FTC Submits Annual Enforcement Report to CFPB

On June 7, the FTC announced that it submitted its 2022 Annual Financial Acts Enforcement Report to the CFPB. The report covers FTC enforcement activities regarding the Truth in Lending Act (TILA), the Consumer Leasing Act (CLA), and the Electronic Fund Transfer Act (EFTA). Highlights of the enforcement matters covered in the report include, among other things:

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A Closer Look at the Gramm-Leach-Bliley Act (GLBA): Updates to the Safeguards Rule

Protecting personal and financial information is critical in today’s digital age. Where data has its own intrinsic value and where data breaches and cyberattacks are a risk for every business, the Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA) provides financial institutions, including those in the accounts receivable management industry, with guidance on how to safeguard customer information.

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Revealing the Blind Spots: A Critical Review of the CFPB’s Issue Spotlight on Chatbots in Consumer Finance

As the evolution of Artificial Intelligence (“AI”) dominates headlines throughout the globe, financial institutions have been paying attention. Not surprisingly, so has the Consumer Financial Protection Bureau (“CFPB” or “Bureau”).  Just as financial sector companies feverishly ramp up their use of AI to complete, augment, and personalize customer service interactions, the CFPB is pumping the proverbial brakes.

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Empire Credit and Collections Inc Partners with Skit.ai to Accelerate its Revenue Recovery and Ease its Customers' Debt Resolution

NEW YORK, NY -- Skit.ai, a global conversational voice AI vendor for the Account Receivable Management (ARM) industry in the U.S., today announced that it has deployed its Augmented Voice Intelligence Platform within Empire Credit and Collections Inc., a leading Debt Collection Agency based in NYC, offering No Recovery and No Fee Debt Collections. This partnership enabled the agency to automate its outbound calls with conversational voice AI, accelerating revenue recovery and enhancing customer experience (CX).

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Markoff Law Makes Contribution to Great Strides Cystic Fibrosis Foundation

CHICAGO, Ill. -- Markoff Law LLC, a Chicago based firm with over 40 years of experience in creditors' rights and collection law, is proud to announce its recent donation to the Great Strides Cystic Fibrosis Foundation.

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Eleventh Circuit Rules District Court Did Not Abuse its Discretion by Dismissing Defendants in CFPB Enforcement Action as Sanctions for “Obstructionist Conduct” in Depositions

A unanimous panel of the U.S. Court of Appeals for the Eleventh Circuit has affirmed the district court’s order dismissing several defendants as sanctions for the CFPB’s continuation of “obstructionist conduct” in depositions.

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How the Call Center Has to Evolve

29 June 2023 at 02:00 p.m.

Regulation F drove collections companies to integrate text messages and emails into their collections strategies. But even with the addition of those outbound strategies, there will always be consumers who prefer using telephone calls to communicate about their debt, and the collections call center has had to adjust to become more efficient in collecting via telephone.

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