At a glanceFriday, January 06, 2023

Collection Industry News At A Glance - January 6, 2023
Friday January 6, 2023
This Week's Newsletter: Subscribe for Free - More Information - Advertising


Attorney General Phil Weiser announces Colorado borrowers will receive $4 million in settlement with Bellco and Canvas credit unions in GAP fee case

(The Center Square) – Coloradans who were to guaranteed automobile protection fee refunds from two credit unions will get $4 million in refunds from a recent settlement, Attorney General Phil Weiser's office announced.

Read More
FTC Safeguards Rule: ACA and Industry Partners Seek Compliance Guidance

ACA International and joint industry trade groups are seeking detailed compliance guidance from the Federal Trade Commission on aspects of the Safeguards Rule.

Read More
Statement from Secretary Cardona on Legal Brief Filed with the Supreme Court on the Student Debt Relief Program

U.S. Secretary of Education Miguel Cardona issued the following statement after the Departments of Education and Justice filed a legal brief with the Supreme Court on the Biden-Harris Administration’s Student Debt Relief Program:

Read More
CFPB Files Amicus Brief in TILA Suit, Impacts How Banks Collect on HELOCs

Recently, the CFPB filed an amicus brief in the U.S. Court of Appeals for the Fourth Circuit arguing that the court should reinstate a borrower’s putative class action claim against a national bank. The CFPB argued that the district court erred by improperly narrowing a provision in Regulation Z of the Truth in Lending Act (TILA) that prohibits lenders from withdrawing from deposit accounts to cover debts caused by credit card plans.

Read More
California Supreme Court Refuses To Hear Default Interest Case

On December 21, 2022, the California Supreme Court denied review of a controversial Court of Appeal decision from earlier last year that prohibited lenders from charging default interest against the principal balance of any loan, regardless of loan purpose, unless the default is a maturity default. 

Read More
FTC Publishes Inflation-Adjusted Civil Penalty Amounts for 2023

The Federal Trade Commission has adjusted the maximum civil penalty dollar amounts for violations of 16 provisions of law the FTC enforces, as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.

Read More
Mortgage demand plunges 13.2% to end 2022, as interest rates head higher again

Mortgage application volume was down 13.2% at the end of last week from two weeks earlier, according to the Mortgage Bankers Association’s seasonally adjusted index. The MBA was closed last week due to the holidays.

Read More
FTC Proposes Rule to Ban Noncompete Clauses, Which Hurt Workers and Harm Competition

The Federal Trade Commission proposed a new rule that would ban employers from imposing noncompetes on their workers, a widespread and often exploitative practice that suppresses wages, hampers innovation, and blocks entrepreneurs from starting new businesses.

Read More
Office of Research Blog: Even as rents increase, fewer people are buying

The past two years of high inflation have been difficult for renters. In our recent report, Making Ends Meet in 2022, we found that nearly one third of renters did not pay or were late with the rent at least once in the last year. As we discussed in a previous blog post in this series, housing is a large share of overall expenditures and housing inflation has been a big part of recent inflation.

Read More
Car Payments Top $1,000 for 1 in 6 Americans

Financing for a new or used vehicle is growing more expensive than ever, costing $1,000 or more for 15.7% Americans, according to Edmunds, a provider of automobile comparison costs.

Read More
DFCU Financial Completes First Citrus Bank Acquisition

DEARBORN, Mich., January 3, 2023 ( Financial and First Citrus Bank have closed on their previously announced business combination and are now branded as DFCU Financial. This transaction creates a stronger and more comprehensive financial institution for its members.   

Read More
CFPB Issues Report on Three Major Credit Reporting Agencies

The Consumer Financial Protection Bureau, under the leadership of Director Rohit Chopra, has released a new annual report on consumer complaint responses by the nationwide credit reporting agencies (CRAs).

Read More
USDA Announces January 2023 Lending Rates for Agricultural Producers

WASHINGTON, Jan. 3, 2023 – The U.S. Department of Agriculture (USDA) announced loan interest rates for January 2023, which are effective Jan. 3, 2023. USDA’s Farm Service Agency (FSA) loans provide important access to capital to help agricultural producers start or expand their farming operation, purchase equipment and storage structures or meet cash flow needs.

