This is a 2011 letter from the FTC Chair to a Congressman concerning the enforcement of the Credit Repair Organizations Act (CROA) and its impact on legitimate credit repair organizations. The letter discusses the advance fee ban in detail and finds partial payments for intermediate steps to be an evasion of the advance fee prohibition.
The FTC policy statement provides guidance regarding its enforcement of various statutes and FTC regulations addressing negative option marketing and operating.
Original version of an exemption for certain subordinate loans from Regulation X requirements concerning the HUD-1 settlement statement, the good faith estimate, the mortgage servicing transfer statement, and the settlement costs booklet.
This CFPB consumer education file explains to consumers what a zombie second mortgage is.
This CFPB blog explaining consumer rights when a debt collector contacts consumers regarding a zombie second mortgage.
This CFPB advisory opinion, 88 Fed. Reg. 26475 (May 1, 2023) and effective May 1, 2023, explains that the FDCPA and Regulation F prohibit a debt collector from suing or threatening to sue to collect a time-barred debt. Accordingly, a debt collector who brings or threatens to bring a state court foreclosure action to collect a time barred mortgage debt may violate the FDCPA and Regulation F.
Description: This CFPB circular states that creditors may not rely on the checklist of reasons provided in the sample forms (currently codified in Regulation B) to satisfy their obligations under ECOA if those reasons do not
specifically and accurately indicate the principal reason(s) for the adverse action. Nor, as a general matter, may creditors rely on overly broad or vague reasons to the extent that they obscure the specific and accurate reasons relied upon.
This CFPB circular states that is is an unfair practice for a financial institution, after the consumer closes a deposit account, to unilaterally reopen the account and process a deposit or debit.
Description: This CFPB circular states that negative option marketing practices may be unfair, deceptive, or abusive where a seller (1) misrepresents or fails to clearly and conspicuously disclose the material terms of a negative option program; (2) fails to obtain consumers’ informed consent; or (3) misleads consumers who want to cancel, erects unreasonable barriers to cancellation, or fails to honor cancellation requests that comply with its promised cancellation procedures.
This is a federal. interagency interpretation of FDCPA Regulation F, issued in December of 2022, interpreting the various provisions of CFPB Reg. F. It is found on the CFPB website at https://files.consumerfinance.gov/f/documents/cfpb_fair-debt-collection-practices-act-fdcpa-procedures_2022-12.pdf.