Subscribe for Free

Articles

Recent FDIC Consent Orders Reflect Ongoing Scrutiny of Bank Relationships with Fintechs

In February 2024, the Federal Deposit Insurance Corporation (FDIC) entered into consent orders (here and here) with two banks who partner with fintechs to offer “banking as a service” (BaaS) related to safety and soundness concerns relating to compliance with the Bank Secrecy Act (BSA), compliance with applicable laws, and third-party oversight. 

Bill Prohibiting Debt Collectors from Imposing Fees or Interest on Medical Debt Approved by Maine Lawmakers

Under the amended version of this bill now approved by both chambers of the Legislature, debt collectors are prohibited from charging any interest or fees in connection with medical debt.

Compliance Deadlines Approaching for New York Cybersecurity Regulations

Compliance documentation is due for covered entities April 15. The cybersecurity policy and risk assessment review, among other requirements, are due April 29.

Inflation Takes Its Toll as Consumer Loan Delinquencies Rise

While the strong labor market remains the key pillar supporting the finances of resilient US consumers, major nonmortgage consumer loans have seen delinquencies increase as inflation has taken a toll on wallets, and more profoundly on lower-income segments.

California Proposes Amending State FDCPA to Cover Small Business Debt

The California Senate Banking and Financial Institutions Committee is currently considering Senate Bill (SB) 1286, which would expand the scope of the Rosenthal Fair Debt Collection Practices Act (RFDCPA) to also prohibit debt collectors from engaging in unfair or deceptive acts or practices in the collection of small business debts.

Consumers Make Minimum Credit Card Payments as Inflation Takes a Bite

In signs of continued pressure in the paycheck-to-paycheck economy, more consumers are making only the minimum payments on their credit cards. And the debt on those cards is rising.

CFPB and EU Eye Consumer Risks of BNPL, AI and Digital Payments

Consumer protection officials for the United States and the European Commission have met to discuss three shared priorities: buy now, pay later (BNPL), digital payments and artificial intelligence (AI).

Collection Agency Financial Transaction Audits for Non-Financial Individuals

The term “financial transaction audit” might sound like a daunting phrase, particularly to those without a background in finance.  Trust me, I understand. I am not a CPA, nor do I hold a finance degree. However, through my experiences and research, I have come to realize that delving into financial transaction audits is not reserved solely for the financially savvy. In fact, non-financial individuals like me can navigate these audits with confidence and proficiency.

U.S. Foreclosure Activity Increases Quarterly in Q1 2024

IRVINE, Calif. — April 11, 2024 — ATTOM, a leading curator of land, property, and real estate data, today released its Q1 2024 U.S. Foreclosure Market Report, which shows a total of 95,349 U.S. properties with a foreclosure filing during the first quarter of 2024, up 3 percent from the previous quarter but down less than 1 percent from a year ago.

Bipartisan Lawmakers Announce Draft Federal Data Privacy Bill

Is a national data privacy law on the horizon? Lawmakers are considering a bill that would override state laws and give consumers a private right of action.