In the realm of debt collection, adherence to regulations isn’t just a suggestion—it’s a legal obligation. Recently, Minnesota has adjusted the dates that collection agency’s licenses must be renewed. This change sparked ideas on how to potentially audit your Minnesota collection agencies to adhere to the new adjustment as well as verifying that already implemented laws are being followed.
The new rule, long expected after an initial proposal was floated early last year, comes after the agency said it reviewed market data related to the 2009 Card Act. Regulations tied to that law granted card issuers the ability to charge ever-increasing amounts of late fees.
The number of data breaches in the United States has increased significantly in the past ten years. According to an IBM study, more than 4 out of 5 companies have experienced a data breach at least once.
Comments from U.S. Rep. Patrick McHenry, chairman of the House Financial Services Committee, highlight how the bureau’s new rule on credit card late fees raises the cost of borrowing for all consumers and is politically motivated.
The US Federal Reserve's progress in bringing down inflation is "not assured," the chair of the country's central bank told lawmakers in Washington Wednesday, on the first of two days of hearings in Congress.
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