On April 26, 2023, the CFPB issued an advisory opinion clarifying that a debt collector who brings or threatens to bring a foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation. The CFPB also issued two related blog posts on the topic: CFPB
John Thomas Mostellar III
Tom Mostellar is an associate in the firm’s Banking and Financial Services Practice Group.
Tom received his J.D. (magna cum laude) from Tulane University School of Law, where he was an articles editor for the Tulane Law Review. He has a B.S. in Business Administration from Washington & Lee University.
Mortgage-Related Complaints to CFPB in 2022
On March 31, 2023, the CFPB released its annual consumer complaints report. Although there was a significant increase in non-mortgage related complaints, the volume of mortgage-related complaints decreased compared to previous years. The CFPB contacted companies for review and response for approximately 23,600 (or 81%) of the 29,100 mortgage complaints they received in 2022.
CFPB Releases Report on Credit Reporting Agencies, Suggests Future Reforms
The Consumer Financial Protection Bureau (CFPB) released a report (2022 CFPB Report) on January 3, 2023, detailing information and trends related to how nationwide consumer reporting agencies (NCRAs) responded to consumer complaints from October 2021 to September 2022.
Under Section 611(e)(3) of the Fair Credit Reporting Act (FCRA), NCRAs, including Equifax, Experian, and TransUnion, are…