CFPB

This Federal Register notice, 86 Fed. Reg. 48918 (Sept. 1, 2021) withdraws the delay of Regulation F’s effective date. In 2020, the CFPB finalized two rules revising Regulation F, which implements the FDCPA. As finalized, the Debt Collection Final Rules had an effective date of November 30, 2021. On April 7, 2021, the CFPB issued a proposal to delay that effective date by sixty days, until January 29, 2022. The CFPB, by this notice, is withdrawing that proposal for reasons described in the notice.

This 2018 amicus brief prepared by the CFPB and the Solicitor General deals with the question whether attorneys whose principal business is the conduct of home foreclosures are covered by the FDCPA. The brief argues that enforcement of a security interest through a nonjudicial foreclosure generally is not debt collection under the FDCPA and that any enforcement of a security interest, without more, generally is not debt collection under the FDCPA.

This is a CFPB amicus brief in support of the consumer in a Ninth Circuit appeal regarding pay-to-pay fees. The brief argues that the fees violate the FDCPA because they are not permitted by law unless a law expressly authorizes such fees. "Permitted by law" does not mean "permitted by any valid contract." An "amount" is "permitted by law" under section 1692f(1) only if a law expressly authorizes it. Allowing debt collectors to charge pay-to-pay fees absent express authorization is inconsistent with the FDCPA’s purposes.

This bulletin describes certain acts or practices related to the collection of consumer debt that could, depending on the facts and circumstances, constitute UDAAPs prohibited by the Dodd-Frank Act. Whether conduct like that described in this bulletin constitutes a UDAAP may depend on additional facts and analysis.

In response to recent practices observed during supervisory examinations and enforcement investigations, the Consumer Financial Protection Bureau (CFPB or Bureau) issues this bulletin to provide guidance to creditors, debt buyers, and third-party collectors about compliance with the Fair Debt Collection Practices Act (FDCPA) and sections 1031 and 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) when making representations about the impact that payments on debts in collection may have on credit reports and credit scores.

Debt buyers, debt collectors, and others who furnish information to credit reporting agencies have a variety of obligations under the Fair Credit Reporting Act (FCRA) and Regulation V. The Consumer Financial Protection Bureau (CFPB) issues this bulletin to highlight one of those obligations—the obligation of furnishers to investigate disputed information in a consumer report. The CFPB is concerned that, when a furnisher responds to a consumer’s dispute, it may, without conducting an investigation, simply direct the consumer reporting agency (CRA) to delete the item it has furnished.

The Bureau of Consumer Financial Protection (CFPB) is issuing this compliance bulletin and policy guidance to residential mortgage servicers and subservicers (collectively, servicers), in light of potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights. The CFPB’s concern in this area remains heightened due to the continuing high volume of servicing transfers.

The CFPB is issuing this Compliance Bulletin to industry to remind entities of their obligations under the Electronic Fund Transfer Act (EFTA) and Regulation E when obtaining consumer authorizations for preauthorized electronic fund transfers (EFTs) from a consumer’s account. This Compliance Bulletin summarizes the current law, highlights relevant supervisory findings, and articulates the CFPB’s expectations for entities obtaining consumer authorizations for preauthorized EFTs to help them ensure their compliance with Federal consumer financial law.

In response to recent practices observed during supervisory examinations and enforcement investigations, the Consumer Financial Protection Bureau (CFPB or Bureau) issues this compliance bulletin to provide guidance to creditors, debt buyers, and third-party collectors about compliance with sections 1031 and 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) and the Fair Debt Collection Practices Act (FDCP A) when collecting debt from consumers. 

The CFPB is seeking comment, data, and information from the public about debt collection practices. The CFPB is considering proposing rules relating to debt collection and is interested in learning through responses to this advance notice of proposed rulemaking (ANPR) about the debt collection system, about consumer experiences with the debt collection system, and about how rules for debt collectors might protect consumers without imposing unnecessary burdens on industry.