3 Key Takeaways and Collection Agency Industry Insights from the NACARA Conference

Last week, the North American Collection Agency Regulatory Association (NACARA) hosted its annual conference at the California Department of Financial Protection and Innovation’s Sacramento office. The event served as a platform for state regulators and collection agency representatives to discuss the latest challenges and emerging trends affecting the industry. More ›

CFPB Publishes Filing Instructions for its New Nonbank Registry for Repeat Offenders

On August 23, the Consumer Financial Protection Bureau (CFPB) issued its Filing Instructions Guide ("Guide") for Nonbank Registration pursuant to its Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule ("the Final Rule"). More ›

What Does the CFPB’s New Public Registry to Detect Repeat Offenders Mean for Your Business?

On June 3, 2024, the Consumer Financial Protection Bureau (CFPB) issued the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule (“the Final Rule”).

The Final Rule, effective September 16, 2024, establishes a public registry of nonbank financial companies that have violated consumer protection laws and will require covered entities to report final judgments, settlements, or other enforcement orders to the CFPB. More ›

CFPB Revises the Supervisory Appeals Process for Financial Institutions

On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued its revised rule addressing how financial institutions can appeal their compliance ratings or adverse material findings by the Bureau. The rule is an update to the Bureau's November 2015 revisions. More ›

How Much Is Too Much? Oral Arguments in Much Anticipated CFPB Funding Case Leave Justices Wondering

Early in October, the Supreme Court heard oral arguments in Consumer Financial Protection Bureau v. Community Financial Services Association of America Ltd (CFPB v. CFSA). The appeal stems from a 2021 Western District of Texas ruling upholding the Payday Lending rule and the CFPB's funding structure, which the Fifth Circuit Court of Appeals later partially reversed. The Fifth Circuit held the CFPB's entire funding structure unconstitutional because "Congress's cession of its power of the purse to the Bureau violates the Appropriations Clause and the Constitution's underlying structural separation of powers[,]" and thereby vacated the Pay Day Lending Rule. More ›

CFPB Rescinds RESPA Compliance and Marketing Services Agreements Bulletin, Provides Clarity on RESPA Fee Prohibition in FAQs

The Consumer Financial Protection Bureau (CFPB ) rescinded Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements on October 7, 2020, stating that the bulletin did not provide the regulatory clarity necessary for compliance with the Real Estate Settlement Procedures Act (RESPA) and Regulation X. The CFPB also issued frequently asked questions (FAQs) to clarify when marketing services agreements (MSAs) are acceptable under RESPA. More ›

CFPB Issues New Mortgage Servicer Guidelines for Transferring Loans to a New Servicer

The Consumer Financial Protection Bureau (CFPB) recently published compliance guidance—effective immediately—on the handling of information and documents during the transfer of a mortgage loan to a new servicer. Following related guidance issued in 2014 on these mortgage servicer transfers, CFPB supervisory examiners have continued to document weaknesses in servicer compliance management systems and violations of Regulation X, including inadequate policies and procedures for transferring loan information and documents in a timely and accurate manner that ensures uninterrupted continuation of required servicing functions. More ›

CFPB Relaxes Enforcement of FCRA in the Wake of Coronavirus Crisis But Furnishers' Obligations to Consumers Remain Unchanged

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in response to the continuing threat posed by the coronavirus (COVID-19) pandemic. Among other provisions, the CARES Act amends the Fair Credit Reporting Act (FCRA) with the intent to stop adverse credit reporting during the period of national emergency related to the coronavirus crisis. Despite this, furnishers should be aware that their procedures for responding to consumer disputes during the crisis period should not be relaxed. More ›

Governors of California and New York Announce Enhanced Consumer Protection Agendas for 2020

The Governors of California and New York have announced 2020 policy agendas that aim to expand consumer protections in response to what they describe as federal inaction, roll backs, and failures. We explore these proposed changes in detail below. More ›

Consumer Law Regulatory Insights: CFPB Symposia Series Discusses How Behavioral Economics Can Inform Regulatory Action

On September 19, 2019, the Consumer Financial Protection Bureau (Bureau) hosted the second in a series of scheduled symposia. After the first symposium, we evaluated the panel discussions that focused on the term "abusive" and whether the Bureau should disclose parameters surrounding its interpretation of the term. The September 19 symposium addressed how behavioral law and economics can inform regulatory action. The discussion consisted of two panels: first, an academic discussion of behavioral economics, while a second panel discussed how behavioral economics can inform regulatory action, or lack thereof, in the consumer financial services field. More ›