The advisory opinion had addressed the content of the written plan that would have been required for the SPCP and the data that could have been used to support a determination that the SPCP was necessary because people sharing those characteristics probably would not have received credit or would have received it on less favorable terms than those ordinarily available to other applicants. The CFPB stated it “has determined that the advisory opinion should be rescinded, as it is now outdated and inconsistent with the recent amendments to Regulation B” under the Equal Credit Opportunity Act.
Michigan lawmakers are moving forward with a series of bipartisan bills that would significantly change how medical debt is collected, reported, and managed throughout the state. The legislative packages would establish new requirements for medical debt collection practices, limit credit reporting of medical debt, and create uniform hospital financial assistance programs.
The New York City Department of Consumer and Worker Protection (DCWP) recently published new compliance resources for its amended debt collection regulations, known as the SHIELD Rule, which are scheduled to take effect on September 1, 2026. The rule reflects the culmination of a multi-year effort by DCWP to revise New York City’s debt collection framework.
In a pair of very important decisions issued today, the U.S. Supreme Court reshaped the constitutional landscape governing independent federal agencies. In Trump v. Slaughter, Court overruled the 91-year-old precedent of Humphrey’s Executor v. United States, 295 U.S. 602( 1935), and held that members of the Federal Trade Commission may be removed by the President at will, notwithstanding statutory “for cause” removal protections.
In the modern financial landscape, resolving debt involves a constant exchange of sensitive information and legal agreements. When a credit provider and a debt settlement advisor agree on a plan for a consumer, that agreement must be backed by a complete and accurate record. For collections executives and compliance leads, the goal is to ensure that every step of the negotiation is documented and ready for review.
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