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TransUnion (NYSE: TRU) has released its sixth annual debt collections report, revealing that 52% of debt collection companies experienced increased account volumes in the past 12 months. While 62% expect better financial positions next year, companies face challenges with decreased collectability since 2020 and rising concerns about data security and compliance.
Mountain View, CA Prodigal proudly announces the launch of ProAgent, a collections native AI agent designed to automate end-to-end operations. ProAgent is a natural language AI agent trained on over half a billion consumer finance interactions, making it an expert in industry regulations, compliance, and real-world collections scenarios. Unlike generic AI agents, which are trained on open-web data and excel in language comprehension.
Breaking Down a Wild Weekend at the CFPB Sixth Circuit Upholds Ruling in FDCPA Case, But On Different Grounds Sorensen Reintroduces QUIET Act to Combat AI-Powered Robocalls New Acting Director Named at CFPB as DOGE Incursion Raises Questions About Bureaus Future Compliance Digest – February 10 WORTH NOTING: How helpful is Google when it comes to searching for financial products and advice?
If there has ever been a weekend, or a period of time, where so many new developments have occurred that impact this industry, I don’t remember it. Going back to Friday morning, there has been a non-stop stream of developments involving the Consumer Financial Protection Bureau that, as of this morning, make it appear as though the operations of the CFPB have been effectively shut down, at least on a temporary basis.
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?
The Court of Appeals for the Sixth Circuit has affirmed a lower court’s summary judgment ruling in favor of a defendant in a Fair Debt Collection Practices Act case, agreeing that the plaintiff lacked standing to sue, but on different grounds, even though the plaintiff suffered a monetary injury. The background: The case stemmed from a foreclosure action initiated by the defendant after acquiring a mortgage loan that had been in default for several years.
Rep. Eric Sorensen [D-Ill.] is renewing efforts to crack down on robocalls by reintroducing the Quashing Unwanted and Interruptive Electronic Telecommunications (QUIET) Act. The bipartisan bill, co-sponsored by Rep. Juan Ciscomani [R-Ariz.], aims to increase penalties for scammers using AI to impersonate individuals and require robocallers to disclose when AI technology is being used.
Rep. Eric Sorensen [D-Ill.] is renewing efforts to crack down on robocalls by reintroducing the Quashing Unwanted and Interruptive Electronic Telecommunications (QUIET) Act. The bipartisan bill, co-sponsored by Rep. Juan Ciscomani [R-Ariz.], aims to increase penalties for scammers using AI to impersonate individuals and require robocallers to disclose when AI technology is being used.
I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management Turnkey Speech Analytics. And Our New BLG360 Program Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H.
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