"The Power of Expertise: Oversight Perfected"
"The Power of Expertise: Oversight Perfected"
The Consumer Financial Protection Bureau (CFPB) has released an advance notice of proposed rulemaking (ANPR) on personal data rights, commonly known as the Section 1033 rule or open banking rule. The ANPR is scheduled for publication in the Federal Register on August 22, 2025, after which the public will have 60 days to submit comments. The proposed rule is intended to expand consumer control over financial data by requiring financial […]
The Consumer Financial Protection Bureau (CFPB) is asking for public input on whether it should revise the definitions of “larger market participants” in four key sectors: debt collection, automobile financing, consumer reporting, and international money transfers. In notices published in the Federal Register, the bureau expressed concern that the current thresholds may not strike the right balance between regulatory benefits and compliance burdens for businesses. It also noted that existing […]
A recent technical glitch in the e-OSCAR platform has sparked concerns over the accuracy of consumer credit data reported to TransUnion. The issue, which took place on June 13, 2025, affected the transmission of Automated Credit Dispute Verification (ACDV) Response records—an essential part of the dispute resolution process between data furnishers and credit reporting agencies (CRAs). According to an email alert sent to users, e-OSCAR experienced an unexpected outage during […]
Collection departments can’t afford to focus on just one data point or a single month’s performance. To understand what’s really coming down the pike, you have to step back and see the entire landscape — and right now, that landscape has some dark clouds forming. The Federal Reserve Bank of New York’s Q2 Household Debt and Credit Report just landed, and buried inside is a warning sign. Credit card delinquencies […]
A federal judge in Kentucky has granted a stay in a legal challenge to the Consumer Financial Protection Bureau’s (CFPB) personal financial data rights rule, a regulation designed to increase consumer access to their financial data. In response to the legal dispute, the CFPB has announced plans to revisit and substantially revise the rule. The rule, finalized in 2024, was developed under Section 1033 of the Dodd-Frank Wall Street Reform […]
Oregon has passed new legislation that updates the state’s rules surrounding telemarketing practices, including both phone calls and text messages. The Telemarketing Modernization Act (HB 3865) was finalized in July 2025 and introduces expanded definitions and specific restrictions on the timing and frequency of marketing communications. The law, sponsored by State Representative Nathan Sosa, broadens the definition of “telephone solicitation” to include text messaging and places limits on when and […]
“Eighty-five percent of statistics are made up!” I love that quote. I’ve used it so long, I don’t remember if I saw it somewhere or may it up myself. But, it’s my favorite example of bad information—funny, totally unverifiable, and somehow still quoted with confidence. It’s also a surprisingly good reminder of how easy it is to accept flawed data without thinking twice. In the collections world, where numbers […]
Another Delay Announced The New York City Department of Consumer and Worker Protection (DCWP) has once again postponed the implementation of its revised debt collection rule. Originally set to take effect on December 1, 2024, and later moved to October 1, 2025, the rule now has no set enforcement date. According to the DCWP, a new timeline will be announced no later than three months before the revised effective date. […]
The Federal Trade Commission (FTC) has taken emergency action to shut down a deceptive debt relief operation accused of targeting older Americans and veterans with false promises and fraudulent tactics. The scheme, run by a network of seven companies and three individuals under the name Accelerated Debt Settlement, allegedly misled consumers into believing their unsecured debts could be reduced by up to 75%—or more. According to the FTC’s complaint, the […]
Account reconciliation sounds simple enough—place the account, recall the account, close it out. But if you’ve ever tried to herd cats, you’ll understand just how chaotic things can get when everyone’s not moving in the same direction. In collections, the “cats” are the systems: the creditor’s platform, the collection agency’s software, national forwarders, repossession vendors, and sometimes legal partners. Each one has its own process, its own timing, and its […]