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The CFPB recently announced the settlement of a bankruptcy court adversary proceeding filed jointly with the Attorneys General of 11 states against Prehired, LLC (Prehired) and two affiliated companies (Prehired Affiliates) for alleged violations of the Truth in Lending Act (TILA), the Fair Debt Collection Practices Act (FDCPA), and the Consumer Financial Protection Act (CFPA) in connection with a vocational training program operated by Prehired and related Income Share Agreements (ISAs) offered by Prehired to students to finance the cost of the program. … Continue Reading

The Consumer Bankers Association has issued the second blog post of its four-part “Facts Matter” blog series.  In the second blog post, CBA “explains how the [CFPB’s] public statements can mislead market observers by painting an inaccurate picture of the credit card marketplace.”  CBA identifies various ways in which the CFPB’s October 2023 report (Report) under the Credit Card Accountability Responsibility and Disclosure Act tells “a different, richer, story about credit card fees” than the story told by the CFPB’s press releases and speechwriters. … Continue Reading

Throughout the past few years, the CFPB has sought input from a range of stakeholders, including community-based organizations and financial institutions, for feedback about how it can improve consumer financial products and services for consumers with limited English proficiency (LEP).  As a part of these efforts, the CFPB has taken the following actions: in 2020, it published a Request for Information regarding challenges faced by LEP consumers and hosted a roundtable to discuss these challenges with stakeholders; in 2021, it published a statement providing compliance principles and guidelines on assisting LEP consumers. … Continue Reading

Last week, the CFPB issued its Semi-Annual Report to Congress covering the period beginning October 1, 2022 and ending March 31, 2023.

Today, CFPB Director Chopra appeared before the House Financial Services Committee for a hearing, “The Semi-Annual Report of the Consumer Financial Protection Bureau.”  Tomorrow, he is scheduled to appear before the Senate Banking Committee for a hearing, “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”… Continue Reading

The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s debt collection activities in 2022.  The report incorporates information from the FTC’s most recent annual letter to the CFPB describing its 2022 activities in the debt collection market.

CFPB Report. The CFPB report includes a “spotlight” section on the collection of medical bills. … Continue Reading

The Consumer Bankers Association has launched a four-part blog series “Facts Matter” to counter what it calls “misinformation conveyed by the CFPB” in its press release about the CFPB’s October 2023 report (Report) under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act).  The CARD Act requires the CFPB to issue a biennial report to Congress on the consumer credit card market.… Continue Reading

Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their lawsuit against the CFPB challenging the changes made to its UDAAP Exam Manual in March 2022. … Continue Reading

Our special guest is David Sherwyn, Professor of Law at Cornell University’s School of Hotel Administration.  In September 2023, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that would permit consumers to choose between arbitration and litigation only after a dispute has arisen. … Continue Reading

Ballard Spahr Senior Counsel Alan S. Kaplinsky and Mark J. Levin, and David Sherwyn, Professor of Law at Cornell University’s School of Hotel Administration, today submitted lengthy comments to the Consumer Financial Protection Bureau opposing the recent petition filed by consumer advocates urging the CFPB to undertake rulemaking that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that would permit consumers to choose between arbitration and litigation only after a dispute has arisen.… Continue Reading