At a glanceWednesday, January 18, 2023

Collection Industry News At A Glance - January 18, 2023
Wednesday January 18, 2023
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CFPB releases updates to mortgage servicing exam procedures

Today, the Consumer Financial Protection Bureau (CFPB) is releasing our updated Mortgage Servicing Examination Procedures, providing transparency to stakeholders about how we do our work. 

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OCC Announces Approval of Bank of the West – BMO Harris Bank, National Association Merger

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today approved the merger of Bank of the West, San Francisco, into BMO Harris Bank, National Association, Chicago.

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What’s ahead for Wells Fargo and its customers

Recently, the CFPB took action against Wells Fargo Bank for breaking federal consumer protection laws that apply to financial products, including auto loans, mortgages, and bank accounts. Wells Fargo is required to pay more than $2 billion to customers who were harmed, plus a $1.7 billion fine that goes to the victims’ relief fund.

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Regulatory Recap: CFPB Releases Household Financial Health Report, Resources for Supervised Institutions

The Consumer Financial Protection Bureau continues to issue enforcement actions, research reports and bulletins on a regular basis. Here are a few of the bureau’s updates you should know about this week, as well as a notice of proposed rulemaking from the Federal Communications Commission regarding data breach reporting:

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CFPB’s Fee Focus May Reshape $626B Remittance Payments Industry

With a focus on fees, the Consumer Financial Protection Bureau (CFPB) may reshape cross-border payments, specifically the hundreds of billions of dollars in remittances that are sent overseas.

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Attorney General Josh Stein Defends Targeted Debt Relief for North Carolina’s Student Borrowers

(RALEIGH) Attorney General Josh Stein filed a friend of the court brief in two cases before the U.S. Supreme Court about the Biden Administration’s targeted cancellation of federal student loan debt to help address COVID-19-related difficulties for borrowers.

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Statement by Secretary Cardona in Response to Filing of Student Debt Relief Amicus Briefs

U.S. Secretary of Education Miguel Cardona today issued the following statement in response to the filing of more than a dozen amicus curiae briefs with the U.S. Supreme Court in support of the Biden Administration’s student debt relief program:

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Americans are piling up credit card debt — and it could prove very costly

More Americans are leaning on their credit cards in the face of rising prices. And as interest rates continue to climb, that debt is getting a lot more expensive. The average credit card user was carrying a balance of $5,474 last fall, according to TransUnion, up 13% from 2021.

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CFPB Tackles Fine Print in Consumer Financial Contracts

Downloading an app, buying a product or service, or otherwise interacting with a company frequently requires consumers to consent to multi-page contracts. In a new proposed rule, the CFPB would require nonbank financial companies subject to the CFPB’s supervisory jurisdiction to register any use of such form contracts if they contain terms that seek to waive or limit consumer rights and legal protections.

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Keeping Pace with Today’s Challenges: FCC Proposes New Data Breach Rules for CPNI

Prompted by a rapid increase in frequency, sophistication, and scale of data leaks and data breach legislation in recent years, the Federal Communications Commission (FCC)  unanimously voted to kick off a proceeding aimed at adopting new proposals to update data breach response obligations involving Customer Proprietary Network Information (CPNI).

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Credit Unions Are Falling Behind the Innovation Curve

Credit unions are hitting an innovation wall, and partnering may be the best way to clear it. At a time when consumers, and credit union (CU) members particularly, are seeking more product innovation from these financial institutions, budget constraints and a yearlong macroeconomic beating find CUs cutting back on in-house development efforts.

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CFPB Moves Forward With Proposed Rule Establishing Public Registry of Terms and Conditions in Form Contracts

As forecasted in its 2022 Fall Rulemaking Agenda discussed here, today the Consumer Financial Protection Bureau (CFPB) published a proposed rule with request for public comments that would require certain nonbank covered entities, with limited exceptions, to submit information on terms and conditions in their form contracts that “seek to waive or limit individuals’ rights and other legal protections.”

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9th Circuit affirms decision in FCRA, CFPA, and TSR suit

In December, the U.S. Court of Appeals for the Ninth Circuit affirmed a district court’s ruling holding an individual liable for violations of the FCRA, the TSR, and the CFPA after the defendant, who allegedly “played a central role” in the scheme — and other defendants — were sued by the CFPB for allegedly obtaining individuals’ credit reports illegally and charging advance fees for debt relief services

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Court Finds Letter to Debtor is Not a Debt-Collection Communication Under the FDCPA

Recently, in Velez v. Absolute Resolutions Investments., LLC, the district court for the Northern District of Illinois confirmed the long-standing principle that not all communications sent from a debt collector to a debtor are governed by the Fair Debt Collection Practices Act (FDCPA). Instead, the communications must be in connection with the collection of a debt to fall within the statute’s purview.

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U.S. Foreclosure Activity Doubles Annually But Still Below Pre-Pandemic Levels

IRVINE, Calif. – Jan. 12, 2023 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its Year-End 2022 U.S. Foreclosure Market Report, which shows foreclosure filings— default notices, scheduled auctions and bank repossessions — were reported on 324,237 U.S. properties in 2022, up 115 percent from 2021 but down 34 percent from 2019, before the pandemic shook up the market. Foreclosure filings in 2022 were also down 89 percent from a peak of nearly 2.9 million in 2010.

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New York Enacts Foreclosure Abuse Prevention Act

On December 30, 2022, New York Governor Kathy Hochul signed the Foreclosure Abuse Prevention Act (FAPA) into law. The legislation remained unchanged from its passing back in May 2022 despite many industry experts expecting Governor Hochul to amend certain portions, including its retroactive effect.

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Wells Fargo Pulls Back From Mortgage Market

Wells Fargo, once the nation's biggest mortgage bank, said it will step back from the market and cut thousands of workers, swelling a wave of industry layoffs as rising rates slow home purchases.

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OCC Issues Revisions to Fair Lending Booklet

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a revised version of the “Fair Lending” booklet of the Comptroller’s Handbook.

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Servicemember reports about identity theft are increasing

Identity theft can quickly reverse a good credit report, filling it with unknown, maxed-out credit card accounts or collections accounts for mystery debts. It can spell trouble for anyone, but for servicemembers, identity theft resulting in negative information on a credit report can lead to the loss of a security clearance or even discharge.

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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