November 2022 was a mixed bag for litigation. FDCPA (-10.4%) and FCRA (-2.4%) lawsuits were both down for the month, but TCPA (+4.5%) lawsuits had a mini (and relatively uncharacteristic) surge. Year-to-date, FDCPA (-31%!) and TCPA (-11.2%) continued year-over-year declines, while FCRA (+4.1%) is still trending up. CFPB complaints were down both for the month (-10.4%) and for the year (-17.4%).
If you want a good prediction of tomorrow’s economy, watch what moves credit card issuers make today. “It’s almost like watching a crystal ball to some extent,” John Ulzhemier, a credit expert formerly of FICO and Equifax, says of card issuers. “They are usually ahead of the curve with respect to reacting to downturns in the economy.”
As discussed here, on May 20, California’s Department of Financial Protection and Innovation (DFPI or Department) announced that it had filed a Notice of Proposed Rulemaking with the Office of Administrative Law. The purpose of the proposed regulations is to make explicit what it means to provide a timely response to consumer complaints.
(The Center Square) – Arizona voters on Nov. 8 approved Proposition 209 with 72% of the vote. The citizen-initiated measure is designed to reduce interest rates on debt accrued from receiving healthcare services, as well as increase the value of certain property and assets exempt from debt collection processes.
Gift giving is on everyone’s mind, and financing what they’ll spend on holiday gifts is, too. The holidays are fully here, and Christmas is but two days away. As 2022 has been marked by rampant inflation and macro pressures, spending patterns are looking a bit different this year.
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