Search results for: CFPB commission

The FTC recently sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and Regulation B.  The new letter reports on the FTC’s activities in 2023.  The Bureau includes the FTC’s annual letter in its own annual report to Congress on the ECOA.… Continue Reading

Our special guest is Richard (“Rick”) Hackett, former Assistant CFPB Director responsible for auto finance regulation and presently a member of the Board of F&I Sentinel, which supports lender compliance in the auto finance and insurance industry.  In December 2023, the FTC announced its Combatting Auto Retail Scams Rule, otherwise known as the “CARS Rule,” which sets new requirements on the sale, financing, and leasing of new and used vehicles by motor vehicle dealers. … Continue Reading

On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two new advisory opinions: Fair Credit Reporting; Background Screening and Fair Credit Reporting; File Disclosure. The advisory opinions are part of the CFPB’s ongoing efforts to clean up what the CFPB describes in its press release as allegedly “sloppy” credit reporting practices and ensure credit report accuracy and transparency to consumers.… Continue Reading

The CFPB recently filed two amicus briefs, one in a First Circuit case involving the Fair Debt Collection Practices Act (FDCPA) and the other, which was filed jointly with the Federal Trade Commission, in a Fourth Circuit case involving the Fair Credit Reporting Act (FCRA).

FDCPA.  The FDCPA case is Carrasquillo v.… Continue Reading

The CFPB has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates having the regulatory matters identified [in the agenda] under consideration during the period from November 2023 to October 2024.”… Continue Reading

In October 2023, the FTC issued a proposed “Rule on Unfair or Deceptive Fees” targeting what the FTC refers to as “junk fees.”  Our special guest is Stacy Cammarano, Staff Attorney in the FTC’s Bureau of Consumer Protection, Division of Advertising Practices, and a lead attorney on the proposal.  After reviewing how the FTC has previously used its enforcement authority to address “junk fees,” we discuss some of the key issues identified in comments received by the FTC on its October 2022 Advance Notice of Proposed Rulemaking on “junk fees.” … Continue Reading

The Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) have filed a joint amicus brief in which they urge the U.S. Court of Appeals for the Second Circuit to reverse the decision of a New York federal court in Suluki v. Credit One Bank, NA. The agencies argue that the district court disregarded the Fair Credit Reporting Act’s (“FCRA”) requirement that a furnisher delete disputed information that it cannot verify. … Continue Reading

In May 2022, the CFPB issued Circular 2022-3 addressing Equal Credit Opportunity Act (ECOA) adverse action notice requirements in connection with credit decisions based on algorithms. The CFPB is now revisiting the issue in Circular 2023-3.

The recent Circular begins with the following question presented: “When using artificial intelligence or complex credit models, may creditors rely on the checklist of reasons provided in CFPB sample forms for adverse action notices even when those sample reasons do not accurately or specifically identify the reasons for the adverse action?”… Continue Reading

The Federal Trade Commission has provided its annual report to the CFPB on its enforcement and related activities in 2022 regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA) (collectively, the “Financial Acts”).  It also released its 2022 annual report on refunds. … Continue Reading

The CFPB, FTC, Justice Department, and Equal Employment Opportunity Commission have issued a joint statement about enforcement efforts “to protect the public from bias in automated systems and artificial intelligence.”  The CFPB also issued a separate press release and prepared remarks by Director Chopra about the statement.  In the press release, the CFPB indicated that it “will release a white paper this spring discussing the current chatbot market and the technology’s limitations, its integration by financial institutions, and the ways the CFPB is already seeing chatbots interfere with consumers’ ability to interact with financial institutions.”… Continue Reading