CFPB, Federal Agencies, State Agencies, and Attorneys General
Last week, the CFPB published additional frequently asked questions on Regulation F, its debt collection rule. The new FAQs address third-party communications, electronic communications, and unusual or inconvenient time and place provisions.
Prohibitions on Third-Party Communications. The FAQs address the following questions:
As discussed in an earlier blog post, the California Department of Financial Protection and Innovation (“DFPI”) issued an Invitation for Comments on the Proposed Second Rulemaking under the Debt Collection Licensing Act (“DCLA”) on August 19, 2021. The Commissioner is now considering draft regulations related to the DCLA’s scope, annual report, and document retention…
In an announcement to its subscribers sent electronically on May 23, 2022, the California Department of Financial Protection and Innovation (“DFPI”) notified applicants – and prospective applicants – for a license under California’s Debt Collection Licensing Act (the “Act”) that changes mandated by the Federal Bureau of Investigation (“FBI’) to state agency protocols for requesting…
The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s debt collection activities in 2021. The report incorporates information from the FTC’s most recent annual letter to the CFPB describing its 2021 activities in the debt collection market, including information about the FTC’s enforcement actions involving collection practices directed at…
The CFPB has updated the section of its Supervision and Examination Manual on debt collection examination procedures. The update reflects the requirements of Regulation F, the Bureau’s final debt collection rule that implements the Fair Debt Collection Practices Act. Regulation F became effective on November 30, 2021.
The California Department of Financial Protection and Innovation (DFPI) has published a notice on its website concerning delays that debt collectors and buyers seeking to comply with the new licensing requirement in the state’s Debt Collection Licensing Act are currently experiencing.
The new law, passed in September 2020, requires debt collectors and buyers to apply…
On December 13, 2021, the Federal Trade Commission (FTC) announced that, under the terms of a settlement, a group of phantom debt collectors were permanently banned from the debt collection industry. The term “phantom debt” is generally used to refer to debt that doesn’t exist or has already been paid.
In its related complaint…
On November 8, 2021, New York Governor Hochul signed into law the “Consumer Credit Fairness Act” (S.153). The Act contains a series of amendments to the New York Civil Practice Law and Rules that significantly impact debt collection lawsuits filed in New York state courts by creditors or debt collectors.
The key amendments…
On October 29, the New York Department of Financial Services issued proposed amendments to 23 NYCRR 1, its regulation titled “Debt Collection by Third-Party Debt Collectors and Debt Buyers.” The proposed amendments would make significant changes to the sections of the current regulation dealing with initial disclosure requirements, statute of limitations disclosures, substantiation…
On October 29, the CFPB published additional frequently asked questions on Regulation F, its final debt collection rule, as well as a guidance document. The new FAQs address validation notice requirements (including for residential mortgage debts) and the guidance document deals with how to disclose the validation information on the itemization table on the model…
