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Car loan payments push Americans ‘closer to the financial edge’ with severe delinquency rate the highest in 17 years
t’s hard to get a solid read on today’s economy, with the lowest unemployment rate in 53 years countering headlines of mass layoffs at companies like Amazon and Microsoft. CEOs and economists can’t seem to agree on whether it’s a recession or soft landing up ahead. One thing, however, is in little doubt: More Americans are struggling to make their car payments.
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More automation, not just additional tech talent, is what is needed to stay ahead of cybersecurity risks
The turbulence in tech — layoffs, slowing growth, and the hype and hope of AI tools like ChatGPT — is a reality for firms big and small. And as digital technologies become more prevalent across every type of company, there’s little doubt that CISOs are at the center of all this uncertainty.
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Arizona Court of Appeals Narrows Statute of Limitations Application
The Arizona Court of Appeals recently clarified how the state’s debt collection statute of limitations applies to debt created by a land sale contract. Arizona has a six-year statute of limitations to enforce installment debt created by a written contract, which is codified at A.R.S. § 12-548. A lender must enforce the debt through foreclosure or a lawsuit within six years after the cause of action accrues.
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National Consumer Protection Week 2023 Begins Sunday, March 5
National Consumer Protection Week 2023 begins this Sunday, March 5. The Federal Trade Commission and its partners, including consumer organizations, national advocacy organizations, and other federal, state, and local government agencies will participate in virtual and in-person events to promote consumers’ rights and protections against fraud, scams, and identity theft.
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What Now for Crypto Banking?
Crypto banking is in a mess. The collapse of the FTX exchange caused damaging runs on two U.S. regulated banks. One of them – Silvergate Capital Corp. – had to sell assets at a loss to repay depositors and lenders, and as a result has now warned that it may not be able to continue as a “going concern.”
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Washington state receives $163.4 million to fund innovative small business loan programs
OLYMPIA, WA – Washington state has been awarded $163.4 million from the U.S. Treasury Department to operate five capital access programs for small businesses. The new funding will be used to launch an updated version of the state’s highly successful Small Business Credit Initiative (SSBCI) program, which was completed in 2016. SSBCI leveraged an original $19.7 million investment from the 2010 Small Business Jobs Act into $150 million in new capital for Washington small businesses.
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Education Department Takes Steps to Hold Leaders of Risky Colleges Personally Liable
Today, the U.S. Department of Education (Department) released guidance outlining how it will implement long-standing provisions in the Higher Education Act that grant the Secretary authority to require leaders of private colleges that fail to operate in a financially responsible way to assume personal liability for the cost of unpaid debts owed to the Department of Education.
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US Consumers Received 4.3 Billion Robocalls in February, According to YouMail Robocall Index
IRVINE, Calif., March 3, 2023 /PRNewswire/ -- US consumers received just over 4.3 billion robocalls in February, staying within the range of 4.2 billion and 4.7 billion calls per month we have seen since last August. The February volume marked a 4.0% decrease from January's volume.
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New Report Shows, Despite 2019 Law, Most Hospital Collection Practices Still Hurt Patients
A new report by the Portland nonprofit Dollar For carries a blunt title: “Pointless Debt.” The group looked at whether Oregon hospitals complied with a 2019 state law requiring them to evaluate whether patients can pay their bills before turning them over to collections.
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Report on the Home Mortgage Disclosure Act Rule Voluntary Review
This report contains the findings of the Bureau’s voluntary review of the final rule on the Home Mortgage Disclosure Act the Bureau issued in October 2015 (2015 HMDA Final Rule) and related amendments (collectively, the HMDA Rule). Section 1022(d) of the Dodd-Frank Act requires the Bureau to conduct an assessment of each significant rule or order adopted by the Bureau under Federal consumer financial law.
