Governor Kathy Hochul recently approved an important update to New York’s Fair Medical Debt Reporting Act, aimed at resolving ambiguities and strengthening consumer protections. The amendment, signed on November 22, 2024, took effect immediately and applies retroactively to the law’s original implementation date of December 13, 2023.
Year-end goal-setting can be a tricky time, especially as a leader of a collections team. As the bank mapped out goals for the upcoming year, objectives like contractual losses or delinquency levels inevitably made their way onto the list for collections leadership. While these goals are undeniably important for the bank’s overall success, I often struggled to fully support them as key performance targets for collection supervisors and managers.
As demand for faster payments grows, so does the risk of fraud. More than 170 million U.S. consumers received at least one disbursement in the past year, highlighting the need for rapid transactions.
The fifth annual Deloitte "Connected Consumer" survey reveals that consumers have a positive perception of their technology experiences and are increasingly embracing GenAI. However, they are determined to seek balance in their digital lives and expect trust, accountability, and transparency from technology providers.
In the wake of the Office of Administrative Law’s approval of its registration and reporting requirements for providers of income-based advances, private postsecondary education financing, debt settlement services, and student debt relief services, California’s Department of Financial Protection and Innovation (“DFPI”) has issued an invitation for comment on “what other industries…the DFPI should establish registration and reporting requirements for under the [California Consumer Financial Protection Law].”
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