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AACANet has been using the Audit Information Management system developed by ARMGuard Solutions to manage its vendor audits. This program allows AACANet to deploy audit questions, receive responses with supporting documentation and audit the information to assure compliance. While not a replacement for on site visits, AIM helps AACANet oversee its service providers and assure compliance with its standards and the standards of its clients.

Section 1799.202 requires a seller to submit a copy of a consumer contract to the consumer at the moment the contract is signed, provided the contract is signed at the seller's place of business. For more see a recent article in California Globe-

The court issued summary judgement in favor of the defendant in Palacio v. Med. Fin. Sols., No. 21 CV 1288 (N.D. Ill. June 14, 2022), ruling that it did not qualify as a "debt collector" under the Fair Debt Collections Practice Act (FDCPA). For more see a recent article in InsideARM-

According to Ripple's most recent Value Report, roughly three-quarters of global financial institutions plan to join the cryptocurrency bandwagon within the next three years. 65% of respondents suggested that they would be much more likely to invest in bitcoin or altcoins if their local financial institution offered such services, while 17% said they would not.

The Consumer Financial Protection Bureau is focusing more on potential misuse and abuse of personal financial data. Financial institutions, in particular, are at risk of violating the Consumer Financial Protection Act if adequate safeguards against data security incidents are not in place.

Voicemails–which were sent to all customers and not just those in default–did not constitute debt collection according to the court in Hurtser v. Specialized Loan Servicing, Case No: 4:21-cv-00318 (E.D. Mo. Aug. 5, 2022).

According to a recent decision by the Third Circuit, the standard should be that of a "reasonable reader," not a "reasonable creditor," i.e., not an individual or entity skilled in the art of reading credit reports.

A mere statutory violation of the FDCPA, future risk of harm, lost time, and/or confusion caused by debt collection communications is not sufficinet to maintan anc action according to the Fifth Circuit decision appling and clarifying the United States Supreme Court's 2021 decision in TransUnion LLC v. Ramirez, —-U.S.—-, 141 S. Ct. 2190, 2200 (2021) ("TransUnion").

More than 20 million American families are behind on their utility payments,sparking fears that mass power shutoffs are on the horizon. According to the National Energy Assistance Directors Association, executive director Mark Wolfe, who indicates the issue is "historic."

The Fifth Circuit overturned the trial court's class certification decision and remanded the case with instructions to dismiss for lack of jurisdiction. the Court determined that the plaintiff had failed to prove that the debt collection letter from the law firm had caused an injury that was "closely related to a harm usually recognised as affording a basis for a lawsuit in American courts."

We are looking forward to attending the CAC Annual Conference 2022 in The Omni Rancho Las Palmas Resort & Spa, Rancho Mirage, California. We can hardly wait to see everyone in a few days! Don't forget to arrange a quick meeting with Ed Brenes if you're attending.