|
|
|
Wednesday December 21, 2022 |
|
|
|
Credit Unions Can Gain Amid Consumers’ Dissatisfaction in a Gloomy Economy
Consumers are feeling the impact of high inflation. Prices in October were 7.7% higher than the year before, and though prices have dropped somewhat in recent months, inflation remains well above the Federal Reserve’s desired level of 2%. Worryingly, 77% of fund managers believe a recession is likely next year, according to a Bank of America survey.
Read More |
State Attorneys General File Briefs with Supreme Court on CFPB Structure Case
Republican and Democrat state attorneys general have filed briefs to the U.S. Supreme Court with their input on a 5th Circuit Court of Appeals’ decision declaring the Consumer Financial Protection Bureau’s funding structure unconstitutional.
Read More |
CFPB Report Finds Household Financial Health is Declining after Several Years of Increased Savings
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a new Making Ends Meet report covering the financial health of American households. Since 2019, the annual Making Ends Meet consumer surveys showed improvement in financial health during the first few years of the COVID-19 pandemic, due in part to a tight labor market, reductions in consumer spending, and access to pandemic-related relief programs.
Read More |
Federal Trade Commission Extends Public Comment Period on Potential Rule Regarding the Harms Caused by Junk Fees in the Economy
On October 22, 2022, the Federal Trade Commission announced it is seeking public comments on whether it should explore a rule regarding the harms caused by junk fees and the unfair or deceptive tactics companies use to impose them.
Read More |
DFPI Moves to Revoke BlockFi’s CA Financing Law License
SACRAMENTO – The Department of Financial Protection and Innovation today announced that Commissioner Clothilde V. Hewlett has moved to revoke BlockFi Lending LLC’s (BlockFi) California Financing Law (CFL) license.
Read More |
Debt Collection and Technology – Welcome to the New Normal
There are a variety of ways in which accounts, or debts, are collected. However, aging technology and legacy servicing (collection) infrastructure restricts a lender’s ability to leverage automation and technology.
Read More |
Rising car repossessions trend warning sign for economy, report says
Car repossessions are on the rise, and financial analysts fear the trend will continue, according to a report.
Read More |
Debt collectors, reform advocates spar in court over fate of Prop. 209
The lawsuit seeking to void voter-approved medical debt reforms in Proposition 209 should be rejected because it’s too vague and doesn’t sufficiently prove its claim that the new laws cause harm, said attorneys for the state and Healthcare Rising Arizona, which ran the ballot measure’s campaign.
Read More |
Prepared Remarks of CFPB Director Rohit Chopra on the Wells Fargo Law Enforcement Action | Consumer Financial Protection Bureau
Wells Fargo is one of the most powerful banks in the world. Unlike some other massive U.S. banks, Wells Fargo primarily concentrates on consumer banking. One in three American households are customers and are affected by its corporate culture and business practices.
Read More |
CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes.
Read More |
Wells Fargo to pay $3.7B over consumer law violations
WASHINGTON (AP) — Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
Read More |
Senate Banking Committee Priorities with CFPB Laid Out During Hearing
Republican and Democrat leaders on the Senate Committee on Banking, Housing and Urban Affairs divided their Dec. 15 hearing with Consumer Financial Protection Bureau Director Rohit Chopra between discussion supporting the bureau’s continued actions on medical debt credit reporting and changing the leadership in charge of those actions to a five-member bipartisan commission funded through congressional appropriations.
Read More |
Still time to save: Student loan refinance rates hold steady for 5-year variable-rate loans
Rates for well-qualified borrowers using the Credible marketplace to refinance student loans rose this week for 10-year fixed-rate loans and remained unchanged for 5-year variable-rate loans.
Read More |
Wells Fargo to pay $3.7B over consumer law violations
WASHINGTON (AP) — Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
Read More |
CFPB Intensifies Focus on Consumer Reporting Agencies
In recent weeks, the Consumer Financial Protection Bureau (CFPB), the U.S. government agency that is charged with implementing and enforcing federal consumer financial law, has taken an increasingly active approach on a range of topics relating to credit reporting and background checks. In the last eight weeks, the agency has taken action aimed at protecting on five separate occasions.
