Debt collection is a pivotal part of financial services, tasked with recovering past-due payments and maintaining cash flows. Among the industry's known challenges—such as regulatory compliance, consumer protection issues, and evolving economic conditions—there are emerging trends that could reshape the landscape in unexpected ways. By focusing on these underestimated trends, businesses can enhance resilience and competitiveness.
The latest data on fourth quarter gross domestic product indicates a general “headline number” slowdown.
But underneath the hood, consumer spending is the engine pulling the train, and though spending’s been volatile, consumer expenditures rebounded a bit in the last three months of the year, quickening from the third quarter’s pace
Last year proved to be an incredibly active year for data privacy legislation, state and federal enforcement actions, and new compliance challenges introduced by emerging technology. Looking ahead to this year, there is no sign of a slowdown. This alert provides a preview of the headline privacy issues and compliance hurdles that organizations across a variety of industries will have to contend with.
Our podcast show today features John Culhane and Mike Kilgarriff, partners in Ballard Spahr’s Consumer Financial Services group. They discuss what supervision and enforcement will look like under a new acting director/director appointed by President Trump. This episode is a repurposing of the second half of a webinar that was produced on January 6. On January 23, we released the first half of the webinar, which consisted of Alan Kaplinsky’s “fireside chat” with Kathy Kraninger, the former Director of the CFPB during Trump 1.0., linked here.
The Consumer Financial Protection Bureau (CFPB) today ordered the international remittance company Wise to pay nearly $2.5 million for a series of illegal actions, including advertising inaccurate fees and failing to properly disclose exchange rates and other costs.
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