connected to a “real person” by clicking on one button, under a new Biden Administration “Time is Money” initiative....more
8/14/2024
/ Artificial Intelligence ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Service Standard ,
FCC ,
Financial Services Industry ,
Regulatory Agenda ,
Regulatory Reform ,
Rulemaking Process ,
Telecommunications
The National Flood Insurance Program’s authorization to issue new flood insurance contracts will expire on Sept. 30 unless Congress votes to extend it. Congress has been unable to enact a long-term extension of parts of the...more
The CFPB’s latest focus on consumer fees is targeting payment processors for school lunches. The CFPB says that families who choose to purchase school lunches are being forced to pay fees to companies that process their...more
8/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Fees ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Public Schools ,
Regulatory Agenda ,
School Districts ,
School Lunch Programs
The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last...more
7/16/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Delinquent Borrowers ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Proposed Rules ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and expanding the loss mitigation procedures and foreclosure protections. The...more
7/16/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Delinquent Borrowers ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Proposed Rules ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
The CFPB soon plans to issue a final rule that would require certain supervised nonbank entities to register with it and provide information about their use of certain terms and conditions in standard-form contracts for...more
The CFPB has released its Summer, 2024 Supervisory Highlights, covering issues ranging from student loan servicing to financial institution supervision of medical providers offering payment products. The report covers the...more
The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered...more
6/5/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Enforcement Actions ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nonbank Firms ,
Regulatory Agenda ,
Reporting Requirements