COVID-19 rental debt cannot be sold or assigned before July 1, 2021.
Starting July 1, 2021, COVID-19 rental debt cannot be sold or assigned if the debt pertains to a person “who would have qualified for rental assistance funding” under California’s emergency rental assistance program if “the person’s household income is at or below 80 percent of the area median income for the 2020 calendar year.”
Creditors cannot charge or attempt to collect late fees for COVID-19 rental debt if the renter has submitted a “declaration of COVID-19-related financial distress.”
With limited exceptions, those collecting COVID-19 rental debt in court must submit documentation showing that they have made “a good faith effort to investigate whether governmental rental assistance is available to the tenant, seek governmental rental assistance for the tenant, or cooperate with the tenant’s efforts to obtain rental assistance from any governmental entity, or other third party.”
[co-author: Michael Buckalew]
On April 27, 2021, DWT s Department of Financial Protection and Innovation (DFPI) Taskforce hosted a discussion with the DFPI s General Counsel, Bret Ladine, to get his perspective about what s on the horizon for the financial services industry in California. Mr. Ladine provided insights on what has changed since the passage of the California Consumer Protection Law (CCFPL), including the DFPI s initial priorities, the scope of its jurisdiction, and its enforcement approach.
Among the other topics outlined below, Mr. Ladine signaled that the DFPI intends to utilize its authority under California Financial Code §326. This code section contains very broad authority for the DFPI to enforce anything within its jurisdiction, including the provisions of the Consumer Financial Protection Act of 2010 (12 U.S.C. Sec. 5481 et seq.), or regulations issued by the federal Consumer Financial Protection Bureau thereunder, with respect to an entity that is licensed,
Each month, we host a 30-minute
webinar outlining the month s key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month s article, we share some of our top bites covered during the April 21 webinar.
So what happened at the CFPB in the past month?
Bite #10 - The CFPB submitted its FDCPA report to Congress and took various FDCPA enforcement actions
The CFPB released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). Among other highlights, the report notes the following CFPB accomplishments:
Identified several issues that raise the risk of consumer harm during the COVID-19 pandemic through its supervisory Prioritized Assessments;
To embed, copy and paste the code into your website or blog:
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory announcements, recap key enforcement actions, and preview upcoming deadlines and events. We also include links to our articles, blogs, and webinars with more analysis in these areas. We understand that keeping on top of the rapidly evolving regulatory landscape is more important than ever for businesses seeking to offer new and ground-breaking technologies.
Regulatory Announcements
[co-author: D. Patrick Yoest] INTRODUCTION This survey summarizes several recent developments affecting bank deposits and payment systems. These include.