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On November 18, the plaintiff trade groups in Community Financial Services Association of America, Ltd.(CFSA) v. Consumer Financial Protection Bureau (CFPB) filed an Opposed Motion for Clarification of Stay Pending Appeal asking the U.S. Court of Appeals for the Fifth Circuit to clarify that its stay of the compliance date for the CFPB’s payday loan rule extends until the time for filing a new petition for certiorari with the Supreme Court has expired or, if the petition is filed, until the Supreme Court finally disposes of the case.

On November 14, 2024, the United States Court for the District of Arizona dismissed a pro se litigant’s claims against Sun West Mortgage Company, Inc. (Sun West) and Cody N. Crosier, foreclosure counsel for Sun West (collectively, Defendants) for, inter alia, alleged violations of the Fair Debt Collections Practice Act (FDCPA), 15 U.S.C. § 1692 and the Truth in Lending Act (TILA), 15 U.S.C. § 1640(k). The court ruled that a third party could foreclose on a property after the original lender sold its interest in the promissory note and deed of trust associated with the property.

Join Chris Willis and his colleague Stefanie Jackman as they delve into the recent amendments to New York City's debt collection rules. In this episode of The Consumer Finance Podcast, they discuss the significant changes, including communication restrictions, validation requirements, and the expanded coverage to include creditors.

Scrubbing charged-off portfolios for bankrupt, deceased, and military accounts has long been the norm in collections. Implementing a scrub to identify consumers who are enrolled with debt settlement companies should be non-negotiable, too.

The Consumer Financial Protection Bureau (CFPB) has finalized a rule to oversee the largest nonbank companies offering digital payment and wallet services. This rule targets companies handling over 50 million transactions annually, ensuring they adhere to federal laws similar to those governing banks, credit unions, and other financial institutions under CFPB supervision. Collectively, the apps covered by this rule process more than 13 billion consumer transactions each year.