CA DFPI provides assurance of no action to applicants (with one important caveat)

Debt collectors and debt buyers seeking to comply with the new licensing requirements issued by the California Department of Financial Protection and Innovation (DFPI) were required to submit their applications for licensing by December 31, 2021. However, unsurprisingly, the DFPI reported delays in obtaining new NMLS licenses due to “an unprecedented volume of account requests.”

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Transworld Systems Inc. completes acquisition of EOS North America

LAKE FOREST, Ill. – Transworld Systems Inc. (TSI), the largest U.S. technology-enabled provider of accounts receivable management (ARM) solutions, announced December 16, 2021 it has completed its acquisition of EOS North America, a leading first- and third-party collection agency serving government, financial services, healthcare, telecom and utility clients in the United States and Canada. Transaction terms were not disclosed.

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Federal Student Loan Repayment Paused Additional 90 Days

On December 22, 2021, the White House released this statement indicating that despite “one of the strongest” economic recoveries, federal student loan repayment would be paused an additional 90 days, until May 1, 2022. Student loan repayment was scheduled to resume on January 31, 2022.

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Credit Eco to Go: The New "Auld" CFPB

Financial services reporters, Kate Berry, American Banker, Jon Hill, Law360, and Evan Weinberger, Bloomberg Law stop by #CreditEcoToGo with Joann Needleman for a year-end recap and forecasting for 2022. Our guests provide their insight and historical perspective of the #CFPB during this past year and where the agency is headed under recently confirmed Director, Rohit Chopra.

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Think Differently: Digital Advances Mark a New Era in Debt Collections

Over my career, I’ve witnessed several macroeconomic events that have shaped the debt collection industry. Yet none has been as unique as the COVID-19 pandemic, which has left millions of consumers struggling either from the virus or loss of income, overwhelmingly through no fault of their own.

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LendUp Agrees to Halt Making New Loans to Resolve CFPB Lawsuit

On December 21, 2021, the CFPB announced that LendUp Loans, an online lender with heavy venture capital backing, has agreed to halt making any new loans and collecting on certain outstanding loans in order to resolve a September 2021 lawsuit. The lawsuit alleges that LendUp continued to engage in illegal and deceptive marketing despite a 2016 consent order.

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Free Reports and Webinars

from insideARM.com

» When Each Call (and E-mail) Count: Meeting the CFPB 7x7 with Intelligent Contact Data

» The Kaulkin Report, 2022 Edition Sub-Report: Market Sizing

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

» The Kaulkin Report, 2022 Edition, Sub-Report: Introduction to Accounts Receivable Management

» The Customer Preference Playbook

» How to Make Every Call, Text, and Email Count in the Era of the CFPB’s Regulation F

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