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Mini-TCPA Laws You Should Know and That May Be Coming Soon in 2023
In April 2021, the US Supreme Court issued its decision in Facebook v. Duguid narrowly construing the Telephone Consumer Protection Act’s (TCPA) “automatic telephone dialing system” definition. In so doing, the Supreme Court effectively brought an end to the flood of TCPA lawsuits alleging violations of the statute’s restrictions on calls and texts made with an autodialer.
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CFPB Publishes New Findings on Financial Profiles of Buy Now, Pay Later Borrowers
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has published a new report analyzing the financial profiles of Buy Now, Pay Later borrowers. While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers are more likely to be active users of other types of credit products like credit cards, personal loans, and student loans.
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WEBRECON STATS: 2023 STARTS WITH SOME BITE
In January, CFPB complaints (+20.9%), FDCPA (+15.5%) and TCPA (+41.5%) were all up by significant margins, while FCRA (-2.7%) was down nominally. CFPB complaints (+12.2%) and TCPA lawsuits (+1.5%) are both up over last year January numbers, while FDCPA (-33.8%) and FCRA (-16.2%) are both down YTD.
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CFPB Announces Appointments of New Advisory Committee Members
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) announced today the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council.
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Mortgage rates surge closer to 7%
Mortgage rates jumped higher this week, getting even closer to 7% and crushing homebuyer activity, which hit a 28-year low. The average rate on the 30-year fixed mortgage increased to 6.65% from 6.50% the week prior, according to Freddie Mac. Rates have climbed over a half-point in February, reversing declines since mid-November.
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White House aims to shift cybersecurity burden from individuals and small businesses to tech providers
The White House released its long-awaited National Cyber Strategy on Thursday, providing a road map for how the Biden administration aims to defend the U.S. from a rapidly growing number of online threats.
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Revolutionary or rogue? Ford’s future EVs may just repo themselves
Imagine waking up late one day, rushing outside to hop in your new Ford electric vehicle, only to find it has driven off on its own because you missed a payment. Well, this may soon be a reality, according to a new patent filed by Ford that would allow its future EVs to repossess themselves autonomously.
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New CFPB Issue Spotlight Examines High Fees that Chip Away at Public Benefits
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released a new issue spotlight examining how the financial products used to deliver public benefits, like Social Security and unemployment compensation, affect individuals’ ability to fully access the assistance provided through those programs.
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Credit union trade group preemptively blasts Durbin bill
NAFCU said a bill to curb the processing of credit card transactions would reduce credit union members’ revenue from swipe fees and limit loyalty programs, fraud protection and free checking.
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Mortgage demand from homebuyers drops to a 28-year low
Mortgage rates moved higher again last week, pushing buyers back to the sidelines just as the spring housing market is supposed to be heating up.
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Low-income households are falling behind on car bills
Consumers with low credit scores are falling behind on their auto loans at a record rate.
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Fraud cost consumers $8.8 billion last year, Federal Trade Commission says. That’s up 44% from 2021
Scammers are making more money per episode of fraud, new government data suggests. While the number of fraud reports recorded through the Federal Trade Commission’s database fell to 2.4 million in 2022 from 2.9 million, the aggregate loss from those instances reached nearly $8.8 billion. That’s up 44% from the $6.1 billion reported in 2021 to the FTC.
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Higher Expenses Weigh Down U.S. Bank Profits in 2022 – FDIC
WASHINGTON (Reuters) -U.S. banks reported a 5.8% decline in profits in 2022 as firms spent more on noninterest items and provision expenses against future losses, the Federal Deposit Insurance Corporation reported Tuesday.
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Issue Spotlight: Public Benefits Delivery & Consumer Protection
Cash assistance predominantly flows to low-income families in need or individuals at a precarious time. Given the often-acute needs of the populations who receive and rely on cash assistance, it is critical that beneficiaries have full and timely access to these funds.
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8th Cir. Vacates FDCPA Class Action Post-Trial Judgment for Lack of Article III Standing
The U.S. Court of Appeals for the Eighth Circuit recently vacated a trial court’s judgment entered after trial in favor of the named plaintiff and a class of consumers for alleged violations of the federal Fair Debt Collection Practices Act and the Nebraska Consumer Protection Act due to lack of Article III standing.
