CRC to CFPB: Scrap the Shame List

Late last year, the CFPB announced a proposed rule to create a registry of “repeat offenders” (Proposed Rule). However, according to the Consumer Relations Consortium (CRC), the Proposed Rule is fatally flawed and must be withdrawn. Further, the CRC suggested that instead of perpetuating myths and falsehoods about the debt collection industry by publicizing alleged bad actors, the CFPB should help consumers by exercising its congressional mandate to publish a list of legitimate debt collectors.

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RMAI Presents FinancialLiteracy.Rocks for Financial Capability Month

SACRAMENTO, Calif. -- Receivables Management Association International (RMAI) provides a digital consumer resource for financial success: FinancialLiteracy.Rocks (http://financialliteracy.rocks/).  RMAI is committed to protecting consumers and helping them reach their financial goals, manage debt, and create a stronger economic future for themselves one financial decision at a time.  This website gathers helpful resources together for ease of access and discovery.  FinancialLiteracy.Rocks debuted in 2019 and is updated with new resources on an ongoing basis.

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California DFPI Proposal May Create Personal Liability for Industry Stakeholders

The California Department of Financial Protection and Innovation (DFPI) continues to tweak its proposed complaints and inquiries regulation. The newest iteration includes an update requiring those covered under the act (which includes debt collectors) to designate an officer to be ultimately accountable for the effective operation and governance of the complaint process, but does not specify what "ultimately accountable" means. Comments must be submitted to the DFPI by April 7, 2023.

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Utah Amends Data Breach Notification Law

Utah Gov. Spencer Cox on March 23 signed into law Senate Bill 127, which amends the state’s data breach notification statutes.  The amendments go into effect May 2, 2023.

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ConServe Ownership and Name Change

ROCHESTER, N.Y. -- ConServe is pleased to announce that effective on March 3, 2023, Pamela Baird, ConServe’s General Counsel, became the new owner of ConServe and will serve as the company’s Chief Executive Officer.

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CFPB vs. PRA-Top 3 Takeaways and PRA’s Response

Last week, the CFPB created a stir when it announced a Consent Order (Order) with Portfolio Recovery Associates (PRA), one of the nation's largest debt collectors and debt buyers. The 39-page Order is comprehensive. It imposes collection activity requirements not found in the Fair Debt Collection Practices Act (FDCPA) and litigation requirements typically left up to state law. It also provides insight into the CFPB’s mindset regarding collection activity, credit reporting, and what we might see proposed as rulemaking.

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TREND ANALYSIS: Is the Economic Alarm Bell Ringing?

5 April 2023 at 02:00 p.m.

Consumers have been contending with high interest rates and inflation for about two years now, but delinquency trends have been steady. Now, they’re edging up past pre-pandemic levels. Is the economic alarm bell ringing? 

Join host Erin Kerr and panelists Andrew Domino (COO and Managing Partner, Bridgeforce), Aleks Whitchurch (CEO at Quanta Credit Services), and Russ Kotlicky (Senior Director, Ops Delivery at Auriemma Roundtables) as they discuss the macroeconomic trends that affect collections & recovery professionals, and how to use those trends to prepare for what might be an economic crisis.

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