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Washington Court Sides with Hunstein Copycat; Rejects Main Industry Defenses

Last week a federal judge in the Eastern District of Washington allowed Hunstein copycat case to continue and rejected the primary Hunstein defenses we've seen thus far from the ARM industry.

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Best Practices for Creditors: Managing Third-Party Collection Agencies

For creditors outsourcing to third-party collection agencies, there are a lot of moving parts to keep track of. Not only do you need to ensure your agencies are following your work standards, but you must also ensure they are complying with the myriad of consumer financial protection regulations. Find out how to be proactively involved in managing your agencies during this webinar from NeuAnalytics, on Tuesday, June 21, 2022​ at ​2 PM ET,​ as they discuss best practices in third-party agency management from both the creditor and agency side of the fence. Register here.​
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Credit Eco to Go: The Problem Solving Game of Digital Communications [Podcast]

Text and email are not digital versions of a letter or a telephone call. There has to be a strategy that includes consumer consent but also a willingness by that same consumer to continue the conversation.

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Court Grants Partial Summary Judgment in FCRA Case Based on Statute of Limitations

In Fowler v. Preferred Collection & Mgmt. Servs., No. 8:21-cv-1038-WFJ-AAS (M.D. Fla. May 16, 2022), the court granted in part and denied in part the defendant’s motion for summary judgment as to claims asserted against it under Section 1681s-2(b) of the Fair Credit Reporting Act (FCRA). In doing so, the court weighed in on whether a consumer who lodged a dispute outside of the statute of limitations period can assert claims based on subsequent, similar disputes within the limitations period.

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CFPB States That it Did Not Scrap No-Action Letter and Compliance Assistance Sandbox Programs in Connection with its Overhaul of its Office of Innovation and Operation Catalyst

On May 25, 2022, my colleagues, Mike Gordon, John Culhane and Ron Vaske published a blog which reported on a press release issued by the CFPB on the prior day entitled “CFPB Launches New Effort to Promote Competition and Innovation in Consumer Finance.”  The blog stated:

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CFPB Critical of Deleting Tradelines

On May 2, 2022, the CFPB issued its Supervisory Highlights for spring 2022 (the “spring 2022 Report”), which highlights legal violations identified by the CFPB’s examinations between July 2021 and December 2021. The findings in the spring 2022 Report cover the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. The spring 2022 Report also summarizes recent developments in the CFPB’s supervision program and remedial actions.

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California DFPI Proposes Extensive Rules Relating to Companies’ Responses to Consumer Complaints

On May 20, California’s Department of Financial Protection and Innovation (DFPI or Department) announced that it had filed a Notice of Proposed Rulemaking with the Office of Administrative Law, inviting public comments on the proposed rulemaking. The purpose of the proposed regulations is to implement, interpret, clarify, and make specific, certain sections of the California Consumer Financial Protection Law (CCFPL) that impose requirements on covered companies to respond to consumer complaints and report information about those complaints and responses to the DFPI.

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The Vendor Management Masterclass Part II

TODAY! June 15, 2022 at 02:00 p.m.

Customer behavior and spending is changing. 

The CFPB is hyper-interested in data collection, use, and privacy. 

We're likely on the edge of a credit downturn, which will result in higher delinquency and charge off rates.

New (and old!) agency partners and technology companies are promising to solve your problems. How can you be sure your vendors are compliant, efficient, and that you’re getting what you paid for?

Event Details »