CFPB Outlines Rulemaking Plan to Dramatically Alter Decades of FCRA Requirements for Everyone in the Consumer Data Ecosystem

The Consumer Financial Protection Bureau (CFPB) has started the process of issuing rules on several topics affecting the entire ecosystem that collects, sells, and uses data about consumers, according to an Outline of the CFPB’s plans for rulemaking under the Fair Credit Reporting Act (FCRA) released on September 21. A copy of the Outline can be found here.

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Compliance with Reg F is Not the Same as Compliance With the FDCPA, Says Court

A District Court in New Jersey recently ruled that complying with Reg F does not necessarily equal compliance with the Fair Debt Collection Practices Act (FDCPA). Specifically, the NJ District Court held that although the date of the letter is not a requirement in the Model Validation Notice, failing to include a date in an initial demand that tracks the Model Validation Notice might violate the FDCPA.

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FCRA Claim for “Misleading” Double-Reporting of Debt by Original Creditor and Collection Agency Survives Motion to Dismiss

In Hansen v. Mountain America Federal Credit Union, the plaintiff became delinquent on a credit card account with her credit union. The credit union then assigned the debt to a third-party collection agency. Following the assignment, the collection agency opened its own tradeline for the debt, while the credit union also continued to report the debt. Although the credit union’s tradeline was updated to reflect that the account was “closed” and in collections, and the collection agency’s tradeline indicated that the credit union was the original creditor, both tradelines showed a balance, albeit for different amounts — $18,340 for the credit union and $20,875 for the collection agency.

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Delaware Enacts Personal Data Privacy Act

Delaware Gov. John Carney on Sept. 11 signed into law House Bill 154, the Delaware Personal Data Privacy Act.  This makes Delaware the 12th state to enact a comprehensive consumer data privacy law, following California, Virginia, Colorado, Utah, Connecticut,  Iowa, Indiana, Tennessee, Montana, Texas, and Oregon. The Act will go into effect Jan. 1, 2025.

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Retain Delivers Powerful Digital-first Engagement Enabling Clients to Recover $1 Billion

LENEXA, Kan. -- TrueML Products, a fintech company developing products that enable intelligent, digital communication, today announced that clients have used Retain, the company’s flagship product, to drive engagement since January with more than 1 million delinquent customers that enabled recovery of $375 million in past-due balances. Total dollars collected on the Retain product exceed $1 billion. Retain is a scalable, client-branded digital engagement tool powered by an optimization engine to automate clients’ digital communications and help boost customer engagement.

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4 Ways to Sharpen Your Outbound Calling Strategy

Economic conditions over the last three years have encouraged collections departments to focus on technology more than ever before. For many, this means integrating new technology and building strategies around them. However, a huge number of collections departments are trying to teach an old dog new tricks, and it’s working. What’s the old dog?

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Work Smarter, Not Harder - Keeping Tabs On Laws, Rules, and Regs (and keeping ops looped in)

25 October 2023 at 02:00 p.m.

Laws are constantly changing. State and Federal Regulators continue to pass new rules, and already established laws continue to get clarified through the court systems. Legal compliance is never static; it is always dynamic. In the ARM industry, legal changes filter through and affect every part of an organization. Staying on top of these changes and ensuring all relevant parties within an organization get updates can seem like a never-ending task.

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