Subprime Firm U.S. Auto Sales Temporarily Closes Dealerships

(Bloomberg) -- U.S. Auto Sales, a car dealer that caters to consumers regardless of their credit history, has temporarily closed its dealerships as pressures in the auto market rapidly mount.

Mortgage forbearance declines in March

New data from the Mortgage Bankers Association (MBA) indicates a further decline in the number of mortgages in active forbearance. The MBA monthly loan monitoring survey found the total number of loans in forbearance at the end of March declined by 5 basis points to 0.55 percent of servicer’s portfolio volume.

Inflation: Consumer spending starting to cool

DELMARVA – Officials say inflation is still high but in order for the rate to lower it’s up to Congress. It’s also impacting consumers and business owners right here in Wicomico County. “Consumer spending is starting to cool,” says Bill Chambers, the CEO of the Salisbury Area Chamber of Commerce.

What the Supreme Court’s decision to let $6 billion in student-loan relief move forward means for borrowers

It will likely be several weeks before we know the Supreme Court justices’ view on mass student debt cancellation. But last week, the court allowed at least $6 billion in student-debt relief for roughly 290,000 borrowers to move forward.

Privacy Violations: Mitigation Strategies and Cyber Insurance Considerations

In recent years, we have seen a surge in litigation involving privacy violations in the United States. Companies that engage in activities involving the collection of user data, whether for data sharing opportunities, product enhancement, or otherwise, have faced lawsuits for alleged privacy violations.

IRS scam robo calls are up during tax season, especially in Arizona

PHOENIX - Are you sick and tired of robocalls? Arizona has been flooded with them as we're way above the average in IRS scam robo calls this month.

How small- to medium-sized businesses can navigate lending crisis

Banking collapses and a weakened U.S. dollar have put a squeeze on many financial lenders, making it tough for smaller companies to find the working capital they need to stay afloat.

Protecting consumers’personal information

Businesses can and must do better to protect New Yorkers’ digital data. New Yorkers should not have to worry that their information may end up in the wrong hands the next time they make an online purchase, book a trip, sign up for a class, or just browse the internet. If organizations take relatively simple steps to secure their systems, we can turn the corner on the data breach trend.

Mortgage rates climb to 6.43% – the biggest rise in almost two months – causing homebuyers to hit the brakes, with loan applications down 10%

Mortgage rates have risen at their fastest pace in nearly two months as they climbed to 6.43 percent - wiping out demand for new properties.

Protections against ‘weaponization’ of medical debt will be heard by NC lawmakers

A bipartisan bill filed in the state House and Senate that seeks to protect North Carolinians from financial ruin due to medical debt will be discussed Wednesday by senators.

Credit unions, banks gear up for battle over North Carolina bill

Proponents of a bill purporting to modernize credit unions are pushing back against criticism by North Carolina bankers, with one leader calling out commercial banks for “abandon(ing)” rural parts of the state.

FTC says it will target AI that is deceptive or violates civil rights

Leaders of the U.S. Federal Trade Commission said on Tuesday the agency would pursue companies who misuse artificial intelligence to violate laws against discrimination or be deceptive.

Big Banks’ Consumer Loan Write-Offs Jump 73% in Q1

America’s biggest banks are downplaying a massive spike in write-offs of bad consumer loans.As Bloomberg News reported Tuesday (April 18), the four largest banks in the country wrote off $3.4 billion in bad loans during the first quarter of this year, a 73% jump from last year.

Despite SVB collapse, FDIC on track to recoup insurance losses: Chair

(Reuters) - Despite the second- and third-largest bank failures in U.S. history last month, the U.S. Federal Deposit Insurance Corporation remains on track to refill its deposit insurance fund ahead of a 2028 legal deadline, the head of the agency said Tuesday.

Collection agency to pay $10k for operating without a license

On March 21, the Connecticut Department of Banking fined a collection agency $10,000 and ordered it to cease and desist from collection agency activity for operating without a valid license. According to the order, the company applied for a consumer collection agency license in Connecticut in October 2022.

Verity Credit Union Awarded $2.4 million in CDFI Equitable Recovery Program Grant

Verity Credit Union, an $859 million asset financial institution in Seattle that focuses on socially-responsible, community-rooted banking, announced today it was awarded a more than $2.4 million grant through the Equitable Recovery Program (ERP), established to support low- or moderate-income communities disproportionately impacted by the COVID-19 pandemic.

