Daily Digest - March 3, 2026

🎂 Happy Birthday to the following: Andrea Tromberg of Tromberg, Miller, Morris & Partners, and Trent Essary of Regions Bank.

🎉 Congratulations for starting new positions: Jordan Schneider as Senior Manager - US Collections at Revolut, Oded Zauberman as Technical Program Manager at Sedric, and Alex Reynaud as Client Advisor & Customer Success at Acrisure.

Collector, CRAs Face Claims Over Alleged Misattributed Rental Debt

• Is continuing to furnish information about a debt an attempt to collect? A collection operation and two credit reporting agencies are facing claims of violating the Fair Credit Reporting Act and Fair Debt Collection Practices Act over a debt that the plaintiff claims was actually incurred by his mother and for which he has no connection to.

• More details here.

• This series is sponsored by WebRecon

A MESSAGE FROM TCN

TODAY’S WEBINARS

UPCOMING WEBINARS

Banking Trade Groups Urge Congress to Tighten Oversight of Debt Settlement Industry

• The American Bankers Association and six other major financial trade groups are urging Congress to take a closer look at the debt settlement industry, warning lawmakers that current oversight under the Federal Trade Commission’s Telemarketing Sales Rule may not be enough to address what they describe as deceptive and harmful practices. In a letter sent last week to key Senate and House committee leaders, the associations called for proactive legislation to modernize federal oversight and close what they view as structural gaps in the current regulatory framework.

• More details here.

Second Circuit Dismisses Appeal in CFPB Debt Relief Case

• The Court of Appeals for the Second Circuit yesterday dismissed an appeal brought by a trust connected to a large-scale Consumer Financial Protection Bureau enforcement action against a debt relief operation and its related entities, ruling that it lacked jurisdiction to reconsider issues already decided in connection with a previously affirmed preliminary injunction. The case stems from a joint enforcement action brought by the CFPB and the Attorneys General of New York, Colorado, Delaware, Illinois, Minnesota, North Carolina, and Wisconsin.

• More details here.

New York Judge Strikes Down Paper Statement Fee Ban as Unconstitutional

• A District Court judge in New York has granted a defendant’s motion to dismiss a class-action lawsuit over a bank’s practice of charging $3 for its customers to receive paper statements, ruling that a state law that banned charging a fee for receiving paper statements is unconstitutional.

• More details here.

Connecticut Bill Targets Medical Credit Cards

• The Connecticut legislature is considering a bill that would prohibit healthcare and veterinary care facilities from marketing medical credit cards and making disclosures to consumers before charging medical cards for products or services. The proposal, Raised Bill No. 5127, would significantly reshape how providers interact with financing products such as CareCredit and could have downstream implications for issuers, servicers, and collection operations that handle this type of debt.

• More details here.

WORTH NOTING: It's National Consumer Protection Week and state Attorneys General in Colorado, Illinois, Massachusetts, Missouri, New York, and Pennsylvania released data about consumer complaints ... LendingTree released a whack of data about student loan debt ... The corporate jargon that annoys people the most ... Why you should expect to see more class action lawsuits ... A look at how two cities in Kentucky are taking different paths to handle medical debt ... How to get an Egg McMuffin from McDonald's for $1 ... Ways to design better meetings and improve your work calendar ... What you can expect to pay for gas as the war with Iran continues.

Trailer Tuesday, part I

Trailer Tuesday, Part II

Webinar Recap: Assessing the Changes to the CFPB Complaint Database

The CFPB’s consumer complaint database is undergoing its most significant overhaul since inception. While the database remains fully operational and publicly accessible, new intake guardrails and sequencing requirements are reshaping how complaints are filed and processed.

Jim McCarthy emphasized that the database is “not disappearing, it is evolving,” with stronger front-end controls. Consumers must now first dispute directly with credit reporting agencies or furnishers and wait 30–45 days before escalating to the CFPB. Additionally, a truthfulness attestation is required, and automated or duplicate submissions are being filtered out.

Panelists Leslie Bender and Mark Cavin highlighted that while complaint volumes may decline, the remaining complaints will carry greater supervisory weight. As Cavin noted, “Does lower volume equal lower risk? No—each complaint becomes a higher signal.” Bender reinforced the importance of internal complaint handling, stating, “If people can reach out to you and get a meaningful response, they are less likely to complain because you already heard them.”

The discussion underscored that complaints remain a critical risk indicator, influencing supervisory targeting, litigation, and reputational exposure. Vulnerable populations such as veterans and older Americans are receiving heightened regulatory attention, making proactive complaint management essential.

🧠 Key Takeaways:

• Strengthen Documentation Discipline - Maintain precise timestamps, investigation logs, and statutory clock tracking to demonstrate compliance and reduce risk.

• Enhance Internal Complaint Channels - Provide consumers with easy, meaningful ways to raise issues directly, reducing escalation to the CFPB.

• Treat Complaints as Risk Indicators - Monitor clustering and trends across products, geographies, and teams. Fewer but vetted complaints carry more weight and can trigger supervisory oversight.

This evolving complaint landscape demands vigilance, robust substantiation practices, and proactive consumer engagement to safeguard compliance and reputation.

Did you know you can get full access to all of my past webinars, along with transcripts and summaries of each, for only $29/month? Sign up to be a premium subscriber today!

The Daily Digest is sponsored by TCN