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This report discusses the process used to place a lien on a home when a homeowner falls behind on property taxes and eventually foreclose on that property if the homeowner cannot pay the amounts in a certain period of time. It then discusses the unique issues heirs face when the record title owner passes away and leaves an overdue property tax bill. The report also reviews five sample states–Florida, Mississippi, Michigan, Texas, and Pennsylvania–and the policies they have, or do not have, to assist heirs with property tax bills, focusing on homestead exemptions.
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.
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 2022 NHTSA interpretation letter reiterates the interpretation found in a 2021 letter dealing with devices advertised and sold over the internet (largely of foreign manufacture) that attach to the instrument panel and either prevent the odometer from increasing or slow the accumulation of miles. Both letters indicate that it is illegal not only to use such devices but to market or sell them, because they have no purpose other than to violate the Act. NHTSA hopes United States Customs and Border Protection will seek to prevent the importation of these devices.
The Consumer Financial Protection Bureau (CFPB or Bureau) is issuing an interim final rule amending Regulation Z, which implements the Truth in Lending Act (TILA), to reflect the enactment of the Adjustable Interest Rate (LIBOR) Act (the LIBOR Act or Act) and its implementing regulation promulgated by the Board of Governors of the Federal Reserve System (Board). This interim final rule further addresses the planned cessation of most U.S. Dollar (USD) LIBOR tenors after June 30, 2023, by incorporating the Board- selected benchmark replacement for consumer loans into Regulation Z.
In In re 1st Fin. Bank USA, the bank agreed to pay $10 million in restitution to injured consumers and $140,000 in penalties for assessing two consecutive over-the-limit fees. The banks would assess an over-the-limit fee during the billing cycle in which the consumer went over their limit, then assess a second over-the-limit fee on the first day of next billing cycle, before the consumer had a chance to make a payment in order to get back under the limit.
In In re World’s Foremost Bank, the bank agreed to pay $10.1 million in restitution to injured consumers and $250,000 in penalties for assessing two consecutive over-the-limit fees. The banks would assess an over-the-limit fee during the billing cycle in which the consumer went over their limit, then assess a second over-the-limit fee on the first day of next billing cycle, before the consumer had a chance to make a payment in order to get back under the limit.
U.S. Secretary of Education Betsy DeVos announced her intent to transform how Federal Student Aid (FSA) provides customer service to more than 42 million student loan borrowers. The anticipated FSA Next Generation Processing and Servicing Environment will provide for a single data processing platform to house all student loan information while at the same time allowing for customer account servicing to be performed either by a single contract servicer or by multiple contract servicers.