Regulation F contemplates debt collectors
communicating with consumers using a scripted “limited content” voicemail message
which contains the business name of the debt collector, but “does not indicate
that the debt collector is in the debt collection business.” While consumer advocates agree that this
limited content message will be extremely beneficial to consumers, debt
collectors must proceed cautiously with implementation to ensure full
compliance with all requirements of the limited content message contained within
Regulation F.
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Over the last several years, debt buyers have been subject
to a steady stream of lawsuits (often filed as a class) in Utah wherein consumer attorneys have taken advantage of Utah’s
vague licensing statute and pursued debt buyers with a vengeance. Despite the financial success consumer attorneys have found pursuing these matters, the party may be coming to an end as the result of an Order issued by Judge Howard Neilson in the case of Holmes v. Crown Asset Management, LLC case No 2:19-cv-00758 (Dist. Ct. Utah August 6, 2021)
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To further
its ongoing diversity, equity, and inclusion (DEI) efforts, the New York State
Department of Financial Services (DFS) announced an
initiative to collect and publish diversity data on the demographic makeup of
NY-regulated financial institution’s boards and senior management teams.
In its July 29th business industry
letter, DFS emphasized that transparency around this data will help
measure progress toward DEI goals, allow firms to assess where they stand
relative to their peers, and increase transparency and accountability.
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