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Minor Procedural Missteps” in Collection Litigation Do Not Violate the FDCPA, District Court Holds
In Ingersoll v. Brandsness, the suit arose out of an effort by a collection agency and its counsel to obtain a judgment on unpaid medical bills. After the filing of the complaint, and the consumer’s filing an answer, the matter was referred to arbitration. Then, counsel for the collection agency moved for entry of default, which was denied in light of the consumer’s answer.
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Credit reporting problems spark the biggest portion of CFPB consumer complaints, study says
Consumer complaints tied to credit reporting issues made to the Consumer Financial Protection Bureau (CFPB) have nearly doubled in the past year, a recent report said.
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Texas Data Privacy and Security Act Moving Forward
The Texas House of Representatives on April 4 voted unanimously in favor of Texas House Bill 4, the Texas Data Privacy and Security Act. The Texas legislature remains in session through May 29, so there is ample time for the legislation to continue its course.
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Why reporting an incident only makes the cybersecurity community stronger
Reporting an incident to the correct authorities or vulnerability clearinghouses can be an experience fraught with frustration. You pour time, energy, and resources into fighting an intrusion, all while keeping company officials and stakeholders up to date and preventing sensitive information from getting into the wild.
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Cracking down on robocalls: FCC takes action against company for violating new rules
WASHINGTON (7News) — The Federal Communications Commission (FCC) announced it is taking action against a company it accuses of violating new rules against illegal robocalls.
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Interest Rate Risk: Interest Rate Risk Statistics Report
The Office of the Comptroller of the Currency (OCC) today published the spring 2023 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations (collectively, banks). The statistics are for informational purposes only and do not represent OCC-suggested limits or exposures.
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Big Banks Projected to Report $100 Billion in Withdrawals
America’s banking giants are expected to reveal a huge outflow of cash in the days ahead. As the Financial Times (FT) reported Tuesday (April 11), analysts project that depositors looking for high returns from money market funds and other alternatives withdrew nearly $100 billion from JPMorgan, Bank of America, Citi and Wells Fargo during the first quarter of the year.
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Homebuyer mortgage demand jumps after interest rates drop to two-month low
Today’s housing market is so pricey that homebuyers are highly sensitive to any distinct moves in mortgage rates. And that’s what happened last week. Rates dropped, and buyers dove in.
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Recent Bank Failures and the Path Ahead by Travis Hill, Vice Chairman Federal Deposit Insurance Corporation
They say that central banks raise rates until something breaks, and that monetary policy works less like a scalpel and more like a sledgehammer.1 It has been a common story over the past century – for example, recently, in 2006, when the U.S. housing bubble popped after 17 consecutive rate increases. Each time, what breaks is a little different from the last time, but often with echoes of the past.
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BayPort Credit Union Announces New Executive Risk Management Position and Promotion
NEWPORT NEWS, Va., April 11, 2023 /PRNewswire/ -- BayPort Credit Union has added a new position to its executive team and is pleased to announce the promotion of Dan Elston to Vice President of Risk Management. In this role, Elston will oversee BayPort's risk management program and work to enhance the credit union's safety and security infrastructure.
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SVB Collapse Creates Question Mark for Venture Debt
What does the downfall of Silicon Valley Bank mean for the venture debt sector? It’s a question asked by a Monday (April 10) report in The Wall Street Journal (WSJ) report, which noted that SVB had helped pioneer the crucial-for-startups venture debt field.
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NEW POLL: MAJORITY OF AMERICANS BELIEVE CREDIT CARD LATE FEES ARE LEGITIMATE
A new survey released today found 57% of Americans believe credit card late fees are legitimate and not so-called “junk,” as some have suggested, compared to fees found in other sectors of the economy, which only between 12% to 18% of Americans found to be legitimate.
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Thousands of Katrina Survivors Were Freed From Debt to the State. Those Who Already Paid Are Out of Luck.
Amid outcry, the state said it was no longer suing residents who had improperly used hurricane recovery money. That doesn’t change anything for the 425 who already paid a total of $6.8 million back to the state.
