Search Results: Lender Law

California Regulator Opens Licensing Application For Debt Collectors

Debt collectors operating in California may now submit applications for licensure by the Department of Financial Protection and Innovation (DFPI) in compliance with the state’s newly enacted Debt Collection Licensing Act (DCLA). On September 1, 2021, the DFPI announced that it opened its license application for all debt collectors in…

Read More

Supreme Court Reinforces Limits on Federal Court Standing, But Important Questions Remain

On June 25, 2021, the U.S. Supreme Court decided TransUnion LLC v. Ramirez, revisiting some of the Article III standing principles it had set forth in Spokeo, Inc. v. Robins, 578 U.S. 330 (2016), and addressing their application to Rule 23 class actions.  Keith Levenberg discusses this decision and its…

Read More

OCC Proposes Rescinding 2020 Amendments to CRA Regulation; Coordinated Agency Regulations Coming

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (OCC) released an interagency statement on July 20, 2021 that all three agencies will act together to revise their regulations implementing the Community Reinvestment Act (CRA).  The OCC also…

Read More

CFPB Issues Consent Order Against Fintech for Enabling Merchants to Secure Loans for Consumers Without Their Authorization

On July 12, 2021, the Consumer Financial Protection Bureau (CFPB) issued a consent order (the Consent Order) against a Fintech company that facilitates home improvement loans (the Fintech).  The CFPB claims that the Fintech enabled “contractors and other merchants to take out loans on behalf of thousands of consumers who…

Read More

CFPB Finalizes Amendments to Regulation X to Protect Borrowers Against Forthcoming Increase In COVID-19 Foreclosures

On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the implementing regulation of the Real Estate Settlement Procedures Act (RESPA), Regulation X, which would establish temporary protections for mortgage borrowers as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and various Federal and State…

Read More

Seventh Circuit Yet Again Reaffirms Spokeo Principle That Bare FDCPA Violation Is Not Actionable

On May 14, 2021, the Seventh Circuit United States Court of Appeals issued a decision reaffirming the rule from “a slew of cases” that, without injury, a Fair Debt Collection Practices Act (FDCPA) claim alleging a bare procedural violation is not actionable.  The case—Markakos v. Medicredi, Inc., No. 20-2351—involved an…

Read More

CFPB Sends Notification Letters to Landlords Regarding COVID-19 Evictions

On May 3, 2021, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) sent notification letters reminding the nation’s largest apartment landlords of federal protections in place to keep tenants in their homes and stop the spread of COVID-19.   The Notification Letter points to the Centers for Disease…

Read More

CFPB Seeks to Hold Mortgage Servicers Accountable, and Establish New Mechanisms for Protecting Borrowers, Against Forthcoming Increase In COVID-19 Foreclosures

This month the Consumer Financial Protection Bureau (CFPB) doubled-down on its earlier warning that the end of 2021 could see widespread foreclosures as COVID-19-related protections expire, by issuing guidance to mortgage servicers, and a notice of proposed rulemaking, regarding actions mortgage servicers can take to deal with the onslaught.  On…

Read More

CFPB Releases Annual Report on Administration of the Fair Debt Collection Practices Act

On March 19, 2021, the Consumer Financial Protection Bureau (CFPB) released its annual report to Congress regarding its administration of the Fair Debt Collection Practices Act (FDCPA).  The CFPB and the Federal Trade Commission (FTC) share government enforcement responsibility for the FDCPA, and work together to coordinate their respective efforts…

Read More

CFPB to Delay, Revisit Qualified Mortgage Rules

The Consumer Financial Protection Bureau (CFPB) issued a statement on February 23, 2021 addressing compliance deadlines associated with qualified mortgage regulations completed under former Director Kathleen Kraninger.  In its statement, the CFPB said that it may amend or revoke the Seasoned Qualified Mortgage (QM) Final Rule and expects to issue…

Read More