On May 15, the Consumer Financial Protection Bureau (CFPB or Bureau) officially rescinded its May 2022 interpretive rule concerning the scope of state enforcement authority under § 1042 of the Consumer Financial Protection Act of 2010 (CFPA). According to the CFPB, this decision restores statutory limits on states’ authority and aligns enforcement actions with the original legislative intent of the CFPA. By restoring statutory limits and promoting joint actions, the Bureau seeks to streamline enforcement processes and ensure that both federal and state authorities operate within their designated boundaries.
Despite massive attempted layoffs and cancellation of third-party vendor contracts, the Trump Administration did not and does not intend to shut down the CFPB, a Justice Department attorney told a federal appeals court on May16 in connection with oral arguments on the government’s appeal of the preliminary injunction issued by the District Court, which essentially required the government to maintain the status quo pending the outcome of the litigation.
Being a Collector is not an easy job — it comes with its own set of challenges and emotional tolls. In every interaction with a customer, a Collector must be the adult in the room. Regardless of what the customer says, threatens, or insinuates, the Collector is responsible for staying calm, professional, and focused on managing the relationship.
On May 16, Florida Governor Ron DeSantis signed into law CS/CS/SB 232, aimed at refining debt collection practices within the state. Among other things, the amendment to the Florida Consumer Collection Practices Act clarifies that prohibited contact between the hours of 9:00 p.m. and 8:00 a.m. in debt collection does not include email communication because such contact is less invasive than telephone calls.
Financial institutions and merchants face a persistent challenge: enabling consumers to navigate the inevitability of large, unplanned expenses without undue friction or financial strain.
From emergency car repairs and essential appliance replacements to significant impulse buys like high-end electronics, these purchases, often costing hundreds or thousands of dollars, frequently fall outside typical household budgets.
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