Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant shift in its enforcement priorities, choosing not to prioritize actions related to Buy Now, Pay Later (BNPL) loans under the Truth in Lending (Regulation Z). This decision aligns with the CFPB’s broader strategic adjustments outlined last month, and discussed here, which emphasize focusing resources on more pressing consumer threats, particularly those affecting servicemen, veterans, and small businesses.
More than 40,000 people will receive a refund as a result of the Federal Trade Commission’s settlement with Cerebral, Inc, an online mental health service provider that allegedly billed consumers despite their requests to cancel their subscriptions.
As economic headwinds continue, collections departments are being asked to do more with less. Amid inflation, rising delinquencies, and shifting consumer behavior, operational resilience is becoming a defining trait of leading collections teams. And leading collections teams know that the key isn’t brute force, it’s adaptability.
As someone who conducts audits and training for collections organizations, I am always on the lookout for ideas that can help improve operations. Usually, these improvements revolve around three areas: technology, procedures, and people. I never imagined that a trip to obtain a Real ID would provide such valuable lessons on running an efficient operation.
The Office of the Comptroller of the Currency (OCC) has issued an interim final rule to rescind its 2024 final rule 1 related to its regulations for business combinations involving national banks and federal savings associations in 12 CFR 5.33. The agency also rescinded a policy statement issued at the same time as the 2024 final rule titled “Policy Statement Regarding Statutory Factors Under the Bank Merger Act” contained in an appendix to 12 CFR 5 subpart C.
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