The Consumer Financial Protection Bureau has proposed a rule it says would “shine new light on small businesses’ access to credit.” The proposed rule accomplishes this goal by requiring lenders to “disclose information about their lending to small businesses.”
Posts tagged as “Federal Regulation”
The Consumer Financial Protection Bureau (CFPB) announced on July 30, 2021, that it will be withdrawing its earlier proposal to extend the Regulation F effective date by 60 days. Thus, the original effective date of Nov. 30, 2021, will remain.
The federal Consumer Financial Protection Bureau (CFPB) recently issued its final rule entitled “Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X.”
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.
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.
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.
The Federal Trade Commission announced on Jan. 7, a settlement (by way of an administrative complaint) with a California-based company that operates an advertising platform within mobile game applications.
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 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 FTC will soon propose changes it says are designed to align several existing rules under the federal Fair Credit Reporting Act with the Dodd-Frank Act. The impacted rules cover only “motor vehicle dealers” being persons “predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both.”
The Supreme Court of the United States recently vacated the judgment of the U.S. Court of Appeals for the Ninth Circuit that rejected constitutional challenges to the design and structure of the Consumer Financial Protection Bureau (CFPB).
What do a stimulus check and a car lot have in common? Nothing, and that is the basis of the Federal Trade Commission’s recently filed complaint against a Louisiana-based marketing company and its owner.