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86 Fed. Reg. 67843 (Nov. 30, 2021)

The OCC, the Board, and the Bureau are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for “higher-risk mortgages,” termed “higher-priced mortgage loans” or “HPMLs” in the agencies' regulations.

86 Fed. Reg. 67851 (Nov. 30, 2021)

The Board and the Bureau are publishing final rules amending the official interpretations and commentary for the agencies' regulations that implement the Truth in Lending Act (TILA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended TILA by requiring that the dollar threshold for exempt consumer credit transactions be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

86 Fed. Reg. 69716 (Dec. 8, 2021)

The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA), generally to address the anticipated sunset of LIBOR, which is expected to be discontinued for most U.S. Dollar (USD) tenors in June 2023. Some creditors currently use USD LIBOR as an index for calculating rates for open-end and closed-end products. The Bureau is amending the open-end and closed-end provisions to provide examples of replacement indices for LIBOR indices that meet certain Regulation Z standards.

86 Fed. Reg. 72820 (Dec. 23, 2021)

The Bureau of Consumer Financial Protection (Bureau) is amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect changes in the asset-size thresholds for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan.

87 Fed. Reg. 8733 (Feb. 16, 2022)

On December 8, 2021, the Consumer Financial Protection Bureau (Bureau) published the “Facilitating the LIBOR Transition (Regulation Z)” final rule (LIBOR Transition Final Rule) in the Federal Register . The SUPPLEMENTARY INFORMATION in the LIBOR Transition Final Rule contained two clerical errors regarding a hyperlink to documents referenced in each footnote. This document corrects those errors.

87 Fed. Reg. 38679 (June 29, 2022)

In order to support its rulemaking and other functions, the Consumer Financial Protection Bureau (Bureau or CFPB) is charged with monitoring for risks to consumers in the offering or provision of consumer financial products or services, including developments in markets for such products or services. As part of this mandate, the Bureau is seeking information from credit card issuers, consumer groups, and the public regarding credit card late fees and late payments, and card issuers' revenue and expenses.

87 Fed. Reg. 42662 (July 18, 2022)

On June 22, 2022, the Consumer Financial Protection Bureau (Bureau or CFPB) issued an Advance Notice of Proposed Rulemaking (ANPR) requesting information regarding credit card late fees and late payments, and card issuers' revenue and expenses. The ANPR was published in the Federal Register on June 29, 2022, and provided for a comment period that was set to close on July 22, 2022.

87 Fed. Reg. 63671 (Oct. 20, 2022)

The Board and the Bureau (collectively, the Agencies) are publishing final rules amending the official interpretations and commentary for the Agencies' regulations that implement the Truth in Lending Act (TILA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended TILA by requiring that the dollar threshold for exempt consumer credit transactions be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

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People v. Navient Corp., No. 17-CH-761 (Ill. Cty. Ct. Jan. 18, 2017)

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Mass. Ass'n of Private Career Schools v. Coakley, No 1:14-cv-13706-FDS (D. Mass. Sept. 25, 2014)

Complaint and Demand for Declaratory and Injunctive Relief

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Dear Colleague Letter, GEN-22-15, FAFSA® Simplification Act Changes for Implementation in 2023-24 (Nov. 4, 2022)

This letter provides information that supplements the FAFSA Simplification Act information provided in the Federal Register notice published on Nov. 4, 2022, regarding new policies that become effective for the 2023-24 Award Year. We will continue to address other aspects of the FAFSA Simplification Act implementation in the future.

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Am. Ass’n of Cosmetology Sch. v. DeVos, No. 1:17-cv-00263 (D.D.C. Feb. 10, 2017) (complaint)

This is an action under the Administrative Procedure Act for declaratory relief from Gainful Employment (“GE”) regulations of the U.S. Department of Education, 34 C.F.R. Part 668 Subpart Q, as applied to member schools of the American Association of Cosmetology Schools. The GE regulation assesses the outcomes of educational programs based on the ratio of graduates’ educational debt to earnings. Although the Department acknowledges that some graduates of cosmetology programs underreport their incomes, the Department has made no provision for such underreporting in its regulations.

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CFPB Advisory on Pay-to-Pay (Convenience Fees)

FDCPA section 1692f(1) prohibits debt collectors from collecting any amount (including any interest, fee, charge, or expense incidental to the principal obligation), unless that amount is expressly authorized by the agreement creating the debt or permitted by law. The CFPB issues this advisory opinion, at 87 Fed. Reg.

