Ethan G. Ostroff

6 days ago | jdsupra.com | Jason Cover |Mark J. Furletti |Ethan G. Ostroff

The Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant shift in its enforcement priorities, choosing not to prioritize actions related to Buy Now, Pay Later (BNPL) loans under the Truth in Lending (Regulation Z). This decision aligns with the CFPB’s broader strategic adjustments outlined last month, and discussed here, which emphasize focusing resources on more pressing consumer threats, particularly those affecting servicemen, veterans, and small businesses.

1 week ago | jdsupra.com | Ethan G. Ostroff

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week. Federal ActivitiesState ActivitiesFederal Activities:On May 3, Democratic senators expressed significant opposition to recent changes in a bipartisan cryptocurrency bill, creating turmoil in the Senate over one of President Donald Trump’s legislative priorities. The bill, led by Sen.

1 week ago | insidearm.com | Ethan G. Ostroff

Lenexa, Kan. — Today TrueAccord Corp. (TrueAccord), a digital-first debt collection agency that is reinventing the collections experience with the use of machine learning technology to help customers resolve their debts, announced it has acquired Sentry Credit, Inc. (Sentry). Through this strategic acquisition, TrueAccord continues to accelerate its industry-leading growth with an expanded client portfolio and the addition of Sentry’s first-party collection and litigation services.

1 week ago | insidearm.com | Ethan G. Ostroff

On April 21, the U.S. Department of Education announced that its Office of Federal Student Aid (FSA) will resume collections on defaulted federal student loans starting Monday, May 5th. This decision ends a collections pause that has been in place since March 2020. According to the announcement, the resumption of collections is intended to protect taxpayers from bearing the cost of federal student loans that borrowers undertook to finance their education.

2 weeks ago | jdsupra.com | Ethan G. Ostroff

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week. Federal ActivitiesState ActivitiesFederal Activities:On April 28, the Federal Trade Commission (FTC) issued a proposed order requiring Workado, LLC to cease advertising the accuracy of its AI Content Detector tool unless it can substantiate its claims with competent and reliable evidence.