Quick analysis: Mixed Numbers in July, Everything Up YTD
In July, TCPA (-14.6%) and FCRA (-8.5%) were both down, while FDCPA (+21.9%) was up. Meanwhile all three are still up YTD (TCPA +5.2%, FDCPA +15.1%, FCRA +17.7%). If things keep going this way, we’ll have the first “up” year across the board since at least 2015!
The most frequent consumer debt collection complaints filed with the CFPB in 2023 were attempts to collect debts that actually were not owed, the bureau said in its annual Fair Debt Collection Practices Act report.
On August 27, U.S. Senator Mike Rounds (R-SD) introduced the “Unleashing AI Innovation in Financial Services Act” (S. 4951), a bill aimed at fostering artificial intelligence (AI) innovation within the financial services industry. According to his press release, this legislation is part of a broader set of five bipartisan AI bills that Senator Rounds has released for consideration by Congress this fall.
Business insider is reporting today that lead generation giant Digital Media Solutions (DMS) has entered Chapter 11 bankruptcy. The story positions the move as one designed to drive growth with the company expected to emerge from the bankruptcy leaner and with greater financing options but I am very curious about the timing of this decision in light of recent TCPA developments and the new one-to-one rule taking effect in January.
Since the passage of the California Consumer Privacy Act (CCPA) in 2018, other U.S. states have followed suit by enacting comprehensive consumer data privacy laws in rapid succession. While these state consumer privacy laws tend to have similar themes and address comparable topics, there are also important differences among them — meaning a one-size-fits-all data privacy program will not suffice. Given that the federal government has yet to pass a comprehensive consumer data privacy law, organizations must ensure they comply with the law of each applicable state and monitor this rapidly evolving regulatory environment.
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