"The Power of Expertise: Oversight Perfected"
"The Power of Expertise: Oversight Perfected"
Being a Collector is not an easy job — it comes with its own set of challenges and emotional tolls. In every interaction with a customer, a Collector must be the adult in the room. Regardless of what the customer says, threatens, or insinuates, the Collector is responsible for staying calm, professional, and focused on managing the relationship. Often, customers do not recognize or appreciate the genuine effort and concern […]
The Consumer Financial Protection Bureau (CFPB) has officially withdrawn its proposed rule titled Protecting Americans from Harmful Data Broker Practices (Regulation V). Initially published in the Federal Register on December 13, 2024, this rule aimed to clarify and implement certain provisions of the Fair Credit Reporting Act (FCRA), including definitions of “consumer report” and “consumer reporting agency,” and the circumstances under which consumer reports can be shared or accessed. However, […]
The Consumer Financial Protection Bureau (CFPB) is shifting its focus when it comes to oversight and enforcement in the growing Buy Now, Pay Later (BNPL) market. In a recent announcement, the bureau stated that it will no longer prioritize enforcement actions based on its previous interpretation that classified BNPL lenders under credit card regulations. This change signals a potential rollback of a rule issued last year that required BNPL providers […]
Under the Consumer Financial Protection Act of 2010, the Consumer Financial Protection Bureau (CFPB) is tasked with monitoring and reporting on consumer complaints. The CFPB’s 2024 Consumer Response Annual Report provides a comprehensive analysis of the more than 2.8 million complaints submitted by consumers last year—complaints that were then routed to over 3,600 companies for review and response. Consumers from all 50 states submitted complaints, with the highest per capita […]
As someone who conducts audits and training for collections organizations, I am always on the lookout for ideas that can help improve operations. Usually, these improvements revolve around three areas: technology, procedures, and people. I never imagined that a trip to obtain a Real ID would provide such valuable lessons on running an efficient operation. Recently, I spent a full day at the Kentucky Driver’s License Office to support my […]
A legal challenge is underway in the U.S. District Court for the Eastern District of Texas, where parties have jointly requested the court to vacate a federal rule that limits the reporting of medical debt on consumer credit reports. The request stems from a joint motion filed by the Consumer Financial Protection Bureau (CFPB), Acting Director Russell Vought, the Consumer Data Industry Association (CDIA), and the Cornerstone Credit Union League. […]
On April 22, the Consumer Financial Protection Bureau (CFPB) formally requested to withdraw as a plaintiff in the ongoing lawsuit CFPB v. Credit Acceptance Corporation, filed in the U.S. District Court for the Southern District of New York. While the CFPB steps back from the case, the New York Attorney General continues to pursue the matter on behalf of state consumers. The move marks a notable shift in the bureau’s […]
At a busy watering hole, every animal — from the smallest bird to the largest zebra — knows that sometimes you have to step into uncomfortable territory. The water is life, but getting there means accepting risks. In many ways, creditors and their vendors — collection agencies and repossession companies — face a similar dilemma. Sometimes, creditors must make hard decisions that don’t always make immediate sense to their partners […]
Washington state has taken a major step toward protecting consumers from the harmful effects of medical debt. This week, Governor Bob Ferguson signed Senate Bill 5480 into law, introducing new safeguards around how medical debt is defined and reported. What the New Law Does At its core, the legislation aims to shield Washington residents from the long-term financial harm that can result from medical debt appearing on credit reports. Among […]
A federal judge has halted the planned layoffs of more than 1,500 employees at the Consumer Financial Protection Bureau (CFPB), pausing what would be one of the most significant workforce reductions in the agency’s history. U.S. District Judge Amy Berman Jackson issued the order ahead of an April 28 hearing in response to a lawsuit brought by the National Treasury Employees Union and other groups. The judge’s decision freezes the […]