Save the Date! CFPB Field Hearing with Director Rohit Chopra in Brooklyn, NY on April 26, 2023

On Wednesday, April 26, 2023, the Consumer Financial Protection Bureau (CFPB) will visit Brooklyn, New York, where Director Rohit Chopra will host a discussion with local community organizations, advocates, leaders, and members of the public about “zombie” second mortgages — debts that consumers thought were satisfied long ago by loan modifications or bankruptcy proceedings or that were written off by lenders as uncollectable — and other debt collection issues.

CFPB reports on Section 1033 rulemaking

The CFPB recently released a final report issued by the Small Business Review Panel (Panel), which examines the impact of the Bureau’s proposals to address consumers’ personal financial data rights.

AG Ferguson, Rep. Slatter bill creating health data privacy protections passes Legislature

OLYMPIA — Today the Legislature passed a bill Attorney General Bob Ferguson partnered on with Rep. Vandana Slatter, D-Bellevue, to close the gap on health data privacy protections, provide Washingtonians more control of their health data and protect those who come from out of state to access reproductive and gender-affirming care.

Senate gives early approval to bill shifting police out of repossession business

State lawmakers are moving to get police out of the business of being repossession workers for auto dealers and title loan companies. Legislation given preliminary approval Wednesday by the Senate would repeal laws that make it a crime to fail to return a motor vehicle after having skipped payments.

As outstanding credit card debt hits new high, the CFPB is focusing on ways to increase competition and reduce costs

Credit cards are one of the most common financial products in our country, providing the bulk of short-term credit for families. Interest rates on credit cards have risen substantially, with average interest rates going over 20% . Given the trends for the 175 million Americans with credit cards, the CFPB estimates that outstanding credit card debt may continue to set records and could even hit $1 trillion.

Number of robotexts increasing dramatically

PHOENIX (3TV/CBS 5) - Americans received an estimated 225 billion spam texts last year, which is a massive increase over 2021. “We feel the vibration, we hear the ding,” said Melanie McGovern of the Better Business Bureau. “We immediately go to our phones to see what it is. So, unfortunately, scammers know this as well.”

What banking turmoil could mean for business and consumer lending activity

Stocks climbed last week, with the S&P 500 rising 0.8%. The index is now up 7.8% year to date, up 15.7% from its October 12 closing low of 3,577.03, and down 13.7% from its January 3, 2022 closing high of 4,796.56.

Americans are struggling to pay off their car loans. Three charts explain why

(CNN)—You’ve managed to buy the car, but can you afford to keep paying for it? Along with soaring car prices, loan rates are the most expensive they’ve been in more than 15 years, with the average monthly payment on a new car at an all-time high, new data from auto website Edmunds shows.

Yellen Warns Banks Could Pull Back on Lending

In a Sunday (April 16) CNN interview, Janet Yellen said that such a pull back could affect the Federal Reserve campaign to raise interest rates. “Banks are likely to become somewhat more cautious in this environment,” Yellen told the network’s Fareed Zakaria. “We already saw some tightening of lending standards in the banking system prior to that episode, and there may be some more to come.”

FTC Acts to Block Payment Processor’s Credit Card Laundering for Tech Support Scammers

The Federal Trade Commission has acted to stop Nexway, a multinational payment processing company, along with its CEO and chief strategy officer, from serving as a facilitator for the tech support scammers through credit card laundering. The defendants in the case have agreed to proposed court orders that prohibit them from any further payment laundering and require them to closely monitor other high-risk clients for illegal activity. The complaint and proposed orders were filed by the U.S. Department of Justice on behalf of the FTC.

Federal Student Aid Denies Florida Career College Application to Continue Offering Federal Grants, Loans, and Work-Study Funds

Following a thorough investigation, the U.S. Department of Education’s office of Federal Student Aid (FSA) informed Florida Career College (FCC) today that its application to continue to participate in the federal student aid programs has been denied. FCC’s application was denied based upon evidence demonstrating:

Protecting people from discriminatory targeting

The Consumer Financial Protection Bureau (CFPB) is committed to ensuring fair, equitable, and nondiscriminatory access to credit for individuals and communities. The CFPB administers and enforces federal laws such as the Equal Credit Opportunity Act, a landmark civil rights law that protects people against discrimination in all aspects of credit transactions.

Make big money — now

Maybe you’ve heard about someone who invested $1,000 in crypto and is now a millionaire. Or maybe you’re regretting not taking that chance to make some extra income. So, when someone offers you a can’t-miss investment opportunity, your first reaction might be to jump on it. But how do you tell the difference between a legitimate investment — and a scam?

U.S. Supreme Court won’t halt $6 billion student debt settlement

WASHINGTON (Reuters) -The U.S. Supreme Court on Thursday refused to halt a legal settlement that would erase more than $6 billion in debt owed by former students of colleges - many of them for-profit institutions - who have said they were misled by schools about academics and job prospects.

