The War on Fees Intensifies: Presidential Strike Force and Industry’s Legal Counterattack

As discussed here, on March 5, 2024 the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its credit card late fee rule (Final Rule). The Final Rule sets a safe harbor amount for late fees at $8 and eliminates the annual inflation adjustments to that safe harbor amount, for larger card issuers. The timing of the Final Rule’s announcement, just days before the State of Union address, did not go unnoticed. President Biden highlighted this development in his speech, emphasizing his administration’s commitment to eliminating so-called hidden fees.

Read the Whole Story »

Credit-based triggers should be a core requirement for your business. 

Uncertain economic times and a higher volume of delinquencies has made managing your collection portfolio increasingly challenging. Implementing the right tools is critical. In their recent analytics study, Experian explores how Collections Triggers℠ works and how debt collectors effectively leverage them to prioritize accounts and increase recovery rates.  

Download now to learn more. 

Two Decades of Leadership: How SAM Redefined the Debt Industry Landscape

PITTSBURGH, Pa. -- From the era of flip phones to the advanced age of AI, Solutions for Account Management (SAM) proudly marks its 20th anniversary, a testament to its enduring commitment to innovation, integrity, and the spirit of compassion within the debt management industry. Founded in 2004 with a heartfelt mission to honor Brenda Meli’s father, Sam, the company was born out of a vision to revolutionize the Accounts Receivable Management (ARM) industry with a unique ‘business concierge’ approach.

Read the Whole Story »

Republican Representatives Urge CFPB to Revisit Proposed Payment App Rule

Recently, three Republican members of the U.S. House of Representatives’ Financial Services Committee, Patrick McHenry, Mike Flood, and French Hill, sent a joint letter to the Consumer Financial Protection Bureau (CFPB or Bureau) urging the agency to reopen the comment period and reconsider its November 2023 proposed rule regarding digital consumer payment applications.

Read the Whole Story »

CFPB Seeks Approval for New Auto Finance Data Collection

The CFPB recently published a notice in the Federal Register indicating that it is seeking approval from the Office of Management and Budget (OMB) for the collection of additional auto finance data pursuant to its authority under the Dodd-Frank Act .

Read the Whole Story »

CFPB Releases Final Credit Card Late Fee Rule; Slashes Fees to $8

Early this morning, and just in time for Thursday's State of the Union Address, the Consumer Financial Protection Bureau (CFPB) issued a press release announcing its much-anticipated Credit Card Late Fee Rule (Rule). Claiming to "close a loophole," the Rule reduces a typical fee of $32.00 to $8.00 and ends automatic inflation adjustment for issuers with 1 million or more open accounts.

Read the Whole Story »

Credit Card Charge-offs and Delinquencies Hit 12-year Highs

The Federal Reserve just released its fourth quarter 2023 credit card charge-off and delinquency data with both reaching a 12-year high.

Read the Whole Story »

RA Compliance Corner: How to Effectively Communicate with Executive Leadership

27 March 2024 at 02:00 p.m.

Compliance and operations professionals sometimes speak a different language and have differing priorities. This can make it difficult to solve common problems and enhance organizational structure. Effective communication is the key to solving this problem and there are steps compliance professionals can take to improve communication with executive leadership teams.

Event Details »

Featured Resources and Webinars

from insideARM.com

» Optimizing your recovery strategy with Collections Triggers℠

» Bad Debt is Rising

» Seizing the Opportunity in Uncertain Times: The Collections Industry in 2023

» Streamline Your Collections Process with Voice AI

» NAVIGATING COLLECTIONS LICENSING: How to Reduce Financial, Legal, and Regulatory Exposure

View all Free Reports and Webinars