Daily Digest - February 14, 2025

🎉 🎂 Happy Birthday Wishes to: Brad Carey from Revco Solutions, Thomas Sandoval from SoFi, Nitya Shah from Phillips & Cohen Associates, and Jonathan Wiik from FinThrive. 🥳🎈

Plaintiff Sues Lender, CRAs for Negative Reporting After Issuing 1099-C

• A credit card issuer is facing claims it violated the Rosenthal Fair Debt Collection Practices Act and it and the three major credit reporting agencies are facing claims they violated the Fair Credit Reporting Act after continuing to report a balance due on the plaintiff’s account after the plaintiff received a 1099-C notice that the debt had been canceled and discharged.

• More details here

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California Appeals Court Reverses Judgment in Debt Buyer Case

• A California Appeals Court has reversed a lower court’s ruling in favor of a debt buyer, determining that consumers do not need to show actual damages to pursue statutory damages under the Fair Debt Buying Practices Act (FDBPA).

• More details here.

CFPB Fires More Employees as Union, Advocacy Groups Sue to Block Moves

• The ongoing situation at the Consumer Financial Protection Bureau is now being engaged on two fronts — the actions being taken by the administration to dramatically downsize the scope of the agency and the legal challenges that are now being filed to try and stop the administration from taking these actions. There was news on both fronts yesterday. And there may be a “mass layoff” at the Bureau that could happen as soon as today, according to a claim made in a lawsuit filed against the CFPB.

• More details here.

Court Grants Stay in Medical Debt Credit Reporting Case Against CFPB as Consumer Groups Seek to Intervene

• If the Consumer Financial Protection Bureau is not interested in defending itself against a lawsuit seeking to block the implementation of its medical debt credit reporting rule, consumer advocacy groups want to step in, according to a motion filed yesterday in federal court. At the same time, the judge in the case has granted the CFPB’s request for a 90-day stay in the proceedings.

• More details here.

Receivables Management Association International Honors Industry Leaders at Its 2025 Annual Conference

• The Receivables Management Association International celebrated its 28th Annual Conference in Las Vegas, February 10-13, 2025. RMAI took the opportunity to present its annual awards as part of its Annual Business Meeting, recognizing leaders in the receivables management industry. RMAI’s Annual Conference is the premier event for the industry, with more than 1,500 attendees this year.

• More details here

WORTH NOTING: Why the heart has become the universal symbol for love ... This could have ended very differently, which would have been very bad ... Here is a list of 14 things you can say instead of "I Love You" ... The CEO of JPMorgan Chase had a blunt answer toward employees who don't want to return to the office ... How a coin flip can strongly influence how we treat other people ... How the humble tulip is trying to dethrone the rose as the flower for Valentine's Day ... Just like Lightning McQueen had to turn left to go right, leaders need to slow down to speed up transformations ... Getting rid of paper straws might not be an entirely bad idea, according to environmentalists.

Funny Friday, part I

Funny Friday, Part II

The Daily Digest is sponsored by TCN’s C3 User Conference