Since the enactment of the CFPA, government enforcers and supervisory agencies have taken dozens of actions to condemn prohibited abusive conduct. The CFPB is issuing this Policy Statement to summarize those actions and explain how the CFPB analyzes the elements of abusiveness through relevant examples, with the goal of providing an analytical framework to fellow government enforcers and to the market for how to identify violative acts or practices.
This memorandum provides guidance (Guidance) to Department of Justice (Department) attorneys regarding requests to discharge student loans in bankruptcy cases. Developed in coordination with the Department of Education (Education), this Guidance will enhance consistency and equity in the handling of these cases.
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.
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.
CFPB Bulletin 2022-01: Medical Debt Collection and Consumer Reporting Requirements in Connection with the No Surprises Act, 87 Fed. Reg. 3025 (Jan.
CFPB Bulletin 2021-03: Consumer Reporting of Rental Information, 86 Fed. Reg.
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.
This HECM reverse mortgage guide is effective for HECM case numbers assigned on or after October 3, 2016, and sets the standards for mortgagees to evaluate the mortgagor’s willingness and capacity to timely meet the reverse mortgage’s financial obligations and to comply with the requirements of the reverse mortgage, and to determine if the HECM will represent a sustainable solution in the mortgagor’s financial circumstances.
This FTC statement is from the full Commission (i.e., it is not just a staff interpretation) and generally concludes that the FTC Holder Rule cap does not interfere with state law providing for attorney fees. The FTC Holder Rule, 16 CFR 433, allows consumers to bring seller-related claims and defenses against the holder of the credit obligation, but an affirmative recovery against the holder is subject to a cap.
This document describes the procedures and policies for private collection agencies (PCAs) to collect federal defaulted student loans and grants overpayments under the U.S. Department of Education's Federal Student Aid (FSA) collections contract.