CFPB Files Complaint Against Online Lender Alleging MLA Violations

On September 29, 2002, the Consumer Financial Protection Bureau (“CFPB”) filed a complaint against online lender MoneyLion Technologies, Inc, and several dozen of its subsidiaries (collectively, “MoneyLion”), alleging violations of the Military Lending Act (“MLA).  The complaint alleges that MoneyLion (i) overcharged servicemember and their dependents by imposing fees that, together with stated interest rates, exceeded the MLA’s 36% Military Annual Percentage Rate (“MAPR”), (ii) failed to provide required disclosures, and (iii) included arbitration clauses prohibited by the MLA.

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CFPB Focuses on Student Loans — Especially Those Made by Schools — in Latest Supervisory Highlights

On September 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights, focusing on student loan servicing. The report contained findings on federal student loan servicing that echo many recent public comments by the Bureau, but more notably, this edition of Supervisory Highlights also focused heavily on loans made by schools themselves, and the CFPB simultaneously announced that it was updating its examination manual and would be conducting examinations of schools that make their own loans to students.

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3 Ways to Prepare for Ramped-up FCRA Scrutiny

It’s clear: the CFPB is using the FCRA to advance its agenda. The Bureau wants to create a consumer-friendly credit reporting precedent and it is using FCRA-related lawsuits and enforcement actions to get it.

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CFPB Rescinds No-Action Letter and Compliance Assistance Sandbox Policies

The CFPB, in a notice published in the Federal Register on September 27, 2022, announced that it was rescinding its No-Action Letter and Compliance Assistance Sandbox policies (Policies).  The rescission was effective on September 30, 2022.

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Vital and Worthless: How Indemnity Clauses Mean Everything and Nothing to the TCPAWorld All at the Same Time

Hi all, Chris Deatherage here, the newly-deemed Duke of the TCPAWorld. A lot of you folks know me from the industry, but don’t worry I’m not going to bore you with my background or life story. Instead, I’m going to bore you with the following disclaimer:

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Proposed Legislation Would Allow Furnishing Utility and Phone Bills to Credit Reporting Agencies

On September 26, Representative French Hill (R-AR) introduced new legislation, H.R. 8985, also known as the Credit Access and Inclusion Act of 2022, to amend the Fair Credit Reporting Act and allow payment information for utility bills and phone payments to be furnished to credit reporting agencies to help consumers raise their credit scores. This is an effort to address an issue highlighted by the CFPB Office of Research that estimated 26 million Americans are “credit invisible,” meaning they do not have a credit history with any of the three national credit reporting agencies.

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How to Launch an Omnichannel Collection Strategy

16 November 2022 at 02:00 p.m.

As the number of channels consumers use increases, an omnichannel collections strategy is now a necessity, not a luxury. But launching a real omnichannel strategy can be difficult, especially if you’re new to digital collections.

There are complications, like adding new technology to support your strategy, understanding the regulations for each contact method, and creating a tailor-made plan to contact consumers based on their preferences.

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