I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management – Turnkey Speech Analytics. And Our New BLG360 Program – Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H. Bedard, Jr., or call (678) 253-1871.
Every week, AccountsRecovery.net brings you the most important news in the industry. But, with compliance-related articles, context is king. That’s why the brightest and most knowledgable compliance experts are sought to offer their perspectives and insights into the most important news of the day. Read on to hear what the experts have to say this week.
Debt Collectors Cited in CFPB Post about New Junk Fee Tactics
The Consumer Financial Protection Bureau has intensified its scrutiny of junk fees in the financial marketplace, with debt collectors and loan servicers squarely in the crosshairs this time. The Bureau published a blog post yesterday about new tactics that companies are undertaking to charge illegal junk fees to consumers, and debt collectors were front and center in the article. More details here.
WHAT THIS MEANS, FROM LAURIE NELSON OF PAYMENT VISION: The CFPB’s blog post targeting junk fees underscores heightened regulatory scrutiny that focuses on the debt collection industry. As this trend continues, debt collectors will face increasing enforcement actions and legal challenges, particularly regarding fees that could be deemed unauthorized or deceptive. The added oversight will likely result in increased operational costs as companies must audit and, if necessary, revise their fee structures to ensure compliance. This proactive approach is essential to mitigate the risk of significant legal expenses and reputational damage associated with defending non-compliant models.
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Judge Denies Motions to Block Enactment of CFPB’s Medical Debt Guidance
A District Court judge has denied motions from ACA International for a preliminary injunction and a temporary restraining order seeking to block the enactment of guidance issued by the Consumer Financial Protection Bureau related to how medical debts are collected. More details here.
WHAT THIS MEANS, FROM NABIL FOSTER OF BARRON & NEWBURGER: You may be wrong for all I know
But you may be right
What Billy Joel sang in the opening track of his 1980 album, Glass Houses, is as relevant today as it was way back when we used coin operated public pay phones and there was no internet.
The recent minute-order bench ruling, on Dec. 16, 2024, denying the ACA’s Motion for a Preliminary Injunction and Motion for a Temporary Restraining Order isn’t the end of the story. There is a genuine possibility of a good ending; however, you must wait for it until Q3 of 2025. The scheduling order entered on Dec. 23, 2025 sets up a summary judgment showdown for July 2025. But, everyone still wats to know who will prevail. Although no one has yet perfected the skill of seeing around corners, there are many who perpetually pursue prognostication. In this case, it may be prudent for all those awaiting the showdown to remember that “past performance is not indicative of future results” (à la SEC Rule 156, under the Securities Act of 1933, see 17 CFR 230.156). Or, simply sit back, acknowledge the epistemological ambiguity of asking “but, what if…?”, listen to a classic song from the 80’s and then re-focus your attention on running your current business operations.
I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management – Turnkey Speech Analytics. And Our New BLG360 Program – Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H. Bedard, Jr., or call (678) 253-1871.
