For a long time, the relationship between lenders and debt settlement companies has worked on a "trust but verify" model. Compliance teams usually manage this by manually checking a small number of settled files to see if they follow internal rules. However, as the number of resolutions grows, this manual way of working is showing big gaps.
The FDIC has issued FIL-14-2026 rescinding its guidance governing the re-presentment of the same transaction after raising questions about the Biden Administration’s prior guidance. The original guidance included a warning that charging multiple nonsufficient funds fees for the same transaction could constitute deceptive or unfair practices under the law.
The New York City Department of Consumer and Worker Protection (DCWP) will hold a public hearing on proposed amendments to its debt collection penalty schedule on June 1. The hearing will focus on updates to penalties for violations under the city’s debt collection rules.
The CFPB released its final rule revising the 2023 small business lending data collection and reporting rule under the Equal Credit Opportunity Act (ECOA) and Regulation B, which implements Section 1071 of the Dodd-Frank Act (2026 Final Rule). The 2026 Final Rule will become effective 60 days after publication in the Federal Register, and the compliance date for initial data collection is January 1, 2028.
Virginia is on the verge of making a consequential change to its civil justice system. Legislation would authorize private class actions in Virginia state courts and make significant amendments to the Virginia Consumer Protection Act (“VCPA”). If signed, Virginia would join virtually every other state in expressly permitting class action procedures in its own courts.
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