The Rising Cost of Auto Finance Fraud

Auto finance fraud is taking a growing toll on lenders — costing the industry billions each year. While it occurs less often than fraud on credit cards or personal loans, each case carries a far greater financial impact, often resulting in large charge-offs that can significantly damage portfolio performance.  Recent research analyzing nearly 4.9 million loan originations across auto, credit card, and unsecured personal loans found that losses tied to fraudulent auto loans were especially […]

Regulatory Shift: How the Latest CFPB Changes Impact Nonbank Entities

The Consumer Financial Protection Bureau (CFPB) has made significant moves to reduce the regulatory burden on nonbank entities, including debt collectors, by rescinding two key rules. These changes reflect an ongoing effort to streamline regulations and lessen the compliance costs for companies in the financial services sector.  What’s Changing?  The CFPB recently issued a final rule that rescinds a 2024 regulation requiring certain nonbank entities to register with the bureau […]

What Debt Collectors Can Learn from the Detroit Lions 

The Detroit Lions’ recent win over the Tampa Bay Buccaneers was more than just a game—it was a masterclass in teamwork, leadership, and adaptability.  Let’s set the stage:  Defensive tackle Alim McNeill played his first game since tearing his ACL in Week 15 against the Buffalo Bills. Cornerback Arthur Maulet was signed from the practice squad to the 53-man roster. Tre Flowers and Loren Strickland were temporarily elevated from the […]

Maryland Introduces New Medical Debt Collection Rules 

he Maryland Office of Financial Regulation has released new guidance outlining three medical debt collection laws that took effect this month. Together, these laws reshape how medical debt is collected, reported, and enforced across the state—introducing new consumer protections and compliance requirements for debt collectors, healthcare providers, and credit reporting agencies.  According to the state’s guidance, “collection agencies and consumer reporting agencies should take note of the relevant changes in […]

New York’s Updated Cybersecurity Requirements Take Effect Nov. 1

The New York Department of Financial Services (NYDFS) will implement new cybersecurity requirements on Nov. 1, introducing enhanced rules around multifactor authentication (MFA) and asset management for covered entities under the state’s financial services law. Who Must Comply  Under NYDFS regulations, a “covered entity” refers to any organization operating under or required to operate under a license, registration, charter, certificate, permit, accreditation, or similar authorization issued pursuant to New York’s […]

What’s Really Spooky This Season: Not Knowing If You’re Doing Enough to Collect—or to Oversee 

Halloween is coming—but what’s really spooky isn’t ghosts or goblins. It’s sending out millions in charged-off accounts and not knowing if you’re doing enough to bring that money back. The real fright? You might be leaving recoveries hiding in the dark.  You just handed $1 million in charged-off accounts to your collection vendors. The question isn’t just how much they’ll recover—it’s whether you are doing enough to make sure every […]

California Establishes Oversight Framework for Artificial Intelligence Systems 

California has enacted new legislation to regulate the development, review, and use of artificial intelligence (AI) systems. Signed into law by Gov. Gavin Newsom on September 29, the measure introduces a state-level framework for AI governance intended to ensure transparency, accountability, and safety while supporting continued technological advancement.  “California has proven that we can establish regulations to protect our communities while also ensuring that the growing AI industry continues to […]

Arizona Courts Vacate Nearly $40 Million in Juvenile Fees 

Courts across Arizona have eliminated nearly $40 million in outstanding juvenile fees following the implementation of a new state law. The change, designed to reduce financial burdens on young people and their families, affects more than 110,000 cases statewide.  Background on Senate Bill 1197  Senate Bill 1197, sponsored by Sen. David Gowan (R-Sierra Vista) and Rep. Alma Hernandez (D-Tucson), reformed how monetary obligations are handled in juvenile cases. Before the […]

Why Performance Audits of Collection Vendors Matter 

When it comes to oversight of third-party collection vendors, most creditors naturally focus on the standards: compliance, data security, and proper payment processing. These are critical boxes to check—no question. But while compliance ensures safety, it doesn’t guarantee success.  To truly understand whether your collection partner is working effectively on your behalf, you need to look beyond compliance. You need to evaluate performance.  Beyond Compliance: Measuring What Matters  A vendor […]

Text Me If You Can: Make Every Message Count 

When I started my first job as a collector, “mobile” meant the phone had a cord long enough to stretch into another room. Cell phones weren’t even a thing yet. If you needed to reach a delinquent customer, you had exactly two options: pick up the phone or drop a letter in the mail.  And here’s the funny thing: even back then, very few people actually answered the phone. When […]