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The Consumer Financial Protection Bureau yesterday announced an enforcement action against Performant Recovery, Inc., a debt collection agency accused of delaying student loan rehabilitations to increase fees. Performants practices, which cost individual borrowers thousands of dollars, have resulted in a $700,000 penalty and a ban on the company from servicing or collecting any student loan debt.
In B2B sales, a signed contract is of immense sanctity. It serves as the cornerstone for ensuring security and trust between business partners. These contracts provide a clear framework for the business relationship, outlining the rights and obligations of each party involved. This assurance is invaluable in fostering a stable and reliable partnership, as it minimizes the risk of disputes and misunderstandings.
The CFPB launched a rulemaking to address the harmful effects of inaccurate credit reporting affecting survivors of domestic violence, elder abuse, and other forms of financial abuse.
Cash flow is key to the running of business operations, so unpaid customer invoices can create significant challenges There are several ways to recover the debt and with that in mind, you may be wondering what is a charging order and can it help? According to a survey from Capital on Tap reported by On The Tools , businesses in the UK are due 7.4bn in overdue invoices.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
A District Court judge in Washington has given final approval to a $5.6 million settlement in a data breach lawsuit against Receivables Performance Management, a Washington-based collection agency, which compromised the personal information of over 3.7 million individuals. The breach, which occurred in April 2021, involved a ransomware attack on the companys servers.
On December 3, 2024, ruling by the U.S. District Court for the Eastern District of Texas granted a preliminary injunction that applies nationwide for all beneficial ownership interest (BOI) reports. 1 What initially appeared to be a straightforward implementation of the Corporate Transparency Act (CTA) has transformed into a complex legal and regulatory challenge that demands careful navigation by businesses across the United States.
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On December 3, 2024, ruling by the U.S. District Court for the Eastern District of Texas granted a preliminary injunction that applies nationwide for all beneficial ownership interest (BOI) reports. 1 What initially appeared to be a straightforward implementation of the Corporate Transparency Act (CTA) has transformed into a complex legal and regulatory challenge that demands careful navigation by businesses across the United States.
New YorkCNN This year was brutal for a number of well-known companies and their bottom lines. As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim to changing trends or even more malicious ailments, like cyberattacks. At least 19 companies have cut a combined 14,000 jobs because of bankruptcies, according to Challenger, Gray & Christmas, an outplacement services firm.
EDITORS NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call (855) WEB-RECON or email admin@webrecon.net today!
We see it all too often. Businesses have a pile of outstanding invoices. They are not getting paid, and the business waits far too long to get serious about getting those customers to keep up with their payments. Maybe they dont have the systems in place to get late customers to pay or they may not want to upset their customers by implementing collection activity.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Swedish debt collector Intrum won U.S. court approval for a $4.6 billion debt restructuring, defeating a bondholder group that argued the company didnt need or deserve the protections of bankruptcy. JudgeChristopher Lopezof the U.S. Bankruptcy Court in Houstonconfirmed a restructuring plan that cuts Intrums debt while preserving its equity holders stakes in the business.The judge simultaneously ruled againsta bondholder groupthatargued the company wasnt in financial distress and had manufactured
I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support. TEC is now extending its services by offering proven, industry-leading technology solutions alongside of our Professional Services to help Clients feel confident in their technology de
Its that time of year againthe season of giving, which has landed nearly half (47%) of consumers in debt thanks to holiday spending in the past. And the struggle continues to be real for consumers with 68% reporting that inflation is stretching their holiday budgets thin and 89% of consumers reporting they feel tempted to spend more than they should.
Speaker: Alex Salazar, CEO & Co-Founder @ Arcade | Nate Barbettini, Founding Engineer @ Arcade | Tony Karrer, Founder & CTO @ Aggregage
There’s a lot of noise surrounding the ability of AI agents to connect to your tools, systems and data. But building an AI application into a reliable, secure workflow agent isn’t as simple as plugging in an API. As an engineering leader, it can be challenging to make sense of this evolving landscape, but agent tooling provides such high value that it’s critical we figure out how to move forward.
The Consumer Financial Protection Bureau has initiated a rulemaking process related to the Fair Credit Reporting Act aimed at protecting survivors of domestic violence, elder abuse, and financial coercion from the long-lasting financial harm of coerced debt. Driving the news: Earlier this week, the CFPB announced an advance notice of proposed rulemaking (ANPR) to amend the FCRA.
The Consumer Financial Protection Bureau on Friday announced it had filed a lawsuit against Comerica Bank, accusing it of systematically harming three million Direct Express cardholders, many of whom rely on Social Security and other federal benefits. Comerica is alleged to have deliberately disconnected more than 24 million customer service calls, charged illegal ATM fees to more than one million cardholders, and mishandled fraud claims.
A District Court judge in Mississippi has approved a settlement in a Fair Debt Collection Practices Act class action that will see the defendant pay $14,000 to the plaintiffs and their attorneys. The settlement stems from allegations that the defendant failed to include a validation disclosure in debt collection letters sent to the plaintiff in 2021.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
A District Court Judge in Ohio has granted a defendant’s motion for judgment on the pleadings — albeit on a technicality — in a Fair Debt Collection Practices Act (FDCPA) case that accused the defendant of sending a text message attempting to collect on a debt after the plaintiff had responded to an earlier text message declining to pay the debt.
Collector Facing FDCPA Class Action for Not Providing 30 Day Dispute Window in MVN Judge Grants MTD in FCRA Case Over Not-Disputed Debt French Hill Tapped as Next Chair of House Financial Services Committee CFPB Issues Final Rule Capping Overdraft Fees WORTH NOTING: A quiz to test how much you remember about 2024 … The word list for the National Spelling Bee is drawing some criticisms … RIP to the Amazing Kreskin … Nearly half of all teenagers are online “constantly”
EDITORS NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call (855) WEB-RECON or email admin@webrecon.net today!
The House Financial Services Committee, one of the most influential committees in Congress, will soon have a new leader. Rep. French Hill [R-Ark.], a former banker with a strong background in financial technology and regulatory reform, has been selected by the House Republican Steering Committee to chair the committee in the upcoming Congress. Driving the news: Hill, who currently serves as Vice Chair of the Financial Services Committee and heads the Subcommittee on Digital Assets, Financial Tec
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
The Consumer Financial Protection Bureau yesterday issued a final rule to cap overdraft fees, which was quickly followed by a lawsuit seeking to block the rule from going into effect. The regulation, effective October 1, 2025, aims to save consumers $5 billion annually and eliminate a regulatory loophole from the 1960s that allowed overdraft services to operate outside of lending laws.
CFPB Advisor and Student Loan Ombudsman Julia Barnard delivered remarks to the Consumer Federation of America Looking to the Future of Student Borrower Protection.
In order to accuse someone of violating the Fair Credit Reporting Act for reporting inaccurate information to a credit reporting agency, there is one important step that has to happen before filing the lawsuit: the consumer has to dispute the debt. A District Court judge in Louisiana has granted a defendant’s motion to dismiss an amended complaint in an FCRA case because the plaintiff failed to meet this crucial requirement.
What’s holding finance teams back isn’t just process inefficiency. It’s culture gaps, reactive mindsets, and missed opportunities to lead real change. In an era of disruption, finance leaders can no longer afford to operate on autopilot and the most resilient teams aren’t just efficient—they’re connected, talent driven, and culture-focused. Join Melissa Hurrington for an exploration into how finance leaders can evolve beyond process and numbers to create adaptive, people-powered teams that thriv
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