CFPB, Federal Agencies, State Agencies, and Attorneys General
FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B.
The FTC has authority to enforce the ECOA and Reg. B as to nonbank providers within its jurisdiction. However, like several of the FTC’s prior letters on its ECOA…
The CFPB has issued a proposal that would require debt collectors to make specified disclosures when collecting time-barred debts (Disclosure Proposal). The Disclosure Proposal supplements the Bureau’s proposed debt collection rule issued in May 2019 (May Proposal). Comments on the Disclosure Proposal must be filed no later than 60 days after the date it is…
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…
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.
The California Reinvestment Coalition,…
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…
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…
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,…
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:
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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…
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…
