Senators Introduce Resolution of Disapproval on CFPB Credit Card Late Penalty Final Rule

WASHINGTON – At the beginning of March, the Consumer Financial Protection Bureau (CFPB) announced its final rule to restrict credit card penalties, capping late fees at $8, down from $32. The rule, which is expected to go into effect on May 14, 2024, fails to consider how the proposal would harm American consumers, resulting in lower credit scores and reduced credit availability. 

OCC Extends Comment Period for Proposed Rulemaking and Policy Statement on Bank Mergers

WASHINGTON—The Office of the Comptroller of the Currency (OCC) announced today that it will extend until June 15, 2024, the comment period on its proposal to update its rules for business combinations to allow interested parties more time to provide comments.

The Importance of Auditing Third-Party Collection Agencies and Closed Accounts

In the landscape of financial management, one often encounters a critical yet frequently overlooked aspect: auditing closed accounts managed by third-party collection agencies. While this task may not be immediately captivating or urgent, neglecting it could potentially bring consequences if not handled properly. 

CFPB Comment to Illinois Joint Committee on Administrative Rules on the State’s Proposed Community Reinvestment Act Rules

On behalf of the Consumer Financial Protection Bureau (CFPB), I am pleased to submit this comment regarding the Illinois Department of Financial and Professional Regulation’s (IDFPR’s) proposed rules for the state’s Community Reinvestment Act (CRA).

Virginia Governor Amends Statute of Limitations Bill; Approves Medical Debt Credit Reporting Measure

The medical debt credit reporting law will take effect July 1, while the legislature will revisit the statute of limitations amendments next week.

Biden-Harris Administration Announces New Plans to Deliver Debt Relief to Tens of Millions of Americans

The Biden-Harris Administration today released initial details of a new set of plans that would provide student debt relief for tens of millions of borrowers across the country.

If someone you care about paid a scammer, here’s how to help

Sharing a scam experience with someone you know takes courage. If someone trusts you enough to share their scam story, especially if the scammer is still in touch with them, here’s some advice to help guide you.

FTC Sends $1.2 Million in Refunds to Consumers Harmed by Deceptive Investment Claims

The Federal Trade Commission is sending $1.2 million in refunds to consumers who paid for the advice of supposed experts based on deceptive claims of substantial investment profits.

California regulator advises businesses to only collect needed data under CCPA

On April 2, The California Privacy Protection Agency issued Enforcement Advisory No. 2024-01 reminding businesses that data minimization is a foundational principle the California Consumer Privacy Act.

Alliant Credit Union Recognized for Finance Industry & Workplace Achievements in TITAN Business Awards

CHICAGO, April 9, 2024 /PRNewswire/ -- Alliant Credit Union, one of the largest credit unions in the nation, has earned the highest honors in this year's 2024 TITAN Business Awards, recognizing its leadership and exceptional performance in finance and workplace culture. The international TITAN awards celebrate business excellence worldwide and individuals and organizations for their innovation, leadership and outstanding achievements.

February 2024 Consumer Litigation Filings: Mixed Bag for New Filings

According to a recent report by WebRecon, court filings under the Fair Debt Collection Practices Act (FDCPA) and Telephone Consumer Protection Act (TCPA) were down for the month of February while court filings under the Fair Credit Reporting Act (FCRA) and complaints filed with the Consumer Financial Protection Bureau (CFPB) were up. Year-to-date everything is still up by double digits compared to 2023.

California Attorney General Sponsors Bill Banning Credit Reporting of Medical Debt

On April 2, the California Senate Judicial Committee passed Senate Bill 1061. The bill seeks to prevent health care providers and contracted collection agencies from providing information about patients’ medical debt to credit reporting agencies.

New Jersey, New Hampshire and Kentucky Enact Data Privacy Legislation

In the ever-evolving landscape of data privacy, states across the U.S. are taking bold steps to protect consumer rights and regulate the handling of personal data. New Jersey, New Hampshire and Kentucky recently signed comprehensive privacy laws—the first three in 2024 to do so.

CFPB report focuses on ‘discount points,’ but paints an incomplete picture

The Consumer Financial Protection Bureau (CFPB) on Friday issued a report indicating that it is taking a closer look at the impact of “discount points” on mortgage transactions, noting that use of the practice has picked up over the past two years with undetermined value for mortgage borrowers.

Utah Becomes First State To Enact AI-Centric Consumer Protection Law

On March 13, 2024, Utah enacted the Utah Artificial Intelligence Policy Act (UAIP), which imposes certain disclosure requirements on entities using generative AI tools with their customers, and limits an entity’s ability to “blame” generative AI for statements or acts that constitute consumer protection violations.

CFPB Announces Potential FCRA Expansion Targeting Brokers of Consumer Data

On April 2, at an event at the White House on Data Protection and National Security, CFPB Director Rohit Chopra’s articulated potential changes to the data security regulation landscape and noted that the Bureau is considering rules to amend the Fair Credit Report Acting, tightening the regulation of data brokers that trade in sensitive consumer data.

CFPB, FTC submit amicus brief in FCRA case

On March 29, the CFPB and the FTC filed an amicus brief in the U.S. Court of Appeals for the Eleventh Circuit, arguing that the FCRA mandated consumer reporting agencies (CRAs) when a consumer challenged the “completeness or accuracy of any item or information” in their file, must perform a “reasonable reinvestigation.

