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California DFPI Issues Invitation for Comments for CCFPL Rulemaking

by Laszlo Ladi, Jr. |

On February 4, 2021, the California Department of Financial Protection and Innovation (formerly DBO) issued an invitation for comments from stakeholders for rulemaking under the California Consumer Financial Protection Law (CCFPL), which became effective January 1, 2021. As previously discussed, for “covered persons” the CCFPL includes a broad list of prohibited conduct, including engaging in “unlawful, unfair, deceptive, or abusive… Read More

California’s DFPI Begins to Use its New Powers and Hire New Staff

by Laszlo Ladi, Jr. |

We previously posted about California’s new Department of Financial Protection and Innovation (“DFPI”) (formerly Department of Business Oversight) and some of its new powers to regulate debt collectors and other financial institutions under the Debt Collection Licensing Act and California Consumer Financial Protection Law (“CFPL”) (also known as the mini-CFPB). Both laws took effect on January 1, 2021. While the… Read More

CFPB Issues Small Entity Compliance Guide for October 2020 Debt Collection Rule

by Laszlo Ladi, Jr. |

On January 15, 2021, the Consumer Finance Protection Bureau (CFPB) issued a small entity compliance guide summarizing the October 2020 debt collection rule. The small entity compliance guide is available here. Earlier, the October 2020 debt collection rule amended Regulation F to implement most of the Fair Debt Collection Practices Act’s (FDCPA), including, among other things, communications in connection with… Read More

District Court (D.C.) Says CFPB’s Pre-Paid Card Rule Exceeded Authority

by Scott J. Hyman |

In Paypal, Inc. v. Consumer Fin. Prot. Bureau, No. 19-3700 (RJL), 2020 U.S. Dist. LEXIS 244761 (D.D.C. Dec. 30, 2020), Judge Leon held that the CFPB’s Pre-Paid Card Rule exceeded the CFPB’s authority because Congress neither authorized it to require mandatory short forms nor permitted it to create a substantive restriction on a consumer's access to and use of credit under… Read More

CFPB Issues December 2020 Debt Collection Final Rule

by Laszlo Ladi, Jr. |

On the heels of the October 2020 Debt Collection Final Rule issued by the Consumer Finance Protection Bureau (CFPB), on December 18, 2020, the CFPB issued an additional final rule implementing the Fair Debt Collection Practices Act. The December 2020 final rule and an executive summary are available here: https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/debt-collection/. The December 2020 final rule primarily addresses the (1) requirements… Read More

California’s New DFPI Provides Additional Details About Upcoming Rulemaking During CCFPL and DCLA “Listening Session”

by Laszlo Ladi, Jr. |

During a telephone conference call on December 8 labeled as a “listening session,” California’s newly renamed DFPI (formerly DBO) provided additional details about its upcoming plans for rulemaking related to the California Consumer Financial Protection Law (AB 1864, aka the mini-CFPB) and related to the Debt Collectors License Act (SB 908). Similar to what was discussed during the first such… Read More

4th Cir. Offers Grist for Hobbs Rule Geeks; Says FCC’s Fax Rule Was Interpretive Rule After SCOTUS Decision; Remands to District Court to Determine Whether to Give “Great Respect” or “Near Indifference” to Agency TCPA Rule

by Scott J. Hyman |

After SCOTUS punted on whether Chevron deference need be given to the FCC’s Fax Rule, so too did the 4th Cir. in Carlton & Harris Chiropractic v. Pdr Network, No. 16-2185, 2020 U.S. App. LEXIS 38073 (4th Cir. Dec. 7, 2020).  First, the Court of Appeals held that the Rule was interpretive and not legislative since the FCC had not… Read More

Two District Courts Hold that the CFPB Director Constitutionally Ratified CFPB Actions after the Selia Law Decision by SCOTUS

by Scott J. Hyman |

In Bureau of Consumer Fin. Prot. v. Fair Collections & Outsourcing, No. GJH-19-2817, 2020 U.S. Dist. LEXIS 223797, at *14-21 (D. Md. Nov. 30, 2020), Judge Hazel found constitutional ratification after SCOTUS' decision in Seila Law v. CFPB, 140 S.Ct. 2183 (2020). The Court next turns to a question left unanswered by Seila Law: whether the current CFPB Director properly… Read More

CFPB Issues Final Debt Collection Rule

by Scott J. Hyman |

The CFPB has issued its Final Debt Collection rule:  https://www.consumerfinance.gov/policy-compliance/guidance/other-applicable-requirements/debt-collection/ The CFPB's Executive Summary is here:  https://files.consumerfinance.gov/f/documents/cfpb_october_2020_debt_collection_executive_summary.pdf We are reviewing the new Final Rule, and will be publishing period updates.  Stay tuned! Read More

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