At a glanceFriday, March 15, 2024

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Friday March 15, 2024
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Articles

 
Credit unions’ top regulator sounds the alarm. Is Congress listening? – Experts4money

This yr, America’s credit score unions will have a good time the ninetieth anniversary of the Federal Credit score Union Act. Credit score unions have lengthy held a singular place in our monetary system for his or her mission of service, in addition to the cooperative rules they embody.

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Transforming Customer and Collector Interactions With Call Monitoring

In any field, success often hinges on continuous improvement through coaching and feedback. Whether you are an elite athlete, a talented singer, a seasoned business professional, or a dedicated collector, refining your skills based on input is paramount to consistently delivering excellence. In this blog, I aim to underscore the importance of prioritizing the customer and collector interaction for both collectors and managers within a collection organization. 

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Hawley Calls on DOJ to Investigate FICO for Anticompetitive Practices

U.S. Senator Josh Hawley (R-Mo.) sent a letter to Assistant Attorney General Jonathan Kanter urging the Department of Justice to investigate The Fair Isaac Corporation’s (FICO) potentially anticompetitive practices. 

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California Considers Medical Debt Credit Reporting Bill

The bill, in the early stages of consideration, would prohibit medical debt credit reporting by health care providers and contracted collection agencies.

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Federal Reserve Board issues enforcement action against JPMorgan Chase & Co. and fines the firm approximately $98.2 million for an inadequate program to monitor firm and client trading activities for market misconduct

The Federal Reserve Board on Thursday issued an enforcement action against JPMorgan Chase & Co. and fined the firm approximately $98.2 million for an inadequate program to monitor firm and client trading activities for market misconduct.

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AG HENRY OBTAINS $485,000 FROM EQUIFAX AND PROMISE TO ASSIST IN ADDITIONAL CONSUMER RELIEF REGARDING CODING ERROR

HARRISBURG – Attorney General Michelle Henry announced a settlement with Equifax regarding the national consumer credit reporting agency’s error that resulted in inaccurate reports to lenders, inflating costs for tens of thousands of consumers with loans and insurance policies.

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Attor­ney Gen­er­al Ken Pax­ton Sues Colony Ridge for Fraud­u­lent Prac­tices That Enabled Major Prob­lem­at­ic Real Estate Devel­op­ment to Flourish

Texas Attorney General Ken Paxton has sued the Colony Ridge development in Liberty County for deceptive trade practices, fraud in real estate transactions, and other violations of Texas and federal law.

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Prepared Remarks of CFPB Director Rohit Chopra at the Financial Data Exchange Global Summit

Today, I want to discuss the status of where we are on accelerating America’s shift to open banking, with a focus on the role of standard setters and standard-setting. I then want to discuss some of the dangers of how the standard-setting process can be weaponized in an anticompetitive way. I’ll close with how standard-setting organizations can anticipate becoming recognized by the Consumer Financial Protection Bureau (CFPB).

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Realtor group agrees to slash commissions in major $418M settlement

(The Hill) — The National Association of Realtors (NAR) will eliminate its standard 5- to 6-percent sales commission as part of a $418 million settlement with home sellers. The powerful realtors organization agreed to pay $418 million in damages to settle several lawsuits from home sellers, it announced in a press release.

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Customer Is Still King and Queen of Banking Innovation

In a world where change is constant, digitization has become one of life’s certainties. This advancement is coming to even traditionally staid sectors like financial services and banking, spurring profound transformations.

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What to know before you click on a “free” computer security scan

With all the security threats out there, you might be tempted to click on a pop-up or ad for a “free” scan to keep your computer safe. Especially if you see a Windows logo. The problem? They’re impersonating well-known companies and scaring you into paying to fix computer problems that may not exist.

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Tech Support Firms Will Pay $26 Million to Settle FTC Charges That They Deceived Consumers into Buying Repair Services

Two tech support companies will pay $26 million to settle Federal Trade Commission charges that they bilked tens of millions of dollars from consumers, particularly older consumers, by duping them into buying computer repair services in violation of the FTC Act and the Telemarketing Sales Rule.

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Governor Chris Sununu Signs Bill Protecting Consumer Data

Concord, NH – This week, Governor Chris Sununu signed SB 255, relative to the expectation of privacy, into law. Under the new law, New Hampshire becomes the 14th state to enact comprehensive consumer privacy protections ensuring that Granite State consumers can view what personal data is collected by companies, how it is held, and to have that information deleted upon request.

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Credit scores decrease for the first time in a decade as more borrowers fall behind on payments

The national average credit score, which has steadily increased over the last decade, fell to 717 from a high of 718 in the beginning of 2023, according to a report from FICO, developer of one of the scores most widely used by lenders. FICO scores range between 300 and 850.

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Data Breaches up 72% From Record High: Cyber Incident Readiness Must be Top of Mind

“Protect your data! Breaches are on the rise!” These warnings seem to be everywhere – and rightfully so. Threat actors are sophisticated and new breach trends are constantly materializing

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FTC Sends More Than $4.1 Million in Refunds to People Who Lost Money to Student Loan Debt Relief Scheme

The Federal Trade Commission is sending more than $4.1 million in refunds to people who lost money to student loan debt relief scammers who lured consumers with fake loan forgiveness claims and pocketed their money. The scheme used many names including Mission Hills Federal, Federal Direct Group, National Secure Processing, and The Student Loan Group.