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Equifax, Experian and TransUnion Remove Medical Collections Debt Under $500 From U.S. Credit Reports
ATLANTA and COSTA MESA, Calif. and CHICAGO, April 11, 2023 /PRNewswire/ -- Equifax® (NYSE: EFX), Experian (LON:EXPN), and TransUnion (NYSE:TRU) are jointly announcing that medical collection debt with an initial reported balance of under $500 has been removed from U.S. consumer credit reports. With this change, now nearly 70 percent of the total medical collection debt tradelines reported to the Nationwide Credit Reporting Agencies (NCRAs) are removed from consumer credit files. This change reflects a commitment made by the NCRAs last year.
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OCC Opens Registration for Community Bank Director and Senior Management Workshops
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today opened registration for its 2023 schedule of workshops for board directors and senior management of national community banks and federal savings associations.
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‘Unprecedented’ demand: $300 million set aside for home loan assistance program gone in 11 days
Only days after California launched a first-of-its-kind home loan assistance program, the $300 million allocated for it in the 2022-2023 budget was entirely reserved for applicants currently under contract to buy their first homes.
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Most Americans are using tax refunds to boost savings or pay off debt, CNBC survey finds
Most Americans will use their tax refund to bolster their finances amid economic uncertainty, stock market volatility and lingering inflation. More than one-third of Americans are saving their tax refund this season and 44% have earmarked the funds to pay off debt or bills, according to the CNBC Your Money Financial Confidence Survey, conducted in partnership with Momentive.
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With pandemic savings long gone, Americans carrying record debt loads in February
Americans are carrying more debt than ever before, with COVID-19 savings long gone and as rising interest rates and ongoing inflation continue to eat into household budgets.
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FTC Ramps Up Fight to Close the Door on Illegal Robocalls Originating from Overseas Scammers and Imposters
As the menace of unwanted illegal robocalls continues, U.S. consumers are bombarded by millions of these calls each month, both to their landlines and cell phones. Data show that a significant proportion, if not the majority, of illegal robocalls originate from overseas.
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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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Credit Acceptance and National Trade Associations Challenge the CFPB and NY AG’s Attempt to Disregard TILA and Regulate the Indirect Auto Finance Industry Through Litigation
On January 4, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General (NY AG) filed a joint complaint in the U.S. District Court for the Southern District of New York against Credit Acceptance Corporation (Credit Acceptance), a major subprime indirect auto finance company.
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Attorney General Bonta, Assemblymember Maienschein Announce Bill to Compensate Victims of Consumer Protection Violations
SAN DIEGO — California Attorney General Rob Bonta, and Assemblymember Brian Maienschein (D-San Diego), today announced new legislation, Assembly Bill 1366 (AB 1366) to protect victims of predatory businesses found to have violated California consumer protection laws. While current state law allows victims to be eligible for restitution after a judgment has been reached, in many cases of successful prosecutions by the Attorney General, these businesses collapse or become insolvent, leaving no resources to compensate victims for their losses.
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Today’s mortgage rates are all under 6% | April 10, 2023
Based on data compiled by Credible, mortgage rates for home purchases are mixed with two key terms rising and two falling since last Thursday.
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New bill proposes to eliminate ‘predatory’ payday loan lenders in Alaska
JUNEAU — New legislation filed in the Alaska House of Representatives by Rep. Stanley Wright, R-Anchorage, proposes to significantly restrict the interest rates and fees that can be charged by payday loan companies in Alaska.
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Analysis: Debt crunch looms for weaker economies with a wall of bond maturities ahead
WASHINGTON, April 10 (Reuters) - A combination of sticky high interest rates and lacklustre global growth could push a number of emerging economies that are facing soaring refinancing needs into debt difficulties next year.
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The Role of Open Banking in SME Lending: Benefits, Risks, and Challenges
Small and medium-sized businesses (SMEs) are critical to the global economy, accounting for a large portion of job creation and economic growth. Access to financing, however, continues to be a major challenge for many SMEs, especially in developing countries.
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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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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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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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