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Tag Archives: Fair Debt Collection Practices Act (FDCPA)

CFPB Proposes New Rules to Modernize Debt Collection

Posted in CFPB, Regulatory Developments

On May 7, 2019, the Consumer Financial Protection Bureau (CFPB) issued proposed rules (“Proposed Rules”) under the Fair Debt Collection Practices Act (FDCPA) and its authority under the Dodd-Frank Act. If finalized, the Proposed Rules will be the first substantive regulations for debt collection practices since the FDCPA was enacted in 1977. The Proposed Rules would clarify the… Read More

Unanimous but Narrow SCOTUS Ruling on Fair Debt Collection Practices Act

Posted in Foreclosure, Mortgage, Regulatory Developments

On March 20, 2019, the Supreme Court unanimously ruled in Obduskey v. McCarthy & Holthus LLP that a business engaged in non-judicial foreclosure is not subject to all of the requirements and prohibitions applicable to “debt collectors” under the Fair Debt Collections Practices Act. We discuss The Supreme Court’s decision and how this ruling is… Read More

CFPB Wins MTD, But Loses on Scienter Standard for Aiding-and-Abetting Claims

Posted in CFPB, Enforcement Actions

A federal judge has rejected the CFPB’s argument that the CFPA should incorporate a lower standard for “recklessness” than that to secondary liability under the Securities and Exchange Act of 1934 (“SEC Act”). On September 1, 2015, in one of the first decisions substantively interpreting standards for aiding and abetting under the CFPA, Consumer Financial… Read More

CFPB Issues Final Rule Regarding Nonbank Auto Finance Companies – Vespa Dealers Breathe Sigh of Relief

Posted in CFPB, Fair Lending, UDAAP

Today the CFPB issued its long-awaited final rule regarding larger participants in the nonbank auto finance market that will allow the Bureau to supervise larger nonbank auto finance companies for the first time. The CFPB also released examination procedures that its examiners will use to ensure that auto finance companies are following the law. Currently,… Read More

You Better Watch Out, You Better Comply: Regulators Coming to Town (For First-Party Debt Collectors?)

Posted in CFPB, Regulatory Developments, UDAAP

New Yorkers filed over 20,000 complaints concerning debt collectors this year, according to New York Governor Andrew Cuomo, who earlier this month announced new measures to crack down on abusive and deceptive debt collection practices.  The substance of these complaints ranged from harassment over the phone, to attempts to collect an incorrect amount of money,… Read More