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CFPB Bulletin 2021-03 on Consumer Reporting of Rental Information

CFPB Bulletin 2021-03: Consumer Reporting of Rental Information, 86 Fed. Reg.

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CFPB Bulletin 2022-01: Medical Debt Collection and Consumer Reporting Requirements in Connection with the No Surprises Act

CFPB Bulletin 2022-01: Medical Debt Collection and Consumer Reporting Requirements in Connection with the No Surprises Act, 87 Fed. Reg. 3025 (Jan.

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CFPB Amicus Brief to Seventh Circuit in Preston v. Midland Credit Management (2019)

The Seventh Circuit invited the CFPB to present an amicus brief in Preston v. Midland Credit Management. The issue presented deals with the fact that the FDCPA prohibits debt collectors from “using any language or symbol, other than the debt collector’s address, on any envelope when communicating with a consumer by use of the mails or by telegram, except that a debt collector may use his business name if such name does not indicate that he is in the debt collection business.” 15 U.S.C. § 1692f(8).

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CFPB Amicus Brief to Seventh Circuit in Lavallee v Med-1 Solutions (2018)

The FDCPA requires a debt collector, in certain situations, to “send the consumer a written notice containing” information about the debt and the consumer’s rights. 15 U.S.C. § 1692g(a). The question addressed in this amicus brief is: Whether the requirements of the E-SIGN Act, 15 U.S.C. § 7001-7006, apply when a debt collector wants to use an email to satisfy the written-notice requirement of § 1692g(a).

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CFPB Amicus Brief to Eleventh Circuit in Wiley v. Notte & Kreyling, P.C. (2019)

The CFPB amicus brief before the 11th Circuit in Wiley v. Notte & Kreyling, P.C.deals with advising consumers to dispute a debt with the creditor and not the collector. The FDCPA requires that debt collectors disclose the specific steps consumers must take to properly dispute a debt or request information about the original creditor.

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CFPB Amicus Brief before the Seventh Circuit in DeGroot v. Client Services (2020)

This CFPB amicus brief before the Seventh Circuit in DeGroot v. Client Services deals with two questions. 1. Does a debt collector violate the FDCPA by accurately itemizing the interest and fees that are included in a debt it is seeking to collect, including when the interest and fees are $0.00?   2. Does a debt collector violate the FDCPA by accurately disclosing as part of a time-limited settlement offer that interest will not be charged

while the collector services the consumer’s account?

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CFPB Amicus Brief before the Seventh Circuit in Hopkins v. Collecto (2020

This CFPB Amicus Brief before the Seventh Circuit in Hopkins v. Collecto deals with whether a debt collector violate the FDCPA by accurately stating that the debt it is seeking to collect includes $0.00 in interest and collection fees, including when interest and collection fees are not currently accruing.

John Rao, New Process to Discharge Student Loans in Bankruptcy (March 7, 2023)

 A new Guidance from the Department of Justice, issued in coordination with the Department of Education has the potential to change bankruptcy practice dramatically. Until now, attorneys have not thought of bankruptcy as a way to help clients struggling with student loan debt. If the Guidance is implemented as intended, however, more bankruptcy debtors will be eligible for discharge of their student loans.

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CMS and CFPB Notification Letter on Nursing Facility and Debt Collection Practices (Sept. 8, 2022)

This notification letter from the Centers for Medicare and Medicaid and the CFPB is directed to the attention of nursing facilities and debt collectors.  It reminds them that the Nursing Home Reform Act (NHRA) prohibits nursing facilities from requesting or requiring that a third party personally guarantee payment to the facility as a condition of a resident’s admission or continued stay in the facility. Contract terms that conflict with the NHRA are unlawful, and alleged debts resulting from such unlawful contract terms are invalid and unenforceable.

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Consumer Financial Protection Circular 2022-05; Nursing Home Debts

 CFPB Consumer Financial Protection Circular 2022-05 on deals with debt collection and consumer reporting practices involving invalid nursing home debts. Under the Nursing Home Reform Act, a nursing facility may not condition a resident’s admission or continued stay on receiving a guarantee of payment from a third party, such as a relative or friend. Contractual provisions that violate that prohibition are illegal and unenforceable.

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Notice of Intent to Fine Heald College (OPE-ID 00723400)

 Letter from Robin S. Minor, Acting Director, Admin. Actions & Appeals Serv. Grp., U.S. Dep’t of Educ., to Jack Massimo, Chairman & CEO, Corinthian Colls., Inc. (Apr. 14, 2015). The Department is taking this fine action pursuant to 20 U.S.C. § 1094 and 34 C.F.R. § 668.84.