|
|
|
|
|
|
Lending conditions, term loans tighten “sharply”: Dallas Fed survey
In normal times, surveys on banking conditions are released with little fanfare. Now, there is an increased appetite for data on how banks across the rest of the country are faring.
Read More |
Congress Responds to CFPB Small Business Lending Data Collection Rule
The Consumer Financial Protection Bureau released a final rule required by Congress “to increase transparency in small-business lending, promote economic development, and combat unlawful discrimination,” according to a news release.
Read More |
FDIC Consumer Compliance Supervisory Highlights
The FDIC’s Consumer Compliance Supervisory Highlights is a publication that features articles of interest to the banking industry. Its purpose is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and provide a high-level overview of consumer compliance issues identified in 2022 through the FDIC’s supervision of state non-member banks and thrifts.
Read More |
Colorado legislature approves removing medical debt from credit scores, reports
The more than 700,000 Coloradans with medical debt may soon have that debt removed from their credit scores — thanks to a new bill passed by the state legislature. If enacted, House Bill 1126 would prohibit consumer reporting agencies in Colorado from including medical debt in credit reports through July 1, 2028
Read More |
Eight million Californians have auto loans, but more and more struggle to pay them off
Californians are making much bigger auto loan payments nowadays than they were a decade ago, and more and more consumers are unable to make their loan payments.
Read More |
FCC Poised to Cut Off Alleged Illegal Robocall Gateway Provider
The FCC’s Enforcement Bureau today took further action against voice service provider One Eye LLC, which the regulator said is continuing to facilitate illegal robocalls from overseas as a gateway provider, flouting FCC warnings to cease carrying unlawful traffic.
Read More |
Many millennials optimistic about personal finances amid dealing with economic concerns, debt
The Ameriprise Financial survey revealed that many millennial investors have trust in their financial situation even though they are facing economic issues, debt and other matters.
Read More |
OCC Releases CRA Evaluations for 35 National Banks and Federal Savings Associations
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of March 1, 2023, through March 31, 2023. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.
Read More |
Fitzgerald Introduces the Making the CFPB Accountable to Small Businesses Act
WASHINGTON, DC – Congressman Scott Fitzgerald (WI-05) introduced the Making the CFPB Accountable to Small Businesses Act. This legislation would require the Consumer Financial Protection Bureau (CFPB) to presume that size and sophistication-based tailoring of regulations are needed in SBREFA panel reviews. If tailoring is not undertaken by the panel, they must issue a justification.
Read More |
CFPB Sues James Carnes and Melissa Carnes for Hiding Money to Avoid Paying for Illegal Payday Lending Business
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against James R. Carnes and Melissa C. Carnes, both individually and as co-trustees of the James R. Carnes Revocable Trust and the Melissa C. Carnes Revocable Trust for hiding money through a series of fraudulent transfers in order to avoid paying more than $40 million in restitution and penalties for illegal payday lending activities.
Read More |
Southwest Healthcare Services Announces Data Breach Affecting Patients’ SSNs and PHI
On March 31, 2023, Southwest Healthcare Services (“Southwest”) filed a notice of data breach with the Montana Attorney General after the organization learned that an unauthorized party was able to access confidential patient information stored on its computer system.
Read More |
FDIC Announces Upcoming Sale of the Loan Portfolio from the Former Signature Bank, New York, New York
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the framework of a marketing process for the approximately $60 billion loan portfolio retained in receivership following the failure of Signature Bank, New York, New York.
Read More |
First South Financial Credit Union Earns Top 100 Ranking
MEMPHIS, Tenn., April 5, 2023 /PRNewswire/ -- First South Financial's President and CEO, Dr. Craig Esrael, is happy to announce that First South Financial Credit Union has been ranked as one of S&P Global Market Intelligence's 2022 Top 100 Credit Unions out of approximately 4,800 credit unions in the nation and the 1,797 credit unions that qualified for the ranking. Criteria for the rankings required each credit union to have over $100 million in total assets and a net worth ratio of at least 7% as of Dec. 31, 2022.
