The Federal Trade Commission (FTC) is issuing more than $3.5 million in refunds to consumers affected by a deceptive credit-repair scheme known as The Credit Game. The refunds stem from a 2022 enforcement action against the operation’s founders, Michael and Valerie Rando, and their affiliated companies.
The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2025.
The OCC reported that the strength of the federal banking system remains sound. Consumer sentiment, geopolitical risk, sustained higher interest rates, and downward movement in some macroeconomic indicators have increased economic uncertainty. The OCC also affirmed that the adoption of new technologies, products, and services and/or engagement with financial technology companies to deliver banking products and services can offer benefits to banks and customers.
Banks and credit unions may now rely on third parties to provide a consumer’s Social Security or Taxpayer Identification Number, according to an order issued by the FDIC, OCC and the NCUA with the consent of the Financial Crimes Enforcement Network (FinCEN).
In one of its final decisions in 2025, the U.S. Supreme Court curtailed the authority of the Federal Communications Commission (FCC) in interpreting the Telephone Consumer Protection Act (TCPA), signaling a broader recalibration of agency deference in federal courts. Most notably, in McLaughlin v. McKesson, the Court held that district courts are not bound to follow FCC interpretations of the TCPA when adjudicating enforcement actions. This ruling effectively overturns prior assumptions that administrative orders—such as the FCC's "Amerifactors" order declaring online fax services exempt from the TCPA—must be followed without question. The Court emphasized that judges have an independent obligation to interpret statutes, and FCC rulings are to be given persuasive, but not binding, weight.
If you’ve worked in collections for any length of time, you know this: nothing stays the same for long. Cloud infrastructure and collection systems evolve. Cybersecurity threats shift constantly. Regulations update, new oversight rolls in, and client expectations climb higher every year. And consumer behavior? Always adapting—faster than ever.
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