CFPB, Federal Agencies, State Agencies, and Attorneys General
Earlier this month, the Consumer Financial Protection Bureau issued a consent order against a New Jersey debt buyer accused of threatening and suing consumers to collect debts in states where it did not have a legally required license.
Specifically, the Bureau alleged that RAB Performance Recoveries, LLC’s (RAB) purchased consumer debt accounts from debt brokers…
Today, from 12 p.m. to 1:00 p.m. ET, Ballard Spahr attorneys will hold a webinar, “Part II of the CFPB’s Final Collection Rule: What You Need to Know.” For more information and to register, click here.
The CFPB issued Part II of its final collection rule on December 18, 2020. Part II supplements the…
The CFPB completed its Fair Debt Collection Practices Act rulemaking today with the release of Part II of its final collection rule.
Part II has three primary components dealing with validation notices, passive debt collection through negative reporting, and the collection of time-barred debt. Most notably, the provisions dealing with time-barred debt depart significantly…
The FTC has announced a settlement of its first enforcement action targeting the practice of “debt parking.” As described in the FTC’s complaint filed in a Missouri federal district court against Midwest Recovery Systems, LLC and its owners, this practice, also referred to as “passive debt collection,” involves the placing of purported debts on consumers’…
For our financial services clients interested in monitoring important federal and state legal developments, Ballard Spahr has launched a comprehensive, national tracking service designed to serve the needs of specific segments of the consumer financial services industry.
Beginning January 2, 2021, Ballard is pleased to offer three new federal and state trackers, which are available…
On November 16, 2020, the California Department of Financial Protection and Innovation (DFPI) held a “listening session” relating to the implementation of the California Consumer Financial Protection Law (CCFPL). The DFPI’s intent of the session was to gather feedback on the CCFPL to help inform and prioritize its rulemaking and implementation efforts. Also during the…
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.
Our blog post series has detailed a number of ways in which the CFPB’s final debt collection rule departs from last year’s NPRM. There are…
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.
The CFPB’s debt collection final rule will significantly impact the operations of mortgage servicers. Not surprisingly, the CFPB declined to generally exempt mortgage servicers from…
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.
This latest installment of our blog posts about the CFPB debt collection rule examines how the final rule will impact credit reporting.
As an initial…
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.
One of the initial promises of the CFPB’s NPRM was a level of certainty as to the use of electronic communications to provide legally-required collection…
