GLCCA Board Member Spotlight: Rebecca Roberts-Stewart
January 29, 2024
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The next board meeting will be Sept. 26, 2024, but members of the public can apply at any time. 04/16/2024 2:55 P.M. 1.5 minute read The Washington State Collection Agency Board is currently accepting applications for a general public member to join the board. Members of the public may apply for a board or commission [...] Read More... The post Washington State Collection Agency Board Seeks General Public Member appeared first on ACA International.
A recent Federal Reserve study finds that consumers are increasingly worried about job security, debt and rising inflation. 04/16/2024 12:25 P.M. 1.5 minute read As the economic landscape continues to shift, consumers find themselves at the crossroads of financial uncertainty. The latest insights from the Federal Reserve Bank of New York’s March Survey of Consumer [...] Read More... The post Consumer Debt Worries on the Rise appeared first on ACA International.
Led by the Office of Management and Budget, the effort is an opportunity for stakeholders to express their priorities for government processes. 04/15/2024 1:55 P.M. 1.5 minute read The White House Office of Management and Budget (OMB) is collecting public feedback on improving public engagement in government through May 17. The new initiative, shared by [...] Read More... The post Federal Government Requests Public Input on Comment and Rulemaking Processes appeared first on ACA International.
The Water Cooler Chat, At the Bar and Small Agency Jam Session—we’ve got these monthly webinars and more lined up for the rest of the year! Plus: Now is a perfect time to purchase ACA’s All-Access Training Zone to maximize your education goals for 2024. 04/15/2024 1:50 P.M. 3 minute read Looking to supercharge your [...] Read More... The post Plan Your Year with ACA’s 2024 Education Lineup appeared first on ACA International.
Judge Dismisses ‘Convenient Communication’ Case for Lack of Standing Mass. AG Releases Guidance on Use of AI CFPB Updates Rule For Supervising Nonbanks 23 Companies Seeking Collection Talent WORTH NOTING: In celebration of Earth Day, here are seven ways to live more sustainably … Drinking pure orange juice may have some unintended health benefits, according
The Attorney General of Massachusetts yesterday released guidance surrounding the use of artificial intelligence and the obligations that companies have under state consumer protection and data privacy laws to make sure the technology doesn’t take advantage of or otherwise deceive consumers. The guidance isn’t necessarily anything new that companies in the accounts receivable management industry
The Consumer Financial Protection Bureau yesterday issued a final rule updating its processes for how it identifies and designates non-banks for supervision. The rule was issued as a result of organizational changes at the Bureau, the CFPB said. The CFPB has been empowered since its inception with the authority to supervise nonbanks that are offering
It might not be a ruling on the merits of the plaintiff’s claim, but a District Court judge in New York has dismissed a Fair Debt Collection Practices Act “only convenient way to communicate” case on the grounds the plaintiff did not suffer a concrete injury and does not have standing to sue. The Background:
After its passage by the Washington state legislature, Substitute Senate Bill (SSB) 6025, the Washington “predatory loan prevention act”, was approved by Governor Jay Inslee on March 25, 2024, with an effective date of June 6, 2024. Unlike the original version of this act proposed in Senate Bill 6025 and its identical companion bill, House Bill 1874, SSB 6025 as enacted does not include language expanding the definition of “loan” under the Washington Consumer Loan Act.… Continue Reading Continue Reading…
Last Wednesday, the U.S. District Court for the District of Columbia terminated on its docket the case challenging the CFPB’s final credit card late fee rule (Rule) which had been transferred to D.D.C. by the Texas federal district court. The termination occurred after the Texas court entered an order reopening the case and providing notice to D.D.C.… Continue Reading Continue Reading…
The FTC recently issued a report to Congress on its collaboration with state attorneys general. Titled “Working Together to Protect Consumers: A Study and Recommendations on FTC Collaboration with the State Attorneys General,” the report was issued pursuant to the FTC Collaboration Act of 2021. The Collaboration Act required the FTC to conduct a study “on facilitating and refining existing efforts with State Attorneys General to prevent, publicize, and penalize frauds and scams being perpetrated on individuals in the United States” and directed the FTC to report the results of the study to Congress together with recommendations for enhancing collaboration between the FTC and state AGs.… Continue Reading Continue Reading…
The CFPB has released the Spring 2024 edition of Supervisory Highlights. The report discusses CFPB examinations in connection with credit reporting and furnishing that were completed from April 1, 2023 through December 31, 2023. Key findings by CFPB examiners are described below. Examinations of credit reporting companies (CRCs) found the following deficiencies: CRCs failed to timely implement blocks of information after receiving the requisite information relating to an alleged identity theft, without otherwise making a reasonable determination with respect to one of the permitted bases for declining to block such information as provided in the Fair Credit Reporting Act (FCRA) and Regulation V. … 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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