Wells Fargo Discloses Probes as Scrutiny of Messaging Apps’ Use Widens

(Bloomberg) -- Wells Fargo & Co. said that US regulators are investigating its retention of employee communications over unapproved messaging apps, the latest bank to get caught up in an industrywide sweep that’s already yielded over $2 billion in fines.

Judge rules Idaho Attorney General can intervene in medical debt lawsuit

IDAHO FALLS – A judge ruled Tuesday that Idaho Attorney General Raul Labrador’s office will be allowed to intervene in a lawsuit to argue for the constitutionality of the Idaho Patient Act.

CFPB warns card issuers on credit reports

The Consumer Financial Protection Bureau last week put credit card issuers on notice that it doesn’t like their newfound practices of limiting reporting on consumer credit card payments.

Attorney General Tong Seeks Banking Reforms in Aftermath of M&T Conversion

(Hartford, CT) – Attorney General William Tong today sought new investigative authority over bank consumer financial protection failures following the fraught merger between People’s United and M&T banks. To date, the Office of the Attorney General has received over 400 complaints regarding the merger, including alarming reports of money disappearing from accounts, loss of access to online banking, and refusal to accommodate those with pre-existing power of attorney.

Consumer Financial Protection Bureau’s fate is again in the hands of the Supreme Court

CNN-The Supreme Court may decide as soon as Friday whether to tackle a new case that could further constrain the power of US regulators to delve into American businesses and individual lives.

ConServe Earns Training magazine 2023 APEX Awards

Continental Service Group, Inc., d/b/a ConServe, announces that they have once again earned a spot on Training magazine’s, 2023 Training APEX Awards.  The Training APEX Awards ranking is determined by assessing a range of qualitative and quantitative factors, including financial investment in employee development, the scope of development programs, how closely such development efforts are linked to business goals and objectives, and their effectiveness in terms of business impact.

CFPB Proposes Rule To Amend Regulation Z Credit Card Late Fees

On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with request for public comment to amend Regulation Z, the implementing regulation of the Truth in Lending Act (TILA), to “better ensure that the late fees charged on credit card accounts are ‘reasonable and proportional’ to the late payment as required under TILA.”

Today’s 20-, 30-year mortgage rates hold steady | Feb. 21, 2023

With longer-term rates well above 6%, homebuyers who can swing a larger monthly payment stand to save more with a shorter-term mortgage.

Consumer spending remains strong despite high inflation, recession fears

Yahoo Finance Live’s Seana Smith breaks down the driving factors behind consumer spending amid rising inflation. (Disclosure: Apollo Global Management owns Yahoo.)

What is a bad credit loan?

A bad credit loan is a type of personal loan that caters to borrowers with lower credit scores. They can be used for a variety of purposes, such as covering financial emergencies, consolidating debt or paying for medical bills.

No Rebound in Existing Home Sales Despite a Drop in Mortgage Rates

A brief drop in mortgage rates towards 6.0 percent was not enough to entice buyers in January.

Ninth Circuit Nixes California’s AB 51, Reopening the Door for Mandatory Employment Arbitration

Earlier this week, a Ninth Circuit panel ruled, in the case of Chamber of Commerce of the United States of America v. Bonta, that California’s Assembly Bill (AB) 51, which had forbidden California employers from requiring employees enter into mandatory arbitration agreements, was preempted by the Federal Arbitration Act (FAA) and is unenforceable. 

AG Campbell Secures $2.5 Million in Relief From Leominster Company for Overcharging MassHealth Members and Violating Consumer Protection Laws

BOSTON — Attorney General Andrea Joy Campbell announced today that her office reached a $2.5 million settlement with Leominster-based Regional Home Care, Inc, resolving allegations that the company engaged in unfair, deceptive and abusive debt collection practices in violation of state consumer law and debt collection regulations and improperly collected money from members of MassHealth, the state’s Medicaid program, for balances not owed or that were already paid for by MassHealth.

Millions of debt collections dropped off Americans’ credit reports

Tens of millions of debt collections disappeared from Americans’ credit reports during the pandemic, a new government watchdog report found, but overdue medical bills remain a big strain on many households nationwide.

Top Banks Preparing for an Increase in Loan Delinquencies

Banks are adjusting their behaviors amidst growing fears that this year could bring higher delinquency rates and economic difficulties. This could mean consumers find it harder to qualify for personal loans and new credit cards. Big lenders and credit card issuers are already setting aside more money to cover potential loan losses.

Consumer Credit – G.19

In 2022, consumer credit increased 7.8 percent, with revolving and nonrevolving credit increasing 14.8 percent and 5.6 percent, respectively. During the fourth quarter, consumer credit increased at a seasonally adjusted annual rate of 6.5 percent, while in December it increased at a seasonally adjusted annual rate of 2.9 percent.

Millions of debt collections dropped off Americans’ credit reports

Tens of millions of debt collections disappeared from Americans’ credit reports during the pandemic, a new government watchdog report found, but overdue medical bills remain a big strain on many households nationwide.

Why Finance Needs to Collaborate with Cybersecurity

Even as threats to finance and accounting data grow, cybersecurity remains siloed from the finance and accounting functions in most companies. That’s problematic as organizations work to minimize cyber risks and mitigate the damage from potential attacks.

Colorado Attorney General, Legislators Push to Protect Consumers

Attorney General Phil Weiser this week joined state legislators and consumer health advocates at the State Capitol in support of Senate Bill 23-093, legislation that would provide Coloradans with additional consumer protections from high interest rates for medical debt and confusing debt collection practices that lead to long-lasting debt and financial instability.

