As part of Governor Hochul’s recently unveiled 2025 State of the State, Governor Hochul today announced the Department of Financial Services has posted proposed regulations to enhance consumer protections against unfair overdraft fees. These regulations ensure consumers will no longer be burdened with overdraft fees for minor transactions and require banks to provide timely notifications to consumers about overdraft fees to improve transparency.
AI is reshaping the workplace, and two of the nation’s most influential states – California and New York – are making sure businesses take accountability. California’s Attorney General issued sweeping advisories on Monday warning that AI-driven decisions must align with existing laws on consumer protection, discrimination, privacy, and competition.
As the Biden Administration came to a close, the CFPB released a compendium of guidance documents issued by the bureau between October 2021 and January 2025.
“CFPB guidance documents have provided clarification on the best interpretations of the federal consumer financial laws for those tasked with enforcing them, as well as the courts,” Brian Shearer, the bureau’s assistant director in the Office of Planning & Strategy and CFPB General Counsel Seth Frotman, wrote in an introduction to the volume.
A recent report by TransUnion (NYSE: TRU) sheds light on the evolving landscape of the debt collection industry. Over half (52%) of debt collection companies have experienced a rise in accounts placed or acquired in the last 12 months. Additionally, 62% of these companies anticipate being in a stronger financial position next year. However, this growth comes with challenges, such as declining collectability and increasing concerns over data security and regulatory compliance.
The Court of Appeals for the Fourth District of Florida affirmed a trial court’s holding that claims under the Florida Consumer Collection Practices Act (FCCPA) cannot not be assigned. In KAC 2021-1, LLC v. Mary T. Matuskah Irrevocable Trust, the plaintiff was an assignee of a tenant who leased property from the defendant trust. The tenant failed to make her monthly payments for four months and the defendant posted an “8-Day Notice” on her front door, which stated the amount due and demanded payment of the rent or possession of the property.
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