CFPB Bites of the Month - February 2024 - "I Got You, CFPB".

February 2024 was another busy month for the CFPB. In this month's article, we share some of our top "bites" covered during the February 2024 webinar.

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Using Credit-Based Triggers to Optimize your Recovery Strategy 

Effectively managing your collection portfolio can be increasingly challenging when faced with uncertainty and a higher volume of delinquencies. With timely notifications of consumer activity, you can quickly respond to profile changes to reduce costs and maximize recoveries. In this new white paper from Experian, you'll learn why credit-based triggers should be a core requirement for your business. Download Now. 

Greenberg Advisors Releases its M&A Updates for ARM and RCM / HCIT

ROCKVILLE, Md. -- Greenberg Advisors (GA), a leading advisory firm for M&A transactions in RCM, HCIT, ARM, and BPO, is pleased to announce the release of its year-end M&A Updates for these sectors. The M&A Updates discuss the key investment and acquisition trends in these markets, based on GA’s highly-active, specialized M&A practice and its proprietary data assets.

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How to Achieve Regulatory Exam Readiness

This blog shares actions proven to prepare for regulatory exams by adopting a proactive and informed approach. At a high level, to prepare for regulatory examinations, organizations should adopt a proactive and informed approach. Staying abreast of regulatory changes and updates is crucial, and the bank should establish a robust Compliance Management System (CMS) that encompasses policies, procedures and controls aligned with current regulatory requirements. Regular internal audits and risk assessments must be conducted to identify and rectify compliance gaps, with a commitment to promptly address any deficiencies discovered.

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CFPB and Plaintiffs Fully Brief Motion for Preliminary Injunction in Trade Group Lawsuit Regarding Final Credit Card Late Fee Rule

The Consumer Financial Protection Bureau (“CFPB”) filed an opposition brief (the “Opposition”) on March 12, 2024 in response to a request by plaintiff trade groups to enjoin the CFPB’s final credit card late fee rule (the “Final Rule”) during the pendency of a lawsuit seeking to invalidate the Final Rule. In the Opposition, the CFPB argues that plaintiffs are unlikely to succeed on the merits, and that the Final Rule is consistent with the CARD Act’s mandate that late fees be “reasonable and proportional” to the late payment. Plaintiff’s reply brief (the “Reply”) in support of its motion for a preliminary injunction (the “Motion”) was filed on Thursday, so the Motion is now fully briefed.

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How Consumer Credit Trends Impact Debt Collection in 2024

Today’s current economic climate is already influencing consumer spending and credit in 2024, and is becoming a hot topic for businesses seeking to engage past-due customers.

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MN Bill Proposes to Ban Medical Debt Sales

The Minnesota legislature was busy in February 2024. Though the Minnesota Debt Fairness Act captured recent headlines (a deep dive into the bill can be found here), another bill that proposes to ban the sale of medical debt in the state, could also cause significant disruption to the industry and to Minnesota citizens.

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Multi-Channel AI: Improve Contacts & Increase Revenue Compliantly

4 April 2024 at 02:00 p.m.

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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