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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[Webinar] How to Effectively Communicate with Executive Leadership  

It’s not always easy to communicate with executive teams. With different backgrounds and priorities at play, sometimes you might feel like you aren’t being heard. But communication is a two-way street, and there are steps you can take to ensure your message is received. Join us on March 27 at 2PM ET for RA Compliance Corner: How to Effectively Communicate with Executive Leadership where we'll discuss common hurdles and provide real world solutions for effectively communicating with operations teams. Register Now. 

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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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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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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Multi-Channel AI: Improve Contacts & Increase Revenue Compliantly

4 April 2024 at 02:00 p.m. ET

AI has been a hot conversation topic. Some debt collectors have been early AI adopters; yet, others have chosen to sit on the sidelines and see how the landscape develops. What’s the right path for your organization? Do early adopters have an advantage? Is an organization that sits on the sideline missing out? In this webinar we’ll connect with some early adopters of Voice AI and a compliance professional to help you answer that question for your organization.

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