Managing many different partners through manual workflows is very complex. A single mistake in a file or a delay in an email chain can stall settlements across an entire portfolio. To move past this, the industry is shifting focus from isolated tools to a shared settlement infrastructure.
Imposter scams remain the most widespread form of fraud in the United States, holding the top spot for consumer complaints for the ninth consecutive year. New data released by the Federal Trade Commission highlights how scammers are evolving their tactics — and how the financial impact on consumers continues to grow at an alarming pace.
The Federal Financial Institutions Examination Council (FFIEC) invited public comment on proposed revisions to the uniform financial institutions rating system, commonly known as CAMELS, to focus on material financial risk and improve the transparency of ratings. Regulators use the CAMELS rating system to evaluate the safety and soundness of financial institutions and identify those institutions requiring heightened supervisory attention or other supervisory action.
California Gov. Gavin Newsom has appointed former Consumer Financial Protection Bureau Director Rohit Chopra to lead the state’s newly created consumer protection agency. The new agency, known as California’s Business and Consumer Services Agency (BCSA), will oversee a wide range of regulatory and enforcement bodies.
In a significant win for parties seeking to enforce arbitration agreements, the U.S. Supreme Court yesterday issued a unanimous decision in Jules v. Andre Balazs Properties holding that when a federal court stays a case pending arbitration under Section 3 of the Federal Arbitration Act (“FAA”), the federal court retains jurisdiction to later confirm or vacate the resulting arbitration award, even if the post-arbitration motion would not independently satisfy federal subject matter jurisdiction requirements.
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