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District of Columbia enacts emergency debt collection law in response to COVID-19 pandemic; Massachusetts AG issues guidance on emergency debt collection regulation

CFPB Monitor

On April 7, the District of Columbia passed the COVID-19 Response Supplemental Emergency and Temporary Amendment Act of 2020 which goes into effect immediately and lasts until 60 days after the emergency ends.

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Rate Exportation Opt-Out and “Anti-Evasion” Bill Introduced in Washington D.C.

CFPB Monitor

District of Columbia Council Bill B 25-0609 , which would opt out of Section 27 of the Federal Deposit Insurance Act (“FDIA”) with respect to loans made in the District of Columbia, was introduced in the District of Columbia Council on November 30, 2023, and referred to the Council’s Committee on Business and Economic Development on December 5, 2023. (..)

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Attorney General for District of Columbia Files “True Lender” Complaint Against Elevate Bank Program

CFPB Monitor

The Attorney General for the District of Columbia, Karl A. Racine, (the “AG”) has filed a complaint against Elevate Credit, Inc. (“Elevate”) in the Superior Court of the District of Columbia alleging violations of the D.C.

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DC Bar: Lawyers Allowed To Take Digital Currency As Payment

PYMNTS

lawyers will be allowed to accept cryptocurrency as payment, according to an opinion by the District of Columbia Bar. The ethics decision came down because of the increasing prominence of digital currency, with the District of Columbia Bar finding it “cannot hold back the tides of change.” Washington D.C.

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CFPB Agrees to Pay $6M to Settle Discrimination Claims by Black and Hispanic Employees

CFPB Monitor

District Court for the District of Columbia has approved the Consumer Financial Protection Bureau’s $6.0 After nearly a decade of litigation, Judge Beryl A. Howell of the U.S. million settlement of class claims of alleged discrimination by the CFPB against 85 Black and Hispanic employees.

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This week’s podcast episode: Recent federal and state debt collection developments

CFPB Monitor

We then discuss compliance and licensing issues under District of Columbia, California, Utah, and New York debt collection laws and the Wyoming “debt buyer” licensing requirement. . We first look at the impact of the CFPB’s most recent rulemaking agenda on debt collectors. Continue Reading

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Another credit union buys a bank as industry groups sharpen criticism

American Banker

In the District of Columbia, a bank group is calling for exit fees on banks selling to tax-exempt credit unions. Gesa Credit Union in Washington agreed to acquire a 103-year-old community bank in Centralia, as it eyes opportunities for additional growth in the Pacific Northwest.