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“It’s About ‘That’ Time” for the CFPB to Comment on Hunstein

The recent decision by the Fifth Circuit Court of Appeals holding the funding structure of the Consumer Financial Protection Bureau (CFPB) as unconstitutional was hailed by many in the debt collection industry as a long-overdue check on the seemingly unlimited power of this federal agency. (See The CFPB and the Fifth Circuit Ruling: 3 Things You Need to Know).

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New Update: Credit Industry Trends at-a-Glance

New from TransUnion - the July Credit Industry Snapshot breaks down key credit metrics and explains how inflation, interest rates, and the current job market have affected consumer credit.

 

This report includes:

  • Key credit metrics for credit card, auto finance, mortgage and unsecured personal loans

  • The status of accounts in hardship for each line of business by risk tier

  • Trends regarding average loan amounts, bankcard balances, delinquency rates

  • Macroeconomic indicators on the current economic environment for the consumer market

Get the free report here.
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Vertican Announces Hiring of Senior Legal Counsel to Protect Intellectual Property

FAIRFIELD, N.J. – Vertican Technologies, Inc., a global leader in the debt collection software industry, announced today the hiring of Michael H. Smither as Senior Legal Counsel.

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How the Macroeconomy Should Affect Your Collections Strategy: An Exec Q&A with Experian

There’s an economic downturn coming, but it’s shaping up to look a lot different from the last major recession in 2008.  In this Executive Q&A with Matt Baltzer, Senior Director of Product Management at Experian, you’ll learn:

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White House Issues Blue Print for AI Bill of Rights

The White House’s Office of Science and Technology Policy has identified a framework of five principles, also known as the “Blueprint for an AI Bill of Rights,” that is intended to guide the design, use, and deployment of automated systems and artificial intelligence (AI).  The Blueprint defines automated systems broadly as any system, software, or process that uses computation to determine outcomes, make or aid decisions, inform implementation, collect data, or otherwise interact with individuals or communities.

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CFPB Report Finds Some Financial Institutions and Colleges May Be Steering Students to More Expensive Financial Products

On October 13, the Consumer Financial Protection Bureau (CFPB) released its 12th Annual Report to Congress on college credit card agreements. The report reviewed agreements and data covering the over 1.2 million student checking and credit card accounts that are governed by partnerships between institutions of higher education and financial services providers, and it highlighted market trends and possible risks. The key findings include that marketing efforts directed at students promote accounts that impose more costs than comparable accounts, and agreements between some financial institutions and colleges are not being disclosed in the manner required.

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The CFPB and the Fifth Circuit Ruling: 3 Things You Need to Know

Per the Fifth Circuit Court of Appeals: the Consumer Financial Protection Bureau’s (CFPB) funding structure is unconstitutional, and the 2017 Payday Lending Rule, which was a direct result of this unconstitutional funding mechanism, must be vacated.

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Complete Guide to Risk and Gap Assessments - Part 5: Maintain Your Progress - Don’t Skip the Audit

29 November 2022 at 02:00 p.m.

Concluding a risk and gap assessment is something to celebrate. They are a lot of work. Full stop. However, if you don’t set up a proper auditing plan, you’ll need to perform another risk and gap assessment sooner rather than later. A robust auditing procedure that includes remediation plans and keeping your C-suite informed will allow you to build off your recent analysis, so you won’t have to do another one before you know it.

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