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Action by FTC and Pennsylvania Leads to Permanent Ban For Debt Collectors That Targeted Businesses, Non-Profits, First Responders
As a result of action by the Federal Trade Commission and the Commonwealth of Pennsylvania, debt collection company International Credit Recovery, Inc. (ICR), officer Richard Diorio, Jr., and manager Cynthia Powell, have agreed to a permanent ban from the debt collection industry after being charged with engaging in bogus debt collection efforts against businesses and non-profits.
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CFPB Issues Guidance to Protect Homeowners from Illegal Collection Tactics on Zombie Mortgages
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations. The advisory opinion clarifies that a covered debt collector who brings or threatens to bring a state court foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection Practices Act and its implementing regulation.
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Michigan Federal Court Summarily Dismisses FCRA Action Alleging Inaccurate Reporting of Charged-Off Auto Loan
Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. The court’s opinion in Shelton v. Americredit Financial Services, Inc. provides a nuts-and-bolts analysis of what does not constitute inaccurate credit reporting for purposes of the FCRA.
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SVB Financial Group Stuck in Bankruptcy Stalemate With FDIC
(Bloomberg) -- SVB Financial Group, the former parent company of failed Silicon Valley Bank, is burning through cash while it struggles to gain access to records it says are necessary to move forward in bankruptcy.
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Center for Responsible Lending Warns CUs, Public of Threat to CFPB
A bill being marked up by the House Wednesday is called the “CFPB Transparency and Accountability Reform Act,” but it reminds the head of the Center for Responsible Lending of the attempt in 2017 to shut down the bureau.
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FCC Proposes Periodic Reviews of International Telecom Authorizations
Review of International Section 214 Authorizations to Assess Evolving National Security, Law Enforcement, Foreign Policy, and Trade Policy Risks
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FTC Releases Speaker List for May 4 Informal Hearing on Government and Business Impersonation Rule
The Federal Trade Commission will hold an informal hearing on its proposed rule prohibiting government and business impersonation at 1 p.m. on May 4, 2023. Chief Administrative Law Judge D. Michael Chappell will preside over the hearing, which will be held virtually and livestreamed on ftc.gov.
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Director Chopra’s Prepared Remarks on the Interagency Enforcement Policy Statement on “Artificial Intelligence”
In recent years, we have seen a rapid acceleration of automated decision-making across our daily lives. Throughout the digital world and throughout sectors of the economy, so-called “artificial intelligence” is automating activities in ways previously thought to be unimaginable.
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EEOC Chair Burrows Joins DOJ, CFPB, And FTC Officials to Release Joint Statement on Artificial Intelligence (AI) and Automated Systems
WASHINGTON – U.S. EEOC Chair Charlotte A. Burrows and officials from three other federal agencies jointly pledged today to uphold America’s commitment to the core principles of fairness, equality, and justice as emerging automated systems, including those sometimes marketed as “artificial intelligence” or “AI,” become increasingly common in our daily lives – impacting civil rights, fair competition, consumer protection, and equal opportunity.
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3rd Circuit: No ambiguity in collection dispute notice
On April 18, the U.S. Court of Appeals for the Third Circuit affirmed the dismissal of a putative FDCPA class action debt collection lawsuit concerning allegedly misleading dispute language. A letter the plaintiff received from the defendant debt collector included the following statement:
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DFPI Begins Accepting Applications for up to $200,000 in CalMoneySmart Grants
SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) announced today it is now accepting applications for the 2023 CalMoneySmart Grant Program, which will award a total of $2 million to nonprofits to provide free financial empowerment programs for people experiencing financial insecurity in California.
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What Does CFPB’s New Business Loan Data Collection Rule Mean For Credit Unions?
In March, the Consumer Financial Protection Bureau finalized a new rule that will require lenders to collect and report key data points about their small-business lending, including information about business loan pricing, loan denials, business owner demographics, and minority- and women-owned business enterprise status.
