State AI Oversight Under Threat in Federal Budget Bill 

A proposed amendment to a federal budget reconciliation bill is raising alarms across the political and professional spectrum. Passed by the House Energy and Commerce Committee on May 13, the amendment would block states from enforcing any laws or regulations related to artificial intelligence for a full decade.  The controversial language reads: “[N]o state or political subdivision may enforce any law or regulation regulating artificial intelligence models, artificial intelligence systems, […]

FTC Shuts Down Student Loan Relief Scam, Bans Defendants from Debt Relief Industry 

In a decisive move to protect borrowers, the Federal Trade Commission (FTC) has permanently banned a deceptive student loan debt relief operation and its owners from participating in the industry. The scheme, led by Panda Benefit Services and several affiliated companies, is accused of defrauding consumers of more than $16.7 million through false promises and impersonation tactics.  The operation specifically targeted individuals struggling with student loan debt. According to the […]

Find Your Inner Duck: The Resilience of a Collector 

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 […]

CFPB Withdraws Proposed Rule on Data Broker Practices

The Consumer Financial Protection Bureau (CFPB) has officially withdrawn its proposed rule titled Protecting Americans from Harmful Data Broker Practices (Regulation V).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, […]

CFPB Signals New Direction on Buy Now, Pay Later Oversight 

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 […]

Key Insights from the CFPB’s 2024 Consumer Response Annual Report: Millions of Complaints Tracked 

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 […]

Imagine Learning from the Driver’s License Office 

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 […]

Federal Court Asked to Vacate Medical Debt Reporting Rule 

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.  […]

CFPB Withdraws from Auto Finance Litigation Against Credit Acceptance Corporation 

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 […]

Tough Decisions at the Watering Hole: Navigating Change with Your Collection Partners

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 […]