This week saw significant movement on the regulatory front, with the CFPB signaling major changes to key rules and consumer payouts. Meanwhile, states are tightening their own calling regulations, and new accounting standards are on the way for credit losses. Here’s what you need to know.This week saw significant movement on the regulatory front, with the CFPB signaling major changes to key rules and consumer payouts. Meanwhile, states are tightening their own calling regulations, and new accounting standards are on the way for credit losses. Here’s what you need to know.
Consumer Payouts Totaling $360M Jeopardized by CFPB Reversals Consumer advocacy groups released an analysis showing that recent reversals of CFPB enforcement actions have put over $360 million in consumer compensation at risk. These funds were from settlements with financial firms over alleged predatory practices. The analysis points to cases involving major lenders and student loan servicers where payouts have been revised or canceled, raising concerns about the status of dozens of other pending cases.
Published: July 29, 2025
https://www.claimsjournal.com/news/national/2025/07/29/332059.htm
CFPB to Revisit Open Banking Rule Following a court challenge, the CFPB has announced it will start a new rulemaking process to “substantially revise” its Section 1033 open banking rule. The agency plans to issue a notice for public feedback within the next few weeks to address what it called purported defects in the original rule. This move signals a significant shift from the previous administration’s stance and puts the future of financial data sharing regulations under review.
Published: August 4, 2025
https://www.jdsupra.com/legalnews/cfpb-signals-it-will-revisit-its-open-5593832/
Oregon Enacts Stricter Telephone Solicitation Law Oregon has passed a new law that tightens the rules for telephone solicitations, including those made by collection agencies. The law shortens the permissible calling window by an hour, now ending at 8 p.m., and expands the definition of solicitation to include text messages. While the bill includes specific exemptions for debt collectors regarding opt-out mechanisms, it limits solicitations to three per 24-hour period unless an established business relationship exists.
Published: July 31, 2025
FASB Amends Guidance on Credit Loss Measurement for Receivables The Financial Accounting Standards Board (FASB) has issued an update to its guidance on measuring credit losses for accounts receivable and contract assets. The new standard provides a practical expedient for all entities and an accounting policy election for non-public entities. These changes are intended to simplify the process of estimating expected credit losses under ASC 326-20.
Published: July 31, 2025
Tools & Tips
- Empowering Agents with AI With the compliance landscape getting more complex, many agencies are looking at AI not to replace agents, but to empower them. AI-powered “Agent Assist” tools act like a real-time coach, listening to live calls and providing on-screen support. Look for platforms that offer real-time compliance alerts (like flagging a missed Mini-Miranda), on-screen prompts with next-best-action suggestions, and automated call summaries to cut down on manual data entry.
Fun Fact
Before plastic, there were plates. Long before you could tap a credit card, high-end shoppers in the 1930s used a “Charga-Plate”. It was a small metal rectangle, like a military dog tag, embossed with the customer’s name and address. To make a purchase, a clerk would place the plate in an imprinter with a paper charge slip and press an inked ribbon over it to record the customer’s details—a manual, mechanical version of the swipe machine.
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