Internal Fed Watchdog Investigating SVB Collapse

The Federal Reserve’s inspector general has begun a probe into Silicon Valley Bank’s collapse. A spokesperson for the Office of Inspector General (OIG) told PYMNTS Wednesday (March 29) that the office had begun an independent investigation into the failure of Silicon Valley Bank.

CFPB determines Truth In Lending Act does not preempt New York, California, Utah, and Virginia commercial financing disclosure laws

The CFPB has issued a determination that the Truth in Lending Act (TILA) does not preempt the commercial financing laws of New York, California, Utah, and Virginia.  The determination will be effective on the date it is published in the Federal Register.

FEB 2023 WEBRECON STATS: THE RED SEA

It may have happened once or twice over the years, I’m not even sure (and who has the time to go through all of those blog posts?) but even if so, it’s exceedingly rare. February 2023 saw every category in our famous consumer complaint grid turn red, meaning all TCPA, FDCPA and FCRA lawsuits were down from the previous month, the same month in the previous year, and year-to-date. And CFPB complaints were down in all three categories as well. It’s quite a sight to see.

CFPB to distribute more than $4.7 million to consumers impacted by nationwide student financial aid scam

If you were one of the over 78,000 people who paid College Financial Advisory or Student Financial Resource Center for information on how to pay for college, or to apply for financial aid services, you may receive a check in the mail. Payments will be sent on March 31, 2023, through Epiq Systems.

2022 Consumer Response annual report

The Consumer Financial Protection Bureau began consumer response operations on July 21, 2011, and became the first federal agency solely focused on consumer financial protection. The Bureau’s Consumer Response team hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of financial institutions, and assists in addressing their complaints.

OCC Reports Mortgage Performance for Fourth Quarter of 2022

WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported a slight decline in the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2022 compared to the previous quarter.

OCC Establishes Office of Financial Technology

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the establishment of its Office of Financial Technology and the selection of Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer, effective April 10, 2023.

FCC Announces Tentative Agenda for April Open Meeting

FCC Announces Tentative Agenda for April Open Meeting

This week’s personal loan interest rates rise for both 3- and 5-year loans

Borrowers with good credit seeking personal loans during the past seven days prequalified for rates that were higher for 3- and 5-year loans compared to the previous seven days. For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender between March 24 and March 30:

FTC, Justice Department, and European Commission Hold Third U.S.- EU Joint Technology Competition Policy Dialogue

Federal Trade Commission Chair Lina M. Khan, the Justice Department’s Antitrust Division Assistant Attorney General Jonathan Kanter, and Executive Vice President Margrethe Vestager of the European Commission met today in Washington, D.C., for the third meeting of the U.S.-EU Joint Technology Competition Policy Dialogue (TCPD). The principals and senior staff met to continue work on cooperation in ensuring and promoting fair competition in the digital economy.

The risks of tighter bank lending

In the months before the crisis triggered by Silicon Valley Bank's failure, lenders were already tightening their standards; nevertheless, the economy remained robust with solid growth and a booming job market — and there may be an explanation why.

Iowa becomes sixth US state to enact comprehensive consumer privacy legislation

The U.S. state of Iowa is no stranger to privacy bills. Since its first attempt in 2020, the state's legislature has repeatedly proposed and considered comprehensive consumer data privacy legislation. But 2023 is the year privacy took root in Iowa. On 29 March, Iowa became the sixth state to pass a comprehensive privacy law, joining Connecticut, Utah, Virginia, Colorado and California.

Acting Comptroller Emphasizes Focus on Safe and Sound Banking System, Discusses Elevating Fairness in Banking

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today emphasized the Office of the Comptroller of the Currency’s (OCC) continued focus on the safety, soundness and fairness of the federal banking system and its work to elevate fairness in banking in remarks at the National Community Reinvestment Coalition’s Just Economy Conference.

The American shopper just officially had their weakest quarter of spending since the pandemic hit

The U.S. economy maintained its resilience from October through December despite rising interest rates, growing at a 2.6% annual pace, the government said Thursday in a slight downgrade from its previous estimate. But consumer spending, which drives most of the economy’s growth, was revised sharply down.

How Much Does a Debt-Relief Program Cost?

Expert debt-relief programs specialize in reducing consumer debt for a fee. How much does a debt relief program cost? Up to 25% of the debt enrolled, depending on the firm, your state, and your debt.

