[author: Samantha Becci]
On May 17, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it has entered into a stipulated judgment and order to resolve a civil action that it previously filed against a debt settlement company in the U.S. District Court for the District of Massachusetts on December 1, 2020, as previously reported here.
The CFPB initially filed suit against the debt settlement company alleging violations of the Telemarketing Sales Rule (TSR), 16 C.F.R. pt. 310, and the Consumer Financial Protection Act of 2010 (CFPA), 12 U.S.C. §§ 5531, 5536(a). The stipulated order would enjoin the company from requesting certain advance fees in violation of the TSR, from using or obtaining credit reports except as provided for by the Fair Credit Reporting Act (FCRA), and from misrepresenting its company or the circumstances under which the company may request fees.
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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory announcements, recap key enforcement actions, and preview upcoming deadlines and events. We also include links to our articles, blogs, and webinars with more analysis in these areas. We understand that keeping on top of the rapidly evolving regulatory landscape is more important than ever for businesses seeking to offer new and ground-breaking technologies.
Regulatory Announcements
[co-author: Michael Buckalew]
Since the California Department of Protection and Financial Innovation s (DFPI) formal establishment at the beginning of this year, a number of issues have come into focus as key agency priorities. Among these, debt collection is one of the highest priority issues for the new department which has been busy to that end. Here, we highlight the DFPI s recent debt collection-focused public statements and materials related to legislation and rulemakings, COVID-19 protections, and enforcement actions.
Legislation and Rulemakings
Last year, California passed two pieces of legislation establishing procedures for the licensing, regulation, and oversight of debt collectors: the California Consumer Protection Law (CCFPL) and the Debt Collection Licensing Act (DCLA). The CCFPL went into effect on January 1, 2021. The DCLA s debt collector licensing obligation and the DFPI Commissioner s enforcement authority over debt collectors in California will not take effect
On May 17, 2021, the Consumer Financial Protection Bureau (“CFPB”) announced that it entered into a proposed settlement of its lawsuit filed in a Massachusetts federal district court.
To embed, copy and paste the code into your website or blog:
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory announcements, recap key enforcement actions, and preview upcoming deadlines and events. We also include links to our articles, blogs, and webinars with more analysis in these areas. We understand that keeping on top of the rapidly evolving regulatory landscape is more important than ever for businesses seeking to offer new and ground-breaking technologies.
Regulatory Announcements