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Critics Blast CFPB’s ‘One-Size-Fits-All’ Approach to Digital Payments Oversight

The Consumer Financial Protection Bureau (CFPB) is overstepping its bounds when it comes to regulating digital payments firms — especially larger players — critics charged at a Wednesday (March 13) House hearing.

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Trade groups file lawsuit in Texas federal court challenging CFPB final credit card late fee rule and ask for preliminary injunction

Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule.  The plaintiffs in the lawsuit are the Chamber of Commerce of the United States of America, Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, and Texas Association of Business.

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CFPB and FTC Amicus Brief Signals Stance on “Pay-to-Pay” Fees under FDCPA

On February 27, the Consumer Finance Protection Bureau (CFPB) and the Federal Trade Commission (FTC) filed an amicus brief in the 11th Circuit case Glover and Booze v. Ocwen Loan Servicing, LLC arguing that certain convenience fees charged by mortgage servicer debt collectors are prohibited by the Fair Debt Collection Practices Act (FDCPA).

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Four More Defendants Arraigned in Connection with Nationwide Conspiracy Targeting Credit Unions

ALBANY, NEW YORK – Victor Barriera, age 63, of the Bronx, New York, Jerjuan Joyner, age 49, of Brooklyn, New York, Akeem Balogun, age 53, of Brooklyn, and Lesley Lucchese, age 53, of Brooklyn, have been arrested on an indictment charging a bank fraud conspiracy that targeted credit unions all over the country starting in December 2021. All eight defendants have now been arraigned on the indictment.

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Credit scores decrease for the first time in a decade as more borrowers fall behind on payments

Consumers have been increasingly relying on credit cards to make ends meet, and it may be finally catching up with them. The national average credit score, which has steadily increased over the last decade, fell to 717 from a high of 718 in the beginning of 2023, according to a report from FICO, developer of one of the scores most widely used by lenders. FICO scores range between 300 and 850.

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Semiconductor Chips & Cloud Computing: A Quote Book

The FTC’s Tech Summit on AI[1] highlighted three panels that reflect different layers of the AI tech stack – hardware and infrastructure, data and models, and front-end user applications. Today, we publish the first in a three-part series of “Quote Books” summarizing each of the three panels. This first one is focused on hardware and infrastructure, including semiconductor chips and cloud computing.

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Credit Union Assets and Delinquencies Grow in the Fourth Quarter

ALEXANDRIA, Va. (March 12, 2024) – According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions rose by $88 billion, or 4.1 percent, to $2.26 trillion over the year ending in the fourth quarter of 2023. Insured shares and deposits grew $37 billion, or 2.2 percent, to $1.72 trillion. The delinquency rate at federally insured credit unions was 83 basis points in the fourth quarter of 2023, up 21 basis points from one year earlier.

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Mastering Call Calibration: Elevating Service Quality and Driving Business Success

Let’s dive into the intricate world of call calibration –  a crucial process within vendor management that ensures the quality and efficacy of collection calls made by third party collection companies. Let’s explore how meticulous attention to detail and alignment with company objectives foster customer satisfaction, maintain brand integrity, and propel overall business success.

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Florida Legislature Unanimously Passes Medical Debt Bill

The bill sets a three-year statute of limitations for medical debt collections, among other changes.

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Consumer prices rise more than forecast as inflation pressures persist

Inflation pressures remained persistent in February, as prices for shelter and gas rose, according to the latest data from the Bureau of Labor Statistics released Tuesday morning.

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Student loans are now easier to discharge in bankruptcy, attorneys say: It’s ‘life changing’

The Biden administration’s new student loan bankruptcy policy is making it easier for borrowers to walk away from their debt in court, attorneys say.

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Troutman Pepper Weekly Consumer Financial Services Newsletter – March 2024# 2

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:

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Nearly Three-Quarters of Retail Customers Consider Deals When Choosing Merchants

PYMNTS Intelligence’s study last year, “Consumer Inflation Sentiment Report: Higher Prices Fuel a Deal-Seeking Competition,” drew from a survey of more than 2,100 U.S. consumers to better understand how inflation and increased prices of consumer goods affect their shopping habits and relationships with retailers.

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Auditing/Oversight of Repossession Agents and Forwarders is Fun for Everyone!

It’s true, oversight of Repo Agents and Forwarders can be fun for everyone.  Auditing is a critical component of oversight; however, oversight is much broader.  Oversight includes collaboration between all parties, including the Creditor, Repo Agent/Forwarder, and Auditor. 

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Industry Events

 
Third Party Auditing Workshop

Learn to Audit Repossession Vendors and Collection Agencies

Repo & Collection Agency - Third Party Vendor Audit Workshop
Four Seasons Hotel, Las Vegas ,
May 06 - 07 , 2024

info@resourcemanagement.com

Collection and Recovery Solutions 2024

CRS2024

Four Seasons Hotel
Las Vegas, Nevada , https://collectionrecoverysolutions.com
May 08 - 10 , 2024

mark@collectionrecoverysolutions.com

Webinar – Bankruptcy Filings: The New Normal or the Calm Before the Storm?

WEBINAR 2:00 pm - NACTT Academy



May 16 - 16 , 2024
RMAI 2024 Executive Summit

 

Hyatt Regency Tamaya - Registration Opens April 1, 2024
Santa Ana Pueblo , New Mexico
August 06 - 08 , 2024

AAG NEWS