Privacy and Central Bank Digital Currency

With global interest and the growing exploration of Central Bank Digital Currencies by central banks, privacy has become a crucial aspect to consider. A new paper by the Digital Euro Association (DEA) working group of global experts takes a look at the topic of privacy and CBDCs. The paper examines the importance of privacy and how it impacts the successful adoption, usage, and implementation of digital currencies. Many consumers are worried that the adoption of CBDCs will open the door to government tracking and surveillance of their personal details and behaviors.

FDIC faces $23 billion in costs from bank failures. It wants big banks to pay

The Federal Deposit Insurance Corp., facing almost $23 billion in costs from recent bank failures, is considering steering a larger-than-usual portion of that burden to the nation's biggest banks, according to people with knowledge of the matter.

Mortgage Interest Rates Today for March 30, 2023: Rates Tick Up

This week, a few notable mortgage rates moved up. See how the Fed's interest rate hikes could affect your mortgage payments.

FDIC Pressed to Exempt Smaller Banks From Paying for Rescues at SVB, Signature

(Bloomberg) -- The Federal Deposit Insurance Corp. is coming under pressure from lawmakers to exempt community banks from the special fee it’s preparing to charge US lenders to account for its rescue of uninsured depositors at two failed lenders.

Utah Governor Cox Signs Bill to Repeal Collection Agency Registration Requirements

Effective May 3, 2023, Utah House Bill 20 (Collection Agency Amendments) will repeal a majority of Utah's collection agency statutes located in Title 12 of the Utah Code.

Acting Comptroller Emphasizes Focus on Safe and Sound Banking System, Discusses Elevating Fairness in Banking

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today emphasized the Office of the Comptroller of the Currency’s (OCC) continued focus on the safety, soundness and fairness of the federal banking system and its work to elevate fairness in banking in remarks at the National Community Reinvestment Coalition’s Just Economy Conference.

California Continues Modifications to Consumer Complaints Rulemaking

The California Department of Financial Protection and Innovation (DFPI) is seeking comments on modifications to its Notice of Proposed Rulemaking regarding consumer complaints and inquiries under the California Consumer Financial Protection Law (CCFPL).

RELEASE: Gottheimer Combats “Change of Address” Fraud and Identity Theft

PARAMUS, NJ — Today, March 27, 2023, U.S. Congressman Josh Gottheimer (NJ-5) announced new action to combat the shocking surge in “change of address” fraud, including calling for the U.S. Postal Service (USPS) to strengthen authentication processes and require two-step verification if you change your address, and for the USPS Inspector General and the Postal Inspection Service to fully investigate “change of address” fraud and identity theft and prevent it from happening to anyone else

Attorney General James Secures $200,000 from Law Firm for Failing to Protect New Yorkers’ Personal Data

NEW YORK – New York Attorney General Letitia James secured $200,000 from the law firm, Heidell, Pittoni, Murphy & Bach LLP (HPMB) for failing to protect New Yorkers’ personal and healthcare data. HPMB’s poor data security measures made it vulnerable to a 2021 data breach that compromised the private information of approximately 114,000 patients, including more than 60,000 New Yorkers.

Pending home sales squeezed out a tiny gain in February, as mortgage rates jumped

Higher mortgage rates took some of the juice out of the housing recovery in February. After a sharp gain in January, pending home sales rose just 0.8% month to month, according to the National Association of Realtors. Sales were 21.1% lower than February last year. Pending sales are based on signed contracts during the month.

CFPB scrutinizes discharged private student loan billing and collection practices

On March 16, the CFPB released a compliance bulletin discussing student loan servicers’ practice of collecting on private student loans discharged in bankruptcy. The bulletin also notified regulated entities on how the Bureau intends to exercise its enforcement and supervisory authorities on this issue. Bulletin 2023-01: Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts addressed the treatment of certain private student loans following bankruptcy discharge.

Remarks by Chairman Martin J. Gruenberg on Recent Bank Failures and the Federal Regulatory Response before the Committee on Financial Services, United States House of Representatives

Chairman McHenry, Ranking Member Waters and Members of the Committee, thank you for the opportunity to appear before the Committee today to address the federal regulators’ response to recent bank failures. On March 10, 2023, just over two weeks ago, Silicon Valley Bank (SVB), Santa Clara, California, with $209 billion in assets at year-end 2022, was closed by the California Department of Financial Protection and Innovation (CADFPI), which appointed the FDIC as receiver. 

Consumer Spending Seen +0.3% in February — Data Week Ahead

The following are median forecasts for this week's remaining U.S. data from a survey compiled by The Wall Street Journal. Forecasts were last updated Monday afternoon.

