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.

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Is your organization prepared to handle a sudden increase in collection activity?  

U.S. consumers are struggling with debt incurred during the pandemic, leaving a brewing storm of bad debt and delinquencies looming on the horizon. In this new eBook from Finvi, you’ll discover the economic factors leading to rising debt, and how technology can help your organization handle the increase as well as make your strategies more effective. 

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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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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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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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