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.

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Modernize Your Skip Tracing Strategy

Effective skip tracing strategies have evolved alongside changing regulatory requirements and technological advances. Today, debt collectors can access robust data sources in real-time to power automated prioritization and collection strategies. Read more.

FTC Provides its 2023 ECOA Activities to CFPB

On February 12, the FTC provided the CFPB with an annual summary of its 2023 enforcement, research and policy development, and educational-related initiatives on ECOA, as Dodd-Frank allows the Commission to enforce ECOA and any CFPB rules applicable to entities within the FTC’s jurisdiction. The letter emphasized the commitment of each agency to enforce laws protecting civil rights, fair competition, consumer protection, and equal opportunity in the development and use of automated systems and artificial intelligence.

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CFPB Revises its Supervisory Appeals Process

On February 16, the CFPB issued a procedural rule updating its process for financial institutions that appeal the Bureau’s supervisory findings. The CFPB examined financial institutions to ensure they followed federal consumer financial law. After an examination or targeted review, supervised entities may appeal their compliance rating or any other findings.

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Pennsylvania District Court Finds No Personal Liability Under the TCPA

In Perrong v. Chase Data Corp., et al., a court in the Eastern District of Pennsylvania recently ruled that no personal liability attaches to the owner of a company for Telephone Consumer Protection Act (TCPA) violations.

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2024 Training Magazine APEX Awards ConServe Celebrates Ten Consecutive Years of Training Excellence

ROCHESTER, N.Y. -- Continental Service Group, LLC d/b/a ConServe, announces that they have once again earned a spot on Training magazine’s, 2024 Training APEX Awards. The Training APEX Awards ranking is determined by assessing a range of qualitative and quantitative factors, including financial investment in employee development, the scope of development programs, how closely such development efforts are linked to business goals and objectives, and their effectiveness of business outcomes resulting from training.

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Restrictive Collection Bill Pending in Minnesota

In February 2024 the Minnesota Debt Fairness Act was introduced in the Minnesota Legislature. The proposed law seeks to amend the law governing debt collection, garnishment, and consumer finance.  The Minnesota Governor’s office has announced support for the Act. The proposed bill includes new terms and definitions, new prohibitions on collection activity, and creates other new rules regarding consumer debt. If passed, the law will drastically change how debt is collected in Minnesota and is sure to have long-lasting consequences for debt collectors and consumers alike.

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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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