APPEALS COURT ALLOWS CFPB ENFORCEMENT ACTION TO CONTINUE, BUT RAISES CONSTITUTIONAL QUESTIONS ABOUT HOW AGENCY IS FUNDED
- The Court of Appeals for the Fifth Circuit yesterday issued an en banc ruling, allowing the Consumer Financial Protection Bureau to continue an enforcement action against a payday lender that had been challenging the regulator’s constitutionality, while two separate opinions from judges on the panel say that the case against the lender should be dismissed.
CFPB SUPERVISORY HIGHLIGHTS REPORT SPOTLIGHTS ISSUES FOUND IN DEBT COLLECTION EXAMS
- The Consumer Financial Protection Bureau issued its latest Supervisory Highlights report yesterday, which offers violations uncovered by the regulator during supervisory exams that were conducted during the second half of 2021. The report spotlighted problem areas, including wrongful auto repossessions and failures to conduct reasonable investigations when consumers dispute debts, but also included violations related to the Fair Debt Collection Practices Act.
CLASS-ACTION COMPLAINT ACCUSES COLLECTOR OF LISTING WRONG VALIDATION DATE IN NOTICE
- A class-action complaint originally filed in state court in Florida has been removed to federal court at the request of the defendant, which is being sued for violating the Fair Debt Collection Practices Act for a number of alleged violations, including not providing a proper end of the validation period as required under Regulation F.
BILL INTRODUCED IN SENATE TO END STUDENT LOAN PAYMENT MORATORIUM, PROHIBIT DEBT CANCELLATION
- A bill has been introduced in the Senate that would prohibit President Biden from canceling outstanding federal student loan obligations due to a national emergency while also ending the current moratorium on federal student loan payments.
TJ44 AND PROVANA ESTABLISH COMPLIANCE ADVISORY
- Provana, provider of the industry’s first unified platform for compliance and performance management, today announced a strategic partnership with TJ44 Consulting LLC, a compliance consultancy founded by Tara Trantham, who was previously Chief Legal Officer and Chief Compliance Officer at Southern Management Corporation, in addition to General Counsel and Senior Vice President at World Acceptance Corporation (WRLD).
WORTH NOTING: Is Roe v. Wade about to be overturned? … Surprising facts about the world’s newest oldest person … Along with happening in town in which I grew up, an interesting story about workplace lottery pools … How employers can help workers who are suffering from long COVID … All the looks from yesterday’s Met Gala in New York … One economist on why he thinks consumers will continue to “do OK” as inflation rises … Are you part of the group of Americans who are now tipping less? … “Pet Day” deals from Amazon as it helps celebrate National Pet Month … Americans share their top financial priority.
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