Fifth Circuit Finds CFPB Funding Structure Unconstitutional

By Stefanie Jackman, James Kim, Chris Willis, David N. Anthony & Jeremy Rosenblum POSTED IN ALL ENTRIES, CONSUMER FINANCIAL PROTECTION BUREAU (CFPB), STATE ATTORNEYS GENERAL, CFPB + FTC In a major decision released October 19, a three-judge panel of the Fifth Circuit Court of Appeals found the funding mechanism for the Consumer Financial Protection Bureau (CFPB or Bureau) to be unconstitutional. Specifically, the court in Community Financial… View ArticleOriginal Article

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CFPB Takes Action To Address Junk Data In Credit Reports

Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. Companies need to take steps to reliably detect and remove inconsistent or impossible information from consumers’ credit profiles. For example, many children in… View ArticleOriginal Article

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87% Of U.S. Landline Calls Are Unwanted

HANOVER, N.H., Oct. 20, 2022 /PRNewswire/ — According to the FCC: “Unwanted calls – including illegal and spoofed robocalls – are the FCC’s top consumer complaint and our top consumer protection priority.” Yet despite this prioritization, the 100 million Americans with landline phones received over 5 billion unwanted calls in September 2022. This represents an… View ArticleOriginal Article

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U.S. FTC votes to strengthen rules against fake online reviews and hidden fees

WASHINGTON (Reuters) – A U.S. agency voted on Thursday to begin making rules to crack down on deceptive marketing practices such as fake online reviews and excessive hidden fees also known as “junk fees” The Federal Trade Commission (FTC) also voted to begin the process of modernizing rules governing the funeral industry to help grieving… View ArticleOriginal Article

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The Fifth Circuit’s Decision Finding The CFPB Is Unconstitutional And Overturning Its Payday Lending Rule Is Legally Defective

WASHINGTON, D.C.— Dennis Kelleher, Cofounder, President and CEO, issued the following statement in response to the recent decision by the U.S. Court of Appeals for the Fifth Circuit in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau: “A three-judge panel of the U.S. Court of Appeals for the Fifth Circuit found… View ArticleOriginal Article

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CFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M (UPDATED)

The CFPB, Fed, and OCC have announced that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2023 through December 31, 2023, these exemption thresholds are increased as follows: Smaller loans exempt from the appraisal requirement for “higher-priced mortgage loans” are increased from $28,500 to $31,000. Consumer credit… View ArticleOriginal Article

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Elizabeth Warren among senators looking to crack down on ‘junk fees’ from remittance providers

By Emily Bary Exclusive: Group of senators sends letter to CFPB director Wednesday saying that some remittance companies inflate the exchange rates they quote consumers while claiming to be ‘no-fee’ A group of senators that includes Elizabeth Warren is asking the Consumer Financial Protection Bureau to take a tougher tack on companies that facilitate remittance… View ArticleOriginal Article

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Debt Collection Tips For Law Firms

Thursday, October 20, 2022 Most law firms provide services with the expectation of being paid once those services are completed. This compensation model is common, but it can lead to issues with unpaid invoices and other related legal debt collection issues. Accounts receivable represents outstanding revenue for legal services that have been invoiced but not… View ArticleOriginal Article

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8 updates on medical debt

Here eight study findings, legislative and other actions regarding medical debt Becker’s has reported on since Sept. 28: 1. New Mexico hospital sued over alleged illegal debt collections Las Cruces, N.M.-based Mountain View Regional Medical Center is facing a class-action lawsuit alleging the hospital sued hundreds of patients over unpaid medical bills who should have been… View ArticleOriginal Article

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