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In the wake of the Wells Fargo debacle, the CFPB has issued a Compliance Bulletin which addresses employee incentives and the consumer risks associated with them. CFPB Compliance Bulletins are non-binding general statements of CFPB policy. The Bulletin notes that while businesses and consumers alike may benefit from the use of incentives when properly implemented and monitored, incentives may also lead to significant consumer harm when effective controls for risk are not in place.
PRESS RELEASE. Indiana Consumer Law Group/The Law Office of Robert E. Duff announces the recent filing of a lawsuit against Blatt, Hasenmiller, Liebsker & Moore, LLC, a debt collection law firm based in Chicago, Illinois. The lawsuit, which has been filed in the United States District Court for the Southern District of Indiana, alleges that Blatt, Hasenmiller, Liebsker & Moore filed a debt collection lawsuit against the Indiana consumer in the wrong county and thereby violated the Fair D
A professionally drafted last will and testament is essential if you want your final wishes to be followed to the letter. Finding an experienced attorney who understands Arkansas estate planning laws and regulations is the first step toward deciding how you will be remembered. It is invaluable to have an experienced last will and testament attorney at your side when it comes time to decide how your possessions and assets will be distributed after you pass away.
How Does a Bankruptcy Affect my Credit Score? If you’ve been doing a great job making payments on your debts, bankruptcy will have a significant impact on your credit score in the short term. However, by the time you start thinking seriously about bankruptcy you’ve probably either started missing payments or are on the verge of doing so.
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?
A recent decision out of the Northern District of Georgia serves as a reminder to both consumers and furnishers of information as to the furnisher’s obligation to reasonably investigate a dispute under the federal Fair Credit Reporting Act. In Taylor v. Georgia Power Company, the consumer disputed the power company’s reporting of her account as delinquent with the consumer reporting agencies (“CRA”).
The FCC recently denied a petition by the Mortgage Bankers Association which requested a limited exemption from the prior express consent provision of the TCPA for mortgage servicing calls. In doing so, the FCC shown a bright spotlight on the difficulties faced by the financial service industry in complying with a series of consumer protection statutes which are either outdated or present a natural conflict with each other.
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The FCC recently denied a petition by the Mortgage Bankers Association which requested a limited exemption from the prior express consent provision of the TCPA for mortgage servicing calls. In doing so, the FCC shown a bright spotlight on the difficulties faced by the financial service industry in complying with a series of consumer protection statutes which are either outdated or present a natural conflict with each other.
A New York district court recently dismissed an FDCPA putative class action attempting to penalize a collection agency for disclosing the FDCPA’s cease and desist requirements to a consumer. Illobre v. Fin. Recovery Servs., 2016 U.S. Dist. LEXIS 153525, 16 CV 452 (S.D.N.Y. Nov. 3, 2016). The demand letter in question accurately provided the consumer with its Validation Notice under 15 U.S.C. §1692g(a) on the front of the letter.
The CFPB’s Fall Supervisory Highlights contains a mixed bag for debt collectors. As you may recall, the Report highlights examinations that were conducted between May and August 2016 and provides a high level summary of the key findings made by the CFPB and the current emphasis of examiners. Debt collection appears to be back as a point of emphasis for examiners.
Auto loan servicers need to pay careful attention to their repossession practices and particularly, their policies concerning repossession fees. The clear message from the CFPB’s Supervisory Highlights is that examiners are focused on repossession activities, “including whether property is being improperly withheld from consumers, what fees are charged, how they are charged, and the context of how consumers are being treated to determine whether the practices are lawful.
The CFPB published its Fall Supervisory Highlights last week, highlighting its examination observations across various financial products for examinations conducted between May and August 2016. The Report highlights key findings made by the CFPB and provides insight into the current focus of the examiners. The current edition of Highlights reveals a heavy focus on compliance management systems across product types.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
The CFPB has amended its guidance on vendor management. According to the CFPB, the amendment was necessary to “clarify that the depth and formality of the risk management program for service vendors may vary depending upon the service being performed – its size, scope, complexity, importance and potential for consumer harm.” CFPB Bulletin 2016-02. The Bulletin, like its 2012 predecessor, makes clear that the supervised entities are responsible with their service providers for their service provi
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