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Mortgage demand increases again, but interest rates are rising
Mortgage demand has increased for three straight weeks now, as interest rates dropped in response to the recent bank failures. But rates are rising again, and that could put a damper on application volume.
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US Senate Banking Committee to hold hearings on SVB -chair
WASHINGTON, March 21 (Reuters) - The U.S. Senate Banking Committee will hold the "first of several hearings" on the collapse of Silicon Valley Bank and Signature Bank on March 28, Chairman Sherrod Brown said on Tuesday, with testimony from Federal Deposit Insurance Corporation Chair Martin Gruenberg, Federal Reserve official Michael Barr, and Nellie Liang, an under secretary at the U.S. Treasury Department.
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Many Americans with medical debt struggling to pay bills: Survey
A majority of Americans said that inflation and rising costs has impacted their healthcare purchasing decisions or their ability to pay medical bills, according to a recent AccessOne survey.
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An Inquiry into Cloud Computing Business Practices: The Federal Trade Commission is seeking public comments
The FTC just released a Request for Information (RFI) on the business practices of Cloud Computing Providers. The RFI is a tool to gather information and inform the FTC’s understanding of cloud computing – we're interested in hearing about issues from users of cloud services, academics, civil society groups, industry participants, and more.
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Supervisory Highlights
Junk Fees Special Edition
This special edition of Supervisory Highlights focuses on the Consumer Financial Protection
Bureau’s (CFPB or Bureau) recent supervisory work related to violations of law in connection
with fees. 1 As part of its emphasis on fair competition the CFPB has launched an initiative,
consistent with its legal authority, to scrutinize exploitative fees charged by banks and financial
companies, commonly referred to as “junk fees.”
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Consumer Alert: Attorney General James Reminds Veterans and Servicemembers to File Claims to Receive Refunds from Harris Jewelry Settlement
NEW YORK – New York Attorney General Letitia James today issued an alert reminding servicemembers and veterans to file claims to receive refunds from the Harris Jewelry settlement before the April 15th deadline.
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RMAI Presents New DEI Guide, Implementing Diversity Equity Inclusion Best Practices
March 20, 2023 (Sacramento, CA) – RMAI introduces a new guide for the accounts receivables management industry, Implementing Diversity Equity Inclusion Best Practices: RMAI Diversity Equity Inclusion Program Baseline Recommendations.
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Federal Reserve sounded alarm about Silicon Valley Bank’s risk management in 2019: report
In January 2019, the Fed issued a warning known as a "Matter Requiring Attention," a citation a step-down from an enforcement action, about SVB's risk-management systems, The Wall Street Journal reported, citing documents from a presentation circulated last year to employees of SVB’s venture-capital arm.
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Credit Card Costs Climbing as Fed Hikes Interest Rates
If the Federal Reserve raises interest rates again this week as expected, data show that credit card holders are one group of consumers that will be hit the hardest.
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Third Circuit to Weigh Allowing CFPB to Pursue Passive Investors
The Consumer Financial Protection Bureau will argue at the Third Circuit that it has the power to police passive investment trusts for student debt collection activities allegedly conducted by their vendors.
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Low inventory, mortgage rates contribute to struggling NY housing market
ALBANY, N.Y., March 21, 2023 (GLOBE NEWSWIRE) -- With a continued lack of inventory and Interest rates starting to rise once again, closed sales dropped to their lowest point in nearly a decade, according to the housing report released today by the New York State Association of REALTORS®.
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How AI Is Helping Us Fight Off Robocalls And Scammers
Robocalls are a major source of annoyance, both for telecom operators and subscribers, but innovations in AI are now giving scammers a hard time.
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Small bank struggles could hit the real estate market hard
A pullback in lending among small banks in the U.S. was already underway before the collapse of Silicon Valley Bank and Signature Bank. Now economists expect to see more tightening.
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Columbus considering clearing medical debt for residents
COLUMBUS, Ohio (WCMH) — Two Columbus City Council members are hoping to clear millions of dollars in medical debt for city residents.
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FCC Releases Agenda for March 23 Diversity Council Roundtable
FCC Releases Agenda for Communications Equity and Diversity Council Lessons Learned from the Pandemic Roundtable on March 23, 2023 to be Convened Virtually
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Roundup of FTC Consumer Protection Matters of Interest to Digital Advertisers: March 2023
In March 2023, the Federal Trade Commission announced a number of consumer protection actions involving data privacy, COVID health claims, a robocall debt relief pitch scheme, and alleged harmful noncompete restrictions.
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CFPB Enhances Tool to Promote Competition and Comparison Shopping in Credit Card Market
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) launched an improved survey of credit card issuers that can help consumers and families compare interest rates and other features when shopping for a new credit card. Americans pay $120 billion in credit card interest and fees each year, which contributes to the almost trillion dollars in nationwide household credit card debt.
