Consumer Bankruptcy Law and Practice: Official Form 101 with List of Creditors
[Editor’s note: A blank, updated Form 101 that was effective December 1, 2022, is included below. See the 2022 Advisory Committee Note, infra, for changes.]
[Editor’s note: A blank, updated Form 101 that was effective December 1, 2022, is included below. See the 2022 Advisory Committee Note, infra, for changes.]
[Editor’s note: A blank, updated Form 101 that was effective December 1, 2022, is included below. See the 2022 Advisory Committee Note, at D.2, supra, for changes.]
Parts 2 and 3 of the form are amended to conform to wording in the simultaneously amended Rule 8003. The new wording is intended to remind appellants that appeals as of right from orders and decrees are limited to those that are “appealable”―that is, either deemed final or issued under § 1121(d). See 28 U.S.C. § 158(a)(2). It also seeks to avoid the misconception that it is necessary or appropriate to identify each and every order of the bankruptcy court that the appellant may wish to challenge on appeal.
The FCRA states that the charge for a consumer file disclosure shall be reasonable and not exceed eight dollars, adjusted annually for inflation.256 For 2023, the Consumer Financial Protection Bureau has set the maximum allowable charge as fourteen dollars and fifty cents, an increase of one dollar from 2022.257 Note that lenders and other users usually pay far lower prices for consumer reports, fr
In addition to the right to obtain consumer disclosures under the FCRA, the Dodd-Frank Act established a new right, subject to rules that have not yet been proposed, for consumers to access any information in the control or possession of a “covered person” concerning a “consumer financial product or service” that the consumer obtained from the covered person.311 A “consumer financial product or service” includes, among many other things, any credit, deposit account or stored value card provided to a consumer.
A consumer reporting agency’s violation of a consumer’s right to a copy of their consumer report is subject to the private remedies of the FCRA including claims for actual damages, punitive damages, costs, and attorney fees.318 However, a consumer must allege more than that the CRA failed to provide the consumer report under the heightened pleading standards set by the Supreme Court.319 Furthermore, the consumer must allege facts establishing a concrete and particularized injury in order to have
Prior to the FTC Official Staff Commentary, FTC staff issued hundreds of informal opinion letters. After the FTC Official Staff Commentary, the FTC issued only a trickle of letters. The volume of letters grew after passage of the Consumer Credit Reporting Reform Act of 1996 (1996 Reform Act), which amended the FCRA in many respects, and then stopped after June 28, 2001.
The Consumer Financial Protection Bureau has issued a number of Advisory Opinions, Interpretive Rules, Compliance Bulletins, and Circulars that describe the obligations of furnishers and consumer reporting agencies under the FCRA. Some of the most significant are:
The CFPB has issued periodic Supervisory Highlights reports that discuss general observations regarding the Bureau’s examinations of its supervisees, including CRAs and furnishers.136 Such reports might not provide “authoritative guidance” or adequately put CRAs or furnishers on notice that certain practices are unreasonable for purposes of finding that the CRA or furnisher acted recklessly137 and thus ar
In 2021, the FCRA was amended by a provision in the National Defense Authorization Act (NDAA), known as the Debt Bondage Repair Act.388 The Act sets up a process whereby a survivor of a “severe form of trafficking” or “sex trafficking” can prevent CRAs from reporting adverse information that is a result of such trafficking. If a survivor fits within these definitions, they must provide documentation of their trafficking status and what information was the result of trafficking.
A charge-off occurs when a creditor moves a debt from profit to loss on its balance sheet.553 The FTC Staff Summary characterizes the phrase “charged to profit and loss” in Section 1681c(a)(4) as an action taken by a creditor to write off an account.554 Certain creditors, such as depository financial institutions, are subject to rules as to when delinquent debts must be charged off.555 However, one court has held that violation of this policy
A number of courts have held that it is not inaccurate to report a balance or a scheduled payment for a debt that is charged off, reasoning that such information is historical in nature, and thus not inaccurate or misleading.565 These cases have all held that the failure to follow the Metro 2 format,566 which requires that the scheduled payment amount be reported as “$0” for charged off accounts,567 did not render the reporting inaccurate.
Information about consumers flows freely from creditors and public record vendors to consumer reporting agencies (CRAs). In turn, often unsuspected by consumers, this information can be recirculated back to creditors, employers, and others. When that information is inaccurate, the flow of information unfairly deprives people of opportunities for credit, employment, or other improvements to their lives.
