At a glanceWednesday, November 23, 2022

Collection Industry News At A Glance - November 23, 2022
Wednesday November 23, 2022
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Governor Hochul Signs Legislation to Protect Patients with Medical Debt | Governor Kathy Hochul

Governor Kathy Hochul today signed legislation (S.6522A/A.7363A) to protect patients facing steep medical bills that can lead to wage garnishment or liens against their property.

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Citigroup faulted by U.S. banking regulators for poor data management in ‘living will’ review

Citigroup needs to address weaknesses in how it manages financial data, according to a review of the biggest banks’ so-called living will plans, U.S. banking regulators said Wednesday.

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The CFPB’s Fall 2022 Supervisory Highlights—Key Findings and Takeaways

On November 16, 2022, the Consumer Financial Protection Bureau (Bureau) released its Fall 2022 Supervisory Highlights. The 32-page report discusses the Bureau’s key examination findings in the areas of auto servicing, consumer reporting, credit card services, debt collection, deposit accounts, mortgage origination and servicing, and payday lending between January 1 and June 30, 2022.

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Receivables Performance Management LLC Reports Data Breach Impacting over 3.7 Million People

On November 21, 2022, Receivables Performance Management LLC reported a data breach with the Attorney General of Maine after the company learned that it had been the target of a 2021 ransomware attack compromising sensitive consumer information stored on its computer network. According to RPM, the breach resulted in the names and Social Security numbers belonging to certain individuals being compromised.

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FCC Finds That ‘Ringless Voicemails’ Are Subject to Robocalling Rules

Full Title: Rules and Regulations Implementing the Telephone Consumer Protection Act of 1991; Petition for Declaratory Ruling of All About the Message, LLC

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FCC Rule for Blocking Overseas Robocalls Receives Approval

The Office of Management and Budget has signed off on a Federal Communications Commission rule requiring gateway providers to block calls on a “do-not-originate list,” part of the agency’s May report and order designed to block overseas robocalls from reaching U.S. phones, according to a Federal Register notice published on Nov. 18.

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Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Living Wills Submitted by JPMorgan Chase, Wells Fargo, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, State Street, and Bank of New York Mellon

Bailouts of large, dominant, or politically connected firms are a sign of cronyism, not capitalism. In the last crisis, the government took a number of extraordinary steps, including providing bailouts from the public, to prevent the failure of very large financial institutions from inflicting even more catastrophic damage on the economy.

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Arizonans Approve Decrease to Maximum Interest Rate on Medical Debt and Increases to Homestead and Other Exemptions

With 72% voting in favor, Arizonans approved Proposition 209 decreasing the maximum lawful annual interest rate on “medical debt” from 10% to 3%, and increasing the amount of the homestead and other exemptions. These changes, which are effective immediately following certification of the vote and issuance of a proclamation by the governor (the governor does not have the authority to veto), only apply prospectively.

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Biden-Harris Administration Continues Fight for Student Debt Relief for Millions of Borrowers, Extends Student Loan Repayment Pause

Today, the U.S. Department of Education announced an extension of the pause on student loan repayment, interest, and collections. The extension will alleviate uncertainty for borrowers as the Biden-Harris Administration asks the Supreme Court to review the lower-court orders that are preventing the Department from providing debt relief for tens of millions of Americans.

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FTC, CFPB Submit Amicus Brief Defending Servicemembers’ Right to Sue Under the Military Lending Act

The Federal Trade Commission joined the Consumer Financial Protection Bureau (CFPB) in filing an amicus brief with the U.S. Court of Appeals for the Eleventh Circuit in the case of Louis v. Bluegreen Vacations Unlimited, Inc. The brief asks the appeals court to overturn a lower court decision that denied servicemembers the right to sue to invalidate a contract that they allege violates the Military Lending Act.

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CUNA: Recession Will Only Dent Credit Unions Next Year

CUNA said it expects a recession next year that will be mild enough to put only a small dent in credit union income. CUNA Senior Economist Ligia Vado said in the group’s most recent Economic Update that the economic team’s recession prediction is based, in part, on the Fed’s rapid increase in the federal funds rate this year to tame inflation.

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ACA In Your Corner: Helping Members Succeed in Advocacy and Education

ACA International’s team is dedicated to helping members succeed through advocacy, education, compliance resources, communications strategies and much more.

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Fair Credit Reporting Act Disclosures

Section 612(f)(1)(A) of the Fair Credit Reporting Act (FCRA) provides that a consumer reporting agency may charge a consumer a reasonable amount for making a disclosure to the consumer pursuant to section 609 of the FCRA. Section 612(f)(1)(A) of the FCRA further provides that, where a consumer reporting agency is permitted to impose a reasonable charge on a consumer for making a disclosure to the consumer pursuant to section 609 of the FCRA, the charge shall not exceed $8.00 and shall be indicated to the consumer before making the disclosure.

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Protecting the right of military families to go to court

The CFPB is committed to ensuring that firms do not violate the law with impunity. Yet unscrupulous lenders and other bad actors have a longstanding practice of repeatedly targeting members of the armed services and their families. This practice jeopardizes the financial security, morale, and readiness of American servicemembers. And, as a result, it jeopardizes our national security.

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Attorney General Bonta: FTC Should Follow California’s Example and Adopt Robust Data Privacy Protections

OAKLAND – California Attorney General Rob Bonta today urged the Federal Trade Commission (FTC) to adopt robust protections against commercial surveillance and data security practices that harm consumers.

