The Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would allow the Bureau to share confidential supervisory information with state attorneys general and other agencies that do not have supervisory jurisdiction over CFPB-regulated institutions.
The U.S. Court of Appeals for the Fourth Circuit has ruled that filing proofs of claim in a Chapter 13 bankruptcy for time-barred debts does not violate the Fair Debt Collection Practices Act (FDCPA) where state law preserves the right to collect on the debt.
In an interesting legal twist, a U.S. District Court Judge in Las Vegas has allowed a debt collection company facing a consumer lawsuit to buy that lawsuit and then successfully petition the court to have the suit dismissed.
The U.S. Court of Appeals for the Seventh Circuit recently ruled that filing a proof of claim with a bankruptcy court for a time-barred debt is not a violation of the Fair Debt Collection Practices Act (FDCPA).
The Federal Deposit Insurance Corporation (FDIC) has issued new proposed examination guidance for bank compliance when engaged in lending through third parties. The new proposal would apply to all banks engaged in “any lending arrangement that relies on a third party to perform a significant aspect of the lending process” as well as institutions seeking to originate loans with banks.
The U.S. District Court for the Southern District of California has dismissed a suit alleging a violation of the Telephone Consumer Protection Act (TCPA) by a bank that made unwanted autodial calls to a plaintiff’s cell phone, ruling that the plaintiff did not show sufficient “concrete injury” to confer standing under the U.S. Supreme Court case of Spokeo v. Robins.
The Consumer Financial Protection Bureau (CFPB) announced on July 28, 2016, that it is considering proposals to overhaul the debt collection industry that would include the following measures:
Substantiation of the debt prior to contact. Debt collectors would be required to substantiate a debt prior to making any contact with a consumer to ensure they have sufficient information, including the debtor’s full name, address, phone number, account number, default date, amount owed and any payments made following the default date.
On August 8, 2016, the U.S. Court of Appeals for the Ninth Circuit ruled that a voicemail message left by a debt collector that did not specifically state, “This communication is from a debt collector,” did not violate the Fair Debt Collection Practices Act (FDCPA).
In a case of first impression, the U.S. Court of Appeals for the Ninth Circuit has ruled that when multiple debt collectors have attempted to collect on the same debt, each debt collector must send a verification notice.