GLCCA Board Member Spotlight: Rebecca Roberts-Stewart
January 29, 2024
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Yet another survey on BNPL examines consumer usage of the financial product, highlighting its benefits and risks. 04/22/2024 2:30 P.M. 2 minute read A new survey reports that the two reasons consumers use buy now, pay later (BNPL) services are to stretch their cash flow and to take advantage of low/no interest rates. The Bankrate survey [...] Read More... The post From the Web: Consumers Use BNPL to Spread Out Cash Flow appeared first on ACA International.
The April 24 informal hearing will be open to the public. 04/22/2024 2:30 P.M. 1.5 minute read The Federal Trade Commission will hold a virtual informal hearing on April 24, 2024, on its proposed rule on unfair or deceptive fees, commonly known as “junk fees,” according to a recent press release. During the hearing, which [...] Read More... The post FTC to Hold Virtual Hearing on Proposed Rule Prohibiting ‘Junk Fees’ appeared first on ACA International.
Highlights from the “Origin Story” column in Collector magazine, where ACA members share how they got started in the ARM industry, plus their thoughts on professional development and career growth. 04/22/2024 2:25 P.M. 4.5 minute read In each issue of Collector magazine, we talk to an ACA International member about how they got started in [...] Read More... The post What’s Your Origin Story? appeared first on ACA International.
U.S. Rep. Andy Barr hosted a hearing on the CFPB’s funding processes and Congress’ options to step in with legislation. 04/22/2024 2:20 P.M. 6 minute read While the U.S. Supreme Court’s decision on the constitutionality of the Consumer Financial Protection Bureau’s funding structure is pending, members of Congress discussed the topic in an agency audit [...] Read More... The post House Subcommittee Chair: ‘Rogue’ CFPB Needs Guardrails from Congress appeared first on ACA International.
St. Ann, Mo — April 22 — Consumer Adjustment Company, Inc. (CACi) is excited to announce the acquisitions of Creditors’ Discount & Audit Co. (CDA) and The Credit Bureau of Columbia/Account Management Services (AMS). The two companies are the latest to join the CACi family and further demonstrate the company’s stability and rapid growth. That CDA and AMS had corporate philosophies that
Appeals Court Affirms Summary Judgment Ruling for Defendant in FDCPA Case Credit Card Delinquency Rates Tick Upward, but Consumers Showing No Signs of Slowing Spending Judge Denies Class Certification Motion in FDCPA Case Compliance Digest – April 22 WORTH NOTING: Some of those historical signs you see around may not be as accurate as you
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One of the consistencies in trying to assess the economy during the past couple of years has been the consistency with which the economy seems to be heading in multiple directions simultaneously. One day, there is data that suggests the economy is improving and interest rates are going to start coming down. The next, there
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…
The Committee on Codes of Conduct of the Judicial Conference of the United States (Committee) has unanimously concluded that Fifth Circuit Judge Willett is not required to recuse in the trade group plaintiffs’ appeal in their lawsuit challenging the CFPB’s final credit card late fee rule (Rule). Last Friday, pursuant to a directive issued by the Clerk of the Fifth Circuit, the trade group plaintiffs and the CFPB filed letter briefs with the Fifth Circuit regarding whether an ownership interest in a nonparty large credit card issuer would be substantially affected by the outcome of the case. … Continue Reading Continue Reading…
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 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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