Apr. 28: CFPB Updates This Week

Five federal financial institution regulatory agencies in conjunction with the state bank and state credit union regulators (collectively, agencies) are jointly issuing this statement to remind supervised institutions that U.S. dollar (USD) LIBOR panels will end on June 30, 2023.

CFPB issued an Advisory Opinion related to time-barred debts. 

The Advisory Opinion affirms that the FDCPA and the Debt Collection Rule prohibit FDCPA-covered debt collectors from suing or threatening to sue to collect a time-barred debt. The Advisory Opinion also affirms that this prohibition may apply to debt collectors that bring state-court mortgage foreclosure actions to collect on time-barred mortgage debt.

You can access the Advisory Opinion here: www.consumerfinance.gov/compliance/advisory-opinion-program/.

Director Chopra’s Prepared Remarks on the Interagency Enforcement Policy Statement on “Artificial Intelligence”

Director Chopra provided remarks on an interagency press conference to announce the Joint Statement on Enforcement Efforts Against Discrimination and Bias in Automated Systems.