Stephanie is CEO of The iA Institute, a digital media company and the most trusted provider of specialized information to the complex debt industry. Our efforts inform, teach, and bring a variety of stakeholders to the table to build a culture of compliance, and to address industry challenges. The iA Institute publishes insideARM.com, runs the Compliance Professionals Forum, and manages the Consumer Relations Consortium. Also, anyone who knows me will immediately tell you that my passion is organization. Literally – I love a clean desk, a well-labeled closet, an elegant process, a useful spreadsheet.
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On the heels of the Consumer Bankers Association announcement of its filing a petition for review of the Federal Communications Commission’s July 10, 2015 Declaratory Ruling and Order, the U.S. Chamber of Commerce joins the band. This brings to six the number of petitions filed in this matter.
On August 5 the General Assembly of North Carolina passed Senate Bill 678 which amended the State’s debt collector statutes to more nearly conform to the federal Fair Debt Collection Practices Act (FDCPA). The following changes were made. § 75-50. Definitions. A new definition was added: “Location information” means information about a consumer’s place of […]
In the ongoing process of implementing recently adopted NYDFS debt collection rules, yesterday the Department released two additional FAQs and posted amendments to the rule that have been adopted and will take effect on September 9, 2015.
Illinois Public Act No. 227 was quietly signed into law earlier this month, containing several substantive updates to the Illinois Collection Agency Act (ICAA). It is important to note that there is no implementation period on these changes; they took effect upon signing of the law on August 3, 2015.
This week the CFPB released its second Monthly Complaint Report. This month’s focus is credit reporting. Last month was debt collection. What’s interesting is the significant difference from a supervisory/enforcement standpoint between these two markets.
The New York Times reported yesterday that Promontory Financial Group has agreed to a settlement with the New York DFS. The firm will pay a $15M penalty and will abstain from certain consulting projects in New York for six months.
The New York Times reported earlier this week that Promontory Financial Group, a respected and influential consultant to large banks on regulatory matters, has been effectively banned by New York State’s financial regulator from doing business in the future with banks licensed in New York State. Promontory has promised a legal battle, representing the first significant challenge to the regulator’s authority.
In a seemingly endless debt collection pre-rulemaking process, John McNamara from the CFPB’s Division of Research Markets & Regulations has circulated a questionnaire with approximately 60 questions to a random sample of debt collection firms and service providers. This is part of the so far nearly two-year debt collection rulemaking process.
Local and federal authorities rightfully spend a lot of their enforcement efforts on finding and shutting down scammers. They should consider carefully the many laws/rules in development that will make it so much harder for legitimate companies to operate, while scammers, by definition, will not follow the rules no matter what they are.
According to a report on The Hill website, House members from both parties have suddenly realized that new FCC TCPA rule clarifying auto-dialer restrictions related to mobile numbers will hamper their own efforts to reach constituents. They ask, well… how will we get consent?