Read More
Paying off debt is top priority for many consumers in 2023: survey

Inflation, rising costs and the fear of recession have not derailed some Americans from sticking to their money goals this year, a new survey said. Despite the challenging economic environment, 42% of respondents said that paying off debt was their top priority in 2022, according to consumer financial app Cleo's 2022 Money Trend Report.

Read More
CFPB and New York Attorney General Sue Credit Acceptance for Hiding Auto Loan Costs, Setting Borrowers Up to Fail

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and the New York State Office of the Attorney General sued a predatory auto lender, Credit Acceptance Corporation, for misrepresenting the cost of credit and tricking its customers into high-cost loans on used cars. The car-buying experience turns into a nightmare for many of Credit Acceptance’s borrowers, who face unaffordable monthly payments, vehicle repossessions, and debt collection lawsuits.

Read More
Attorney General James and CFPB Sue Auto Lender for Cheating Thousands of New Yorkers

NEW YORK – New York Attorney General Letitia James and the Consumer Financial Protection Bureau (CFPB) today sued Credit Acceptance Corporation (CAC), one of the nation’s largest subprime auto lenders, for deceiving thousands of low-income New Yorkers into high-interest car loans.

Read More
Will America’s national debt become a bigger problem in 2023?

Risk: America's national debt topped $31T for the first time in November, and the number is not getting any lower. The gloomy fiscal milestone has added to worries about the economic health of the country, and lawmakers may need to pursue policy realism, especially if a recession kicks into high gear.

Read More
AG Platkin Announces $27.375- Million Settlement With Yellowstone Capital LLC and Related Entities Over Allegations of Unlawful Lending, Servicing, and Collection Practices

NEWARK – Attorney General Matthew J. Platkin announced today that the State has reached a $27.375 million settlement with Yellowstone Capital LLC, its parent company Fundry LLC, and six other associated companies to resolve allegations that the companies targeted small businesses with unconscionable, misleading, and abusive lending, servicing, and collection tactics that caused financial harm through their merchant cash advance (“MCA”) business.

Read More
Virginia Is For [Data Privacy] Lovers: Introduction to Virginia’s New Consumer Protection Law

On January 1, 2023, the Virginia Consumer Data Protection Act (VCDPA) will go into effect. With passage of the law earlier this year, Virginia joined Colorado and California as the only states to enact comprehensive privacy legislation.

Read More
2023 New Year’s Resolution: Don’t Get “Whacked” By A State AG for Cybersecurity Compliance

It usually happens after a reported data breach. The organization experiencing the breach sends notifications to affected individuals, as well as federal and or state agencies where appropriate and perhaps other parties. Not long thereafter, the organization receives an inquiry from one or more government agencies.

Read More
Majority of Americans Unhappy With Annual Salary, Considering Switching Jobs

Nearly two-thirds of consumers say they’re working jobs that don’t meet their annual salary requirements.

And 30% of those consumers say they plan to leave their current role for a new one, and hopefully a raise, in the next six months.

Read More
CFPB Issues Report on TransUnion, Experian, and Equifax

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released an annual report that details improvements and deficiencies in the nationwide consumer reporting companies’ responses to consumer complaints transmitted by the CFPB. Today’s report includes considerations for the nationwide consumer reporting companies to improve compliance with consumer financial protection laws and, more broadly, to serve consumers better.

Read More
Call Centers Become Prime Target for Identity Fraud

Retail call centers are the front line of consumer queries and the favorite new target for identity fraud. Daniel Flowe, head of identity strategy at Refinitiv, told PYMNTS that while the majority of consumers still want — and like — to speak to a human, that preference is being regularly abused and targeted by fraudsters and con artists.

Read More

Industry Events

Collection and Recovery Solutions 2023

An invitation-only event for senior level Collection and Recovery Professionals

Four Seasons Las Vegas ,
May 10 - 12 , 2023

Mark Naiman -

RMAi 2023 Annual Conference

Join us in Las Vegas, February 6-9, for the 2023 RMAI Annual Conference.

Las Vegas , Nevada
February 06 - 09 , 2023

916 462 2462