Yesterday, I was honored to be among the small business representatives who testified in front of the Small Business Review Panel for the CFPB Debt Collector and Debt Buyer Rulemaking. We testified from 9:00 AM to 5:00 PM; the feedback centered around three main themes.
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 data.
Yesterday, the Consumer Financial Protection Bureau (CFPB) announced that it had agreed to a Consent Order with Wells Fargo Bank, N.A. (Wells Fargo) relating to Student Loan Servicing Practices. The Consent Order was reached after the CPFB had brought an action against Wells for illegal private student loan servicing practices that increased costs and unfairly […]
Last Friday the Consumer Financial Protection Bureau (CFPB) announced new appointments to its Consumer Advisory Board (CAB), as well as its other advisory Councils. The Dodd-Frank Wall Street Reform and Consumer Protection Act charges the CFPB with establishing a Consumer Advisory Board to advise and consult with the Bureau’s Director on a variety of consumer […]
Mandatory arbitration provisions have been a hot topic for Consumer Financial Protection Bureau (CFPB) regulators, with the Bureau publishing proposed rules that would prohibit mandatory arbitration clauses. The topic has come up again in Beattie v. Credit One Bank, a new case from the U.S. District Court for the Northern District of New York (Case No. 5:15-cv-1315 (LEK/TWD).
The United States Government Accountability Office (GAO) released a report last week that found that small business representatives (SERs) participating in the Consumer Financial Protection Bureau’s (CFPB) recent SBREFA processes thought they were too rushed. According to the report, the Regulatory Flexibility Act requires CFPB to convene Small Business Review Panels (also known as SBREFA panels) for rulemaking efforts […]
On August 4, 2016 the CFPB released a rule providing safe harbors from liability under the FDCPA for certain actions taken in compliance with mortgage servicing rules, but after the consumer has made a cease communication request. This will interest the ARM industry more broadly as it may signal a willingness to provide safe harbor where notification requirements are in conflict with the consumer’s interests.
This is the fourth in our series of “perspective” articles about the CFPB’s Outline of Proposed Debt Collection Rules, released last week. This post covers the subjects of litigation disclosure and time-barred and obsolete debt, which includes some of the most problematic proposals in the CFPB’s Outline for those who engage in litigation and/or collect late-stage or out-of-statute debt.
Amidst the whirlwind of information released in the last week by the CFPB regarding debt collection, you may have missed that – also last week – the CFPB’s Consumer Response division published a notice in the Federal Register for a “new information collection” aimed at further improving the complaint process for consumers and companies. NOTE: […]
This is the third in our series of “perspective” articles about the CFPB’s Outline of Proposed Debt Collection Rules, released last week in advance of the next step in the rulemaking process, the SBREFA hearing. Section III of the Outline is devoted to the subject of data integrity, data transfer, and substantiation of a debt. […]