Sean Ruff

Sep 17, 2024 | jdsupra.com | Jasmine Banks |Obrea Poindexter |Sean Ruff

On September 5, 2024, the Consumer Financial Protection Bureau (CFPB) released its annual report on debt collection, drawing attention to a range of activities with respect to medical and rental debt collection that the CFPB describes as “aggressive” and “illegal.” The report underscores the CFPB’s continued focus on consumer debt collection practices – specifically those that relate to the collection of medical and rental debt, which the report labels as “consistent collections problems”...

Nov 17, 2023 | mondaq.com | Sean Ruff |Obrea Poindexter |Michelle Rogers |Adam J. Fleisher

On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (proposed rule) that would allow it to supervise digital wallet and payment app providers deemed "larger participants." The proposed rule would apply to nonbank payments companies that offer digital wallets or person-to-person payments through mobile and web applications, process more than five million covered payment transactions per year and are not a "small business concern," as...

Sep 13, 2023 | mondaq.com | Adam J. Fleisher |Sean Ruff |Obrea Poindexter

Since the beginning of 2023, 12 states – Arkansas, Georgia, Hawaii, Indiana, Iowa, Minnesota, Nevada, New Hampshire, North Dakota, South Dakota, Tennessee and Texas – have passed legislation based, to varying degrees, on the Model Money Transmission Modernization Act (Model Act) developed by the Conference of State Bank Supervisors (CSBS), with input from a working group constituted of industry participants and regulators.

Aug 3, 2023 | mondaq.com | Obrea Poindexter |Sean Ruff |Michelle Rogers

On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued its Summer 2023 Supervisory Highlights describing key findings and violations identified during examinations conducted between July 2022 and March 2023. The findings cover a broad range of areas – including debt collection, deposits, fair lending, information technology, payday and small-dollar lending, remittances, auto origination and servicing, and mortgage origination and servicing.

Aug 3, 2023 | jdsupra.com | Obrea Poindexter |Michelle Rogers |Sean Ruff

On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued its Summer 2023 Supervisory Highlights describing key findings and violations identified during examinations conducted between July 2022 and March 2023. The findings cover a broad range of areas – including debt collection, deposits, fair lending, information technology, payday and small-dollar lending, remittances, auto origination and servicing, and mortgage origination and servicing.