The CFPB has announced that it has made changes to its semi-annual survey of credit card term.  According to the CFPB, the changes are “designed to increase price competition in the credit card market by allowing people to comparison shop for the best prices and products.”

The Fair Credit and Charge Card Disclosure Act of 1988 requires the CFPB to collect data semi-annually from the largest 25 credit card issuers and at least 125 additional issuers selected by the CFPB based on geography and other considerations. … Continue Reading

On March 20, 2023, the CFPB published a final rule in the Federal Register that makes non-substantive corrections and updates to CFPB and other federal agency contact information found in various regulations, including the contact information that must be provided in ECOA adverse action notices and the FCRA Summary of Consumer Rights. … Continue Reading

On February 28, 2023, the U.S. Supreme Court heard nearly four hours of oral argument in two separate cases challenging the Biden Administration’s authority to proceed with its plan to forgive approximately $400 billion in federal student loans.  After reviewing the background of the two cases, we look at the three key issues: the plaintiffs’ theories for why they have standing to challenge the plan, the Administration’s reliance on the HEROES Act as authority for the plan, and the applicability of the “major questions” doctrine to the Court’s analysis. … Continue Reading

The CFPB recently announced the publication of the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Data for 2022.  The data is available on the Federal Financial Institutions Examination Council (FFIEC) website. The CFPB advises that this year, in addition to institution-specific modified Loan Application Register (LAR) files, users can download one combined file that contains all institutions’ modified LAR data.… Continue Reading

The U.S. Department of Housing and Urban Development (HUD) recently issued a final rule reinstating the 2013 version of its disparate impact rule under the Fair Housing Act (Act) to replace a version of the rule adopted by HUD during the Trump Administration in 2020 that never became effective.  The final rule is effective 30 days after publication in the Federal Register. … Continue Reading

The CFPB has issued a request for information about business models that collect and sell consumer data, such as data brokers, data aggregators, and platforms.  The RFI is intended to provide the CFPB with insight into the full scope of the data broker industry about which, according to the CFPB, “there is still relatively limited public understanding of their operations and other impacts.” … Continue Reading

The CFPB has issued a new bulletin (2023-01) titled “Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts.”  The bulletin warns servicers that they risk engaging in a UDAAP violation by resuming collection of student loans that were discharged through the regular course of a borrower’s bankruptcy.… Continue Reading

On March 3, 2023, the U.S. Department of Justice (DOJ) filed a complaint against a towing company located near a Marine base alleging violations of the Servicemembers Civil Relief Act’s (SCRA) prohibition against default judgments against SCRA-protected servicemembers.  The case, filed in U.S. District Court for the Eastern District of North Carolina, alleges that the towing company failed to make a good faith effort to ascertain the military status of defendants before filing affidavits in court cases claiming military status could not be determined.… Continue Reading

The U.S. Chamber of Commerce’s recent publication of an 80-page report titled “Mass Arbitration Shakedown: Coercing Unjustified Settlements” has fanned the flames on an already heated debate between consumer advocates and industry lawyers over the propriety of mass arbitrations. 

We have addressed mass arbitration issues and potential defenses extensively in our prior blogs.… Continue Reading

On February 27, 2023, the Consumer Financial Protection Bureau (CFPB) entered into a consent order against RMK Financial Corporation d/b/a Majestic Home Loan (RMK), a California-based mortgage lender, based on allegations that it falsely implied government endorsement of its home loans in its marketing. The consent order, which addressed numerous alleged statutory and regulatory violations and a failure to comply with an earlier consent order, prohibits RMK from engaging in any mortgage lending activities (or from receiving remuneration from mortgage lending) going forward, effectively shutting it down.… Continue Reading