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Small Banks and Credit Unions May Need Innovation to Stem Deposit Exodus
Small and regional banks are experiencing major fallout from the SVB meltdown as well as chasing higher rates on savings, as detailed last month by The Wall Street Journal. While the 25 largest U.S. banks captured $120 billion in deposits in the days following the West Coast bank’s collapse, all banks smaller than those huge financial institutions lost $108 billion. Additionally, money market funds have gained over $220 billion over this span.
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RMAI Response to Proposed CFPB Rule
RMAI submitted Comments to the Consumer Financial Protection Bureau (CFPB or Bureau) in response to the CFPB’s request for comments concerning a proposed rule to require certain nonbank entities to register with the Bureau when subject to a public written order (such as a consent order) or a judgment. The online registry and the contents of the written orders would be publicly accessible. RMAI indicated its opposition to the proposed rule for several reasons.
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California Federal Court Denies DFPI’s Motion to Dismiss: Finds Commercial Financing Disclosure Regulations May Violate First Amendment or Be Preempted
n a recent decision, a federal district court for the Central District of California denied a motion to dismiss filed by the Commissioner of the California Department of Financial Protection and Innovation (DFPI) finding that California’s recently adopted Commercial Financing Disclosures Law (CFDL) may violate the plaintiff’s First Amendment rights or be preempted by the Truth in Lending Act (TILA).
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Remote Workforce Threatens Small Business Fraud Defenses
Businesses contemplating the transition to a remote workforce should prepare for possible increased fraud-related headaches. As reported recently by the Wall Street Journal, U.S. workers have voiced a clear preference for remote employment, as commercial office vacancy rates remain as much as 60% higher than they were pre-pandemic.
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FDIC Announces Retention of Financial Advisor to Assist with the Liquidation of Securities of the Former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) as receiver of the former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA, will undertake a marketing process to sell the securities portfolios retained from the two receiverships.
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How AI & Machine Learning Are Being Used By Financial Lenders in 2023
Artificial Intelligence (AI) and Machine Learning (ML) technologies continue to expand in their applications, uses and benefits for lenders and financial institutions. Because of this maturity and expanded adoption rate, AI/ML is helping to solve highly complex solutions that generate positive ROI across business segments.
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Amendments to Banking Statutes Sent to Connecticut Senate
On March 23, SB 1033, An Act Concerning Various Revisions to the Banking Statutes, was given a favorable report by the Legislative Commissioners’ Office and sent to the Connecticut Senate. With this bill, Connecticut hopes to join several other states that have set strict rate caps on consumer loans, including Illinois, New Mexico, Colorado and California, and those that expressly provide for a predominant economic interest test for true lender purposes.
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OCC Hosts Minority Depository Institutions Advisory Committee Meeting April 25 and Appoints Four New Members
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a meeting of the Minority Depository Institutions Advisory Committee (MDIAC) and the appointment of four new MDIAC members.
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Auto loan rates continue to climb, causing more drivers to fall behind on payments
The average American pays north of $700 a month for their new car, an amount that continues to climb as interest rates on auto loans skyrocket.
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Mortgage rates fall again, but other obstacles remain for homebuyers
Mortgage rates dropped for the fourth straight week, relieving homebuyers a bit more. But bigger declines may be needed to offset other challenges buyers face this spring season.
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Fintech and Small Business Lending: Opportunities and Challenges for SMEs
Small and medium-sized businesses (SMEs) are critical drivers of economic growth and employment creation. Access to finance, however, remains a significant challenge for many SMEs, especially in developing nations.
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Why are Younger Generations Using Payday Loans Online More?
Despite the widespread use of payday loans in America, Generation-X and Millennials are more likely to take out online payday loans, with 52% of borrowers in this age group (25-44) using the service. This equates to over 6.2 million people annually, out of the total 12 million payday loan users in the US.
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PaymentVision to Host Webinar on Visa Rule Updates for Collection Agencies and Debt Repayment on April 15th, 2023
JACKSONVILLE, Fla., April 4, 2023 /PRNewswire/ -- PaymentVision, a leading provider of payment processing solutions, is pleased to announce an upcoming webinar titled "Visa Rule Updates for Collection Agencies and Repayments of Debt or Overdue Receivables" on April 15th, 2023.
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What Are Consumers Complaining About Now? Credit Reports
Credit reporting agencies are getting under consumers’ skin: 75% of complaints made to the Consumer Financial Protection Bureau in 2022 had to do with credit or consumer reporting, according to its annual report released March 31.
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Pennsylvania appellate court rejects claim that dunning letter sent post-expiration of the statute of limitations violated law
On March 30, 2023, a three-judge panel of the Superior Court of Pennsylvania held in a precedential opinion that debt collectors can send collection letters to debtors after the expiration of the statute of limitations without violating federal or Pennsylvania law, so long as the debt collector does not file suit in court.
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Google cracks down on predatory loan apps
Google is cracking down on predatory loan apps by cutting off their access to “sensitive” data including debtors’ contacts, photos, and location, after growing criticism that unscrupulous lenders are tapping the contents of borrowers’ smartphones for harassment and blackmail.
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How a tax extension can delay a business loan application
About 19 million individuals and businesses filed for an extension on their tax returns last year, many due to unexpected circumstances such as IRS backlog delays. No matter the reason, filing for an extension only gives you more time to file, not to pay, which can put you at risk of overpayment, or hefty late payment fees if you underpay based on your estimation.
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Illinois State Court Finds Debt Collector’s Communication to Letter Vendor Was Not Made in Connection With the Collection of a Debt
On March 15, Judge Eve M. Reilly of the Circuit Court of Cook County, Illinois, dismissed a class action complaint based solely on the allegation that a collection letter was sent by a third-party letter vendor.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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);
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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.
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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.
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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.
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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.
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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.
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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.
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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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CCUCC
Planet Hollywood Resort and Casino
Las Vegas ,
October 19 -
21 ,
2023 https://web.cvent.com/event/e4afce8a-def3-4d6d-98ed-e6c4e2dfa344/summary
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