Read More |
Consumer Alert: Scammers Look to Take Advantage of Student Loan Changes
As the student loan landscape continues to evolve, including the recent announcement extending the payment pause, borrowers face shifting deadlines, confusion, and uncertainty. But be careful: these challenges could represent an early holiday gift to scammers looking to trick borrowers into handing over their money or personal information.
Read More |
CFPB Complaint Bulletin Analyzes Crypto Asset Complaints Since 2018
The CFPB recently published its November 2022 Complaint Bulletin analyzing consumer complaints related to crypto assets. The Bulletin notes that between October 2018 and September 2022 more than 8,300 such complaints were submitted to the CFPB, with the largest numbers of complaints originating in California, Florida, New York, and Texas.
Read More |
House Committee Tackles CFPB’s Approach to Enforcement vs. Guidance in Hearing with Director Rohit Chopra
In its last hearing of the 117th Congress Wednesday, the House Financial Services Committee (HFSC) reviewed the Consumer Financial Protection Bureau’s actions in the last year under the leadership of Director Rohit Chopra, including the bureau’s approach to rulemaking and jurisdictional issues on topics such as fees and medical debt credit reporting.
Read More |
Car repossessions are on the rise in warning sign for the economy
WASHINGTON — A growing number of consumers are falling behind on their car payments, a trend financial analysts fear will continue, in a sign of the strain soaring car prices and prolonged inflation are having on household budgets.
Read More |
Credit Card Delinquency Data Hints at Pressures
Reports from banks and payment networks show credit card delinquency rates are on the rise. Connect the dots, and the data hints at trouble ahead in the paycheck-to-paycheck economy.
Read More |
CFPB Proposes Online Registry of Nonbank Financial Lawbreakers
A regulator has proposed creating a registry of nonbank financial lawbreakers to detect “repeat offenders.” The Consumer Financial Protection Bureau (CFPB) has proposed that certain nonbank financial firms be required to register with it when they become subject to certain consumer financial protection agency or court orders
Read More |
December 15, 2022: Capital One to Pay $2 Million to Settle Debt Collection Lawsuit
Los Angeles County District Attorney George Gascón announced today that Capital One, N.A., will pay $2 million to settle a civil lawsuit alleging the company made unreasonably excessive calls to collect past due accounts.
Read More |
23K student loan borrowers could benefit from $19 million settlement
About 23,000 student loan borrowers could get a monetary benefit from a $19 million settlement with five student loan companies, according to the Consumer Financial Protection Bureau (CFPB).
Read More |
State AGs, Federal Regulators Gather to Discuss Tech Competition, ESG, Privacy, and More
Last week, the National Association of Attorneys General (NAAG) held its annual Capital Forum in Washington, DC, which provided AGs, AG staff, and private sector attendees the opportunity to engage with each other as well as federal officials, to discuss important policy issues and learn about the latest state and federal legal developments.
Read More |
51 AGs Show Support for FCC Proposal Requiring Wireless Providers to Block Spam Texts
The National Association of Attorneys General (NAAG) sent a letter on behalf of a coalition of 51 AGs supporting an FCC proposal meant to cut down on the number of unwanted text messages received by consumers. The letter was sent in response to an FCC request for comment on the proposal, which would require mobile wireless providers to block likely fraudulent text messages at the network level.
Read More |
Crypto Bank Silvergate Hit With Class Action Lawsuit Over FTX, Alameda Dealings
Silvergate is liable for its role in “furthering FTX’s investment fraud” and breaches of fiduciary duty, alleges a new class action suit.
Read More |
Notice of Availability of Revised Consumer Information Publication
The Consumer Financial Protection Bureau (Bureau or CFPB) announces the availability of an updated consumer publication, “What You Should Know about Home Equity Lines of Credit,” also known as the HELOC booklet, required by the Truth in Lending Act (TILA), as implemented by Regulation Z. This version of the HELOC booklet is updated to align with the Bureau's educational efforts, to be more concise, and to improve readability and usability.
Read More |
FTC Action Leads to Permanent Ban for Scammers Behind ‘The Credit Game’ Credit Repair Scheme
As a result of a Federal Trade Commission lawsuit, the operators of “The Credit Game,” a credit repair scheme that cost consumers millions of dollars, face a lifetime banfrom the credit repair industry in proposed court orders filed today.