Scott Works to Overturn CFPB’s Credit Card Fee Rule

Washington, D.C. – Today, Ranking Member Tim Scott (R-S.C.) introduced a measure to overturn the Consumer Financial Protection Bureau’s (CFPB) rule capping credit card late penalties. 

AG Nessel Continues Recognition of Financial Literacy Month with Re-Issue of Cryptocurrency Alert

LANSING – In her quest to ensure that Michigan consumers are as informed as possible, Attorney General Dana Nessel has re-issued her alert, Cryptocurrency! What is it? What are the Risks? to highlight this speculative asset during Financial Literacy Month. 

Indiana appellate court finds debt company violated FDCPA and Indiana’s deceptive consumer sales act

Recently, the U.S. Court of Appeals of Indiana affirmed a state trial court’s decision concluding that the defendant was a debt collector under both the Indiana Deceptive Consumer Sales Act and the FDCPA when it purchased and collected defaulted debt.

FBI: More Than $12 Billion Lost to Online Fraud in 2023

American consumers and business owners lost a record $12.5 billion last year to online scammers, marking a 22% spike in cybercrime over 2022, according to the FBI.   

College students are targeted with jobs scams, too

Getting hired might feel like the ultimate high. But finding out it was just a scammer trying to steal your money will bring you — and your bank balance — right back down. Many college students look for virtual jobs they can do while going to school, but if a new employer mails your first paycheck before you even start working, that’s your cue to stop — it’s a scam.

Banks are building more branches for the first time in a decade

US banks added more net new branches in 2023 for the first time in a decade. That bet on new brick-and-mortar locations isn't letting up so far in 2024.

Persisting Regulatory Uncertainty: Federal Regulators Delay New Community Lending Rules

On March 21, the FDIC, Fed, and OCC jointly issued an interim final rule to extend the applicability date of certain provisions of the Community Reinvestment Act (CRA) final rule and requested comments on the extension.

The CPPA, FCC, FTC Are Collaborating

The California Privacy Protection Agency, the California Attorney General’s Office, the FCC, the Federal Trade Commission, and more are embracing a collaborative approach. They all talk with each other.

US court rejects transfer of credit card fees rule case amid focus on ‘judge shopping’

(Reuters) - A federal appeals court ruled on Friday that a Texas judge wrongly transferred to another court in Washington, D.C., an industry-backed lawsuit challenging an agency rule on credit card late fees, highlighting the debate over "judge shopping" in the U.S.

CFPB FY 2023 Office of Minority and Women Inclusion (OMWI) Report to Congress

The FY 2023 OMWI annual report to Congress provides detailed information about the diversity, equity, inclusion, and accessibility (DEIA) work of the Consumer Financial Protection Bureau from Oct. 1, 2022 through Sept. 30, 2023.

Supervisory Highlights, Issue 32 (Spring 2024)

This is the 32nd edition of Supervisory Highlights. The findings in this report cover select examinations in connection with credit reporting and furnishing that were completed from April 1, 2023, through December 31, 2023.

CFPB Finds Violations of Credit Report Accuracy Requirements, Including for Survivors of Human Trafficking

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights to share key findings from recent examinations about continuing accuracy problems in the credit reporting system. The CFPB found consumer reporting companies failed to ensure the accuracy of credit reports, including by failing to exclude information resulting from alleged identity theft or human trafficking.

FTC Announces Winners of Voice Cloning Challenge

The Federal Trade Commission has chosen four winning submissions for its Voice Cloning Challenge to promote the development of ideas to protect consumers from the misuse of artificial intelligence-enabled voice cloning for fraud and other harms.

Five New Federal Agencies Join Justice Department in Pledge to Enforce Civil Rights Laws in Artificial Intelligence

The Justice Department announced today that five new cabinet-level federal agencies have joined a pledge to uphold America’s commitment to core principles of fairness, equality and justice as new technologies like artificial intelligence (AI) become more common in daily life.

CFPB Finds Americans are Paying Upfront Fees Seeking to Lower Interest Rates on Mortgages

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new report today finding that more borrowers paid “discount points” upfront as overall interest rates rose. 

OCC Asks FIs to Offer Customers ‘High-Quality Financial Literacy Education’

This week, the Office of the Comptroller of the Currency (OCC) asked U.S. financial institutions (FIs) for their help in “improving the financial capability and financial health of their customers.”

Enhancing Customer Experience – Collaborative Strategies Between Creditors And Collection Agency Collectors

In today’s dynamic business environment, collection agencies are embracing advanced tools like speech analytics and quality assurance (QA) departments to monitor collector calls, ensuring compliance with legal regulations. While adherence to these regulations is crucial, it’s equally important to embrace a broader perspective, echoing the sentiments of Starbucks’ Founder, Howard Schultz, who famously stated, “We are not in the coffee business serving people, we are in the people business serving coffee.”

Third Party Auditing Workshop

Learn to Audit Repossession Vendors and Collection Agencies

Collection and Recovery Solutions 2024

CRS2024

Webinar – Bankruptcy Filings: The New Normal or the Calm Before the Storm?

WEBINAR 2:00 pm - NACTT Academy

RMAI 2024 Executive Summit