Back in school during statistics class, I remember thinking, “When will I ever use this stuff?” Population size, variance, and margin of error—all critical components of establishing a statistically valid sample size—seemed like distant concepts at the time. That convoluted formula we had to memorize felt more like a test of endurance than a practical tool. Yet, here I am in the world of collections, realizing the importance of those statistical principles. Reviewing calls and accounts managed by a third-party vendor demands a solid grasp of sample size challenges.
The Consumer Financial Protection Bureau is issuing an interpretive rule to make clear that the business practices of lenders marketing their loans as “Buy Now, Pay Later” will typically trigger the consumer protections in existing federal law and regulation, including those related to billing disputes and refunds.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards.
Say you’re scrolling through your social media feed and you see a post saying, “I’m the winner of $600 million from the Powerball lottery. I’m giving away $50,000 to the first one thousand people to message me.” Would you answer? If you do, you could become the target of a scam.
The Federal Trade Commission has finalized an order against Blackbaud Inc. settling allegations that its lax security practices allowed a hacker to breach the company’s network and access the personal data of millions of consumers including Social Security and bank account numbers.
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