Read More |
OCC Reports Improvement in Overall Mortgage Performance
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the third quarter of 2022. The OCC Mortgage Metrics Report, Third Quarter 2022 showed that 97.2 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 95.6 percent a year earlier.
Read More |
Michigan credit union to acquire Florida bank in year’s 13th such tie-up
Grand Blanc, Michigan-based Dort Financial Credit Union has agreed to acquire West Palm Beach, Florida-based Flagler Bank, the companies announced Monday.
Read More |
Consumers harmed by prison financial services company JPay to receive compensation
In October 2021, the CFPB penalized the prison financial services company JPay for violating the Consumer Financial Protection Act (CFPA) by charging consumers fees to access their own money on prepaid debit cards that consumers were forced to use.
Read More |
Attorney General Bonta Files Friend-of-the-Court Brief in Defense of CFPB Funding Structure, Enforcement Authority
OAKLAND – California Attorney General Rob Bonta, as part of a coalition of 22 attorneys general, filed an amicus brief in the U.S. Supreme Court in support of the Consumer Financial Protection Bureau’s (CFPB) petition for review of a Fifth Circuit decision finding that the agency’s funding mechanism is unconstitutional.
Read More |
U.S. consumer loan delinquencies seen surging to 13-year high in 2023 – study
NEW YORK, Dec 14 (Reuters) - U.S. consumers will fall behind on their personal loan and credit card payments next year at the highest rates since 2010, according to forecasts from TransUnion, a major consumer credit rating agency.
Read More |
CFPB Proposed Rule Aims to Publicly Identify Companies Facing Enforcement Actions
The Consumer Financial Protection Bureau has added a proposed rule to its list for 2022 that would require certain nonbank covered entities, including debt collectors, to register with the bureau “when they become subject to certain local, state, or federal consumer protection agency or court orders.”
Read More |
New Legislation Protects New Yorkers with Medical Debt
New York Governor Kathy Hochul recently signed legislation designed to prevent New York hospitals and medical providers from employing certain collection practices against patients with medical debt. This protection became effective immediately upon the Governor’s signing.
Read More |
Mortgage rates drop for fifth week in a row
Washington, DC CNN — Mortgage rates fell once again this week, dipping for the fifth straight week.
Read More |
SUPERINTENDENT ADRIENNE A. HARRIS RELEASES VIRTUAL CURRENCY GUIDANCE FOR BANKING ORGANIZATIONS
Today, New York Department of Financial Services (DFS) Superintendent Adrienne A. Harris released Guidance to banking organizations that wish to engage in virtual currency-related activities. The Guidance is applicable to all New York regulated banking organizations, as well as branches and agencies of foreign banking organizations licensed by the Department (“Covered Institutions”).
Read More |
Here’s what the Federal Reserve’s half-point rate hike means for you
The Federal Reserve raised its target federal funds rate by 0.5 percentage points at the end of its two-day meeting Wednesday in a continued effort to cool inflation.
Read More |
The Education Department ‘failed to protect some of the most vulnerable student-loan borrowers’ who had their wages stripped from them illegally during the pandemic, Elizabeth Warren says of a new ‘alarming report’
On Thursday, the Student Borrower Protection Center released a report that found, via a Freedom of Information Act (FOIA) request submitted by advocacy group Student Defense, that the Education Department continued to garnish student-loan borrowers' wages after Congress required the department to cease those collection tactics when the pandemic began in March 2020.
Read More |
Retail sales have dropped significantly
Minneapolis CNN — Black Friday may have been back in fashion this year, but the strong turnout at the start of the holiday shopping season last month wasn’t enough to counter a broader consumer pullback in spending.
Read More |
Prepared Statement of Director Rohit Chopra before the House Committee on Financial Services
Our economy and our consumer finance markets are truly in transition, out of a pandemic and further into the digital era. I will offer some observations about the state of the economy today, as well as what the CFPB is doing to prepare for the future, especially as we confront the challenges of Big Tech in banking. I will also highlight a number of opportunities for bipartisan reforms.
Read More |
|
|
Join us in Las Vegas, February 6-9, for the 2023 RMAI Annual Conference. Registration opens October 3, 2022.
Las Vegas , Nevada
February 06 -
09 ,
2023 916 462 2462
|
|
|
|
|
