In a significant move to protect consumers, the Federal Trade Commission (FTC) has taken action against a fraudulent student loan debt relief scheme that deceived people out of over $20.3 million. This marks the first case under the FTC’s new Impersonation Rule.  What Happened?  A federal court has temporarily stopped the fraudulent operation and frozen its assets. The FTC’s complaint states that the company involved falsely claimed to be affiliated […]

The Consumer Financial Protection Bureau (CFPB) is inviting public input on a proposed amendment to Regulation V, which enforces the Fair Credit Reporting Act (FCRA). This amendment focuses on medical information in credit reports and aims to enhance consumer protection regarding medical debt.  Key Changes in the Proposed Rule  The CFPB is looking to eliminate a current regulatory exception that allows creditors to obtain or use medical debt information when […]

Several years ago, the Consumer Financial Protection Bureau (CFPB) took a big step to protect consumers from unfair and abusive practices in the payday and installment lending industry. After a thorough review of the market, the CFPB discovered a troubling trend: lenders repeatedly attempting to withdraw money from consumers’ accounts even after the accounts were empty. One particularly shocking example revealed a lender making 11 failed withdrawal attempts in a […]

In a notable move to ease the pressures of medical debt and protect consumers’ financial well-being, the Consumer Financial Protection Bureau (CFPB) has introduced a proposal. This proposal aims to update credit reporting practices by removing medical bills from most credit reports, enhancing privacy protections, improving credit scores and loan approvals, and curbing coercive debt collection tactics. The Need for Change  Medical bills have long been a challenge in the […]

The Consumer Financial Protection Bureau (CFPB) has issued its final rule requiring nonbank entities, including debt collectors, to register with the bureau when they are subject to local, state, or federal court or agency enforcement actions.  Debt collection companies that bring in more than $10 million annually are considered a nonbank entity.  This substantial move to enhance consumer protection involves the creation and maintenance of a registry to collect information […]

The Federal Trade Commission (FTC) has recently submitted its annual report to the Consumer Financial Protection Bureau (CFPB), detailing its enforcement and related activities for 2023. This report covers the FTC’s efforts under the Truth in Lending Act (TILA), the Consumer Leasing Act (CLA), and the Electronic Fund Transfer Act (EFTA), reflecting the changes instituted by the Dodd-Frank Act.  Signed into law on July 21, 2010, the Dodd-Frank Act significantly […]