The U.S. Court of Appeals for the Third Circuit recently affirmed the dismissal of a class action complaint alleging that a collection letter’s itemization of a debt as including “$0.00” in interest and fees — when the debt could not accrue interest or fees — violated the federal Fair Debt Collection Practices Act.
Posts published in “CFPB”
Consumer Financial Protection Bureau
On April 7, the Consumer Financial Protection Bureau (CFPB) issued a Proposed Rule that would postpone the effective date of the Debt Collection Final Rules, Part 1 and Part 2, by 60 days, from Nov. 30, 2021, to Jan. 29, 2022.
Last year, the CFPB provided some answers to the question: What is abusive conduct? For 10 years, industry waited on a policy statement regarding the framework that the CFPB would use in enforcement related to the catch-all category of “abusiveness” only to have the CFPB rescind the policy statement citing that it intended to “exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act.”
The Consumer Financial Protection Bureau increased the maximum civil penalty it can impose within its jurisdiction after Jan. 15, 2021. The increases are required by federal law, which requires agencies to adjust for inflation each civil monetary penalty within an agency’s jurisdiction by Jan. 15.
Last week the Consumer Financial Protection Bureau released its report from the Taskforce on Federal Consumer Financial Law. It is just shy of 900 pages and includes some 100 recommendations that, if implemented, would broaden the CFPB’s regulatory oversight powers.
The Consumer Financial Protection Bureau has prevailed against a challenge to its authority in the Ninth Circuit Court of Appeals in the wake of last summer’s U.S. Supreme Court decision in Seila Law LLC v. Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau recently announced a consent order against a subprime automobile finance company for violations of the Fair Credit Reporting Act resulting from systemic errors in data furnished to credit reporting agencies between January 2016 and August 2019.
During what was an extraordinary and difficult year, there was an abundance of activity at the state and federal levels and a good deal of it was driven by the present COVID-19 pandemic. Here is my take on some of the most significant regulatory activities from the past year in consumer debt collection that will continue to impact both consumers and creditors in the years to come.
The year 2020 in bankruptcy law started with an eye on increasing the ability of small businesses to utilize the Chapter 11 process in a more efficient and less expensive way, which lead to a record number of commercial filings, a reduction in consumer filings, and a test of the bankruptcy system.
The Consumer Financial Protection Bureau has released its final rule for the Fair Debt Collection Practices Act. The release of the rule promises to bring substantial changes in consumer debt collection practices.
The Consumer Financial Protection Bureau released its Advance Notice of Proposed Rulemaking (ANPR) on Oct. 22, seeking comment on 46 questions in nine categories surrounding consumer access to financial information under section 1033 of the 2010 Dodd-Frank Act (12 U.S.C. § 5533).
The U.S. Court of Appeals for the Third Circuit recently affirmed the denial of a motion to dismiss filed by a federal student loan lender and servicer against claims raised by the Commonwealth of Pennsylvania alleging violations of federal and state consumer protection laws after the Consumer Financial Protection Bureau filed suit raising similar claims.