Read More |
TRAKAMERICA ANNOUNCES ROXANNE BARTLEY AS CHIEF REVENUE OFFICER
BONITA SPRINGS, FL – TRAKAmerica (“TRAK”) is pleased to announce the appointment of Roxanne Bartley as its first Chief Revenue Officer. In this role, Roxanne will be responsible for accelerating and scaling company revenue and will lead global sales, as well as Marketing and Branding. Roxanne brings a wealth of experience and expertise to the role. She has more than two decades of proven expertise in leading high-performance revenue generation teams that deliver results for both clients and the business.
Read More |
U.S. mortgage delinquencies barely budge from record lows
CoreLogic has reported little movement in mortgage performance in January, with delinquency and foreclosure figures hovering near historic lows. Delinquencies dropped 0.5% year over year and 0.2% month over month in January.
Read More |
The 10 largest mortgage lenders in the U.S.
Mortgage rates soared in 2022, and loan volumes plummeted. That reality sparked a shakeup in the roster of the biggest and most active mortgage lenders.
Read More |
Utah repeals several collection agency registration requirements
On March 17, the Utah governor signed HB 20 to repeal several of the state’s collection agency statutory provisions. Specifically, the bill repeals provisions that (i) require collection agencies to register with the Division of Corporations and Commercial Code and have on file sufficient bond in the amount of $10,000 (see Sections 12-1-1 and 12-1-2);
Read More |
CFPB Issues Guidance to Address Abusive Conduct in Consumer Financial Markets
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a policy statement that explains the legal prohibition on abusive conduct in consumer financial markets and summarizes over a decade of precedent. The CFPB leads enforcement and supervision efforts to identify and end abusive conduct against consumers. In 2010, in response to the financial crisis, Congress passed the Consumer Financial Protection Act, and created the prohibition on abusive conduct.
Read More |
State AG may help with delinquent debt collection in Rossford
ROSSFORD — City council is considering the use of the Ohio Attorney General’s Office for delinquent debt collection.
Read More |
US Bank Deposits and Lending Both Dropped Last Week Amid Turmoil
(Bloomberg) -- Deposits at US banks fell sharply and lending declined by the most in nearly two years amid financial turmoil triggered by the collapse of several banks this month.
Read More |
Soaring Auto Loan Rates Are the Latest Roadblock for Car Sales
(Bloomberg) -- Just when it seemed like things were getting back to normal at Rhett Ricart’s Columbus, Ohio, car dealerships — after pandemic-induced inventory shortages and runaway price inflation — a new obstacle emerged to keep buyers from closing the deal: soaring interest rates on auto loans.
Read More |
OCC Reports Fourth Quarter 2022 Bank Trading Revenue
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $9.6 billion in the fourth quarter of 2022. The fourth quarter trading revenue was $3.1 billion, or 24.5 percent, less than in the previous quarter and $2.4 billion, or 33.9 percent, more than in the fourth quarter of 2021.
Read More |
It’s Financial Literacy Month: Learn how to keep your money safe from scammers
April is Financial Literacy Month, and a great time to take advantage of free advice at ftc.gov/Money Matters. Federal Trade Commission data show people reported losing $8.8 billion to scams in 2022, up more than 30 percent from 2021. Money Matters has the tools we can all use to spot, avoid, and report scams, and help those we care about protect their bottom line. Read on to learn more.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
FCC Announces Tentative Agenda for April Open Meeting
FCC Announces Tentative Agenda for April Open Meeting
Read More |
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:
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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).
Read More |
|
|
An invitation-only event for senior level Collection and Recovery Professionals
Four Seasons Las Vegas ,
May 10 -
12 ,
2023 Mark Naiman - Mark@collectionrecoverysolutions.com
|
|
RMAi
Monterey Plaza Hotel & Spa
Monterey , California
August 01 -
03 ,
2023 916 482 2462
|
|
CCUCC
Planet Hollywood Resort and Casino
Las Vegas ,
October 19 -
21 ,
2023 https://web.cvent.com/event/e4afce8a-def3-4d6d-98ed-e6c4e2dfa344/summary
|
|
|
|
|
