Republicans on Capitol Hill are seeking to repeal a section of the Dodd-Frank Act that requires financial institutions to report information contained in loan applications submitted by women-owned, minority-owned and LGBTQI+-owned small businesses.
On February 4, Senators Bernie Sanders (I-Vt.) and Josh Hawley (R-Mo.) introduced bipartisan legislation aimed at immediately capping credit card interest rates at 10% for a period of five years. This initiative follows a recent Forbes report indicating that the average credit card interest rate stands at 28.6%.
The California Department of Financial Protection and Innovation (DFPI) announced today a consent order with San Francisco-based, Patelco Credit Union (Patelco) for cybersecurity violations. The consent order, which includes a $100,000 penalty, follows an investigation prompted by a June 2024 ransomware attack affecting Patelco’s approximately 500,000 members.
After two and a half years, Coinbase, Inc. (Coinbase) and other crypto market participants may finally get an answer for why the Securities and Exchange Commission (SEC) has declined to promulgate rules clarifying how and when federal securities laws apply to digital assets like cryptocurrencies.
It’s unlikely anyone has, but that doesn’t diminish the importance of those conversations. Every call from a collector holds a critical opportunity to understand the customer’s situation and balance two essential goals: customer satisfaction and dollars collected.
Third-party collectors represent more than just themselves—they are an extension of the creditor. Yet, in many cases, customers may not even realize they’re speaking with someone other than the original creditor, despite the disclosure of the company name.
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