Business insider is reporting today that lead generation giant Digital Media Solutions (DMS) has entered Chapter 11 bankruptcy. The story positions the move as one designed to drive growth with the company expected to emerge from the bankruptcy leaner and with greater financing options but I am very curious about the timing of this decision in light of recent TCPA developments and the new one-to-one rule taking effect in January.
On August 27, U.S. Senator Mike Rounds (R-SD) introduced the “Unleashing AI Innovation in Financial Services Act” (S. 4951), a bill aimed at fostering artificial intelligence (AI) innovation within the financial services industry. According to his press release, this legislation is part of a broader set of five bipartisan AI bills that Senator Rounds has released for consideration by Congress this fall.
The most frequent consumer debt collection complaints filed with the CFPB in 2023 were attempts to collect debts that actually were not owed, the bureau said in its annual Fair Debt Collection Practices Act report.
Quick analysis: Mixed Numbers in July, Everything Up YTD
In July, TCPA (-14.6%) and FCRA (-8.5%) were both down, while FDCPA (+21.9%) was up. Meanwhile all three are still up YTD (TCPA +5.2%, FDCPA +15.1%, FCRA +17.7%). If things keep going this way, we’ll have the first “up” year across the board since at least 2015!
The Office of the Comptroller of the Currency (OCC) today entered into a Formal Agreement with Wells Fargo Bank, N.A. The Formal Agreement identifies deficiencies relating to the bank’s financial crimes risk management practices and anti-money laundering internal controls in several areas including suspicious activity and currency transaction reporting, customer due diligence, and the bank’s customer identification and beneficial ownership programs.
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