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CFPB Addresses Credit Reporting in Buy Now, Pay Later Market

In a blog post released June 15, the Consumer Financial Protection Bureau (CFPB) continued to show its interest in credit reporting by Buy Now, Pay Later (BNPL) lenders. Recognizing the importance of credit reporting to consumers building credit profiles through payment of BNPL obligations, the CFPB encouraged BNPL lenders to report both positive and negative information and consumer reporting agencies (CRAs) to expeditiously develop uniform reporting standards so that the data can be included in core credit files as soon as possible.

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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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Why Consumer Experience and Compliance Will Be Critical to Downturn Survival

With a potential recession on the way, now is the right time to retool your recovery and debt collection strategy, says Jake Cahan, CEO of January. In this Q&A with iA Strategy & Tech, Cahan argues that creditors will need to make a philosophical shift - away from incremental dollars and towards compassionate customer care -  if they want their brand and business to get through an impending recession successfully.

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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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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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The Vendor Management Masterclass Part III

22 June 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 »