NAFCU, trades push CFPB to extend deadline for credit card survey

NAFCU and other financial industry trade groups Wednesday called on the CFPB to delay the submission deadline of its Terms of Credit Card Plans (TCCP) survey, which is currently set for today, and provide credit card issuers with clarity on longstanding questions. The bureau in March updated the survey to provide consumers with more information related to interest rates.

Colorado Privacy Act (CPA): New Obligations for Businesses Processing Consumer Data

On July 1, Colorado will join four other states as its comprehensive privacy law, the Colorado Privacy Act (CPA), goes into full effect. The CPA imposes significant new obligations for businesses and nonprofit organizations that come under its umbrella, as well as the possibility of substantial fines for lack of compliance.

U.S. Debt: Visualizing the $31.4 Trillion Owed in 2023

The enormity of U.S. government debt is hard for the average person to wrap their head around. For instance, compared to the median U.S. mortgage, the current level of federal debt is 230 million times larger.

Barr Officially Reintroduces the Fair Access to Banking

Washington, D.C.— U.S. Congressman Andy Barr (R-KY), Chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, reintroduced the Fair Access to Banking Act. The Fair Access to Banking Act would prohibit banks from denying fair access to financial services under the standards of woke corporate cancel culture and prevent the weaponization for political purposes.

Accessing credit has become harder, Fed’s Beige Book shows

Washington, DCCNN — Businesses across the country said banks have tightened their lending standards since last month’s banking crisis, according to an economic survey from the Federal Reserve released Wednesday.

Congress Demands Briefings After Data Breach at CFPB

A data breach caused by a former Consumer Financial Protection Bureau employee forwarding sensitive financial and supervisory information on consumers and banks to their own email account has members of Congress demanding answers from the bureau about its investigation into the incident.

California DFPI Announces Extension to Proposed Comment Period for Covered Person Registration Rulemaking

The California Department of Financial Protection and Innovation (DFPI) announced an extension to the proposed comment period for Covered Person Registration Rulemaking. The comment period, initially set to end on April 12, 2023, has now been extended to May 17, 2023.

LEGAL ALERT Re: Consumer Financial Protection Bureau’s Small Business Lending Data Collection under the Equal Credit Opportunity Act : Moore & Van Allen

The Consumer Financial Protection Bureau (the “CFPB”) has published a final rule implementing the requirements of Section 1071 of the Dodd-Frank Act (the “Final Rule”), which mandated data collection on certain credit applications to facilitate enforcement of fair lending laws and the identification of business and community development needs and opportunities for women-owned, minority-owned, and Small Businesses.

VyStar Credit Union Announces Intent to Merge with 121 Financial Credit Union

JACKSONVILLE, Fla.--(BUSINESS WIRE)--VyStar Credit Union announced today its intent to pursue a merger with 121 Financial Credit Union. Both headquartered in Jacksonville, Florida, the credit unions have more than 150 years of combined experience serving their members and communities. The transaction is expected to close later this year pending regulatory and member approval as well as standard closing conditions.

Colorado Bill Introduced to Opt Out of Federal Interest Rate Preemption

On March 27, Colorado legislators introduced a bill (H.B. 1229) to opt out of federal banking laws that permit federally insured state chartered banks and credit unions to charge Colorado residents the “interest” permitted under the depository institutions’ home state laws

Attorney General Bonta Joins Multistate Coalition Supporting Federal Trade Commission’s Proposed Rule Limiting Non-Competes in Employment

OAKLAND — Attorney General Rob Bonta today co-led a multistate coalition in submitting comments supporting the Federal Trade Commission's (FTC) proposed rule to eliminate non-compete clauses in employment contracts in most circumstances. In a letter sent today to Federal Trade Commission Chair Lina Khan, Attorney General Bonta joined 17 states in supporting a federal rule limiting non-competes.

NYDFS Says ‘Dual Banking System’ Should Oversee Stablecoins

According to New York’s financial regulator, the best system for regulating stablecoins already exists. Testifying before the House Financial Services Committee Wednesday (April 19), New York Department of Financial Services Superintendent (NYDFS) Adrianne A. Harris said federal stablecoin legislation should build on the existing “dual banking” system.

Medical debt affects millions in North Carolina. Will state lawmakers approve protections?

It should be much harder for hospitals to go after people to collect on medical debt, especially since hospitals already make billions of dollars by deducting those losses from their taxes, state political leaders said Wednesday.

FTC Testifies Before the U.S. Senate Committee on Veterans’ Affairs About the Agency’s Work to Crack Down on Fraud and Related Threats Against the Military Community

The Federal Trade Commission testified before the U.S. Senate Committee on Veterans’ Affairs todayabout the work the agency is doing to crack down on fraud and related threats against veterans and the broader military community. The testimony discussed fraud, enforcement actions, and rulemaking initiatives involving the military community, and the FTC’s military-specific consumer education and outreach efforts.

U.S. Foreclosure Activity Continues To Climb In Q1 2023

IRVINE, Calif. — April 19, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its Q1 2023 U.S. Foreclosure Market Report, which shows a total of 95,712 U.S. properties with a foreclosure filings during the first quarter of 2023, up 6 percent from the previous quarter and up 22 percent from a year ago.

OCC Enforcement Actions and Terminations

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

FCC Steps Up Legal Action Against Robocall Gateway Facilitator

The U.S. Federal Communications Commission (FCC) has issued its first-ever Initial Determination Order in an effort to block illegal overseas robocalls being transmitted through a gateway voice service provider.

Home sales fell in March amid volatility in mortgage rates

Sales of previously owned homes declined 2.4% in March compared with February, according to a monthly report from the National Association of Realtors.

Prepared Statement of James S. Rice before the Committee on Veterans’ Affairs United States Senate

Chairman Tester, Ranking Member Moran, and distinguished Members of the Committee, it is my pleasure to appear before you today to discuss the important work of the Consumer Financial Protection Bureau (CFPB) Office of Servicemember Affairs (OSA) and the actions we have taken to protect servicemembers, veterans, and their families from fraud, scams, and harmful practices as they navigate the financial marketplace.

Director Chopra’s Prepared Remarks at Justice Department Interagency Event in Newark, New Jersey to Highlight Efforts to Combat Modern-Day Redlining

The CFPB, with the strong support of Assistant Attorney General Clarke and her team, has prioritized two types of modern-day redlining: digital redlining, including bias in algorithms and technologies marketed as artificial intelligence, exclusionary conduct by mortgage lenders, including those by nonbanks. 

CFPB employee sent hundreds of thousands of consumers’ data to personal email account

NEW YORK/WASHINGTON — A former employee at the Consumer Financial Protection Bureau sent confidential records relating to hundreds of thousands of consumers and several financial institutions to their personal email account, the agency said on Wednesday.

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?

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CA Credit Union Collectors Council – 36th Annual Conference

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