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How Do I File a Complaint With the Consumer Financial Protection Bureau (CFPB)?
The federal government passes financial regulations to protect consumers from unfair practices. The Consumer Financial Protection Bureau (CFPB) exists to make sure that banks, lenders and other financial institutions follow those regulations. You might not give much thought to the CFPB but it's always operating behind the scenes to make sure that you're treated fairly when it comes to money matters.
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OCC Conditionally Approves Flagstar Bank, N.A. to Purchase and Assume Deposits of Signature Bridge Bank, N.A.
WASHINGTON—The Office of the Comptroller of the Currency (OCC) announced today that it has conditionally approved Flagstar Bank, N.A., Hicksville, New York, to purchase assets and assume certain liabilities of Signature Bridge Bank, N.A., New York, New York.
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Pros and Cons of Using a Balance Transfer To Pay Off Credit Card Debt
A balance transfer credit card allows you to transfer the debt balance from other credit cards onto a single card. While there is typically an up-front fee, most balance transfer cards offer a low interest rate for a specific length of time, allowing you to save money on interest while paying down your debt.
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Today’s 30-year mortgage rates plummet below 6% | March 20, 2023
Based on data compiled by Credible, mortgage rates for home purchases have fallen across all key terms since last Friday.
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Student Loans Forgiven Through Bankruptcy? Why You May Be Entitled to Money Back
The Consumer Financial Protection Bureau (CFPB) is taking steps to ensure that unlawfully collected student loan debt discharged in bankruptcy is returned to borrowers.
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Scam Robocalls Forecast to Cost $58bn This Year
The cost of fraudulent robocalls to victims will increase 9% from 2022 to reach $58bn globally this year, according to a new report from Juniper Research.
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6th Circuit Holds Separate FDCPA Violation Within Statute of Limitations Is Not a Continuing Violation
Recently, a three judge panel for the U.S. Court of Appeals for the Sixth Circuit held that because one claim brought under the Federal Debt Collection Practices Act (FDCPA) occurred within the one-year statute of limitations, the suit was not time-barred. The Sixth Circuit’s decision reversed and remanded the district court’s dismissal of the complaint.
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OCC Conditionally Approves Flagstar Bank, N.A. to Purchase and Assume Deposits of Signature Bridge Bank, N.A.
WASHINGTON—The Office of the Comptroller of the Currency (OCC) announced today that it has conditionally approved Flagstar Bank, N.A., Hicksville, New York, to purchase assets and assume certain liabilities of Signature Bridge Bank, N.A., New York, New York.
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FDIC Extends Bid Window For Silicon Valley Bridge Bank, N.A.
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) has extended the bidding process for Silicon Valley Bridge Bank, National Association, Santa Clara, California. There has been substantial interest from multiple parties, and the FDIC and the bidders need more time to explore all options in order to maximize value and achieve an optimal outcome.
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A New Federal Student Loan Program Will Move Millions Toward Forgiveness
It’s unclear whether President Joe Biden’s student loan cancellation plan will survive a legal challenge now before the Supreme Court, but a different federal program may still offer relief to many borrowers. Some are already seeing relief under the program, and the government just extended a key deadline for some borrowers who must take special steps to qualify.
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FTC Issues Guidance on Claims About AI-Powered Products
As lawmakers race to catch up on AI technology, the FTC has issued guidance warning marketers not to make false or unsubstantiated claims about AI-powered products.
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NCUA: What it is and how it keeps your money at credit unions safe
The collapses of Silicon Valley Bank and Signature Bank have left consumers wondering what happens if their banks fail. The Federal Deposit Insurance Corp. (FDIC) is the agency that insures deposits at member banks, but the National Credit Union Administration (NCUA) is the government agency that protects credit union members’ share accounts.
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Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank to make uninsured deposits totaling $30 billion into First Republic Bank
Action by the largest U.S. banks reflects their confidence in the country’s banking system and helps ensure First Republic has the liquidity to continue serving its customers.
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Mortgage rates drop in wake of bank failures
Washington, DC (CNN)--Mortgage rates dropped this week in the wake of several bank failures, reversing course after rising half a percentage point over the past month. But longer-term uncertainty is expected to hamper many homebuyers and keep the cost of buying unaffordable for many.
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Consumer Watchdog Issues Warning to Private Loan Servicers
The Consumer Financial Protection Bureau is warning loan servicers to stop collecting private student loans that were discharged by bankruptcy courts, the agency announced Thursday.
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Bank Collapses Highlight Alternative Structure of Credit Unions
The collapse of two banks has put the U.S. financial sector into focus this week. Some are considering the alternative structures of institutions like credit unions. Troy Stang is the president and CEO of the GoWest Credit Union Association, which represents more than 300 credit unions in Oregon and five other states.
