CFPB Planning Significant Staff Increases; Number of Full-Time Enforcement Attorneys to Increase by 50%

American Banker recently reported that the CFPB is planning to substantially increase the size of its staff, particularly its Enforcement Division staff.

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7th Cir. Rules Dispute Sent Through Wrong Channel Gave Rise to Valid FDCPA ‘Bona Fide’ Error Defense

The U.S. Court of Appeals for the Seventh Circuit recently affirmed a trial court’s summary judgment ruling in favor of a debt collector asserting a bona fide error defense to an action under the federal Fair Debt Collection Practices Act.

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Spring Oaks Capital Successfully Completes New Credit Facility and Capital Raise

CHESAPEAKE, VA. -- Spring Oaks Capital, LLC is pleased to announce the closing of a new credit facility, as well as a large capital raise to support the growth of its technology-focused consumer debt investing and collections platform. The $150 million senior secured revolving credit facility provided by funds managed by Värde Partners and UBS O’Connor, coupled with a fourth-round capital raise will support the Company’s portfolio acquisition strategy along with the continued development of industry leading consumer engagement and analytical tools. The new credit facility reduces borrowing costs while increasing flexibility, positioning Spring Oaks to execute upon a robust pipeline of investment opportunities while building a platform with an unmatched compliance focus that empowers consumers on their journey to resolve the burden of financial debt through machine learning, data science, and deep industry expertise.

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NYC Proposes Amendments to Debt Collection Rules; Comments Due by Nov 29th

The New York Department of Consumer and Worker Protection (DCWP) is proposing to amend its rules relating to debt collectors. The lengthy proposals cover many aspects of the debt collection cycle, including validation, verification, consumer communication, credit reporting, monthly reporting, and recordkeeping. The proposal also includes specific provisions relative to medical debt and time-barred debt.

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Senate Banking Committee Debates AI in Finance: Balancing Opportunities and Risks

On September 20, the Senate Banking Committee held its first hearing on the use of artificial intelligence (AI) in the financial services space, further revealing a partisan divide regarding the utilities and risks associated with the technology.

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Harvest Strategy Group is Positioned for Growth

DENVER, Colo. -- Harvest Strategy Group is pleased to announce the expansion of its leadership team with the addition of two industry veterans, Cathy Fellabaum as VP Recovery and Jennifer Young as VP Operations as well as the promotion of Scott Hoffman to VP Client Services.

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» NEW! Listen to Voice AI in Action

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» Open the Door to SMS Communication for Debt Collection

» The State of Customer Outreach: Top Ten Findings for Collections

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