Washington State Prepares for Upcoming Changes to Garnishment and Medical Debt Laws 

In May, Washington state enacted two notable laws affecting garnishment and medical debt reporting. While the legislation was signed earlier this year, the effective dates are approaching, and the details are now drawing attention from those involved in debt collection and financial services.  Garnishment Exemptions Set to Increase in 2025  On May 20, Governor Bob Ferguson signed Senate Bill 5651, marking a shift in how personal bank accounts are protected […]

The 17 Year Cicada Business Model? 

Living in Kentucky, you’re treated every 17 years to one of nature’s most bizarre and unforgettable spectacles—the grand invasion of the cicadas. It might seem like a stretch but trust me: this ties back to collections and our wildlife series.  Picture this: millions of red-eyed, two-inch bugs bursting from the ground like a sci-fi swarm, filling the air with an ear-splitting scream, dive-bombing your porch, and clinging to everything—including you. […]

Florida Updates Debt Collection Laws to Address Modern Communication

In an effort to modernize consumer debt collection practices, the Florida Legislature has passed new legislation that updates and clarifies existing rules—particularly to address how digital communication, such as email, fits into current regulations.  Adapting to Modern Communication Norms  Much of Florida’s debt collection law was originally written before email became a daily part of life. Until now, the statute focused heavily on telephone calls as the primary means of […]

Congressional Subcommittee to Examine Data Privacy in Financial Services 

The House Financial Services Subcommittee on Financial Institutions is exploring data privacy issues in a hearing titled “Framework for the Future: Reviewing Data Privacy in Today’s Financial System.”  The session was held at 10 a.m. ET on June 5. You can watch a recording of the hearing here.  The hearing was led by Subcommittee Chairman Rep. Andy Barr (R-Ky.) and Ranking Member Rep. Bill Foster (D-Ill.). Witnesses include:  Scott Talbott, […]

Congressional Budget Bill Targets Consumer Finance Watchdog Funding 

The U.S. House of Representatives recently passed a sweeping federal budget bill that could significantly reduce funding for the Consumer Financial Protection Bureau (CFPB), marking a major shift in how the agency would be financed moving forward.  Nicknamed the “One Big Beautiful Bill Act,” the legislation proposes capping the CFPB’s annual funding at $249 million — a sharp reduction from the over $700 million it currently accesses from the Federal […]

Rate Yourself as a Client: Evaluating the Relationship 

I’ve often asked, “Who’s the client?”—usually when agency demands feel out of step with the power dynamic. But it’s worth flipping the lens now and then. Creditors, too, should pause to reflect: Are we doing our part to build and sustain a strong vendor relationship?  It’s easy to talk about contracts, controls, and performance metrics. But the reality is, agency relationships are more than checklists and compliance. They’re operational, strategic, […]

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, […]