The CFPB has issued its Consumer Response Annual Report, which analyzes the approximately 542,300 complaints received by the CFPB between January 1 and December 31, 2020.  The number of   complaints received in 2020 represents a nearly 54% increase over the approximately 352,400 complaints received in 2019.  The report details the trends in consumer complaints

The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s and FTC’s activities in 2020.  Debt collectors should expect increased scrutiny from the CFPB in 2021, with both Acting Director Uejio and Director-nominee Rohit Chopra having identified unlawful debt collection practices as a CFPB priority target.

In addition to a

The CFPB has created a student loan infographic to highlight the state of student loans in the pandemic.  Among the statistics included in the infographic is that, based on Department of Education data current as of September 2020, 87% of federal student loan borrowers had their federal student loans in administrative forbearance.

The CFPB published

NACA is one of the plaintiffs in the Massachusetts lawsuit challenging the CFPB’s creation of its Taskforce on Federal Consumer Financial Law.   Mr. Rheingold discusses the legal basis for the lawsuit, NACA’s views on how the CFPB should approach modernization of federal consumer financial laws, and NACA’s support for federal legislation or new CFPB rulemaking

In its third lawsuit filed under the leadership of Acting Director Uejio, the CFPB, earlier this week, sued Student Loan Pro (SLP), a student loan debt relief company, its owner, and its manager, for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act.  The CFPB’s complaint, which was filed

Despite wide-spread expectations that the full Senate will confirm Rohit Chopra as CFPB Director before the end of this month, we now understand that the Biden Administration is likely to seek a delay in Mr. Chopra’s confirmation until it fills the FTC vacancy created by the resignation of former Chairman Joseph Simons. 

Mr. Simons’ resignation

Under the leadership of Acting CFPB Director Dave Uejio, the Bureau issued an interpretive rule on March 9, 2021 clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (“ECOA”) and Regulation B includes sexual orientation and gender identity discrimination. This prohibition includes discrimination based on actual or perceived non-conformity with traditional

The CFPB announced yesterday that it is rescinding its January 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.”  The rescission is effective on the date the CFPB’s notice of the rescission is published in the Federal Register.

The rescission was foreshadowed by Acting Director Uejio in his statement to Bureau

We are joined by Ena Koukourinis, Senior Counsel in the Bureau’s Office of Fair Lending and Equal Opportunity, and Frank Vespa-Papaleo, the Office’s Deputy Director.  We discuss the statement’s background and goals, the fair lending and UDAAP concerns the statement seeks to address, key aspects of the guidance it provides, and Bureau resources available to