The CFPB has announced that on September 8, 2022, it will hold a field hearing on nursing home debt collection practices.  The event will be hosted by Director Chopra.

In its announcement, the CFPB states that the event will bring together “advocates, service providers, community leaders, and members of the public to explore challenges around nursing home debt collection practices and the impact they can have on the financial wellbeing of caregivers, their families, and friends.”… Continue Reading

In Mortgagee Letter 2022-14 , dated August 23, 2022, the U.S. Department of Housing and Urban Development (HUD) announced a Unique Entity Identifier (UEI) requirement for Federal Housing Administration (FHA) lenders and mortgagees, and applicants for FHA approval.  The requirement must be implemented no later than December 31, 2022.

Existing FHA lenders and mortgagees under Title I or Title II  will need to provide a UEI as part of their institution data in the Lender Electronic Assessment Portal (LEAP), and applicants for FHA approval under such Titles will need to provide a UEI in their application. … Continue Reading

On August 8, 2022, the District of Columbia Department of Insurance, Securities and Banking (the Department”) issued a Bulletin on money transmission (the “Bulletin”).  The Department issued the Bulletin to ensure that parties “engaging in or planning to engage in money transmission with Bitcoin or other virtual currency used as a medium of exchange, method of payment or store of value in the District,” understand that such transactions “require a money transmitter license.”… Continue Reading

Joined by two experts on the BNPL industry, we first review the types of BNPL products currently available, how they are accessed by consumers, how they generate revenue for industry participants, and potential consumer risks.  We then discuss the federal and state laws applicable to BNPL, expectations for CFPB rulemaking or other action, how the U.S.… Continue Reading

In response to the CFPB’s Request for Information Regarding Relationship Banking and Customer Service (RFI), three leading banking trade groups have submitted a comment letter  in which they challenge the CFPB’s legal authority for the RFI.  The three groups are the Consumer Bankers Association, the Bank Policy Institute, and the American Bankers Association.… Continue Reading

The FTC has declined requests to extend the comment period for its proposed rule that would impose a number of new substantive and disclosure requirements on motor vehicle dealers in connection with the car buying or leasing process. 

The FTC’s notice of proposed rulemaking (NPRM) was published in the Federal Register on July 13, 2022 with a 60-day comment period that ends on September 12, 2022. … Continue Reading

On August 19, 2022, the FDIC issued cease and desist letters to five crypto companies, alleging they made false and misleading statements about FDIC deposit insurance and demanding immediate corrective action.  The five companies are FTX US, Cryptonews.com, CryptoSec.info, SmartAsset.com, and FDICCrypto.com.  The FDIC’s actions come weeks after issuing an “Advisory to FDIC-Insured Institutions Regarding Deposit Insurance and Dealings with Crypto Companies” to address the agency’s concerns regarding misrepresentations about FDIC deposit insurance.… Continue Reading

Yesterday, the CFPB filed its tenth status report with the California federal district court hearing the lawsuit brought to force the CFPB to move forward with rulemaking to implement the small business data requirements of Section 1071 of the Dodd-Frank Act.  The Bureau states in the status report that it is on track to issue the Section 1071 final rule by March 31, 2023.… Continue Reading

The FDIC has issued new supervisory guidance (FIL-40-2022) on multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction.  The guidance directly applies only to state-chartered banks and thrifts that are not members of the Federal Reserve System.  National banks and federal thrifts are supervised by the Office of the Comptroller of the Currency (OCC) and state-chartered banks that are members of the Federal Reserve System are supervised by the Federal Reserve Board (FRB). … Continue Reading

The CFPB is seeking comments on changes to its semi-annual Terms of Credit Card Plans (TCCP) Survey.  Comments must be submitted by October 17, 2022.

Amendments to the Truth in Lending Act made in 1988 by the Fair Credit and Charge Card Disclosure Act require the CFPB to conduct the TCCP Survey. … Continue Reading