Mon.Oct 14, 2024

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Judge Dismisses FDCPA Case Over Request for Email Communication Only

Account Recovery

A District Court judge in Oklahoma has dismissed yet another “inconvenient” time or place case under the Fair Debt Collection Practices Act in which a plaintiff mails a letter to the defendant requesting or demanding that all future contact between the parties be conducted via email, ruling that both the FDCPA and Regulation F gave the defendant the authority to respond via traditional mail and not via email.

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CFPB and Justice Department Take Action Against Fairway for Redlining Black Neighborhoods in Birmingham, Alabama

Consumer Finance

The CFPB and DOJ took action to end Fairway Mortgage Corporation’s illegal mortgage lending redlining against majority-Black neighborhoods in the greater Birmingham, Alabama area.

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More Than 40% of Consumers Regularly Have Less than $50 Bank: Survey

Account Recovery

A new study from Achieve highlights the fragile state of many household finances in the U.S. It reveals that 42% of consumers see their primary bank account dip below $50 at least once a month, while 30% have no financial safety net for a $5,000 emergency, underscoring the challenges facing millions of Americans. Why It Matters: With 56% of respondents reporting a major financial hardship in the past year, ranging from job loss to medical expenses, the report demonstrates how unplanned expenses

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Prepared Remarks of CFPB Director Rohit Chopra at Harvard Law School on the Asset Management Oligopoly

Consumer Finance

Director Chopra delivered remarks about the asset management oligopoly at Harvard Law School.

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How To Break Digital Transformation Barriers And Accelerate AI Adoption

Speaker: Anna Tiomina, MBA

AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?

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Daily Digest – October 14. Judge Dismisses FDCPA Case Over Request for Email Communication Only; More Than 40% of Consumers Regularly Have Less than $50 Bank: Survey

Account Recovery

Judge Dismisses FDCPA Case Over Request for Email Communication Only More Than 40% of Consumers Regularly Have Less than $50 Bank: Survey Plaid Rolls Out Pay by Bank for Bill Payments Compliance Digest – October 14 WORTH NOTING: Halloween tricks to make you the envy of everyone in your neighborhood … Six things to add to your diet if you are looking to reduce your chances of getting cancer … A lot of people in the middle class are pessimistic about their financial situations …

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Plaid Rolls Out Pay by Bank for Bill Payments

Account Recovery

Plaid, a fintech leader in bank account connectivity, has launched a new solution called “Pay by Bank for Bill Pay” designed to increase ACH payment adoption and reduce processing costs for billers. Why it matters: With card processing fees eating into profits, billers are seeking more cost-effective payment methods. ACH payments can save up to 40% in processing costs compared to cards, but adoption has been hindered by poor user experiences.

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