The CFPB announced that it will hold a symposium on consumer access to financial records and Section 1033 of the Dodd-Frank Act on February 26, 2020.  The event will be webcast on the Bureau’s website.

In November 2016, the CFPB issued a request for information (RFI) about market practices related to consumer access to financial information, and in October 2017, it released a set of “Consumer Protection Principles” for participants “in the developing market for services based on the consumer-authorized use of financial data.”… Continue Reading

The OCC and FDIC announced yesterday that they have extended the 60-day comment period for their joint proposal to revise their regulations implementing the Community Reinvestment Act that was published in the Federal Register on January 8, 2020.  As extended by 30 days, the comment period ends on April 8, 2020.… Continue Reading

In this podcast, we look at key issues and provide practical pointers that sellers and buyers of charged-off debts should consider, including (1) seller due diligence to prepare for a sale, such as identifying and creating relevant policies and procedures and reviewing documentation for debts to be sold, (2) important contractual issues for buyers and sellers when negotiating sales agreements, such as debt repurchase rights, resales and assignments, buyer responsibility for its providers’ activities, and seller post-sale obligations regarding buyer information requests, and (3) seller monitoring of such requests.… Continue Reading

The CFPB has released the Winter 2020 edition of its Supervisory Highlights.  The report discusses the Bureau’s examinations in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April 2019 and August 2019.

Key findings include the following:

Debt collection. One or more debt collectors were found to have violated the FDCPA requirements to (1) disclose in communications subsequent to the initial written communication that the communication is from a debt collector, and (2) send a written validation notice within five days of the initial communication.… Continue Reading

The U.S. Supreme Court entered an order last Friday that divides and enlarges the time for oral argument in Seila Law, which is scheduled for March 3.

Seila Law filed a motion asking the Supreme Court to increase the total time for oral argument from 60 to 70 minutes and the House of Representatives, which filed an amicus brief in support of the Ninth Circuit’s judgment, filed a motion asking to participate in the oral argument.… Continue Reading

The Federal Financial Institutions Examination Council (FFIEC) recently issued the 2020 edition of the Guide to HMDA Reporting: Getting It Right! (2020 Guide).

As previously reported, in October 2019 the CFPB issued a Home Mortgage Disclosure Act (HMDA) final rule that:

  • Continues until January 1, 2022 the temporary volume threshold that triggers reporting of open-end, dwelling-secured lines of credit of at least 500 originated lines of credit in each of the prior two calendar years.
… Continue Reading

On January 31, 2020, by a vote of 65 to 33, the Virginia House of Delegates passed a bill that would establish a 36% rate cap on certain consumer loans.  Since Democrats also hold a majority in the Virginia Senate, the Senate is expected to also pass the bill.

The bill amends Virginia’s general usury law and Consumer Finance Act and includes the following key provisions:

  • References to “payday loans” are changed to refer to “short-term loans” with the maximum amount of such loans increased from $500 to $2,500. 
… Continue Reading

On February 7, 2020, the California Attorney General’s (AG) Office released modifications to the proposed regulations to the California Consumer Privacy Act (CCPA).  The modifications incorporate amendments to the CCPA signed into law after the AG’s Office issued the proposed regulations in October 2019.  The modifications also reflect public comments made during the initial comment period, which concluded in December 2019. … Continue Reading

The Act, which has been introduced in the House (H.R. 5050) and Senate (S. 2833), would impose a 36% national usury limit on most forms of consumer credit.  We are joined by the bill’s drafter, Professor Chris Peterson of the University of Utah S.J. Quinney College of Law, for a discussion of the rationale for the cap, its potential impact on credit access, the implementation process if enacted, and the bill’s status and political prospects.… Continue Reading

Education Credit Management Corporation (“ECMC”), the guarantor of the student loan debt ruled dischargeable last month by the Chief Judge of the United States Bankruptcy Court for the Southern District of New York, is appealing that decision to the United States District Court for the Southern District of New York.

On January 17, ECMC filed a notice of appeal from Judge Cecilia G.… Continue Reading