When it comes to debt collection, state legislatures have been busy lately. ARM industry professionals have noticed it, the CFPB has encouraged it (see here, here, and here), and it may feel as if the industry is under pressure from all sides with some of the recent legislation and regulations. You might be wondering where some of these ideas are coming from and why it feels like there’s an uptick. One possible explanation, is the actions, rhetoric, and push for this type of legislation from the National Consumer Law Center (NCLC). Recently, NCLC provided a debt collection State Policy Resource that offers model legislation along with data, research, and consumer friendly studies. Here are the top three things you need to know about it:
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On April 16, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a procedural rule streamlining the designation proceedings for nonbank supervision based on a particular entity posing “risks to consumers.” As discussed in "Troutman's Take" below, the changes are designed to encourage nonbanks to volunteer to be supervised, while making it easier for the CFPB to impose supervisory oversight when companies do not consent.
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WEST SENECA, N.Y. -- Landmark Strategy Group, a nationally licensed and bonded receivables management firm located in West Seneca, NY, has spent the last decade involved with dozens of Western New York (WNY) community groups, tackling issues from food insecurity to homelessness. To support its community, Landmark has spent the early part of 2024 volunteering at the FeedMore WNY Warehouse and supporting their Backpack Pack-Out Program, which assists children facing food insecurity over the weekends.
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