Consumer Finance Monitor

In this podcast, Diego Zuluaga, a Cato Institute policy analyst, joins us for a discussion of the CRA's history, its effectiveness in increasing access to credit and addressing discrimination, the role of community groups, calls to expand CRA coverage to credit unions and fintech lenders, how regulators are approaching CRA reform, and creating a system of tradeable obligations to simplify compliance.

In this podcast, we team with Bridgeforce, a leading financial services consultancy, to discuss how companies can prepare their operations should the CFPB's proposed debt collection rule become final. We look at the operational approaches available to companies in implementing the rule and legal considerations raised by each, the need for an assessment of assets before selecting an approach and the role of legal advice, and the role of future planning.

In this podcast, we look at the opportunities for lenders to provide access to credit to "credit invisible" consumers through the use of AI underwriting tools. We discuss these consumers' characteristics, how AI can increase approval rates but not credit risk, risks of alternative data, the need for explainability of AI, and real world results from using AI.

Our podcast looks at challenges arising from the CFPB's proposal to allow debt collectors to leave a limited content phone message that would not violate the FDCPA's third party disclosure prohibition. In addition to the requirement for a collector to leave the name of a natural person for the consumer to contact, we discuss the proposal’s prohibition on leaving the collector's name, the CFPB's rationale, potential state law concerns, and implications for first party collections.

In this podcast, we discuss the FDIC's observations about its "most salient" consumer compliance exam findings during 2018, including issues relating to Overdraft Programs, Real Estate Settlement Procedures Act ("RESPA") Section 8, Regulation E, "Skip-A-Payment" or Deferment Loan Programs, and Lines of Credit.

In this podcast, we discuss in detail certain provisions of the CFPB's Proposed Debt Collection Rule that create the possibility of a collector providing disclosures to consumers by means of electronic communications. Among other things, we detail the scope, requirements and limitations related to such electronic communications, review the logistical challenges the Rule poses as to electronic communications and compare and contrast these requirements to those of the ESIGN Act.

In this podcast, Alan Kaplinsky, who leads our Consumer Financial Services Group, interviews Todd Zywicki, a Professor of Law at George Mason University and leading consumer finance expert, on the CFPB's authority to prohibit abusive conduct. Todd shares his views on what abusive means, how it differs from unfair or deceptive, what products or services can involve abusiveness, how the CFPB can best provide clarity, and the CFPB’s likely next steps in the wake of its symposium (at which Todd was a panelist

In this podcast, we look at the unique challenges that the CFPB's proposal may create for student loans. Our discussion focuses on how the proposal's call attempt limits, time/place limits for calls, texts, and e-mails, and special restrictions that apply to the aggregation of multiple student loans could impact communications with borrowers.

In this podcast, we focus on provisions of the proposed rules that are of particular interest to the mortgage industry. In addition to the special consumer definition, we look at the alternative content allowed in the validation notice and issues raised by the need to include the amount of the debt. We also highlight areas where additional CFPB guidance would be helpful.

In this podcast, we review what's in the proposed limits and examine the challenges they present for collectors, including the retroactive lookback for call attempts and successful contacts, the treatment of ringless calls, calls placed at the consumer's request, and the impact of call blocking technology. We also discuss the implications for first party collections and what collectors should be doing now to prepare to comply with the limits.

In this podcast, we discuss the CFPB's proposed requirement for a collector to communicate with a debtor before furnishing information about the debt to a consumer reporting agency and proposed prohibition on selling or transferring a debt that is the subject of an identity theft report. We also look at the challenges collectors would face in complying with both the proposed FDCPA dispute rules and the current FCRA dispute process and the proposal's implications for the credit reporting system.

In this podcast, we look at the changes to the FDCPA validation notice that the CFPB's proposed debt collection rules would make and discuss compliance challenges and other issues raised by the changes, including the requirement to itemize the debt, the dispute "tear-off" form, the option to provide Spanish and other foreign language translations of the notice, and electronic delivery of the notice.

Utah is now taking applications for its new regulatory sandbox program. In this podcast, we interview Rep. Marc Roberts, the sponsor of the bill that created the program, and Bryan Cowley, the Utah regulator who will oversee the program’s administration. Topics discussed include the bill’s history and objectives, implementation plans, reciprocity with other sandbox programs, the physical location requirement, confidentiality of applicant information, and liability exposure.

While directed at third party debt collectors, the CFPB's proposed rules, if adopted, would significantly impact creditors and their first party collection partners. In this podcast, we look at the actions the proposal would require creditors to take before assigning a debt for collection, what the proposal would mean for third party oversight, and how the CFPB or state regulators might apply the proposal directly to first party collections.

In this week's podcast, we take a close look at the CFPB payday loan rule's payment provisions that could become effective as early as this August if the current court stay is lifted. After reviewing the limits and disclosures mandated by the payment provisions, we explain why the provisions are deeply flawed and discuss the court stay's status and impact on lenders' implementation of the provisions.