We suspected something was afoot when December 2022 came and went without the CFPB announcing its annual inflation adjustments to the credit card late fee safe harbor amounts set forth in Regulation Z (which implements the Truth in Lending Act). With the CFPB’s issuance on February 1, 2023, of a proposal to substantially reduce the safe harbor amounts, eliminate the annual inflation adjustments, and make other significant changes to the Regulation Z rules for credit card late fees, we now know the reason for the CFPB’s inaction on the adjustments. Comments on the proposal must be filed by April 3, 2023 or 30 days after the date the proposal is published in the Federal Register, whichever is later.
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STERLING, Ill. -- VeriFacts, the leading location and employment verification service
provider in the accounts receivable management (ARM) industry located in
Sterling, IL, gave back this past holiday season with four separate community
donation drives aimed at providing for its community’s children.
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To avoid unintended consequences of new regulations, industry participants routinely submit comments to regulatory bodies. Heeding some of these warnings, the California Department of Financial Protection and Innovation (DFPI) recently incorporated the Consumer Relations Consortium’s (CRC) suggestions regarding its proposed complaints and inquiries regulation.
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