The Social Security Administration (SSA) has announced the development of a portal that would allow financial institutions to join a planned real-time electronic system for verifying the identity of credit applicants. The new Consent Based Social Security Number (SSN) Verification (eCBSV) service will be an important tool in the fight against identity theft and other financial crimes.… Continue Reading
social security
Application of FDCPA to Social Security benefits at issue in CFPB Second Circuit amicus brief
Posted in Debt Collection, Regulatory and Enforcement
The CFPB has filed an amicus brief in support of the plaintiff in Arias v. Gutman, Mintz, Baker & Sonnenfeldt, PC and 1700 Development Co., a FDCPA case on appeal to the U. S. Court of Appeals for the Second Circuit. In its brief, the CFPB states that its interest in the case stems from its FDCPA enforcement authority and its special mandate to protect older Americans from unfair, deceptive or abusive practices.… Continue Reading
CFPB issues bulletin on consideration of public assistance income in credit decisions
By Richard J. Andreano, Jr. on
The CFPB has issued a new bulletin (Bulletin 2014-03) that is intended “to remind creditors” of their ECOA/Regulation B obligations with respect to consideration of public assistance income and relevant standards and guidelines regarding verification of Social Security Disability Insurance and Supplemental Security Income (together, Social Security disability income).… Continue Reading