The debt collection industry is in a constant state of flux. The goal of the insideARM editorial team is to filter out the noise and pick the 3 pieces of news you need to hear each week. Last week we brought you a double helping of the CFPB and a legislative trend that is picking up steam. Continue reading for the highlights from the week of June 10th and why we felt it was important for you to see them.
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ROCHESTER, N.Y. -- Continental Service Group, LLC d/b/a ConServe, in conjunction with the company’s “Matching Gift Program”, donated its March ConServe Cares proceeds to Foodlink. The ConServe team supports and funds the efforts of numerous local non-profit agencies that strive to make a difference. Due to the kindness and generosity of their employees, numerous lives in their community have been positively impacted and enriched.
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On June 11, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), concerning medical debt. The proposed rule would remove a regulatory exception that currently allows creditors to obtain and use information on medical debts for credit eligibility determinations. Additionally, the proposed rule would generally prohibit consumer reporting agencies (CRAs) from furnishing consumer reports containing medical debt information to creditors. Comments on the proposed rule are being accepted until August 12, 2024. The Bureau aims to finalize the rule by early 2025.
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