Shareholder & Commercial Collections Group Chair Jim Kozelek and Attorney Scott Foeller recently had the opportunity to attend the Commercial Law League of America (CLLA) 131st National Convention in Chicago. These annual meetings are always packed with valuable insights and opportunities to connect with industry leaders—and this year was no exception. Now, Scott is sharing his top takeaways!
Key Industry Developments
One of the most notable sessions I attended focused on the Rosenthal Act, a California law that is quickly becoming a topic of national conversation. While originally rooted in consumer protection, this legislation is now pushing into the commercial collections space. Its central premise is compelling: many small, family-owned businesses form the backbone of the American economy, and therefore deserve protections similar to those afforded to consumers.
As more states consider similar measures, the implications for creditors and collections professionals could be significant. We’re closely monitoring this trend and are prepared to guide our clients through any resulting regulatory changes.
Another topic generating buzz at the conference was the evolving role of the Consumer Financial Protection Bureau (CFPB). The current administration has significantly reduced the agency’s scope and influence. Compounding this uncertainty is the recent overturning of the Chevron doctrine, a long-standing legal precedent that gave deference to regulatory agency interpretations. With courts now taking a more active role in interpreting agency rules, the regulatory landscape—both consumer and commercial—is in flux.
As more states consider similar measures, the implications for creditors and collections professionals could be significant. We’re closely monitoring this trend and are prepared to guide our clients through any resulting regulatory changes.
Another topic generating buzz at the conference was the evolving role of the Consumer Financial Protection Bureau (CFPB). The current administration has significantly reduced the agency’s scope and influence. Compounding this uncertainty is the recent overturning of the Chevron doctrine, a long-standing legal precedent that gave deference to regulatory agency interpretations. With courts now taking a more active role in interpreting agency rules, the regulatory landscape—both consumer and commercial—is in flux.
Meaningful Connections
Beyond the sessions, it was great to connect with colleagues and industry partners from across the country. I had productive conversations with Laura Alms and Casey Hicks from our Chicago office, as well as Jeff Nicolet (Wagner, Falconer & Judd), Robert Ash (Radius Global Solutions), and Ben Vinci (Vinci Law Offices). Each expressed appreciation for the continued care and results we deliver on their accounts—a testament to the strength of our client relationships and our firm’s commitment to service.
Looking Ahead
As always, conferences like these are a great reminder of how quickly things can shift in our field. Legislative changes, regulatory reform, and evolving interpretations all underscore the need for proactive, knowledgeable legal counsel.
If you’re interested in learning more about how these developments could affect your business, I’d be happy to share additional insights. We’ll continue to keep you informed—and ahead of the curve.
To learn more about this conference or about Weltman’s commercial collections solutions, please connect with Scott at any time.
This blog is not a solicitation for business, and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.
If you’re interested in learning more about how these developments could affect your business, I’d be happy to share additional insights. We’ll continue to keep you informed—and ahead of the curve.
To learn more about this conference or about Weltman’s commercial collections solutions, please connect with Scott at any time.
This blog is not a solicitation for business, and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.
