A Look Back at 2022 in Consumer Credit and Collections Case Law and Federal and State Regulation

Just a few years ago, the annual review would primarily encompass federal activity. But a shift began in 2018, and by the close of 2022, it’s clear there is far more state activity impacting consumer debt collection.

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Industry Veteran Autumn V. Bloom Joins Pollack & Rosen, P.A.

MIAMI, Fla. -- The law firm of Pollack & Rosen, P.A., is proud to announce that Autumn V. Bloom has joined the firm as Sr. Vice President of Acquisitions and Strategic Partnerships. Her valuable expertise and leadership will serve to further expand the firm’s growing portfolio of regional and national clients.

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Mark Schanck Joins Healthcare Revenue Cycle Leader Wakefield & Associates as Chief Revenue Officer

AURORA, Colo. -- Wakefield & Associates, one of the largest healthcare revenue cycle solutions companies in the nation, announced today that industry veteran Mark Schanck has joined the organization as its Chief Revenue Officer to provide executive leadership and oversight of the company’s business development efforts.

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CFPB Report Finds Only Small Fractions of Activated Guard and Reserve Servicemembers Receive SCRA Interest Rate Reductions

On December 7, the Consumer Financial Protection Bureau (CFPB) released a report entitled Protecting Those Who Protect Us. The report sought to quantify, for the first time, the use of the Servicemembers Civil Relief Act (SCRA) interest rate reduction benefit. According to the CFPB’s research, between 2007 and 2018, fewer than 10% of eligible auto loans and 6% of personal loans received a reduced interest rate.

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Credit Eco to Go: Can we Achieve Consistency to the Complex? [Podcast]

The ecosystem is a circular environment. There is no beginning or end. In financial services, decisions made in the origination process will impact the life of the transaction, especially if the loans are sold to the secondary market. Though the secondary market is nothing new (just look at the mortgage industry), the unsecured debt market is subject to significant scrutiny and a patchwork of laws and regulations that are inconsistent from state to state.

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CFPB Publishes Notice of Proposed Rulemaking Signaling Intent to Create Registry of Repeat Offenders

As a further reflection of its recent emphasis on “repeat offenders,” on December 12, the Consumer Financial Protection Bureau (CFPB) published a proposed rule with request for public comment that would require certain nonbank covered entities (with exclusions for insured depository institutions and credit unions) that are under certain final public orders issued by a federal, state, or local agency in connection with the offering or provision of a consumer financial product or service to report the existence of such orders to a CFPB registry. The CFPB would then include all final public written orders and judgments (including consent and stipulated orders and judgments) issued by the CFPB or any government agency for violation of certain consumer protection laws on an online registry. Additionally, larger companies subject to the CFPB’s supervisory authority would be required to designate an individual to attest to whether the firm is adhering to registered law enforcement orders. The CFPB states that it is proposing the rule pursuant to its authority under the Consumer Financial Protection Act of 2010.

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Featured Resources and Webinars

from insideARM.com

» Charting the Course and Steering Toward Success: The Collections Industry in 2022

» How to Launch an Omnichannel Collection Strategy

» Breaking Down the CFPB's Opinion on Convenience Fees

» 2022 Survey Report: Explore and Understand the Modern Consumer’s Expectations

» How Credit Service Company Used Business Intelligence to Increase Revenue without Increasing Effort

» How an Empathy-First Strategy Can Improve Your KPIs

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