As the new year begins, it is a perfect opportunity for collection and recovery managers to evaluate and refine their vendor oversight strategies. In an era of evolving regulations, heightened consumer expectations, and advanced technologies, effective oversight extends beyond mere compliance and security. It is certainly about compliance and security, please do not misunderstand my thoughts, but adding elements of operational excellence will ensure you are driving the right results.
We now have 19 states with comprehensive consumer privacy laws (some of which are already in effect, while others become effective in 2025 and 2026). This recap focuses on the 10 state laws that were enacted or took effect this year—specifically in Kentucky, Maryland, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, Oregon, Rhode Island, and Texas—as well as the states that enacted meaningful updates.
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its semiannual regulatory agenda, outlining its planned rulemaking initiatives. This agenda includes a mix of rules in the pre-rulemaking, proposed rule, and final rule stages, covering a wide range of topics from medical debt reporting to financial data transparency. The CFPB releases regulatory agendas twice a year in voluntary conjunction with a broader initiative led by the Office of Budget and Management to publish a Unified Agenda of Regulatory and Deregulatory actions across the federal government.
A Texas federal judge has refused to lift the preliminary injunction blocking the CFPB’s enforcement of its final rule that would require larger credit card issuers to lower their late fees to $8 and that would also permit smaller credit card issuers to charge late fees up to $32 for a first violation and up to $43 for a subsequent violation during the next six billing cycles.
Assets and loans at federally insured credit unions rose at the median over the year ending in the third quarter of 2024, while shares and deposits declined, according to the latest NCUA Quarterly U.S. Map Review.
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