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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Credit-based triggers should be a core requirement for your business. 

Uncertain economic times and a higher volume of delinquencies has made managing your collection portfolio increasingly challenging. Implementing the right tools is critical. In their recent analytics study, Experian explores how Collections Triggers℠ works and how debt collectors effectively leverage them to prioritize accounts and increase recovery rates.   

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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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Skit.ai Launches New Multichannel Offerings for the Debt Collections Industry

NEW YORK, NY -- Skit.ai, the leading provider of Conversational AI solutions for the accounts receivables industry, announced today the launch of an innovative suite of multichannel, self-service offerings aimed at enhancing debt collection processes and elevating consumer experiences. The company has introduced a comprehensive range of Generative AI-powered solutions across voice, chat, email, and text communications.

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New Hampshire Enacts Comprehensive Consumer Data Privacy Law

New Hampshire Gov. Chris Sununu on March 6 signed into law Senate Bill 255, making New Hampshire the 14th state to enact a comprehensive consumer data privacy law, following California, Virginia, Colorado, Utah, Connecticut,  Iowa, Indiana, Tennessee, Montana, Texas, Oregon,  Delaware, and New Jersey.  The law will go into effect Jan. 1, 2025.

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Executive Appointment: Phillips & Cohen Announces the Hiring of Kacey Rask to SVP, Growth & Partnerships, North America.

WILMINGTON, Del.-- Phillips & Cohen Associates, Ltd. (PCA), the global leader in deceased account care management and technology solutions, servicing clients in the United States, Canada, United Kingdom, Ireland, Australia, New Zealand, and Germany is pleased to announce the appointment of Kacey Rask as SVP, Growth and Partnerships.

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RA Compliance Corner: How to Effectively Communicate with Executive Leadership

27 March 2024 at 02:00 p.m.

Compliance and operations professionals sometimes speak a different language and have differing priorities. This can make it difficult to solve common problems and enhance organizational structure. Effective communication is the key to solving this problem and there are steps compliance professionals can take to improve communication with executive leadership teams.

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Featured Resources and Webinars

from insideARM.com

» NEW! How AI-powered Multichannel Outreach Is Transforming the Collections Industry

» Optimizing your recovery strategy with Collections Triggers℠

» Bad Debt is Rising

» Seizing the Opportunity in Uncertain Times: The Collections Industry in 2023

» Listen to Voice AI in Action

» Streamline Your Collections Process with Voice AI

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