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Supreme Court’s CFPB case potentially impacts anyone with credit card debt or a mortgage
The Consumer Financial Protection Bureau was born out of the 2008 recession and the belief that our government was not adequately protecting us (consumers) from companies engaging in unfair, misleading and illegal behavior.
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FTC and CFPB Seek Public Comment on How Background Screening May Shut Renters out of Housing
The Federal Trade Commission and the Consumer Financial Protection Bureau (CFPB) are requesting comment on background screening issues affecting individuals who seek rental housing in the United States, including how the use of criminal and eviction records and algorithms affect tenant screening decisions and may be driving discriminatory outcomes.
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Telephone and Texting Compliance News: Regulatory Update — FCC Takes Action Against Repeat Robocaller, Legislators Seek Higher Robocalling Penalties, Twilio Stops Illegal Robocallers
The Federal Communications Commission’s Enforcement Bureau (“Bureau”) took swift action to shut down a repeat robocaller trying to evade enforcement. On February 15, the Bureau issued a cease-and-desist letter to OneEye LLC (“OneEye”) ordering the company to investigate and take steps, including blocking, to mitigate suspected illegal robocalling traffic on its network.
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27% of US Consumers Pulled Money From Savings to Manage Credit Card Debt
Rising prices continue to affect consumers’ purchasing power, making it more difficult for those in all income levels to live within their means, put aside savings and manage their debts. Regardless, consumers appear to be settling into the current financial environment by finding ways to adjust their behavior to lessen inflation’s impact. PYMNTS’ research finds that in January 2023, 60% of United States consumers lived paycheck to paycheck, down 4 percentage points from January 2022.
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High mortgage rates weaken home prices for sixth straight month
Home prices fell for the sixth straight month in December as high mortgage rates damped buyer demand, according to data released Tuesday.
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With inflation high, why are Americans still spending?
U.S. consumers are proving they have money to spend. According to a report by the Commerce Department last Friday, personal spending rose 1.8% in the month of January.
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Ninth Circuit Vacates and Remands $8 Million CFPB Judgment in Lawsuit Against Mortgage Services Company
The Ninth Circuit Court of Appeals recently issued an Order vacating a nearly $8 million judgment won by the Consumer Financial Protection Bureau (CFPB) in its lawsuit against Nationwide Biweekly Administration, Inc. (Nationwide), an Ohio mortgage services company.
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Seeking public input: new proposal for alternative mortgage disclosures for construction loans
In the past, under the guise of promoting innovation, individual firms privately lobbied the Consumer Financial Protection Bureau to obtain special regulatory treatment. If they were successful, a firm receiving special treatment could then attract investors and customers by wrongly implying that their business model and practices were endorsed by the government. In other situations, companies that were able to successfully lobby for special treatment did not follow through on their end of the bargain.
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Tell us about your experiences with rental background checks and fees
The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) want to hear about your experiences with background checks used to screen potential tenants for rental housing.
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Ahead of U.S. Supreme Court Oral Arguments, Attorney General Bonta Issues Statement in Support of Biden Administration’s Historic Student Loan Debt Relief Plan
OAKLAND – California Attorney General Rob Bonta today issued a statement in support of President Biden’s ongoing efforts to provide relief for student borrowers. The statement of support comes ahead of oral arguments before the United States Supreme Court in a legal challenge to the Biden Administration’s plan to discharge between $10,000 and $20,000 in federal student loan debt for certain lower-income borrowers. This historic one-time program will provide student loan debt relief to approximately 40 million Americans, including more than 3.5 million Californians.
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FTC warns tech: ‘Keep your AI claims in check’
The FTC, fresh off announcing a whole new division taking on “snake oil” in tech, has sent another shot across the bows of the over-eager industry with a sassy warning to “keep your AI claims in check.”