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Economic Update covers growth predictions, credit union margins

CUNA Senior Economist Ligia Vado discusses an overview of third quarter findings and end of year projections in the October 2022 CUNA Economic Update,

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Supreme Court’s Help Sought to Settle Challenges to Student Loan Forgiveness Plan

The Biden administration, with the help of the U.S. Department of Justice (DOJ), is turning to the U.S. Supreme Court for help with legal challenges to its student loan forgiveness plan—in particular, one arguing that the plan goes beyond what Congress allows.

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MARKEY JOINS MERKLEY, BONAMICI, JAYAPAL TEAM IN INTRODUCING LEGISLATION TO PROTECT CONSUMERS FROM PREDATORY PAYDAY LENDING PRACTICES

Washington (November 16, 2022) – Today, Senator Edward J. Markey (D-Mass.) joined Senator Jeff Merkley (D-Ore.) and Representatives Suzanne Bonamici (D-OR-01) and Pramila Jayapal (D-WA-07) in introducing the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act. The SAFE Lending Act will protect consumers from deceptive and predatory practices that strip wealth from working families by cracking down on some of the worst abuses stemming from the payday lending industry, particularly in online payday lending. 

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FTC Releases Updated Do Not Call Registry Data Book; Impersonator Fraud Tops List of Consumer Complaints

The Federal Trade Commission today released the National Do Not Call Registry Data Book for Fiscal Year 2022. The FTC’s National Do Not Call (DNC) Registry lets consumers add their phone number and choose not to receive most legal telemarketing calls. In the last fiscal year, over 2.5 million people signed up with the DNC Registry, bringing the total to more than 246 million phone numbers.

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FTC Explores Changes, Possible Expansion of Its Business Opportunity Rule

The Federal Trade Commission is exploring changes to the Business Opportunity Rule, seeking comment from the public on the rule’s effectiveness and a potential expansion to the rule to cover other types of money-making opportunities, such as coaching or mentoring programs, e-commerce opportunities, or investment opportunities.

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200,000 student-loan borrowers were just granted $6 billion in debt relief after a federal judge approved a settlement with Biden’s Education Department

Thousands of student-loan borrowers will soon be getting long-awaited debt relief. On Wednesday, federal Judge William Alsup granted final approval of a lawsuit — Sweet v. Cardona — filed in 2019 by student-loan borrowers who accused the Education Department at the time of failing to process their borrower defense to repayment applications. These are forms borrowers can file if they believe they were defrauded by the school they attended. If the department approves their forms, they would qualify to have their student loans discharged.

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Justice Department and Department of Education Announce a Fairer and More Accessible Bankruptcy Discharge Process for Student Loan Borrowers

The Department of Justice, in close coordination with the Department of Education, announced today a new process for handling cases in which individuals seek to discharge their federal student loans in bankruptcy. The new process will help ensure consistent treatment of the discharge of federal student loans, reduce the burden on borrowers of pursuing such proceedings and make it easier to identify cases where discharge is appropriate. The Associate Attorney General distributed guidance outlining the new process to all U.S. Attorneys.

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Enhancing public data on auto lending

Since the start of the pandemic, the cost of automobiles has risen substantially. Over 100 million Americans have an auto loan, and the CFPB estimates that there is currently $1.5 trillion in outstanding auto loan debt, making it the third-largest consumer credit category after mortgages and student loans. At its current trajectory, auto loan balances will surpass outstanding student loans in the first half of 2023.

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Using CFPB complaint data to help cities and counties protect the public

In the aftermath of the 2007-2008 financial crisis, Congress established the Consumer Financial Protection Bureau (CFPB) to regulate consumer financial products and services and protect consumers from unfair, deceptive, or abusive acts or practices. One of the major ways we do this is through collecting, monitoring, and responding to consumer complaints.

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CUNA concerned with ‘flawed interpretation’ of NCUA lending study

NCUA Chairman Todd Harper testified before the House Financial Services Committee Wednesday, a day after his testimony before the Senate Banking, Housing, and Urban Affairs Committee. CUNA submitted a letter for the record of the hearing, addressing several credit union priorities and expressing concerns over a recent NCUA study on credit union mortgage lending.

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Justice Department and Department of Education Announce a Fairer and More Accessible Bankruptcy Discharge Process for Student Loan Borrowers

The Department of Justice, in close coordination with the Department of Education, announced today a new process for handling cases in which individuals seek to discharge their federal student loans in bankruptcy.

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CFPB Takes Action Against Carrington Mortgage for Cheating Homeowners out of CARES Act Rights

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is taking action against Carrington Mortgage Services for deceptive acts or practices under the Consumer Financial Protection Act in connection with mortgage forbearances. The CFPB found that Carrington failed to implement many protections, provided to borrowers with federally backed mortgage loans who were experiencing financial hardship, during the COVID-19 public health emergency.

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CFPB Supervisory Examinations Find Credit Reporting Failures, Junk Fees, and Mishandling of COVID-19 Protections

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details key findings across consumer financial products and services, including how consumer reporting companies and data furnishers continued to violate the Fair Credit Reporting Act (FCRA) by failing to promptly address and update incorrect information on credit reports. Today’s report also highlights instances where mortgage servicers charged impermissible fees when homeowners went to make their mortgage payments.

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Cybersecurity Upskilling Is Increasingly Important in Uncertain Economy

COLLEGE PARK, Md., November 17, 2022--(BUSINESS WIRE)--Cybrary, the leading training platform for cybersecurity professionals, today released new findings in "Myths of Training Cyber Professionals," a research report from Omdia that dispels many of the myths associated with training cybersecurity professionals and the role of ongoing training in addressing the increase in security threats.

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Mortgage rates plunge, largest weekly drop since 1981

Mortgage rates dropped sharply last week following a series of economic reports that indicated inflation may finally be easing.

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