Treasury awards $1.73 billion to improve access to capital and financial services in underserved communities

On April 10, Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo announced that the U.S. Treasury Department’s Community Development Financial Institutions (CDFIs) Fund has awarded more than $1.73 billion in grants to 603 CDFIs to help low- and moderate-income communities recover from the Covid-19 pandemic.

CFPB Wins Big in California Federal Court: CashCall Fined $167 Million for CFPA Violations

As discussed here, in 2016 the Central District of California granted judgment in favor of the Consumer Financial Protection Bureau (CFPB) in its long-running challenge to CashCall, Inc.’s tribal-lending operation.

CFPB Announces Revised Methodology for Determining Average Prime Offer Rates

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced a revised version of its “Methodology for Determining Average Prime Offer Rates.” The revised methodology describes the calculations used to determine average prime offer rates (APOR) for purposes of federal mortgage rules. APORs are annual percentage rates derived from average interest rates, points, and other loan pricing terms currently offered to consumers by a representative sample of creditors for mortgage loans that have low-risk pricing characteristics.

Save the Date! CFPB Field Hearing with Director Rohit Chopra in Brooklyn, NY on April 26, 2023

On Wednesday, April 26, 2023, the Consumer Financial Protection Bureau (CFPB) will visit Brooklyn, New York, where Director Rohit Chopra will host a discussion with local community organizations, advocates, leaders, and members of the public about “zombie” second mortgages — debts that consumers thought were satisfied long ago by loan modifications or bankruptcy proceedings or that were written off by lenders as uncollectable — and other debt collection issues.

Testimony of CFPB Senior Advisor Brian Shearer on Junk Fees Before the Pennsylvania House of Representatives Consumer Protection, Technology, and Utilities Committee

Thank you, Chair Matzie, Chair Member Marshall, Representative Pisciottano, and committee members for inviting me to speak today about the important issue of junk fees in the US economy. My name is Brian Shearer, and I serve as a Senior Advisor to the Director of the federal Consumer Financial Protection Bureau (CFPB), Rohit Chopra. I oversee the CFPB’s work on regulations, guidance, bulletins, and policy statements on a number of federal consumer financial protection laws.

FY 2022 Office of Minority and Women Inclusion (OMWI) Annual Report to Congress

The FY 2022 OMWI annual report to Congress provides detailed information about the diversity, equity, inclusion, and accessibility (DEIA) work of the Consumer Financial Protection Bureau from Oct. 1, 2021 through Sept. 30, 2022. 

US Credit and Debit Card Spending Slows to Weakest Pace in Two Years, BofA Says

(Bloomberg) -- Spending on credit and debit cards rose at the smallest pace in more than two years, dragged down by slower wages, fewer tax refunds and the end of pandemic-era benefits, according to a report by Bank of America Institute.

SBA to open flagship lending program to fintechs

The Small Business Administration is ending a 40-year moratorium on admitting new nonbank lenders to its 7(a) loan program, a move that opens up the agency’s flagship lending vehicle to fintech participation. 

Banks’ Lending Squeeze May Hit Small Businesses Hardest

Driven by interest rates that, at least for the near future, the Fed hints will continue to rise, banks have reported the market value of issued loans are currently less than their balance sheet at the end of 2022. These declining loan values could put pressure on bank liquidity, leading to a further pullback of business lending that in February had already dipped to just below 15%, a 10-month low

California AG Supports New Victim’s Compensation Fund Bill

On April 7, California Attorney General Rob Bonta and Assembly member Brian Maienschein announced new legislative bill AB 1366, which creates a state Treasury Victims of Consumer Fraud Restitution Fund (VCFRF) to benefit victims of consumer fraud. 

Report Shows Steep Rise in Consumer Complaints to CFPB: Consumer Reporting Leads the List While Debt Collection Declines

The U.S. PIRG Education Fund (PIRG) released a report analyzing consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) in 2021 and 2022. The report noted that consumer complaint totals set a new record in 2021 (496,000), only to have that record broken by a considerable margin in 2022 (800,394).

Ads for fake AI and other software spread malicious software

There’s a lot of hype around artificial intelligence (AI) these days. And cybercriminals are taking advantage of people’s interest in AI to spread harmful malware through online ads.

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Collection and Recovery Solutions 2023

An invitation-only event for senior level Collection and Recovery Professionals

RMAi 2023 Executive Summit

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CA Credit Union Collectors Council – 36th Annual Conference

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