On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule.  Click here for more information and to register.

On October 30, the CFPB released “part one” of its long-awaited final collections rule, which restated and clarified certain prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors under the Fair Debt Collection Practices Act (“FDCPA”). … Continue Reading

The CFPB issued its long-awaited final debt collection rule today.  The final rule is adopted pursuant to the Bureau’s authority under the Fair Debt Collection Practices Act and not its UDAAP authority under the Dodd-Frank Act.  Accordingly, the final rule only applies to the activities of debt collectors subject to the FDCPA and does not apply to the activities of creditors who are not FDCPA debt collectors. … Continue Reading

In an internal memorandum recently circulated at the CFPB, Bryan Schneider, who leads the Bureau’s Division that houses its supervision, enforcement, and fair-lending functions, announced a major internal reorganization.

The reorganization would take away the Office of Enforcement’s autonomy to open investigations and issue civil investigative demands.  It would also significantly reduce Enforcement’s role in deciding whether potential violations uncovered during examinations should be transferred to enforcement attorneys. … Continue Reading

The OCC has issued a final rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a partnership with a third party.  The final rule, adopted only 54 days after the close of the comment period, is effective 60 days after the date it is published in the Federal Register.… Continue Reading

The CFPB has filed its combined cross-motion for summary judgment and opposition to the plaintiffs’ motion for summary judgment in the lawsuit filed by industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule).  The combined motion and opposition follows the filing of an Amended Complaint by the trade groups focused on the Rule’s payments provisions, the filing of an Answer to the Amended Complaint by the CFPB, and the filing of a motion for summary judgment by the trade groups.… Continue Reading

We are joined by special guest Isaac Boltansky, Director of Policy Research at Compass Point Research & Trading, for a discussion of the potential implications for the consumer financial services industry should Joe Biden win the Presidency and Democrats win control of the Senate while retaining control of the House.  Also participating in our podcast is Tim Jenkins, who leads Ballard Spahr’s Government Relations practice in the firm’s Washington, D.C.… Continue Reading

Proposed change would expand BSA definition of “money” to include virtual currency.  The Financial Crimes Enforcement Network (“FinCEN”) and the Federal Reserve Board (“Board”) have requested comment on an important proposed new rule that would amend the “Recordkeeping Rule” and “Travel Rule” under the Bank Secrecy Act (“BSA”) and expand them significantly. … Continue Reading

The defendants in the lawsuit filed by the FTC in August 2020 in a New York federal district court against two merchant cash advance providers and their chief executive officer and president for alleged unfair and deceptive conduct in violation of Section 5 of the FTC Act have filed a motion to dismiss. … Continue Reading

On October 25, a Massachusetts federal district court entered a preliminary injunction staying and postponing the effective date of the final rule issued by HUD last month (“2020 Rule”) revising its 2013 Fair Housing Act disparate impact standards (“2013 Rule”).  The order also enjoins HUD from enforcing the 2020 Rule and keeps the 2013 Rule in place until further order of the court. … Continue Reading

On October 23, 2020, Massachusetts Attorney General Maura Healey filed a motion to dismiss in ACA International v. Maura Healey based on mootness. The lawsuit challenges the state’s emergency regulations that placed a ban on outbound collection calls. The emergency regulations were promulgated in March 2020, ACA International filed its lawsuit in April 2020, and a temporary restraining order restricting the Attorney General’s office from enforcing the ban on outbound collection calls was issued on May 6, 2020.… Continue Reading