Consumer Financial Protection Bureau’s fate is again in the hands of the Supreme Court

(CNN) -- The Supreme Court may decide as soon as Friday whether to tackle a new case that could further constrain the power of US regulators to delve into American businesses and individual lives.

ACA International Responds to CFPB Analysis on Third-Party Debt Collection Credit Reporting

The report examines debt collection credit reporting and medical debt reporting from 2018-2022 through a narrow lens and overlooks multiple factors influencing credit reporting.

Total Household Debt Reaches $16.90 trillion in Q4 2022; Mortgage and Auto Loan Growth Slows

NEW YORK—The Federal Reserve Bank of New York's Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The Report shows an increase in total household debt in the fourth quarter of 2022, increasing by $394 billion (2.4%) to $16.90 trillion. Balances now stand $2.75 trillion higher than at the end of 2019, before the pandemic recession. The report is based on data from the New York Fed's nationally representative Consumer Credit Panel.

AG Campbell Secures $2.5 Million in Relief From Leominster Company for Overcharging MassHealth Members and Violating Consumer Protection Laws

BOSTON — Attorney General Andrea Joy Campbell announced today that her office reached a $2.5 million settlement with Leominster-based Regional Home Care, Inc, resolving allegations that the company engaged in unfair, deceptive and abusive debt collection practices in violation of state consumer law and debt collection regulations and improperly collected money from members of MassHealth, the state’s Medicaid program, for balances not owed or that were already paid for by MassHealth

FTC Sues to Stop Interconnected Web of VoIP Service Providers Carrying Robocalls Pitching Phony Debt Relief Services

The Federal Trade Commission sued to stop an interconnected web of operations responsible for delivering tens of millions of unwanted Voice Over Internet Protocol (VoIP) and ringless voicemail (RVM) phony debt service robocalls to consumers nationwide. The Department of Justice (DOJ) filed the complaint in federal court on the FTC’s behalf.

New CFPB report and blog post look at third-party debt collections tradeline reporting and medical debt furnishing

The CFPB issued a new report, “Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting,” that looks at trends in credit reporting of debt in collections from 2018 to 2022.  It also published a new blog post, “Debt collectors re-evaluate medical debt furnishing in light of data integrity issues,” that looks at factors that create challenges for medical collections reporting.

FTC Launches New Office of Technology to Bolster Agency’s Work

The Federal Trade Commission today launched a new Office of Technology that will strengthen the FTC’s ability to keep pace with technological challenges in the digital marketplace by supporting the agency’s law enforcement and policy work. 

Average long-term US mortgage rate jumps to 6.32% this week

The average long-term U.S. mortgage rate jumped this week to its highest level in five weeks, bad news for home shoppers heading into the spring buying season.

GAO-IG Act Reporting

On January 3, 2019, the Good Accounting Obligation in Government Act (GAO-IG Act or Act)
was enacted as Public Law number 115-414. This report is published by the Consumer Financial
Protection Bureau (Bureau or CFPB) in compliance with that law. 1

FTC issues annual ECOA report to CFPB (UPDATED)

The FTC recently sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and Regulation B.  The new letter reports on the FTC’s activities in 2022.  The Bureau includes the FTC’s annual letter in its own annual report to Congress on the ECOA.

From Capitol Hill: Financial Data Privacy Bill and Overall Regulatory Burdens

A House Financial Services subcommittee met last week and heard testimony from technology and banking experts on industry competition and reducing regulatory burdens, and reviewed a draft financial data privacy bill.

Why the largest credit card companies are suppressing actual payment data on your credit report

By John McNamara – FEB 16, 2023 - Last year, we reported that Americans paid over $120 billion annually in interest and fees on credit cards. Since that time, average interest rates charged by credit card companies have quickly increased. It’s critical that consumers can find and switch to credit cards with the lowest and most competitive rates. That’s why we’ve been carefully examining barriers to a fair and competitive credit card market, especially as it relates to the role of consumer credit reporting.

CFPB Report Finds Decline in Debt in Collections Appearing on Consumer Reports

On February 14, the Consumer Financial Protection Bureau (CFPB) released a report entitled Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting. The report sought to examine trends in the reporting of debt in collections from 2018 to 2022.

ACA International Responds to CFPB Analysis on Third-Party Debt Collections Credit Reporting

The report examines debt collection credit reporting and medical debt reporting from 2018-2022 through a narrow lens and overlooks multiple factors influencing credit reporting.

Consumer debt hits record $16.9 trillion as delinquencies also rise

Consumer debt hit a fresh record at the end of 2022 while delinquency rates rose for several types of loans, the New York Federal Reserve reported Thursday.

FCC Targets Repeat Robocall Offender With New Cease-and-Desist

The FCC alleges the same owner started a new company with a different name to continue robocalls and evade regulators.

Inflation pushes up mortgage rates for second week in a row

Washington, DC CNN—Mortgage rates climbed higher for the second consecutive week, following four weeks of declines. Inflation is running hotter, making rates more volatile, with the expectation that they will move in the 6% to 7% range over the next few weeks

Debt Collections Fell 33% Over Last Four Years, CFPB Says

Consumer debt collections fell by a third between 2018 and 2022, a sign that Americans' household finances are getting stronger, the Consumer Financial Protection Bureau said Tuesday.

Binance banking problems highlight a divide between crypto firms and banks

Binance, the world's leading crypto exchange by trading volume, will temporarily suspend bank transfers in U.S. dollars. The exchange stated in a tweet on Feb. 6 that no other trading methods would be affected. The announcement came with no explanation. However, exchange CEO Changpeng Zhao noted in a tweet that only 0.01% of the exchange’s total users will be affected by the suspension while assuring that they are looking to resolve the issue soon.

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