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Fed’s Powell warns banking crisis could tighten lending, slow US economy
Federal Reserve Chairman Jerome Powell said Wednesday that recent turmoil in the banking sector will further tighten credit for U.S. households and businesses, taking a toll on economic growth.
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FTC Action Leads to Lifetime Industry Ban for Operators of ‘Extended Vehicle Warranty’ Scam
As a result of a Federal Trade Commission lawsuit, the operators of a telemarketing scam that called hundreds of thousands of consumers nationwide to pitch them expensive “extended automobile warranties” will face a lifetime ban from the extended automobile warranty industry and from all outbound telemarketing.
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Brown Applauds Second Circuit Ruling on CFPB
WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Second Circuit ruled that the Consumer Financial Protection Bureau's (CFPB) funding structure is constitutional.
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CFPB Orders Repeat Offender Portfolio Recovery Associates to Pay More Than $24 Million for Continued Illegal Debt Collection Practices and Consumer Reporting Violations
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action today against Portfolio Recovery Associates, one of the largest debt collectors in the nation, for violating a 2015 CFPB order and engaging in other violations of law.
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Portfolio Recovery Associates LLC Settles CFPB Matter
NORFOLK, Va., March 23, 2023 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and servicing nonperforming loans, announced today that its subsidiary, Portfolio Recovery Associates, LLC (PRA), has reached an agreement with the U.S. Consumer Financial Protection Bureau (CFPB).
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CFPB has allocated $11 million for consumers harmed by illegal student loan debt relief operation
If you were one of the 2,600 people charged illegal upfront fees for student-loan debt-relief services provided by Amanda Johnson, David Mize, Jacob Slaughter, or Daniel Ruggiero, working with GST Factoring, you may receive a check in the mail.
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What the banking crisis means for mortgage rates
Washington CNN—Mortgage rates have taken would-be buyers on a ride this year — and it’s only March. Generally, home buyers can anticipate mortgage rates to move down through the rest of this year as the banking crisis drags on, which could cool down inflation.
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How will the property downturn impact P2P lending?
Investing in property-backed peer-to-peer lending can be a brilliant way to access the housing market without actually having to buy your own property. P2P property lending platforms offer competitive returns to investors who are willing to fund a range of housing projects, from property developments and refurbishments, to buy-to-let portfolios and commercial lettings.
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Black Knight’s First Look: Prepayments Rebound from All-Time Low; Overall Mortgage Delinquencies Inch Up As 30-Days Late Payments Rise
JACKSONVILLE, Fla., March 23, 2023 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at February 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
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Tell us your experiences with data brokers
We often don’t get to choose the companies that control our most personal and sensitive information. Data brokers is a term to describe those companies that collect, aggregate, sell, resell, license, or share our personal information with others.
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U.S. Banks are sitting on $1.7 trillion in unrealized losses, research says. That’s not a problem—until it is
After the rapid collapse of Silicon Valley Bank and Signature Bank earlier this month, along with Credit Suisse’s untimely demise last week, regulators and business leaders have made it a point to publicly assure consumers that banks are safe.
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Website CALFCB.COM is Fraudulently Posing as California-based, FDIC-regulated “First Credit Bank”
The California Department of Financial Protection and Innovation (DFPI) has received information that the website CALFCB.COM claims to be associated with the bank “First Credit Bank”.
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Consumer spending continues to shift in favor of services
The trend: Shoppers may be pulling back on discretionary purchases like electronics and furniture, but they’re spending enthusiastically on restaurant meals and fitness memberships, underscoring the spending shift from goods to services.
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What Was The DFPI’s Role In Failure Of Silicon Valley Bank?
Silicon Valley Bank was chartered by the State of California and was subject to the supervision of the California Department of Financial Protection & Innovation. The DFPI was not the bank's regulator.
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Executive Summit 2023
RMAI’s Executive Summit delivers a perfect blend of networking and education, in a beautiful new location every year.
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Federal Trade Commission Proposes Rule Provision Making it Easier for Consumers to “Click to Cancel” Recurring Subscriptions and Memberships
The Federal Trade Commission today proposed a “click to cancel” provision requiring sellers to make it as easy for consumers to cancel their enrollment as it was to sign up. That is just one of several significant updates the Commission is proposing to its rules regarding subscriptions and recurring payments.
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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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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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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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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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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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RMAi
Monterey Plaza Hotel & Spa
Monterey , California
August 01 -
03 ,
2023 916 482 2462
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