The CFPB charged the largest debt collectors in the United States with violations of the Consumer Financial Protection Act and the Fair Debt Collection Practices Act.
News & Insights
The Consumer Financial Protection Bureau ("CFPB") stated that it expects to issue proposed rules in January 2019 aimed at (i) amending the Payday, Vehicle Title, and Certain High-Cost Installment Loans rule and (ii) delaying the rule's compliance date. The CFPB clarified that it is currently planning to revisit only the ability-to-repay provisions and not the payments provisions.
The Consumer Financial Protection Bureau and the Federal Trade Commission highlighted efforts to stop improper debt collection practices.
A bipartisan group of congressional representatives introduced a resolution to overturn the Consumer Financial Protection Bureau's "Payday, Vehicle Title, and Certain High-Cost Installment Loans" rule.
The Office of the Comptroller of the Currency rescinded previously issued guidance concerning deposit advance products.