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As discussed in our June 12th post, the New York City Department of Consumer Affairs (“DCA”) issued new debt collection rules related to limited English proficiency servicing. These rules took effect June 27, 2020, but due to the COVID-19 crisis, DCA provided the industry with a 60-day enforcement grace period until August 26, 2020.…

On July 29, 2020, the CFPB hosted a roundtable discussion, attended by Director Kathy Kraninger and moderated by the Bureau’s Principal Deputy Director of Fair Lending, Frank Vespa-Papaleo, to hear feedback from consumer advocates and industry representatives on how the Bureau can facilitate greater access to financial products and services for consumers with limited English…

The CFPB has published a notice in the Federal Register seeking ideas on how it can use Tech Sprints to advance regulatory innovation and compliance.  Comments are due by November 8, 2019.

The CFPB’s notice describes Tech Sprints as a model that: 

“gather[s] regulators, technologists, financial institutions, and subject matter experts from key stakeholders for…

Last week, the CFPB published a blog post with tips for consumers facing a cash flow emergency.

We were glad to see that the blog post included a warning to consumers about debt relief or settlement companies.  The CFPB advised consumers to beware of for-profit debt relief or settlement companies that promise to pay off…

The CFPB’s June 2017 complaint report could serve as a call to arms to state attorneys general and regulators.  Unlike the CFPB’s prior monthly complaint  reports, the June 2017 report does not highlight complaints about one product  or complaints from consumers from one state.  Instead, the new report, which the CFPB calls a “special edition…

On May 26, the House of Representatives Committee on Rules announced that House members have until June 2 to propose amendments to the Financial Choice Act bill.  The Chairman of the House Financial Services Committee, Jeb Hensarling, is expected to introduce an amendment to strike from the bill the provision which purports to repeal…

Tom Dresslar, the Deputy Commissioner for Policy and Planning at the California Department of Business Oversight, California’s state bank regulator, has retired.  Mr. Dresslar joined the DBO in late 2014 after a long career in California state government and, before that, as the Sacramento Bureau Chief for the Daily Journal, Los Angeles’s daily legal newspaper. …

The CFPB’s Office of Servicemember Affairs (OSA) has issued its fifth annual report to Congress addressing issues raised and complaints submitted by servicemembers, veterans, and their families.

This year, however, the Bureau took a novel approach by presenting the report “within the construct of the ‘military lifecycle’” in an attempt to “consider issues and complaints…

Adding to the growing body of cases disputing the CFPB’s authority to issue civil investigative demands (“CID”), a U.S. district court judge in the Central District of California, on May 17, rejected multiple challenges and ordered a company to comply with a CID within fifteen days of the decision. The defendant, Future Income Payments,…