A District Court judge in Missouri has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, ruling that the plaintiff lacked standing and that the defendant did not violate the FDCPA. The case revolved around disputes and cease communication requests and the plaintiff’s claim that the cost of a postage stamp was enough to confer standing to pursue this lawsuit.
The European Union (EU) is leading the global charge with AI regulations. U.S. companies are not beyond their regulatory reach, however, and should be preparing their AI risk mitigation efforts accordingly.
The big consumer news last Friday was that the University of Michigan’s June Consumer Sentiment Index hit a seven-month low. Many scratched their heads, particularly since the CPI print earlier in the week came in flat and the economy appears to be firing on all cylinders.
Federal Trade Commission law enforcement actions resulted in more than $324 million in refunds to consumers in 2023, the agency said in its annual report on refunds. The FTC Annual Report on Refunds to Consumers provides a breakdown of the total amount refunded by the FTC nationally, as well as the amount mailed to each state.
If you have listened to collectors working on auto deficiency accounts, you will see that it is very challenging to encourage customers to pay. Part of the problem is that collectors often struggle to understand the loan process for charged-off or repossessed auto loans. The typical response is that it’s not about the vehicle; it’s about the loan taken from the finance company. This often ends the discussion about why the loan needs to be paid. Now, we have more proof that auto deficiency balances often start as potentially higher-risk loans. The CFPB has shared information highlighting that many auto loans include elements that create difficult situations for both the customer and the collector.
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