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CFPB Updates Electronic Fund Transfers FAQs

Last month, the CFPB updated its Electronic Fund Transfers FAQs that address compliance with the Electronic Fund Transfer Act (EFTA) and Regulation E.  The FAQs provide guidance on Regulation E’s coverage and on the error resolution requirements, with the bulk of the new questions focusing on person-to-person (P2P) payment providers and P2P transfers.

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Whitepaper - Playing by the Rules: A Case Study on Compliant Convenience Fees in ARM

Agencies can add 2% to 3% back to their contingency fee margins by asking consumers to absorb credit or debit card merchant costs, but that strategy comes with significant compliance risk - from the FDCPA, CFPB rules, and multiple state laws. Plus, the card brands have very specific rules, too. In this new whitepaper from Payscout, find out how one high profile agency successfully deployed this strategy only after acing convenience fee compliance. Learn more.
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New CFPB Bulletin Addresses Unlawful Medical Debt Collection and Credit Reporting

On January 13, 2022, the CFPB released a bulletin to remind debt collectors of their obligations under the No Surprises Act, which protects consumers from certain unexpected medical bills. The bulletin reminds companies that if they attempt to collect on prohibited debts, they face potential liability under the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA).

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Central Portfolio Control Provides for Minnesota Homeless Over Holidays

MINNETONKA, Minn. -- Central Portfolio Control (CPC), a debt collection agency in the western suburbs of Minneapolis, MN, helped the less fortunate this holiday season through an initiative to assemble and distribute care packages for people experiencing homelessness in the area. The Twin Cities of Minneapolis and Saint Paul, just a short drive East from CPC’s headquarters, have an ongoing need for homeless assistance and resources, particularly during the winter as the temperatures routinely dip well below freezing.

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New York Reduces Judgment Rate on Consumer Debts to 2%

On December 31, 2021, New York Governor Hochul signed into law S5724-A which reduces the annual rate of interest on judgments arising out of a consumer debt where the defendant is a natural person from 9% to 2%.  The laws take effect 120 days from the Governor’s signature, which is April 30, 2022.

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Date set for Hunstein Rehearing on Standing

The U.S. Court of Appeals for the 11th Circuit has scheduled the oral argument for the rehearing en banc in Hunstein vs. Preferred Collection & Management Services, Inc. for February 22, 2022 (en banc means the full panel of 11th Circuit Judges will hear the matter).  The order setting oral argument follows the November 23, 2021 Order in which the Court instructed counsel to focus their briefs on one issue: Does Mr. Hunstein have Article III standing to bring this lawsuit?

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2021 Review of State and Federal Data Privacy Legislation

Despite the national and global events that took center stage in 2021, the upward trend in data privacy legislation at the state level continued and with the addition of the amendments to the Safeguards Rule, 2022 brings new compliance challenges for many businesses and financial institutions.

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