Daily Digest - May 12, 2025

🎂🎉 Happy Birthday to: Mike Goode and Chris Laviano of PRA Group, and Jessica Fritz of Credit Management Company. Happy belated Birthday to Rodney Meeks of Credit Consulting Services, Andrew Backus of RNN Group, Brittany Terrill of Superlative RM, and Marc Ross of Credit Control, who all celebrated birthdays over the weekend.

New Training Bytes Video Released!

Check out the newest Training Bytes video! Each week, an expert from the accounts receivable management industry will share how he or she would handle different scenarios that collectors often face. This week, Aaron Keyes from L J Ross Associates discusses the best way to ask for a payment in full from a consumer. Thanks to Peak Revenue Learning for sponsoring this series! Click on the image below to view this week’s episode!

Logo Madness!

It’s time to start voting! Click on the logo you think is better to cast your vote. You can see the entire bracket here. Thanks to Drop Cowboy for sponsoring this year’s contest!

Administration Shifts Gears: CFPB Nominee McKernan Tapped for Treasury Post Instead

• Jonathan McKernan, originally nominated to lead the Consumer Financial Protection Bureau, is now being put forward for a senior role at the Treasury Department, it was announced today, raising questions about the future leadership of the consumer watchdog agency amid ongoing turmoil.

• More details here.

A MESSAGE FROM TCN

TODAY‘S WEBINARS

UPCOMING WEBINARS

CFPB Withdraws Massive Amount of Previously Issued Guidance

• The Consumer Financial Protection Bureau today released a document that is due to be published in the Federal Register on Monday rescinding and withdrawing 57 different pieces of guidance and interpretive rules that the Bureau has released, some of which date back to 2011. This includes guidance related to the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, and Regulation F.

• More details here.

Consumer Groups Granted Role in Legal Battle Over CFPB Medical Debt Rule

• A federal judge has approved a motion allowing two individuals and two consumer advocacy organizations to intervene in the legal fight over the Consumer Financial Protection Bureau’s rule banning medical debt from consumer credit reports.

• More details here.

N.J. Appeals Court Rules Debt Adjustment Law Unconstitutional for Lawyers

• A New Jersey Appeals Court on Friday ruled that a state law prohibiting lawyers from engaging in debt adjustment activities on behalf of their clients is unconstitutional. The ruling is a significant victory for attorneys practicing in the area of debt adjustment, as it removes restrictions on their ability to provide services to clients seeking debt relief.

• More details here.

N.J. Appeals Court Affirms Dismissal of Case Over Alleged Licensing Violations

• In a case that was defended by Rick Perr and Monica Littman of Kaufman Dolowich, a New Jersey Appeals Court has affirmed a lower court’s dismissal of a case accusing a collection operation of violating the New Jersey Consumer Finance Licensing Act and the Fair Debt Collection Practices Act, agreeing with the state court judge that the NJCFLA does not allow for a private right of action.

• More details here.

WORTH NOTING: Inflation is changing the way that we eat ... A new rule from the Federal Trade Commission on unfair and deceptive fees goes into effect today ... A trick to help sell your house faster ... Are you a parent who prioritizes your kids' mental health over other areas, like math? ... Olivia and Liam may be the most popular names for babies right now, but a new name and its variants are rocketing up the list ... Hard to imagine anyone at 437 pounds being called an athlete, but this guy fits the bill ... You can buy a replica of the Batmobile, but you need to be as rich as Bruce Wayne to afford it ... How Google can save you money the next time you travel.

Music Monday, part I

Music Monday, Part II

The Daily Digest is sponsored by TCN