Last month, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on the attempted enforcement of time-barred alleged debt collection rights as to second mortgage loans. It is a violation of the Fair Debt Collection Practices Act (FDCPA) and its implementing Regulation F to sue or threaten to sue on a time-barred debt, including mortgage loans.
The Federal Trade Commission is sending payments totaling more than $3.3 million to consumers who were harmed by Arete Financial Group, a student loan debt relief operation that tricked consumers into making illegal upfront payments by pretending to be affiliated with the U.S. Department of Education and falsely promising student loan debt relief. In reality, the scammers pocketed customers’ payments and never provided the promised relief.
Consumer Financial Protection Bureau Director Rohit Chopra on Tuesday defended the agency’s proposal to lower credit card late fees against criticism from Republicans at a Senate Banking hearing.
On May 9, New York State Department of Financial Services (DFS or the Department) Superintendent Adrienne A. Harris issued proposed guidance to clarify the DFS’s updated expectations regarding the review and assessment of the character and fitness of directors and senior officers (Proposed Guidance).1
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement on the publication of the Office of the Comptroller of the Currency’s (OCC) Semiannual Risk Perspective Spring 2023 report.
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