Ninth Circuit Upholds Dismissal of Autorenewal Lawsuit, Finds Disclosure, Consent, and Acknowledgment Sufficient

In January, the Ninth Circuit agreed with a California district court's finding that a software company's autorenewal practices did not violate California's autorenewal law. The decision reflects a win for companies offering automatic renewal services despite the onslaught of lawsuits and challenges by the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) on negative option offers due to so-called dark patterns.

FTC and DOJ File Complaint Against “Web of VoIP Service Providers” for Allegedly Making Illegal Robocalls Using Ringless Voicemails

On February 16, the Department of Justice (DOJ), on behalf of the Federal Trade Commission (FTC), filed a complaint against multiple entities and individuals, including outbound calling service provider Stratics Networks Inc. (Stratics) for allegedly providing outbound calling services that enabled certain individuals and entities to route millions of ringless voicemail (RVM) robocalls in violation of the Telemarketing Sales Rule (TSR).

FCC & Illinois Attorney General Sign Robocall Enforcement Partnership

The FCC's Enforcement Bureau and Illinois Attorney General's office signed a Memorandum of Understanding to establish critical information sharing and cooperation structures to investigate spoofing and robocalls scam campaigns.

Joint Statement on Liquidity Risks to Banking Organizations Resulting from Crypto-Asset Market Vulnerabilities

The Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (collectively, the agencies) are issuing this statement on the liquidity risks to banking organizations presented by certain sources of funding from crypto-asset related entities.

Our auto finance data pilot

The auto finance market has seen significant change over the past two years. Car prices have risen substantially, leading to larger loan amounts and higher monthly payments. These more expensive loans are beginning to have an impact on consumer and household financial stability.

Lawsuit says Henderson councilman’s business charged 700 percent interest

A Henderson City councilman’s payday loan business is under scrutiny in federal court, after two class action lawsuits alleged its lending license through a Native American tribe helped it offer loans with interest rates above 700 percent, recent court records show.

Policies and Procedures as Privacy and Security Controls: Why It Is Time They Are Replaced by Something Live and Interactive

Policies and procedures have been with us as long as privacy and security or arguably even much longer. From US to EU, from Australia and Singapore to Canada, whenever privacy and security is discussed and needs to be implemented they are always mentioned as the most basic and the most prominent controls. Almost every framework or guideline, be it from US National Institute of Standards and Technology (NIST), EU European Data Protection Board (EDPB) or European Union Agency for Cybersecurity (ENISA), inevitably mentions policies and procedures as being necessary to implement a desired privacy and security program and to successfully put it into motion.

What is the Equal Credit Opportunity Act?

The Equal Credit Opportunity Act (ECOA) is legislation passed in 1974 that prohibits creditors from discriminating against an applicant due reasons related to race, color, religion, national origin, sex, marital status, age or participation in public assistance programs. Criteria that creditors can use in their decisions are financially based, like your income, debt, recurring expenses and credit history.

Consumer spending posts biggest gain in almost two years. Don’t expect it to last

The numbers: Consumer spending rose 1.8% in January to mark the biggest increase in almost two years, but the surge was powered by unusually strong auto sales and is unlikely to last.

CFPB Orders TitleMax to Pay a $10 Million Penalty for Unlawful Title Loans and Overcharging Military Families

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against a web of corporate entities operating under TMX Finance, broadly known as TitleMax, for violating the financial rights of military families and other consumers in providing auto title loans.

Wells Fargo lays off mortgage bankers days after rewarding some with California retreat

Wells Fargo laid off hundreds of mortgage bankers this week as part of a sweeping round of cuts triggered by the bank’s recent strategic shift, CNBC has learned.

District Court Dismisses CFPB Redlining Action Against Nonbank, Limits ECOA’s Reach

On February 3, the U.S. District Court for the Northern District of Illinois issued an opinion and order dismissing with prejudice the CFPB’s complaint for violations of the ECOA against a mortgage lender and its owner violated for engaging in discriminatory marketing and applicant outreach practices.

FTC crunches the 2022 numbers. See where scammers continue to crunch consumers.

There are prime numbers, irrational numbers, and Fibonacci’s numbers – but from a consumer protection perspective, no number is quite as sobering as the dollar amount that people reported losing to fraud in 2022. According to new data from the FTC, that number is almost $8.8 billion and it’s up 30% over the year before.

Cross River and Senator Monique Limón Bring Together Leading Bank and Fintech Experts to Discuss Consumer Lending and Responsible Bank Partnerships

SACRAMENTO, Calif.--(BUSINESS WIRE)--Cross River Bank (“Cross River”), a leading technology infrastructure provider that offers embedded financial solutions, yesterday joined with California State Senator Monique Limón (D-CA), Assemblyman Tim Grayson (D-Concord), the Department of Financial Protection and Innovation (DFPI) and Tom Curran, Chief Risk and Compliance Officer at one of Cross River’s innovative partners, Upgrade, to discuss California’s consumer lending landscape, how AB539 sets the parameters for responsible lending, and how responsible bank-fintech partnership model propels innovation, protects consumers, and expands access to credit and financial inclusion.

Telecom Regulators Issue Sweep of Illegal Robocall Enforcements

The FTC and FCC issued robocall enforcements, including notices to voice service providers. The FCC also expanded its robocall enforcement partnership with the states.

Home Lenders Hunt for Ways to Make 6% Mortgages More Attractive

Homebuyers and lenders adjusting to a doubling of US mortgage rates in the past year are finding workarounds to ease the financing pain.

FTC Sues Stratics and Debt Relief Companies That Hired Robocallers

The Federal Trade Commission (FTC) is taking action against Stratics Networks, a company that allegedly provided the technology for telemarketers to make tens of millions of illegal robocalls. The company's services were used to promote offers for credit card and student debt relief, home buying, health insurance, cable TV discounts, and for telemarketers playing on concerns about the COVID-19 pandemic.

Hackers Using Trojanized macOS Apps to Deploy Evasive Cryptocurrency Mining Malware

Trojanized versions of legitimate applications are being used to deploy evasive cryptocurrency mining malware on macOS systems.

Supreme Court rules 9-0 that bankruptcy filers can’t avoid debt incurred by another’s fraud

The Supreme Court in a unanimous decision Wednesday ruled that a California woman could not use U.S. bankruptcy code protection to avoid paying a $200,000 debt that resulted from fraud by her partner.

Mark your calendar for these upcoming NCPW events

National Consumer Protection Week (NCPW) 2023 is coming up in two weeks, and we hope you’ll attend some of the virtual and in-person events. NCPW is a time when the FTC partners with organizations and individuals across the country to bring you information and advice on scams, identity theft, and other consumer protection issues.

How cybersecurity executives make the case for continued tech investments in a tough economy

Cybersecurity executives have enjoyed a nice run of receiving the financial resources they need to keep their organizations protected against attacks. But given the current economic uncertainty, many will likely need to rethink their approach to investments in tools and services.

What Happens if You Never Pay Your Overdraft Fees?

Overdraft fees are never fun, but unfortunately, they’re something many bank customers have dealt with. We all know it’s best to pay them back as soon as possible, but what happens if they keep piling up and you never deal with them?

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.

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Optimal Collection Performance – Training for Collection Managers & Supervisors

Teaching collection managers and supervisors techniques for maximizing performance of collectors - Compliance, Coaching and Accountability. Instructor: Ken Evancic

Collection and Recovery Solutions 2023

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