On June 8, 2023, the Consumer Financial Protection Bureau (Bureau) issued an order against Phoenix Financial Services, LLC (Phoenix), an Indiana-based debt collector that collects primarily past-due medical debts and furnishes information about consumers to consumer reporting agencies (CRAs).
On December 15, 2023, the Bureau issued an order against Commonwealth Financial Systems, Inc. (Commonwealth), a Pennsylvania-based third-party debt collection company that collects past-due medical debts and furnishes information about consumers to consumer reporting agencies (CRAs).
This chart summarizes the mortgage servicing rules in effect as of April 19, 2018 and is not a substitute for the rules. Only the rules and the Official Interpretations can provide complete and definitive information regarding their requirements. The complete rules, including the Official Interpretations and small entity compliance guide, are available at www.consumerfinance.gov/policy-compliance/guidance/implementation-guidance/mortserv.
The Fair Debt Collection Practices Act (FDCPA) is a federal consumer financial protection law that aims to protect consumers from a host of harmful debt-collection practices. As relevant here, the Act prohibits debt collectors from collecting any amount unless the amount is expressly authorized by the agreement that created the debt or permitted by law.
The Consumer Financial Protection Bureau (CFPB or Bureau) amends Regulation Z, which implements the Truth in Lending Act (TILA), to address late fees charged by card issuers that together with their affiliates have one million or more open credit card accounts (referred to as ‘‘Larger Card Issuers’’ herein). This final rule adopts a late fee safe harbor threshold of $8 for those issuers and provides that the annual adjustments to reflect changes in the Consumer Price Index (CPI) do not apply to this $8 amount.
This is an amicus brief submitted by the CFPB and FTC in support of the plaintiffs in Glover v. Ocwen Loan Servicing, LLC before the Eleventh Circuit , filed February 27, 2024. The brief argues in support of an FDCPA § 1692f(1) violation where debt collectors charge a fee on top of the consumer's payment to the collector (pay-to-pay fees) since the fees are not authorized by contract or law. The FDCPA violation does not apply only to fees incidental to the debt.
Section 307 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) directs the Consumer Financial Protection Bureau (CFPB or Bureau) to prescribe ability-to-repay rules for Property Assessed Clean Energy (PACE) financing and to apply the civil liability provisions of the Truth in Lending Act (TILA) for violations. PACE financing is financing to cover the costs of home improvements that results in a tax assessment on the real property of the consumer.
The Paperwork Reduction Act (PRA) authorization regarding the revised Policy on No-Action Letters and the Policy on the Compliance Assistance Sandbox (Policies) expires, and accordingly those Policies are no longer effective, as of September 30, 2022.
This is a January 2, 2024, CFPB amicus brief before the First Circuit arguing that FDCPA Section 1692e’s prohibition on false, deceptive, or misleading representations is not limited to intentional or knowing representations.