CFPB Shifts Focus Away from Payday Lending Rule Enforcement
The Consumer Financial Protection Bureau (CFPB) has announced that it will not prioritize enforcement of its regulation on payday, vehicle title, and certain high-cost installment loans, which is set to take effect on March 30, 2025. Background on the Rule Originally adopted in 2017, the rule was initially scheduled for implementation in 2019 but faced legal challenges that delayed its enforcement. A major court ruling in May 2024 upheld the
The Value vs. Cost Dilemma: Finding the Right Fee for a Collection Agency
When selecting a third-party collection agency, one of the most debated topics is pricing. The temptation to choose the lowest contingency fee is strong—after all, higher fees cut into your bottom line. But is the lowest cost really the best value? The answer lies in understanding the balance between cost, performance, compliance and expectations. The Illusion of the Lowest Fee It’s natural to gravitate toward the agency offering the lowest
FTC Shuts Down Click Profit: A Business Opportunity Scam That Cost Consumers Millions
The Federal Trade Commission (FTC) has taken action against Click Profit, a business opportunity scheme that allegedly misled consumers with false promises of substantial passive income through online sales. A federal court has temporarily halted the operation, which is accused of defrauding consumers out of millions of dollars. Deceptive Promises and False Claims According to the FTC’s complaint, Click Profit and its operators enticed consumers by advertising an artificial intelligence-driven
Congressional Subcommittee Examines Consumer Financial Protection Reforms
The House Subcommittee on Financial Institutions is set to review the current legal and regulatory framework for federal consumer protection in an upcoming hearing on March 26 at 10 a.m. ET. Titled “A New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections,” the hearing will evaluate several proposed reforms that could reshape the Consumer Financial Protection Bureau (CFPB) by focusing on funding mechanisms, oversight, and regulatory authority. Key
The High Cost of Repossession: Why No One Wins
Imagine if customers truly understood what life would be like without their car. What if, for just one day, they tracked every time they relied on it—commuting to work, running errands, picking up children, or attending appointments? For many, especially those in areas without reliable public transportation, losing a vehicle isn’t just an inconvenience—it’s a crisis. Unfortunately, this reality often doesn’t sink in until it’s too late. That’s when the
The Antelope Theory
In The Plastic Owl, Bev Evancic discussed the importance of identifying new employees early to ensure they do not become a Plastic Owl. Now, I want to introduce The Antelope Theory, which helps truly understand who you’ve hired once they join your organization. The Antelope Instinct If you think about an antelope, what is its first instinct when approached by a lion? It runs. If a lion approaches at night?