Consumer Financial Protection Bureau Law Blog
Subscribe to this blog's feed
Follow us on TwitterTopics
- Auto Finance
- CFPB
- CFPB Enforcement Actions
- CFPB Rulemaking
- Class Actions
- Credit Cards
- Credit Reporting
- Debt Collection
- Dodd-Frank
- ECOA
- Fair Debt Collection Practices Act
- Fair Lending
- Fannie Mae
- FDIC
- Federal Housing Administration
- Foreclosures
- Freddie Mac
- HOEPA
- Insurance Coverage
- MERS
- Mortgage Servicing
- Mortgages
- Office of Comptroller of Currency
- Pay Day Lending
- Preemption
- Privacy
- Real Estate Settlement Procedures Act
- Reverse Mortgages
- State Consumer Protection Laws
- Student Loans
- Truth In Lending Act
- Unfair and Deceptive Practices
- Uniform Commercial Code
Recent Updates
- CFPB Publishes Two More Small Entity Compliance Guides
- Lessons from CFPB’s First “Abusive Practices” Enforcement Action: Few Lessons for the Consumer Financial Services Industry
- CFPB Validates Uniform State Test for Mortgage Loan Originators For SAFE Act
- CFPB Releases First Round of Updates to Exam Procedures Covering New Mortgage Regulations
- Not-So-Shocking News: Washington, D.C. Residents Complain A Lot About Their Consumer Financial Products, Says CFPB
- CFPB and State Regulators Announce Non-Binding Framework for Supervision and Enforcement Coordination-- Can CFPB Deliver On Promise To Reduce Regulatory Burdens?
- Reid Puts Off Cordray Nomination Vote Until Late Summer--Is He Arming The Nuclear Option?
- Senate Vote on Cordray Nomination Expected Next Week: Anyone Holding Their Breath?
- Get Out the Popcorn (and an Energy Drink): The CFPB Releases Videos On New Mortgage Rules
- CFPB Proposes Delay in Implementing Rule Against Financing of Certain Credit Insurance on Mortgage Loans
Editors
Contributors
Showing 7 posts in Fair Debt Collection Practices Act.
Supreme Court Rejects CFPB Position and Holds That Prevailing Defendants May Recover Costs in FDCPA Actions Not Filed in Bad Faith
In a 7-2 vote, the Supreme Court held that a prevailing defendant in a Fair Debt Collection Practices Act (FDCPA) suit may be awarded costs even where the lawsuit was not brought in bad faith and for the purpose of harassment. Section 1692k(a)(3) of the FDCPA limits a court’s authority to award costs to cases where a defendant proves that the plaintiff filed the suit in bad faith and for the purpose of harassment In Marx v. General Revenue Corporation, --- S. Ct. ---, 2013 WL 673254 (February 26, 2013), the Supreme Court ruled that this limitation does not affect a court’s ability to award of costs under Rule 54(d) of the Federal Rules of Civil Procedure. This ruling is good news for defendants of FDCPA claims because it permits them to seek costs under the Federal Rules of Civil Procedure without meeting the high burden of proving bad faith and harassment. Read More ›
CFPB Investigates Banks for Violations of Consumer Protection Laws
The Consumer Financial Protection Bureau (“CFPB”) has initiated investigations into the practices of various financial institutions. According to director Richard Cordray (“Cordray”), the CFPB is currently searching for violations of consumer protection laws by banks and non-banks alike. Since the CFPB’s inception in July 2011, the CFPB has enlisted examiners to probe for violations at banks and other financial companies, such as payday lenders. Read More ›
Court Grants Preliminary Injunction That Prevents CFPB From Enforcing TILA Rules on Credit Card Fees
A federal district court in First Premier Bank v. U.S. Consumer Financial Protection Bureau (D.S.D.) granted a preliminary injunction to First Premier Bank (“Premier”) to block the CFPB’s enforcement of an amendment to Regulation Z, which would narrow the scope of fees credit card companies can impose on the type of cards typically offered to subprime borrowers. The injunction, based in part on the finding that the Federal Reserve Board (“FRB”) had exceeded its authority, prevents the CFPB from enforcing the amendment until a final decision is made in the case. Read More ›
Senate Committee Approves Cordray to Head Consumer Financial Protection Bureau
The Senate Banking Committee voted 12-10 to approve Richard Cordray’s nomination to be the first director of the CFPB. Cordray is a former Ohio attorney general who currently leads the Bureau’s enforcement division. The committee voted along party lines, with no Republican committee member voting to approve the nomination. Cordray’s nomination now proceeds to the full Senate for a vote. Read More ›
Date Calls for Greater Transparency in Checking Account Fees
On the heels of Bank of America’s announcement that it will impose a monthly fee on debit card users, the Consumer Financial Protection Bureau (“CFPB”) has signaled that it will work toward increasing transparency regarding checking account fees and might require more simplified checking account disclosures. Raj Date, special advisor to the Secretary of the Treasury on the CFPB, recently issued a statement noting that “checking accounts often come with a wide variety of unexpected costs that can quickly add up for consumers.” Read More ›
CFPB Drafting Qualified Mortgage Regulations in Hopes of Expanding Mortgage Loan Originations
The CFPB is currently drafting regulations that define the requirements of a Qualified Mortgage (“QM”) and the benefits to lenders whose loans fall within the QM parameters. Recognizing that “[t]here can be little or no access to credit unless suppliers of capital are willing to finance home mortgages,” Patricia McCoy, the CFPB’s assistant director for mortgage markets, is appreciative of the hundreds of extremely thoughtful comment letters received that will inform this “critical and difficult rulemaking.” Read More ›
CFPB Releases Mortgage Servicing Examination Procedures and Manual
The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced its initial approach to supervising mortgage servicers. Specifically, the Bureau released its Mortgage Servicing Examination Procedures (the “Procedures”), along with its CFPB Supervision and Examination Manual (the “Manual”). The devotion of CFPB resources to servicer regulation was foreshadowed by a speech from Raj Date, special advisor to the Secretary of the Treasury, on September 20, 2011. The CFPB, of course, was the brainchild of Professor Elizabeth Warren, who argued in a November 2008 law review article for the creation of a “single, highly motivated federal regulator” to police mortgage servicing activity. The Manual and the Procedures constitute the CFPB’s first broad attempt to implement that vision. Read More ›