CFPB Brief Defends Funding Structure

On May 8, petitioner CFPB filed its brief with the U.S. Supreme Court, criticizing the U.S. Court of Appeals for the Fifth Circuit’s decision in Community Financial Services Association of America v. Consumer Financial Protection Bureau, where the appellate court found that the Bureau’s “perpetual self-directed, double-insulated funding structure” violated the Constitution’s Appropriations Clause (covered by InfoBytes here and a firm article here). The 5th Circuit’s decision also vacated the agency’s Payday Lending Rule on the premise that it was promulgated at a time when the Bureau was receiving unconstitutional funding.

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Develop your leadership skills, build your network, and retain your top performers at Women in Consumer Finance

Women in Consumer Finance (powered by iA) is the industry’s most dynamic and influential annual meet-up. It is the place to be for those looking to build their confidence, make meaningful connections, and supercharge their careers, as well as those who want to support and invest in key female professionals within their organizations. Register yourself or your staff for Women in Consumer Finance - December 11-13 in Palm Springs, CA. Register now.

‘Tennessee Information Protection Act’ with NIST Security Standards Enacted

Tennessee Gov. Bill Lee on May 11 signed into law House Bill 1181, making Tennessee the eighth state to enact a comprehensive consumer data privacy law, following California, Virginia, Colorado, Utah, Connecticut, Iowa, and Indiana. The law will take effect July 1, 2024.

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Washington Federal Court Rejects Hunstein; Holds Article III Standing Exists in FDCPA Letter-Vendor Claim

Nearly two years after the Supreme Court’s 2021 decision in Transunion v. Ramirez, courts and litigants continue to grapple with standing issues in Fair Debt Collection Practices Act (FDCPA) cases brought by plaintiffs alleging intangible harms to reputation and privacy interests. Prominent among these post-Ramirez FDCPA cases was Hunstein v. Preferred Collection & Management Services. (11th Cir. 2022), where the plaintiffs alleged a debt collector violated the FDCPA’s prohibition on debt collector communications with third parties, 15 U.S.C. 1692c(b), by disclosing their debts to a third-party letter-vendor who formulated and mailed collection letters. Citing to Ramirez, the Hunstein court differentiated between the limited disclosure to a private party alleged by the plaintiffs and the broad public dissemination actionable at common law. Because the former caused no concrete harm to the plaintiffs’ privacy interests, the Hunstein court dismissed the case for lack of standing.

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Legal Advisory Board Members Discuss Hunstein, the CFPB, and Omnichannel Communication

The ARM industry is complex, and it's often difficult to keep up with industry-shaking cases, emerging technologies, and regulatory entities throwing the occasional wrench into the machinery. Despite the challenge, staying on top of the newest cases, laws, and trends is essential to succeeding in the current debt collection landscape.

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How to Build Trusted Creditor-Collector Relationships (and Better Market Your Agency)

When the CFPB introduced Reg F in late 2020, a lot of attention focused on the change in collector-debtor communication practices. A less discussed, but equally significant change is the increased oversight responsibilities creditors have when outsourcing collections. With the CFPB’s announcement about extending its supervisory authority to non-bank financial institutions, vendor management and auditing is increasingly becoming a priority for originators and lenders. As a result, for collection agencies, robust compliance management and reporting capabilities now represent a competitive advantage when marketing their services to creditors.

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Slovin Supports Dozens of Local Artists With New Office Art

CINCINNATI, OH - Slovin & Associates, a Cincinnati-based law firm that provides clients with the personal, hands-on accessibility of a small law firm combined with the deep experience of industry veterans, is proud to support dozens of local artists through its new office.

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Work Smarter, Not Harder - Client RFIs: Tell Your Story, Streamline, Manage, and Avoid Repetition

28 June 2023 at 02:00 p.m.

Responding to RFIs is a must in the ARM industry today, but RFIs take time. They disrupt daily workflow and cause other important tasks to be delayed. There is no avoiding RFIs, but how can you reduce the time you spend without sacrificing the quality of your responses?

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» How to Launch an Omnichannel Collection Strategy

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