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Federal Trade Commission Returns More Than $1.1 Million to Consumers
The Federal Trade Commission is sending 41,934 checks, totaling more than $1.1 million, to consumers who were charged for deceptive “free trial” offers for tooth whiteners and other products by RevMountain, LLC; Anasazi Management Partners; and 59 related corporate defendants.
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Coming to Capitol Hill: Credit Reporting Agency Oversight and CFPB Reform Legislation
It’s a busy week for accounts receivable management (ARM) industry issues on Capitol Hill. First, the House Financial Services Committee will hold a markup on proposed reform measures for the Consumer Financial Protection Bureau on Wednesday, April 26, among other legislation.
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How Fintech is Changing the Way We Manage Our Money
Gone are the days when managing your finances meant hoarding stacks of receipts and juggling multiple bank accounts. Enter the fascinating world of fintechᅳfinancial technology that’s transforming the way we handle our hard-earned cash.
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Debt Collectors Can Now Use Social Media to Contact Borrowers
A message from a debt collector may be the last thing you’re expecting – or wanting – to see when you log in to your social media accounts. A recent regulation change, however, made it legal for debt collectors to slide into your DMs.
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Banks pull back on auto lending, threatening dealerships
ELGIN, Ill. (NewsNation) — Big banks are putting the brakes on car dealerships, pulling back on lending, wreaking havoc across the auto industry and sending mom-and-pop shops into a tailspin. At the car dealership, it’s the bank that typically owns the cars. But now, financiers are pulling out, forcing dealerships to put up the cash, making it especially challenging for small shops.
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CULA Continues Expansion: Selected by Dort Financial Credit Union for Indirect Vehicle Leasing
Credit Union Leasing of America (CULA) has been selected by Dort Financial Credit Union to launch its indirect vehicle leasing program, further extending CULA’s reach into Michigan, which is historically one of the highest vehicle-leasing states.
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Today’s Mortgage Rates & Trends – April 24, 2023: Rates Mixed
Rates declined for a second day on 30-year mortgages, taking Friday's flagship average further below 7%. Rates on 30-year loans ended the week a tenth of a point above the previous Friday. Other averages moved either mildly higher or mildly lower, while the various jumbo averages marched in place.
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Student loan servicers brace for trouble with restart of payments
Student loan servicers are in a tough bind, dealing with reduced staff as they prepare for the unprecedented situation of 44 million borrowers returning to payments later this summer.
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NAFCU touts CU difference on Capitol Hill
NAFCU’s award-winning advocacy team was on Capitol Hill Friday briefing legislative staff members on the credit union difference, including basics on structure, share insurance, regulatory oversight, industry priorities, and how credit unions are committed to serving their 135 million members.
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More Americans are falling behind on paying down debt
Thanks to a still-healthy job market, the finances of US households remain in good shape on the whole. But bank executives warn that more Americans are starting to fall behind on payments for debt from credit cards and auto loans.
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US Bank Deposits Fall $76.2 Billion, Led by Large Institutions
Deposits decreased by $76.2 billion in the week ended April 12, according to seasonally adjusted data from the Federal Reserve out Friday. The drop was mostly at large and foreign institutions, but they also fell at small banks.
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After Colorado voters cracked down on payday loans, lenders found loopholes. A new bill would try to close them.
Sifting through receipts and debts, Matt McCune can look back through the financial debris of his bankruptcy clients’ lives. In the wreckage, he often finds a common accelerant.
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FSOC proposes financial stability framework, guidance for nonbank supervision
The Financial Stability Oversight Council (FSOC) – which includes leaders from financial agencies, including NCUA Chairman Todd Harper – met Friday and unanimously approved issuing for public comment a proposed analytical framework for financial stability risks, as well as proposed interpretive guidance on supervision and enhanced prudential standards for certain nonbank financial companies.
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Statement of CFPB Director Rohit Chopra on the Proposed Restoration of the Financial Stability Oversight Council’s Authority and Regulatory Credibility
Today, we are restoring the Financial Stability Oversight Council’s most important tool to prevent future meltdowns and bailouts in the shadow banking sector. One of the biggest problems we face when confronting the dangers in our financial system is regulatory amnesia.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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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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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