News & Analysis as of

Consumer Reporting Agencies Debt Collectors Consumer Financial Protection Bureau (CFPB)

Hudson Cook, LLP

[Webinar] Preparing for the New CFPB Enforcement Order Registry - June 27th, 2:00 pm ET

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Nonbank financial services companies with prior enforcement orders are preparing for the Consumer Financial Protection Bureau’s (CFPB) new Registry, which takes effect September 16. Nonbank consumer lenders, loan servicers,...more

Troutman Pepper

Illinois Passes Legislation to Ban Reporting of Medical Debt

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On May 16, the Illinois legislature passed Senate Bill (SB) 2933. The bill amends the Illinois Consumer Fraud and Deceptive Business Practices Act making it unlawful for a consumer reporting agency (CRA) to create a consumer...more

Ballard Spahr LLP

CFPB files amicus briefs in FDCPA case and also files amicus brief in FCRA case jointly with FTC

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The CFPB recently filed two amicus briefs, one in a First Circuit case involving the Fair Debt Collection Practices Act (FDCPA) and the other, which was filed jointly with the Federal Trade Commission, in a Fourth Circuit...more

Troutman Pepper

Federal Magistrate Recommends Dismissal of FDCPA and FCRA Case on Statute of Limitation and Reasonableness of Reporting Grounds

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On November 9, a magistrate judge in the Northern District of Georgia issued a Report & Recommendation to grant a motion to dismiss because the plaintiff’s Fair Debt Collection Practices Act (FDCPA) claims were time-barred...more

Venable LLP

CFPB Eyes Consumer Payment Markets for Supervision and Examinations

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The CFPB's latest regulatory agenda signals that it is considering rules to define larger participants in markets for consumer payments, to be published in July 2023. This action, if implemented, would represent a sea change...more

Orrick, Herrington & Sutcliffe LLP

CFPB finds 33 percent decline in collections tradelines on credit reports

On February 14, the CFPB released a report examining debt collection credit reporting trends from 2018 to 2022. The Bureau’s report, Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting, is based on...more

Ballard Spahr LLP

CFPB looks at connection between financial assistance for medical care and medical collections

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In a blog post published last week, the CFPB looked at the connection between eligibility for financial assistance under policies mandated by the Affordable Care Act (ACA) and medical collections.  The ACA requires nonprofit...more

Troutman Pepper

CFPB Analyzes Potential Impact of Changes in Medical Debt Credit Reporting

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On March 1, the Consumer Financial Protection Bureau (CFPB) released a report highlighting the effect of medical collections on consumer credit reports. The CFPB found that medical collections tradelines appeared on 43...more

Troutman Pepper

CFPB Supervisory Report Finds Issues in Several Financial Institution Practices

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On May 2, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Supervisory Highlights report on legal violations discovered during examinations in the second half of 2021....more

Ballard Spahr LLP

CFPB Deputy Director Martinez invites discussion of payday payment plans and credit reporting of medical debts

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Last week, CFPB Deputy Director Zixta Martinez provided the opening remarks at the CFPB’s Academic Research Council meeting. In her remarks, Martinez emphasized the CFPB’s role as a data-driven agency and welcomed further...more

Troutman Pepper

White House Signals Strong Consumer Protections in Medical Debt

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On April 11, the White House published a fact sheet, outlining the Biden administration’s actions to lessen the burden of medical debt and increase consumer protection. The plan includes four focus areas...more

Ballard Spahr LLP

Equifax, Experian, and TransUnion announce changes in medical debt reporting

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Equifax, Experian, and TransUnion have announced that effective July 1, 2022, they will no longer include medical debt that was paid after it was sent to collections on consumer credit reports.  In addition, the time period...more

Manatt, Phelps & Phillips, LLP

CFPB Will Enforce Laws Preventing the Collection/Reporting of Medical Debts Barred by the NSA

As part of the Biden administration’s focus on enforcement of the No Surprises Act (NSA), the Consumer Financial Protection Bureau (CFPB) has issued a bulletin (the Bulletin) indicating that it will closely review the...more

Ward and Smith, P.A.

A Paradigm Shift in Consumer Collections: How the CFPB's Final Rule is Certain to Affect Creditors and Debt Collectors

Ward and Smith, P.A. on

The Fair Debt Collection Practices Act (FDCPA) is a dense federal statute that governs debt collection.  If you have read some of my previous articles on the topic, you will recall that this set of laws, in conjunction...more

Hudson Cook, LLP

CFPB Bites of the Month - October Top 10

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So, what happened at the CFPB in the past month? Bite #10 - An appeals court vacated the CFPB's award against two mortgage relief companies and their attorneys. Back in 2014, the CFPB brought an action against two legal...more

Ballard Spahr LLP

CFPB Summer 2021 Supervisory Highlights looks at auto servicing, consumer reporting, debt collection, deposits, fair lending,...

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The CFPB has released the Summer 2021 edition of its Supervisory Highlights. The report, which contains 48 pages of supervisory observations, discusses the Bureau’s examinations in the areas of auto servicing, consumer...more

Hudson Cook, LLP

CFPB Bites of the Month - November Top 10

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Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the CFPB to be considered by financial services providers. In this month's article, we share our top "bites" covered during...more

Womble Bond Dickinson

CFPB Announces Consent Order with Debt Collector for Violations of FCRA

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On November 12, 2020, Illinois-based non-bank debt collector and furnisher of consumer information, Afni, Inc. (Afni) and the Consumer Financial Protection Bureau (CFPB) entered into a Consent Order requiring that Afni take a...more

Ballard Spahr LLP

CFPB issues report on tradeline reporting by third-party debt collectors

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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

McGuireWoods LLP

CFPB Supervisory Highlights

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The Consumer Financial Protection Bureau (CFPB) recently released its ninth supervisory highlights report, which includes new findings from its supervisory program from May – August 2015. Overall, the report focuses on...more

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