CFPB Rescinds Nonbank Registry Rule, Citing High Costs and Minimal Benefits
- The Consumer Financial Protection Bureau has officially rescinded its Nonbank Registry Rule, reversing a Biden-era initiative that required nonbank financial firms to report enforcement orders into a public CFPB database. The rollback, announced this week in the Federal Register, eliminates reporting and attestation obligations for thousands of lenders, servicers, and fintechs.
- More details here
Judge Dismisses FDCPA Suit After Collector’s Only Act Was Answering the Phone
- Sometimes, just answering the phone is enough to get you sued. But, thankfully, a District Court judge in Louisiana has granted a collection law firm’s motion to dismiss claims it violated the Fair Debt Collection Practices Act.
- More details here
Banking Committee Dems Accuse Vought of Illegally Trying to Shutter CFPB
- Democrats on the Senate Banking Committee are warning that Acting Consumer Financial Protection Bureau Director Russell Vought is moving forward with plans to “illegally” dismantle the agency, despite a federal court order prohibiting it.
- More details here
State Announces Promotion of Brandon Huisman to Vice President
- State is pleased to announce the promotion of Brandon Huisman to Vice President of Digital Communications and Operational Strategy.
- More details here
31 Companies Seeking Collection Talent
- Training professionals are in high demand this week, with three different companies looking to fill vacancies in that area. Those are just some of the nearly three dozen job openings available across the credit and collections industry. Check out this week’s job listing summary for all of the opportunities that are out there.
- More details here
WORTH NOTING: Spend a night on the job with a repo man, who is busier than ever these days … If you think you are keeping your location private, when you don’t turn your camera on during video calls, you may want to read this … Barclays U.S. consumer bank is buying fintech lender Best Egg for $800 million … Younger generations are becoming less afraid of asking for help, especially when it comes to money … Tips from Nick Offerman on how to build things that last … Three common thinking traps and how to avoid them, according to a psychologist … Starting next year, Venmo will allow users to make rent, mortgage, and retail payments through its app … Dunkin’ has announced its holiday food and drink menu.
Wisdom Wednesday, part I
Wisdom Wednesday, part II
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