Oportun Informed by Consumer Financial Protection Bureau that it has Concluded its Investigation of Oportun and Will Not Recommend any Enforcement Action

SAN CARLOS, Calif., March 28, 2023 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven fintech and digital banking platform, today announced that the Consumer Financial Protection Bureau (CFPB) has informed Oportun, via letter, that the agency has completed its investigation of the Company

Robocall relief? FTC announces lifetime ban for auto warranty telemarketers

Consumers across the United States might not be getting as many of those annoying “warranty services” robocalls now that a South Florida network of businesses agreed to a lifetime ban.

US pending home sales rise for third straight month; loan demand increases

WASHINGTON (Reuters) - Contracts to buy U.S. previously owned homes increased for a third straight month in February, raising cautious optimism that the housing market slump could be bottoming out.

Members of U.S. Senate panel press financial regulators on massive bank failures

WASHINGTON — Financial regulators promised a full review of Silicon Valley Bank’s massive failure as members of a key U.S. Senate panel on Tuesday interrogated the officials about what led to the second-largest bank collapse in U.S. history.

Tax filing robocall scams have been on the rise this month

While there have been countless scams targeting taxpayers over the last few months, Transaction Network Services (TNS) has found that there has been no letup in tax-related robocalls. In fact, taxpayers have been subject to an increase in such calls throughout the month of March.

Apartment Lending Slowed by Rising Interest Rates

A sharp drop in loans for apartments led a general pullback in commercial real estate lending. The U.S. multifamily sector saw a plunge in lending from a high quarterly growth rate of 5.4% in the second quarter of last year to 2.4% in the fourth quarter.

Wyoming to regulate debt buyers as collection agencies

On February 27, the Wyoming governor signedHB 284, which requires debt buyers to be licensed as “collection agencies” beginning July 1. Under the act, a collection agency now includes any person who operates as a debt buyer, defined as “any person that is regularly engaged in the business of purchasing charged-off consumer debt for collection purposes, whether the person collects the debt, hires a third party for collection of the debt or hires an attorney for collection litigation[.]”

CFPB Issues Determination that State Disclosure Laws on Business Lending are Consistent with the Truth in Lending Act

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it has determined that state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act. The CFPB examined the state disclosure laws to determine if they were inconsistent with and preempted by the Truth in Lending Act. After analyzing public comments on its preliminary determination, the CFPB affirms there is no conflict because the state laws extend disclosure protections to businesses and entrepreneurs that seek commercial financing.

FCC Advances Rulemaking on Mitigating Illegal Robocalls

The Federal Communications Commission has adopted new rules on illegal robocall mitigation and to expand requirements for voice service providers to implement the STIR/SHAKEN call authentication framework.

CFPB receives FCRA rulemaking petition on debt collection

On March 3, the CFPB received a rulemaking petition from the National Consumer Law Center (NCLC) in response to forthcoming FCRA rulemaking announced in the Bureau’s Fall 2022 regulatory agenda. As previously covered by InfoBytes, the Bureau announced it is considering pre-rulemaking activity in November to amend Regulation V, which implements the FCRA.

First–Citizens Bank & Trust Company, Raleigh, NC, to Assume All Deposits and Loans of Silicon Valley Bridge Bank, N.A., From the FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First–Citizens Bank & Trust Company, Raleigh, North Carolina.

TitleMax fined for violating Military Lending Act

SAVANNAH, Ga. (WTOC) - Lawmakers in Washington are urging Federal regulators to take a closer look at a Savannah-based business. The move comes after the Consumer Financial Protection Bureau fined TitleMax $15 million and placed the company under a consent order last month.

High interest rates hammer consumers seeking mortgage or car loans

The banking crisis that erupted earlier this month elicited some predictions of a halt in interest rate hikes, since previous borrowing cost increases garnered blame for the financial distress.

Attorney General James Secures $200,000 from Law Firm for Failing to Protect New Yorkers’ Personal Data

NEW YORK – New York Attorney General Letitia James secured $200,000 from the law firm, Heidell, Pittoni, Murphy & Bach LLP (HPMB) for failing to protect New Yorkers’ personal and healthcare data.

Robocalls not dropping off despite efforts

INDIANAPOLIS — Despite ongoing efforts to block robocalls from blowing up our phones, data from websites that track the annoying automated calls reveal the volume of calls is holding steady.

Feds may throw struggling First Republic Bank a lifeline by expanding emergency lending program

Federal banking regulators are reportedly weighing a potential expansion of an emergency lending program that would allow banks to access more funding to meet their liquidity needs which could buy struggling First Republic Bank more time to regain stability.

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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CA Credit Union Collectors Council – 36th Annual Conference

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