GLCCA Board Member Spotlight: Rebecca Roberts-Stewart
January 29, 2024
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More borrowers made payments on their loans in January and February of this year than in any previous month since data collection began in 2018. 04/25/2024 2:20 P.M. 2 minute read New data released from the Department of Education reveals the hurdles and successes the department has faced in the first three months of the [...] Read More... The post DOE Releases Update on Student Loan Repayment appeared first on ACA International.
TrueAccord reviews current economic trends and shares takeaways on successful collection strategies. 04/25/2024 2:15 P.M. 2.5 minute read A recent TrueAccord blog post reviewing industry insights from the first quarter of 2024 found that high inflation and mounting debt burdens may have an impact on the most effective consumer communication strategies in the months ahead. [...] Read More... The post From the Web: Rising Inflation, Debt Call for Adaptable Collection Approaches appeared first on ACA International.
Learn how to build a culture of inclusivity, easily view your licensing documents, and more! 04/25/2024 2:10 P.M. 1.5 minute read ACA International’s website is constantly evolving, whether that’s with daily news articles or new functionality. Check out these recent updates! Prioritizing DEI Work The new Diversity, Equity and Inclusion page on ACA’s website highlights [...] Read More... The post 4 Pages to Visit on ACA’s Website Today appeared first on ACA International.
FDCPA and TCPA cases fell, while FCRA and CFPB complaints increased in February, according to the latest report from WebRecon. 04/24/2024 1:05 P.M. 2 minute read WebRecon’s latest report shows litigation decreased in February for Fair Debt Collection Practices Act and Telephone Consumer Protection Act claims, while Fair Credit Reporting Act claims and Consumer Financial Protection Bureau [...] Read More... The post ARM Industry Claims a Mixed Bag in February appeared first on ACA International.
Getting to Know Jessica Kagansky of Crown Asset Management Appeals Court Affirms Ruling in FCRA Case Over Dispute Investigation CFPB Publishes Supervisory Highlights on Mortgage Servicer Issues DFPI Fines Student Loan Servicer for Delivering Report 17 Days Late State Collection Service Achieves HITRUST Risk-Based, 2-year Certification WORTH NOTING: Animals get stressed during eclipses, it turns
Demonstrating the Highest Level of Information Protection Assurance HITRUST Risk-Based, 2-year (r2) Certification validates State Collection Service is committed to strong cybersecurity and protecting sensitive data. State Collection Service, a leading provider of healthcare receivables management, today announced that its collection software systems, servers, workstations, and physical offices have earned certified status by HITRUST for information security.
The California Department of Financial Protection and Innovation announced yesterday it had entered into a consent order with one of the nation’s largest student loan servicing companies after it failed to provide contact information in a timely manner for residents with older student loans who needed to apply by the end of the month for
The Consumer Financial Protection Bureau yesterday published another breadcrumb in its fight against junk fees, pointing out the illegal fees that are being charged by mortgage servicers in an Supervisory Highlights bulletin. Similar to debt collectors, because consumers have no choice over which company services their mortgages, the CFPB is putting the practice under the
As expected, the Colorado Attorney General and Colorado Uniform Consumer Credit Code Administrator filed their responsive brief in opposition to the plaintiffs’ motion for preliminary injunction filed earlier this month in federal district court in Colorado. As explained in our earlier blog, in NAIB et al. v. Weiser et al.,… Continue Reading Continue Reading…
Our special guest is Andrew Nigrinis of Legal Economics LLC and former CFPB enforcement economist. The CFPB’s final credit card late fee rule lowers the safe harbor late fee amount that card issuers other than “smaller card issuers” can charge to $8. We first discuss how the final rule differs from the proposed rule and the existing rule, who are “smaller issuers” not subject to the lower safe harbor amount, and the changes made by the final rule for larger issuers. … Continue Reading Continue Reading…
Last week ended with several new developments in the lawsuit challenging the CFPB’s final credit card late fee rule (Rule), both of which appear to reduce the likelihood that the Rule will be stayed before its May 14 effective date. First, the CFPB filed a Petition for Panel Rehearing on April 18 and the Fifth Circuit has directed the plaintiffs to file a response by April 30. … Continue Reading Continue Reading…
Our special guest is Ian Moloney, Senior Vice President and Head of Policy and Regulatory Affairs with the American Fintech Council (AFC). After reviewing how EWA products are used by consumers and the differences between employer- and provider-based products, we discuss the regulatory challenges faced by the EWA industry, the regulatory approaches states have taken to EWA, actions taken by the Consumer Financial Protection Bureau related to EWA, and proposed federal legislation dealing with EWA. … 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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