In a blog post published at the end of last week, the CFPB announced that its payday lending rule (Rule) would go into effect on March 30, 2025. Because the Rule’s ability to pay requirements were rescinded, the only remaining provisions of the Rule are its “payment provisions.”
The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the deficient practices or violations identified.
While any downtime in card processing is a major stressor, Steve Kramer explains how billers can keep payments providers accountable for creating better processes and workarounds that maximise uptime and reliability during inevitable processor outages
The General Assembly recently passed legislation that would protect Rhode Islanders from credit problems resulting from medical debts. The bills sponsored by Rep. Mary Ann Shallcross Smith, D-Lincoln, and Sen. Melissa A. Murray, D-Woonsocket, would prohibit debt collectors from reporting all medical debt to credit bureaus. It also sets rules for communication with consumers, false and misleading representation by debt collectors, and a ban against collection during insurance appeals.
Starting in July 2024, new privacy laws will be enacted in Montana, Oregon, and Texas, providing significant consumer protections regarding personal data. These laws grant consumers the right to know what information is being collected about them, the right to be forgotten, and the right to know who is accessing their information.
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