Join Chris Willis and his colleague Stefanie Jackman as they delve into the recent amendments to New York City's debt collection rules. In this episode of The Consumer Finance Podcast, they discuss the significant changes, including communication restrictions, validation requirements, and the expanded coverage to include creditors.
Scrubbing charged-off portfolios for bankrupt, deceased, and military accounts has long been the norm in collections. Implementing a scrub to identify consumers who are enrolled with debt settlement companies should be non-negotiable, too.
The Consumer Financial Protection Bureau (CFPB) has finalized a rule to oversee the largest nonbank companies offering digital payment and wallet services. This rule targets companies handling over 50 million transactions annually, ensuring they adhere to federal laws similar to those governing banks, credit unions, and other financial institutions under CFPB supervision. Collectively, the apps covered by this rule process more than 13 billion consumer transactions each year.
The US Consumer Financial Protection Bureau (CFPB) is no longer regulating just banks, now supervising Apple and other companies offering digital wallets and payment apps. It will focus on companies that handle over 50 million transactions per year and ensure they have "the authority to conduct proactive examinations to ensure companies are complying with the law in these and other areas," the bureau said in a statement.
The Consumer Financial Protection Bureau (CFPB) published a report on November 12, 2024, examining state and federal privacy protections for consumer financial data
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