Regulation F (Reg F) is the most significant change to the ARM industry in over 40 years and the Reg F effective date is coming up in just 15 days. In addition to the regulatory issues created by Reg F, you can also expect that consumer attorneys will file a landslide of lawsuits to test Reg F’s limits.
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The California Department of Financial Protection and Innovation has published a fourth
round of modifications to implement SB 1235,
the bill signed into law on September 30, 2018 that requires consumer-like
disclosures to be made for certain commercial financing products, including
small business loans and merchant cash advances. The law contains
exemptions and carve-outs for, among other things, depository institutions,
financings of more than $500,000, closed-end loans with a principal amount of
less than $5,000, and transactions secured by real property. Compliance
with the new disclosure requirements is not required until the DFPI’s final
regulations become effective.
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CHICAGO, Ill. -- A new report by TransUnion (NYSE: TRU) and
Aite-Novarica Group found that the collections industry is boosting hiring and
technology investments as it transitions into a “next normal” stage.
Approximately seven in 10 collections professionals (69%) said technology
solution spending will modestly or significantly increase in the next two
years. About two-thirds of collections professionals (67%) said employee
compensation will increase in the same time period.
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