[73 Fed. Reg. 44,613 (July 30, 2008); 76 Fed. Reg. 11,324 (Mar. 2, 2011); 76 Fed. Reg. 79,772 (Dec. 22, 2011); 78 Fed. Reg. 4754 (Jan. 22, 2013); 78 Fed. Reg. 10,444 (Feb. 13, 2013); 78 Fed. Reg. 30,745 (May 23, 2013); 78 Fed. Reg. 60,382 (Oct. 1, 2013); 78 Fed. Reg. 78,585 (Dec. 26, 2013); 78 Fed. Reg. 79,286 (Dec. 30, 2013); 79 Fed. Reg. 77,855 (Dec. 29, 2014); 79 Fed. Reg. 78,296 (Dec. 30, 2014); 80 Fed. Reg. 59,944 (Oct. 2, 2015); 80 Fed. Reg. 73,943 (Nov. 27, 2015); 80 Fed. Reg. 79,674 (Dec. 23, 2015); 81 Fed. Reg. 16,074 (Mar. 25, 2016); 81 Fed. Reg. 84,369 (Nov. 22, 2016); 81 Fed.
[78 Fed. Reg. 6596 (Jan. 30, 2013); 78 Fed. Reg. 35,504 (June 12, 2013); 78 Fed. Reg. 44,725 (July 24, 2013); 78 Fed. Reg. 45,842 (July 30, 2013); 78 Fed. Reg. 60,442 (Oct. 1, 2013); 79 Fed. Reg. 65,300 (Nov. 3, 2014); 80 Fed. Reg. 59,944 (Oct. 2, 2015); 81 Fed. Reg. 16,074 (Mar. 25, 2016); 81 Fed. Reg. 41,418 (June 27, 2016); 82 Fed. Reg. 41,158 (Aug. 30, 2017); 83 Fed. Reg. 43,503 (Aug. 27, 2018); 84 Fed. Reg. 37,565 (Aug. 1, 2019); 85 Fed. Reg. 50,944 (Aug. 19, 2020); 85 Fed. Reg. 67,938 (Oct. 26, 2020); 85 Fed. Reg. 86,308 (Dec. 29, 2020); 85 Fed. Reg. 86,402 (Dec. 29, 2020); 86 Fed.
Furnishers are subject to only a single category of duties that may be enforced by consumers—despite the fact that they are the people with the greatest incentive and ability to police their own consumer reports.532 These privately enforceable duties are limited to the process where consumers may dispute the accuracy and completeness of information by initiating a reinvestigation under section 1681i with the CRA (and where applicable via a reseller),533 not with the person who furnished
The overwhelming authority now holds that disputed information must, in fact, be inaccurate or incomplete in order for a consumer to maintain a claim to redress the furnisher’s failure to comply with its duties under section 1681s-2(b). While there are some earlier cases have allowed cases to proceed without an inaccuracy, after the Supreme Court’s decisions in Spokeo v. Robins613 and TransUnion v.
Several circuit courts of appeals have held that CRAs are not equipped to arbitrate unresolved legal disputes between consumers and furnishers through the FCRA dispute process, and therefore that CRAs are not liable for their failure to investigate or correct disputes based on the legal validity of debts that only a tribunal can resolve.633 The rationale for this body of law establishes why the CRA exception does not apply to the duties of furnishers under section 1681s-2(b); indeed, several district courts and the leading circuit court opini
1.858 General QM Amendments Effective on March 1, 2021. Comment 43-2 provides that, for a transaction for which a creditor received an application on or after March 1, 2021 but prior to October 1, 2022, a person has the option of complying either: With 12 CFR part 1026 as it is in effect; or with 12 CFR part 1026 as it was in effect on February 26, 2021, together with any amendments to 12 CFR part 1026 that become effective after February 26, 2021, other than the revisions to Regulation Z contained in Qualified M
Editor’s Note505
Paragraph 43(e)(3)(i).
1. Total loan amount. The term “total loan amount” is defined in § 1026.32(b)(4)(i). For an explanation of how to calculate the “total loan amount” under § 1026.43(e)(3)(i), see comment 32(b)(4)(i)-1.
1.31 Threshold amount. For purposes of § 1026.3(b), the threshold amount in effect during a particular period is the amount stated in comment 3(b)-3 below for that period. The threshold amount is adjusted effective January 1 of each year by any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) that was in effect on the preceding June 1.