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ChatGPT Powered Polymorphic Malware Bypasses Endpoint Detection Filters
The number of monthly users of ChatGPT exceeded 100 million at the end of January, which sets a new record for the fastest-growing app since it was launched at the end of 2022. Jeff Sims, who works at the HYAS Institute, has created a polymorphic keylogger using artificial intelligence called “Blackmamba,” which uses Python to tweak its program randomly based entirely on the input that has been taken from the user.
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Paxton Secures Major Victory to Shut Down Texas Robocallers that Made Billions of Illegal Calls
Attorney General Paxton won judgments shutting down a massive robocall operation involving John Caldwell Spiller II and his business partner, Jakob Mears. Spiller and Mears owned the Texas-based Rising Eagle Capital Group LLC, JSquared Telecom LLC, and Rising Eagle Capital Group–Cayman.
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OCC Enforcement Actions and Terminations
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.
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Appeals Court Approves Settlement of Visa and Mastercard Antitrust Suit
A federal appeals court has approved a settlement of a class-action lawsuit brought against Visa and Mastercard. The settlement, in which the payment card networks agreed to pay a total of $5.6 billion to 12 million merchants who brought an antitrust case against them, was approved Wednesday (March 15).
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FTC Launches Inquiry into Small Business Credit Reports
The Federal Trade Commission has launched an inquiry into the small business credit reporting industry, ordering five firms in that industry to provide the Commission with detailed information about their products and processes. The orders will be issued to Dun & Bradstreet, Experian Information Solutions, Equifax, Ansonia Credit Data, and Creditsafe USA.
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The unexpected American shopping spree seems to have cooled
An unexpected spending spree by U.S. shoppers seems to have calmed. Retail spending declined 0.4% in February compared to January, the Commerce Department said on Wednesday. That's after a surprise start-of-the-year shopping spree that contradicted the Federal Reserve's goal of cooling down the economy to fight high prices.
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A recession could come sooner on cooling bank lending
Plummeting bond yields, steep drops in oil and stock prices, and a sharp jump in volatility are all signaling that investors fear a recession is now on the near horizon.
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Average long-term US mortgage rates come back down to 6.6%
The average long-term U.S. mortgage inched back down this week after five straight weeks of increases, good news for homebuyers as the housing market’s all-important spring buying season gets underway
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FCC Adopts Its First Rules Focused on Scam Texting
The Federal Communications Commission today adopted its first regulations specifically targeting the increasing problem of scam text messages sent to consumers.
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Bread, Discover and JPMorgan Chase Report Higher Credit Card Delinquencies
Three companies saw their higher credit card delinquency and charge-off rates rise in February. Bread Financial, Discover Financial and JPMorgan Chase reported in recent press releases and Securities and Exchange Commission (SEC) filings that these figures for February were higher than those for both the month before and a year earlier.
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FDIC Prefers Banks Over Other Entities as Silicon Valley Bank Bidders
The pool of potential buyers of Silicon Valley Bank may be narrower than previously thought. The Federal Deposit Insurance Corporation (FDIC), which took over the failed bank Friday (March 10) and created a “bridge bank” to replace it, will probably only sell it to another bank, The Information reported Wednesday (March 15), citing unnamed sources.
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Sterling Bancorp, Inc. to Plead Guilty to $69M Securities Fraud
A Southfield, Michigan-headquartered bank holding company has agreed to plead guilty to securities fraud for filing false securities statements relating to its 2017 initial public offering (IPO) and its 2018 and 2019 annual filings.
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The FDIC’s Security Controls Over Microsoft Windows Active Directory
The Office of Inspector General of the Federal Deposit Insurance Corporation (FDIC) has issued its report on The FDIC's Security Controls Over Microsoft Windows Active Directory.
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CFPB Heightens Scrutiny of Unlawful Collection of Payments on Discharged Student Loans
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a bulletin warning servicers of their obligation to halt unlawful conduct with respect to private student loans that have been discharged by bankruptcy courts.
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2022 Financial Literacy Annual Report
The 2022 Financial Literacy Annual Report of the Consumer Financial Protection Bureau (CFPB) is required under Section 1013 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It details the CFPB’s financial literacy strategy and activities to improve the financial literacy of consumers.
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Consumer issues affecting American Indian and Alaska Native communities
Scammers and dishonest businesses can target people in unique ways, so it’s important to understand how communities are affected — and at times, differently affected — by consumer protection issues. A new FTC report focuses on the agency's recent efforts to identify frauds, scams, and bad business practices that impact American Indian and Alaska Native (AI/AN) communities.
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OCC Issues Prohibition Order, Fines Former Wells Fargo Executive $17 Million in Settlement
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the issuance of a prohibition order and a $17 million civil money penalty by consent against Carrie Tolstedt, former head of Wells Fargo Bank, N.A.’s Community Bank, for her role in systemic sales practices misconduct.
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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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