Compliance

May 1, 2024 by Beth Moskow-Schnoll in Compliance

Are Four Digits Enough? FinCEN Seeks Comments on CIP Rule's SSN Requirement

On March 28, 2024, the Financial Crimes Enforcement Network (FinCEN), in consultation with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union...

April 18, 2024 by Bryce Noel in Collections Strategy

Navigating Debt Settlements: When to Write Off Unpaid Balances

For most in the collection industry settlements signal the end of the debt collection cycle. Collectors are happy to have come to an agreement that resolves the debt and gets...

April 10, 2024 by Trisha J. Cacciola in AI

Stirring Up the Artificial Intelligence Pot

On October 30, 2023, President Joe Biden signed an Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence. This Executive Order sweeps across many categories...

March 6, 2024 by Bryce Noel in Compliance

Restrictive Collection Bill Pending in Minnesota

In February 2024 the Minnesota Debt Fairness Act was introduced in the Minnesota Legislature. The proposed law seeks to amend the law governing debt collection, garnishment, and consumer finance.  The...

February 14, 2024 by Erin Kerr in Collections Strategy

[PODCAST]: Garnishment Practices: Has the Dust Settled or Is It Still Flying?

Litigation and post-judgment remedies as a collections strategy fell out of favor (for good reason) during the COVID-19 pandemic, but as the economy normalizes, creditors and lenders are using it...

January 22, 2024 by Justin B. Hosie in CFPB

CFPB Bites of the Month - December 2023

In this month's article, we share some of our top "bites" for the prior month covered during the December 2023 webinar. Bite 10: CFPB Issues Fair Debt Collection Practices Act...

January 17, 2024 by Eric Rosenkoetter in Compliance

Data Privacy & Security Roundup

The upward trend in data privacy legislation continued in 2023. According to the National Conference of State Legislatures, “[a]t least 40 states and Puerto Rico introduced or considered at least...

December 6, 2023 by John Rossman in Compliance

Appeals Court Could Overturn Credit Card Dispute Provision for All Issuers

A case pending in the Fourth Circuit Court of Appeals could upend the enforceability of dispute provisions found in a majority of consumer credit card agreements used by nearly every...

November 29, 2023 by Justin B. Hosie, Eric L. Johnson in CFPB

CFPB Bites of the Month - November 2023

Bite 10: Director Chopra's Statement on Proposed Rule on Lifetime Bans On October 24, 2023, CFPB Director Chopra, in his role as a member of the FDIC Board of Directors,...

November 15, 2023 by Stefanie Jackman in Compliance

Punitive Damages Award Upheld Where Creditor Repeatedly Contact Customer After Notification of Attorney Representation

Earlier this year, a district court for the Middle District of Florida upheld a jury award of $225,000 in punitive damages in a debt collection case finding the defendant’s conduct...