Judge Rejects BFE Defense in Collection Case
- A District Court judge in California has granted a defendant’s motion for summary judgment over claims it violated the Fair Debt Collection Practices Act, but denied motions that it is entitled to the bona fide error defense while also ruling the plaintiff has standing to pursue claims the defendant violated state law.
- More details here
DOGE Deploys ‘Deregulatory’ AI Tool at CFPB, Flags 100k Rules Government-wide for Deletion
- The Department of Government Efficiency has rolled out a new “DOGE AI Deregulation Decision Tool” which has already been deployed at the Consumer Financial Protection Bureau, marking an unprecedented AI‑driven effort to slash federal regulations by half, according to a report in Saturday’s Washington Post. A PowerPoint presentation that was dated July 1 shows the tool can scan roughly 200,000 rules, has flagged some 100,000 as candidates for elimination, and then generate a full “delete list” in under four weeks.
- More details here
New Senate Bill Aims to Double CFPB Funding and Pay Whistleblowers
- Sen. Catherine Cortez Masto [D-Nev.] last week introduced the S. 2429, the Stop the Scammers Act, a bill that would restore funding to the Consumer Financial Protection Bureau and establish a whistleblower incentive program aimed at rooting out financial misconduct. The legislation comes in response to a Republican-led tax bill that sharply reduced the CFPB’s funding and curtailed its enforcement capabilities.
- More details here
26M More Americans Struggling to Make Ends Meet: Report
- A new report from the FINRA Investor Education Foundation reveals a significant shift in the financial health of American households, with millions more struggling to make ends meet compared to just three years ago. The findings, drawn from the sixth edition of the National Financial Capability Study (NFCS), have important implications for professionals across the credit and collection industry.
- More details here
WORTH NOTING: A lack of estate planning for both older individuals and those who stand to inherit what they leave behind is something that neither side is addressing … A new estimate for how many people will lose their health insurance during the next 10 years, and it’s a big number … Parents are ditching the soft approach and taking a harder stance with their kids … How one healthcare provider is preparing its members for changes to medical debt credit reporting … A deep-dive on surveillance pricing and how its costing you money … The world’s most premature baby just turned one year old … The best and worst things to say to someone who was just diagnosed with cancer … In a number of states across the country, tarantula mating season has started.
Music Monday, part I
Music Monday, part II
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