CBA “Checks the Math” on Recent CFPB Credit Card Report Finding Large Bank Issuers Charge Higher Interest Rates Than Smaller Issuers

After targeting credit card late fees in its proposed rule, the CFPB has set its sights on further attacking credit card pricing through interest rates. The CFPB published a blog late last month stating that credit card interest rate margins are at an all-time high, with an average 14.3% margin in 2023 compared to 9.6% margin in 2013, and have fueled the profitability of revolving balances. The CFPB also issued a data spotlight late last month that found that interest rates charged on credit cards issued by large banks are higher than interest rates charged on credit cards issued by smaller banks and credit unions.

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Multi-Channel AI: Improve Contacts and Increase Revenue Compliantly 

AI is everywhere right now, and the collections industry is no exception. Some debt collectors have been early adopters, eager to stay on the cutting edge, while others have chosen to sit on the sidelines to watch how the landscape develops. 

What’s the right path for your organization? Find out during Multi-Channel AI: Improve Contacts and Increase Revenue Compliantly, on April 4 at 2 PM ET. Register now. 

Pollack & Rosen Expands Litigation Defense Division with Addition of Attorney Michael A. Gold, LL.M.

MIAMI, Fla.  --  Pollack & Rosen P.A. today announced the strategic hire of Attorney Michael A. Gold, LL.M., a seasoned litigator with specialized expertise in financial, securities fraud, and class action defense.

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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.

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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.

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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.

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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 .

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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.

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from insideARM.com

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