CFPB Final Rule Eliminates Disparate Impact Standard Under ECOA
- The Consumer Financial Protection Bureau has finalized a rule that reshapes how fair lending laws will be enforced, eliminating the use of disparate impact analysis under the Equal Credit Opportunity Act and narrowing several long-standing protections tied to credit access.
- More details here
Judge Dismisses FCRA Claims Against Credit Union Over Charged Off Auto Loan Reporting
- Anyone who has been around this industry long enough knows that dealing with self-represented plaintiffs can be an adventure. When you layer in the fact that the plaintiff in this Fair Credit Reporting Act case also identifies himself as the founder of of a developing artificial intelligence company, you can imagine what that means, which is probably why a Magistrate Court judge in Oregon needed 44 pages to grant a credit union-defendant’s motion to dismiss claims it violated the statute by reporting information about a defaulted auto loan to the credit reporting agencies.
- More details here
Workers’ Comp Angle Derails MTD in FDCPA Suit
- A District Court judge in New York has denied a defendant’s motion to dismiss claims it violated the Fair Debt Collection Practices Act, ruling that the defendant “grossly mischaracterized” the plaintiff’s alleged injury — paying a medical debt that was incurred as a result of being treated after being injured at work. The decision centers on a relatively small dollar amount but highlights a much larger issue for collectors: the risks associated with pursuing medical debts that may be subject to workers’ compensation protections.
- More details here
Healthcare CFOs Sound the Alarm on Margins, Medicaid Cuts, and Rising Bad Debt Risk
- Hospital and health system finances are entering a new phase that should have the attention of anyone collecting on medical debt. A new survey of CFOs shows that 72% of hospitals are operating on margins of 2% or less, while leaders brace for Medicaid cuts, more uninsured patients, and continued cost pressure. For many providers, this is no longer a temporary squeeze but a structural shift, and the decisions they are making now around cost control, patient flow, and revenue capture will directly impact how and when accounts move into collections.
- More details here
39 Companies Seeking Collection Talent
- Creditors, collectors, debt buyers, collection law firms, vendors … every different type of company in the credit and collection industry is looking for someone. If you are looking for a job, or looking for competitive intelligence, or looking for leverage, check out the nearly 40 companies that are hiring right now.
- More details here
WORTH NOTING: When to buy in bulk and when it pays off … Remember The Great Resignation? Looks like those days are over … More than $200 million in unpaid medical debts are being forgiven in Florida … A lot of people are going “no contact” with their families over different issues … Which movie based on a book is the best of all time? … Sunglasses that cost less than $20 but make you feel like a million bucks … A list of the world’s most influential people, according to Time magazine … A study that details how AI technology responds under pressure is causing anxiety.
Wisdom Wednesday, part I
Wisdom Wednesday, part II
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