Current Industry News
Adapting to Oregon’s New Wage Garnishment Law: Insights for Collection Agencies
As a collection agency operating in Oregon, staying informed about legislative changes is important for navigating the evolving landscape of debt collection practices. Governor Tina Kotek’s recent signing of SB 1595 introduces multiple amendments to wage garnishment regulations, impacting how collection agencies operate within the state. Here’s why paying attention to this bill is essential and how it will affect collection agencies.
UPDATE 1-Banks told to anticipate risks from using AI, machine learning
LONDON, April 17 (Reuters) – Banks must anticipate risks from using artificial intelligence (AI) and machine learning (ML) in their operations as part of their day-to-day governance, a top global banking regulator said on Wednesday.
ATR Supports Fight Against CFPB’s Credit Card Late Fee Rule
Without any direction from Congress, the Consumer Financial Protection Bureau (CFPB) finalized a rule that (1) changes the safe harbor dollar amount for late fees from $30, or $41 for subsequent late payment violations, to a strict threshold of $8 while prohibiting any higher amount for future delinquencies; and (2) removes the safe harbor late fee adjustment to account for inflation.