Daily Digest - May 20, 2025

🎂🎉 Happy Birthday to: Jason Collins of Spring Oaks Capital and Mac O’Keefe of Credit Systems International. Happy belated Birthday to Susan Namm of Velocity Investments.

🙌 🥳 Congratulations to Stephanie Perry, the new Director of Compliance at Resident Interface.

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!

Collector Sued for Withdrawing Funds Without Consent

• I’m the kind of guy who watches a movie and loves to point out the plot holes and inconsistencies (I’ve been told by a lot of people that this is an annoying thing to do while watching said movie). It’s with that same trained eye that I read complaints filed by consumers against collection operations and the gaps just jump out off the page. Let’s see if you can spot them in this complaint like I did. A collection operation is being accused of violating the Fair Debt Collection Practices Act and state law in North Carolina over attempts to collect an unpaid rent debt.

• More details here.

• This series is sponsored by WebRecon

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Michigan Appeals Court Affirms Ruling for Debt Buyer

• A Michigan appeals court has affirmed a ruling in favor of a debt buyer that won a collection lawsuit to recover an unpaid debt, although a dissenting opinion contends the debt buyer did not have standing because a clear chain of title did not exist.

• More details here.

CFPB Rescinds Rule Allowing States to Enforce Federal Laws

• The Consumer Financial Protection Bureau has formally rescinded its May 2022 interpretive rule that encouraged states to police an array of federal consumer‑finance statutes. In its place, a new interpretive rule says states may enforce only the Consumer Financial Protection Act (CFPA) itself, must observe the same entity‑specific limits that bind the Bureau, and should coordinate, not run parallel, cases with the CFPB.

• More details here.

Consumer Advocates React to CFPB’s Mass Withdrawal of Guidance Documents

• A lot of attention, rightfully so, has been focused on the Consumer Financial Protection Bureau’s decision to withdraw 67 of its guidance documents, including those related to the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, and Regulation F. The move, which encompasses 8 policy statements, 7 interpretative rules, and 39 other guidance documents, has raised alarms among consumer advocates who view it as a rollback of critical protections for consumers, especially those vulnerable to unfair financial practices. Consumer advocates argue that this decision reflects a troubling shift in priorities away from consumer protection and toward protecting large financial institutions.

• More details here.

WORTH NOTING: The average American has this many barbecues each summer ... Ranking all of the this season's musical guests on "Saturday Night Live" ... The summer's most anticipated TV shows ... Employees at the Consumer Financial Protection Bureau share what it's like to work there these days ... Americans are cutting back on their "fun" purchases this year ... Five facts about the brain to help with your decision-making skills ... When looking for financial advice, Generation Z, more than any other generation, is turning to social media ... If you have ever wondered how they fold towels to look like elephants, wonder no more.

Music Monday, part I

Music Monday, Part II

The Daily Digest is sponsored by TCN