CFPB

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The Consumer Financial Protection Bureau has issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act.  Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses.… Continue Reading

On March 23, 2023, the CFPB filed a complaint and proposed judgment against Portfolio Recovery Associates, LLC (“PRA”), one of the largest debt collectors in the United States.  If entered by the court, the proposed judgment would require PRA to pay $12.18 million to allegedly harmed consumers and $12 million to the CFPB as a civil penalty.… Continue Reading

The CFPB has issued a determination that the Truth in Lending Act (TILA) does not preempt the commercial financing laws of New York, California, Utah, and Virginia.  The determination will be effective on the date it is published in the Federal Register.

TILA authorizes the CFPB to determine whether a state law disclosure requirement is preempted upon the CFPB’s own motion or upon the request of a creditor or other interested party. … Continue Reading

Nearly two months after it was issued on February 1, the CFPB’s proposal to make significant changes to the Regulation Z rules for credit card late fees was published in today’s Federal Register.  The changes include a substantial reduction in the safe harbor amounts and the elimination of the annual inflation adjustments. … Continue Reading

A three-judge panel of the U.S. Court of Appeals for the Second Circuit has unanimously ruled that the CFPB’s funding structure does not violate the Appropriations Clause of the U.S. Constitution.  In its decision, the panel expressly declined to follow the Fifth Circuit panel decision in Community Financial Services Association of America Ltd.… Continue Reading

The CFPB has announced that it has made changes to its semi-annual survey of credit card terms.  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

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 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