On October 17, 2018, the CFPB announced that it plans to issue a Notice of Proposed Rulemaking (NPRM) for the Fair Debt Collection Practices Act (FDCPA) this spring; the NPRM will likely have a dramatic impact on collection practices for debt collectors. But, what affect, if any, will it have on first-party creditors? What other regulatory concerns related to debt collection should my bank be aware of?
How many banks have been sued under the ADA in federal court in 2019?
When our tellers are unsure about a check drawn on another bank by an unfamiliar business, they usually try to verify the check by phone before accepting it for deposit. They are frequently told by the issuing bank that the bank doesn’t verify checks. Is it OK to place a “reasonable doubt” hold on these unverified checks”?
In its $28.5 million settlement with Navy Federal Credit Union (NFCU), the Consumer Financial Protection Bureau (CFPB) stated that NFCU's collection letters contained material misrepresentations – or unfair or deceptive abusive acts or practices – that were likely to mislead consumers; how did NFCU's templates violate UDAAP?
Do we have to give paper checks and paper statements on bankruptcy accounts?