NEW RULES ON TIME BARRED DEBT COLLECTION AND MORE

According to The Consumer Financial Protection Bureau (CFPB), two final rules issued under the Fair Debt Collection Practices Act (FDCPA) will take effect as planned, on November 30, 2021. And one of them deals with the attempted collection of old debts which would be subject to the statute of limitations.

At the CFPB website (emphasis supplied):

"Two final rules under the FDCPA will take effect in November. The first rule, issued in October 2020, focuses on debt collection communications and clarifies the FDCPA’s prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The second rule, issued in December 2020, clarifies disclosures debt collectors must provide to consumers at the beginning of collection communications. The second rule also prohibits debt collectors from suing or threatening to sue consumers on time-barred debt. Additionally, the second rule requires debt collectors to take specific steps to disclose the existence of a debt to consumers before reporting information about the debt to a consumer reporting agency."

HELP WITH RENT AND UTILITIES FOR ALL JURISDICTIONS

While the CDC did issue a new eviction moratorium on August 3, 2021, the Consumer Financial Protection Bureau (CFPB) debuted a new tool that helps renters and landlords look up rental assistance in their area and apply for assistance. The Rental Assistance Finder is designed to help tenants and landlords take advantage of emergency rental assistance that can be used to cover rent, utilities, and other housing costs, with the goal to keep people in their homes. 

The link can be found here: CFPB - Find help with rent and utilities

PREPAID CARDS

On October 3, the Consumer Financial Protection Bureau announced new regulations that will strengthen consumer protections for prepaid accounts and cards. Basically, the regulations provide users with consumer protections that are akin those offered to checking account holders.

The new rules are effective as of October 1, 2017.

To read the 1689 page announcement and rule, see http://files.consumerfinance.gov/f/documents/20161005_cfpb_Final_Rule_Prepaid_Accounts.pdf

FROM THE CFPB RE: MORTGAGE APPLICATIONS

 "Good afternoon,

Consumers applying for most mortgages now face less stress when shopping for their loan since our new rule and forms took effect on October 3. We made these changes to ease the process of taking out a mortgage, help you save money, and ensure you Know Before You Owe.

Learn more about Know Before You Owe: consumerfinance.gov/know-before-you-owe

In addition to making it easier to understand these forms, the Know Before You Owe mortgage disclosure rule:

• Combines four overlapping disclosure forms into two forms, the Loan Estimate and the Closing Disclosure.
• Allows you time to review your Closing Disclosure to ensure you fully understand terms and obligations.

Check out how these new Know Before You Owe measures will better serve consumers and lenders today: consumerfinance.gov/know-before-you-owe

Thank you,

Consumer Financial Protection Bureau"

ON TILA-RESPA

The Consumer Financial Protection Bureau has set up a site of implementation aids, including compliance guides, videos, and charts, regarding the new regulations scheduled to take effect on October 3.

See http://www.consumerfinance.gov/regulatory-implementation/tila-respa/

Note at the bottom of the site the Bureau states that the materials "do not represent official Bureau interpretations and should not be taken as legal advice."

DELAY IN NEW MORTGAGE DISCLOSURE RULES

See http://www.nationalmortgagenews.com/news/regulation/cfpb-delays-mortgage-disclosures-due-to-administrative-error-1053797-1.html