The CFPB has taken a significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business review panel (Panel). Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection
SBREFA
CFPB files second status report with court regarding Section 1071 implementation
By Alan S. Kaplinsky on
The CFPB has filed its second status report with the California federal district court as required by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting regulations to implement Section 1071 of the Dodd-Frank Act.
Section 1071 amended the ECOA to require financial institutions to…
CFPB withdraws request to OMB to conduct online debt collection survey
By John L. Culhane, Jr. on
The CFPB has withdrawn its request to OMB to conduct an online survey of 8,000 individuals as part of its research on debt collection disclosures. Last month, the CFPB published a notice in the Federal Register that it was submitting its request to OMB and solicited comments which were due by December 14, 2017.
The…
ACA International flags shortcomings in CFPB national debt collection consumer survey
By John L. Culhane, Jr. on
In a new white paper, “An Overview of the Analytical Flaws and Methodological Shortcomings of the CFPB’s Survey of Consumer Experiences with Debt Collection,” ACA International takes aim at the report released by the CFPB in January 2017 that presented the findings of the CFPB’s national debt collection consumer survey.
In our blog…
Debt collection SBREFA panel meets with SERs
By Barbara S. Mishkin on
It has been reported that the SBREFA panel for the CFPB’s debt collection rulemaking met last week with small entity representatives (SER). In anticipation of convening the panel, the CFPB issued an outline of the proposals it is considering on July 28, 2016.
According to the report, SERs must submit their written comments by September…
GAO issues report on CFPB SBREFA panels
By Barbara S. Mishkin on
Posted in CFPB Rulemaking, Regulatory and Enforcement
The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review Panels,” addresses the extent to which the CFPB solicited, considered, and incorporated small entity inputs into rulemakings, and the views of…
CFPB debt collection proposals would create problematic new substantiation standard
By Gary W. Becker on
Posted in Debt Collection, Regulatory and Enforcement
The debt collection proposals outlined by the CFPB for the SBREFA panel are driven in large part by the CFPB’s reliance on the data derived from its complaint portal and a consumer survey conducted by the Bureau over several months in 2014-15. The survey results are remarkable in how closely they mirror the complaint portal…
CFPB previews debt collection rule in SBREFA outline
By Barbara S. Mishkin on
Posted in Debt Collection, Regulatory and Enforcement
The CFPB has moved a step closer to issuing a debt collection rule by releasing an outline of the proposals it is considering in preparation for convening a small business review panel. The Small Business Regulatory Enforcement Fairness Act and the Dodd-Frank Act require the CFPB to convene such a panel when developing rules that…
CFPB to hold July 28 debt collection field hearing
By Barbara S. Mishkin on
Posted in Debt Collection, Regulatory and Enforcement
The CFPB has announced that it will hold a field hearing about debt collection on July 28, 2016 in Sacramento, California. We expect the field hearing to coincide with the CFPB’s release of an outline of the proposals it is considering in preparation for convening a small business review panel required by the Small Business…
Chamber of Commerce suggests issues for CFPB to address at May 5 arbitration field hearing
By Alan S. Kaplinsky on
Posted in Regulatory and Enforcement, SBREFA panel
The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has sent a letter to Director Cordray suggesting a series of issues for Mr. Cordray to address in his prepared remarks at the CFPB’s field hearing on arbitration scheduled for this Thursday, May 5.
As the Chamber’s letter notes, the CFPB foreshadowed in the materials…