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The Southwoods City facility adds 100 workstations to CBE’s Philippines footprint. 03/18/2024 1:20 P.M. 1.5 minute read CBE Companies, an ACA International member company based in Cedar Falls, Iowa, recently announced the opening of its new office in Southwoods City, Binan City, Laguna, Philippines. This expansion marks a significant milestone in CBE’s growth journey and [...] Read More... The post CBE Announces New Office Opening in the Philippines appeared first on ACA International.
The rule taking effect in two months is the subject of a U.S. Chamber of Commerce lawsuit against the CFPB’s authority to enact the rule. 03/18/2024 11:55 A.M. 4 minute read The Consumer Financial Protection Bureau’s credit card late fee rule will take effect on May 14, 2024, although it is facing opposition in the [...] Read More... The post CFPB Announces Effective Date for Credit Card Fee Rule Amid Legal Challenges appeared first on ACA International.
Consumer credit delinquencies have spiked to the highest level in nearly four years, according to recent findings. 03/18/2024 11:50 A.M. 2 minute read VantageScore’s January 2024 CreditGauge report, a monthly analysis highlighting the overall health of U.S. consumer credit, reveals borrowers across all credit products experienced a higher level of economic stress in January, perhaps [...] Read More... The post From the Web: VantageScore Report Reveals Younger Consumers Face Additional Economic Pressure appeared first on ACA International.
Rask brings over a decade of experience to her new role as senior vice president of growth partnerships. 03/15/2024 1:40 P.M. 1.5 minute read Phillips & Cohen Associates, Ltd. (PCA), an ACA International member company based in Wilmington, Delaware, recently announced the appointment of Kacey Rask as senior vice president of growth and partnerships. Rask [...] Read More... The post Kacey Rask Joins Phillips & Cohen Associates appeared first on ACA International.
Judge Denies Defendant’s MJOP in FDCPA Case Chamber, CFPB Spar Over Late Fee Case; Investments Lead to Judge Recusal Bills Introduced in House, Senate to Lower Workweek to 32 Hours Compliance Digest – March 18 WORTH NOTING: A job posting for positions in Antarctica counting penguins is turning some heads … It’s not you getting
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A bill has been introduced in both chambers of Congress that would mandate a 32-hour workweek — with no corresponding loss in pay — for full-time workers in the United States, as a means of allowing employees to share in productivity gains that technology has created over the past several decades. The bill was introduced
The judge assigned to the case filed by the US Chamber of Commerce and other groups against the Consumer Financial Protection Bureau that challenges the regulator’s new credit card late fee rule recused himself late last week, and the case was then assigned to a judge considered to be just as conservative as his predecessor.
The Consumer Financial Protection Bureau (“CFPB”) filed an opposition brief (the “Opposition”) on Tuesday in response to a request by plaintiff trade groups to enjoin the CFPB’s final credit card late fee rule (the “Final Rule”) during the pendency of a lawsuit seeking to invalidate the Final Rule. In the Opposition, the CFPB argues that plaintiffs are unlikely to succeed on the merits, and that the Final Rule is consistent with the CARD Act’s mandate that late fees be “reasonable and proportional” to the late payment.… Continue Reading Continue Reading…
On January 17, 2024, the U.S. Supreme Court heard oral argument in two cases in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A., Inc. v. Nat. Res. Def. Council, Inc. That decision produced what became known as the “Chevron judicial deference framework”–the two-step analysis that courts typically invoke when reviewing a federal agency’s interpretation of a statute. … Continue Reading Continue Reading…
As previously reported, bills were introduced in the U.S. House of Representatives (H.R. 7297) and U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage loans. Recently, a diverse group sent a letter to the Chairs and Ranking Members of the House Committee on Financial Services and the Senate Committee on Banking, Housing & Urban Affairs expressing support for the bills.… Continue Reading Continue Reading…
Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule. The plaintiffs in the lawsuit are the Chamber of Commerce of the United States of America, Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, and Texas Association of Business. … Continue Reading Continue Reading…
Last week, the Texas Supreme Court answered the Fifth Circuit’s certified question as to whether simultaneous rescission and reacceleration can reset the limitations period under Texas Law by holding that “a rescission that complies with the statute [Tex. Civil Practice and Remedies Code Section 16.038] resets limitations even if it is combined with a notice of reacceleration.” Moore v. Wells Fargo Bank, N.A., No. 23-0525, 2024 Tex. LEXIS 156, at *2 (Feb. 23, 2024). More › Tags: Compliance, Corporate Compliance, Mortgage, Mortgage Acceleration, Mortgage Debt, Mortgage Foreclosure, Mortgage Loan Acceleration, Mortgage Loans, Mortgage Servicers, Mortgage Servicing, Regulatory Compliance, Reverse Mortgage, Statute of Limitations, Texas
On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued its revised rule addressing how financial institutions can appeal their compliance ratings or adverse material findings by the Bureau. The rule is an update to the Bureau's November 2015 revisions. More › Tags: CFPB, Compliance, Consumer Financial Protection Bureau, Financial Regulatory
On January 18, 2024, the United States Supreme Court heard oral arguments in two cases challenging the Chevron doctrine of statutory interpretation, Loper Bright Enterprises, et al., v. Gina Raimondo, Secretary of Commerce (Loper-Bright) and Relentless, Inc. v. Department of Commerce (Relentless). Under the Chevron doctrine, courts are supposed to grant deference to an agency's reasonable interpretation of an ambiguous statute. More › Tags: Financial Regulatory, Regulation, Regulatory, Statutory Interpretation
As of January 1, 2024, the Louisiana Office of Financial Institutions (OFI) is accepting registration of private education lenders. This registration requirement is applicable to nonexempt businesses making or holding private education loans and is the result of the passage of the Louisiana Private Student Loan Registry law. More › Tags: Department of Education, Education, Education Debt, Financial Registration, Louisiana, Private Colleges and Universities, Private Student Loans, Student Loans
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