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Attorney General Bonta to U.S. Supreme Court: CFPB Is Constitutional, Too Much at Stake for Consumers
OAKLAND — California Attorney General Rob Bonta today issued the following statement in response to the U.S. Supreme Court's decision to grant the Consumer Protection Financial Bureau’s (CFPB) request that the court review a decision by the Fifth Circuit finding that CFPB’s funding scheme violates the Apportionment Clause:
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CFPB Shuts Down Mortgage Loan Business of RMK Financial for Repeat Offenses Against Military Families
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) permanently banned RMK Financial Corporation, which does business as Majestic Home Loans, from the mortgage lending industry by prohibiting RMK from engaging in any mortgage lending activities or receiving remuneration from mortgage lending. In 2015, the CFPB issued an agency order against RMK for, among other things, sending advertisements to military families that led the recipients to believe the company was affiliated with the United States government.
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Mortgage Rates for Feb. 27, 2023: Rates Increase
A number of closely followed mortgage rates rose over the last seven days. The average 15-year fixed and 30-year fixed mortgage rates both climbed higher. The average rate of the most common type of variable-rate mortgage, the 5/1 adjustable-rate mortgage, also floated higher.
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Supreme Court to hear challenge to consumer agency
WASHINGTON -- The Supreme Court said Monday it will take up a Republican-led challenge to the Consumer Financial Protection Bureau, a case that could threaten how the consumer watchdog agency functions. It is the second time in three years that the justices will be examining the federal agency, which was created in the wake of the 2008 financial crisis.
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A federal judge just ruled $6 billion in student-debt cancellation can move forward for 200,000 defrauded borrowers, saying the decision will ‘allow them to not only to move on, but also to move up, elevating others in the process’
On Friday evening, federal Judge William Alsup ruled that a settlement he had already approved last year resulting from a lawsuit — Sweet v. Cardona — can move forward, which would give 200,000 borrowers defrauded by the schools they attended $6 billion in debt relief.
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U.S. Supreme Court to hear fight over consumer watchdog agency’s funding
WASHINGTON, Feb 27 (Reuters) - The U.S. Supreme Court on Monday agreed to decide whether the Consumer Financial Protection Bureau's funding structure established by Congress violates the U.S. Constitution in a case that President Joe Biden's administration has said threatens the agency's ability to function and risks market disruption.
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An Industry Insider on Balancing Security With Seamlessness
The perennial problem of fraud is becoming more significant. With the rise of digital banking, criminals no longer need to be present to scam FIs and their customers — and the risk of fraud is growing as a result. In an interview with PYMNTS, Seth Ruden, senior director of fraud operations for First Tech Federal Credit Union, discussed how his CU is responding to the challenge.
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Student Loan Cases Head to Supreme Court Tuesday
The U.S. Supreme Court will hear oral arguments in two cases Feb. 28 that hinge on challenges to the Biden administration’s student debt relief plan.
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TransUnion In “Active Settlement Discussions” with CFPB and FTC Over Tenant Screening
On February 14, TransUnion filed its annual 10-K report pursuant to the Securities and Exchange Act. Under the section entitled “Risks Related to Laws, Regulations and Government Oversight,” the company disclosed that it was in “active settlement discussions” with the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) over the alleged Fair Credit Reporting Act compliance lapses related to tenant screening.
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Student loan forgiveness: Supreme Court to hear challenges to Biden plan on Tuesday
The U.S. Supreme Court will hear two cases Tuesday that challenge President Joe Biden’s student loan forgiveness plan.
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Teaching collection managers and supervisors techniques for maximizing performance of collectors - Compliance, Coaching and Accountability. Instructor: Ken Evancic
Four Seasons Las Vegas ,
May 08 -
09 ,
2023 562-906-1101
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An invitation-only event for senior level Collection and Recovery Professionals
Four Seasons Las Vegas ,
May 10 -
12 ,
2023 Mark Naiman - Mark@collectionrecoverysolutions.com
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