Appeals Court: CFPB Can Proceed With Massive Layoffs
- A federal appeals court has cleared the way for the Consumer Financial Protection Bureau to move forward with plans to lay off more than 1,400 employees; a move that could shrink the agency to roughly 200 staffers and, critics warn, cripple its ability to function.
- More details here
Judge Approves FDCPA Settlement: Consumers Get $62 Each, Lawyers $66K
- A District Court judge in New Jersey has signed off on a settlement in a class-action Fair Debt Collection Practices Act case that will see 52 class members split $3,250 while the plaintiff’s attorneys will earn more than $66,000 for their work.
- More details here
Efficiency and Market Tailwinds Fuel Jefferson Capital’s First Post-IPO Results
- Jefferson Capital, which went public in June, released its first quarterly earnings report as a public company last week. The company highlighted record collections, strong revenue growth, and an industry-leading efficiency ratio as it looks ahead to an active second half of the year.
- More details here
Illinois Removes Repeal Date for Collection Agency Act, Strengthens Oversight
- A new law has been enacted in Illinois that permanently extends the state’s Collection Agency Act, revises licensing rules for collection agencies and debt buyers, and strengthens oversight powers for regulators. Senate Bill 2457 amends the Collection Agency Act and removes its scheduled repeal date of Jan. 1, 2026, under the Regulatory Sunset Act. The measure also updates definitions, expands exemptions, clarifies out-of-state licensing rules, and enhances enforcement provisions for the Illinois Department of Financial and Professional Regulation (IDFPR).
- More details here
Compliance Digest – August 18
- What should you make of the CFPB’s proposal to reduce the number of debt collection companies it will oversee? How should you interpret a ruling on whether a medical recovery company is a debt collector? How should you make changes after a ruling on sending information to a consumer who asked for communications to be ceased? Get answers to those questions and a lot more in this week’s Compliance Digest, featuring insights from Justin Penn, Rick Perr, Stacy Rodriguez, Loraine Lyons, David Grassi, Mitch Williamson, and Jim Sandy.
- More details here
- This series is sponsored by Bedard Law Group
WORTH NOTING: What sets professionals apart in their daily tech habits … What it’s like to support a big family on a modest income in America today … “Do it yourself” health insurance is becoming more popular with small businesses … More Americans are becoming long-term renters … The kitchen gear and utensils that firefighters swear by to help them cook for a crowd … Ranking the TV shows and movies adapted from John Grisham books … Friendship is getting too expensive, according to today’s young adults … How to clean your phone without damaging it.
Music Monday, part I
Music Monay, part II
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