Peer to Peer Lending Market to Hit USD 926.55 Billion by 2030 due to Demand for Alternative Sources of Funding and Increasing Adoption of Digitalization | Research by SNS Insider

Pune, May 03, 2023 (GLOBE NEWSWIRE) -- The Peer to Peer Lending Market had a valuation of USD 134.35 billion in 2022, and it is anticipated to attain a value of USD 926.55 billion by 2030, with a projected compound annual growth rate (CAGR) of 27.3% during the forecast period from 2023 to 2030, as reported by SNS Insider.

Mortgage demand drops as bank failures hit jumbo loan rates

Mortgage demand from homebuyers has been erratic to say the least during the usually busy spring housing market. That is likely because today’s buyers are hypersensitive to mortgage rates, which have been fluctuating widely week to week but which are still considerably higher than they were a year ago. Now, several bank failures are starting to make it more difficult even for wealthier buyers.

Washington Robocall Law, Credit Repair Regulations Effective in July

The credit repair regulations were a focus of the Washington Collectors Association’s advocacy this legislative session. The robocall law contains exemptions for collection agencies.

AG HENRY & FTC WORK TOGETHER TO PERMANENTLY BAN DEBT COLLECTORS THAT TARGETED BUSINESSES, NON-PROFITS, FIRST RESPONDERS

HARRISBURG– As a result of action by the Office of Attorney General and the Federal Trade Commission, 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.

How a Fed Increase Could Affect Credit Card Debt, Auto Loans

NEW YORK (AP) — If, as expected, the Federal Reserve raises interest rates yet again Wednesday in its drive to cool inflation, much of America will be directly affected.

Legislature Poised to Overhaul Florida’s mini-TCPA

The Florida Legislature is moving quickly to pass significant remedial amendments to the Florida Telephone Solicitation Act (“FTSA,” Fla. Stat. § 501.059) before the end of the legislative session this Friday.

Small and Midsize Business Lending Fraud on the Rise, According to New LexisNexis Risk Solutions Study

ATLANTA, May 3, 2023 /PRNewswire/ -- LexisNexis® Risk Solutions released its latest Small and Midsize Business (SMB) Lending Fraud Study. Based on a survey of lenders, SMB lending fraud has increased significantly during the past 12 months, with many smaller banks, credit unions and fintechs expecting fraud levels to worsen over the next year.

Brown Raises Concerns About Tellus’s Handling of Customers’ Money

WASHINGTON, D.C. ­– Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, wrote a letter to Martin Gruenberg, Chairman of the Federal Deposit Insurance Corporation (FDIC), outlining concerns with Tellus, a nonbank “fintech” company that advertises high-interest savings accounts, despite not being insured by the FDIC. In his letter, Brown urged that the FDIC review Tellus’ business practices to ensure that customers are protected from financial fraud and abuse.

Ocwen Financial Comments on U.S. District Court’s Favorable Decision in CFPB Matter

WEST PALM BEACH, Fla., May 02, 2023 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (“Ocwen” or the “Company”), a leading non-bank mortgage servicer and originator, today issued the following statement in response to rulings entered on May 2, 2023 by the United States District Court for the Southern District of Florida in the Company’s pending litigation with the Consumer Financial Protection Bureau (“CFPB”).

Millions poised to get a better credit score after medical debt dropped from reports

Millions of Americans could see their credit scores increase by 25 points on average after the major credit bureaus eliminated unpaid medical collections under $500 from their credit reports.

First Republic Bank seized, sold in fire sale to JPMorgan

NEW YORK (AP) — Regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in U.S. history, and promptly sold all of its deposits and most of its assets to JPMorgan Chase in a bid to end the turmoil that has raised questions about the health of the U.S. banking system.

Comprehensive CFPB Reform Legislation Advances in House Committee

The House Financial Services Committee advanced a bill package on Consumer Financial Protection Bureau reform Wednesday for consideration on the House floor. The bill package (PDF), H.R. 2798, brings together several proposals on CFPB reform into one piece of legislation focused on changing the funding and leadership structure of the bureau and requiring all proposed rules to consider the impact on small businesses, among other items.

Today’s Mortgage Rates & Trends – May 2, 2023: Rates Mostly Steady

Movement was minor across most mortgage averages Monday. The 30-year average edged minimally up to remain in a range below 7%, while the 5/6 ARM average and all of the jumbo averages marched in place at their Friday levels.

Consumer tip: Which robocalls are legal

If you answer the phone and hear a recorded message instead of a live person, it’s a robocall. A robocall trying to sell something is illegal without written permission.

CFPB Proposes New Consumer Protections for Homeowners Seeking Clean Energy Financing

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements such as solar panels. 

Attorney General James Takes Action to Protect New Yorkers’ Homes and Combat Deed Theft

NEW YORK – New York Attorney General Letitia James, State Senator Brian Kavanagh, State Senator Zellnor Myrie, and Assemblymember Helene Weinstein today announced new legislation to strengthen protections and remedies for victims of deed theft and bolster the Office of the Attorney General’s (OAG) ability to prosecute these crimes.

56% of Credit Union Execs Wary of Crypto, Data Shows

While the European Union (EU) is embracing crypto, credit union (CU) executives largely aren’t. This, as data in the April 2023 PYMNTS report, “Credit Union Innovation: Bridging the Cryptocurrency Divide,” a collaboration with PSCU, finds that more than half of credit union leaders (56%) say they are less than gung-ho about providing cryptocurrency products for their members.

WEBRECON MARCH 2023 STATS: INCREASED COMPLAINTS ACROSS THE BOARD

In March, some ground was made up against February’s much lower-than-normal numbers with FDCPA (+9.5%), FCRA (+20.9%) and FCRA (+27.1%) all way up over the previous month, and CFPB complaints even got in on the action with a +15% increase as well.

FTC Lawsuit Leads to Permanent Ban from Debt Relief, Telemarketing for Operators of Debt Relief Scam

As a result of a Federal Trade Commission lawsuit, the operators of an alleged credit card debt relief scheme based in Tennessee have agreed to court orders that would permanently ban them from telemarketing and selling debt relief products or services.

CFPB Deems Merchant Cash Advances to Be “Credit” Under ECOA

The Consumer Financial Protection Bureau’s adopting release for its small business data collection and reporting rule goes beyond that rule by including a discussion deeming merchant cash advances to be “credit” more generally for purposes of the Equal Credit Opportunity Act.

Colorado Supreme Court Confirms Bankruptcy Discharge Does Not Trigger Statute of Limitations to Recover Debt

Colorado just became the latest state to recognize that a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt.

US regulators seize First Republic and sell ‘substantially all assets’ to JPMorgan in largest bank failure since 2008 crisis

Regulators seized First Republic (FRC) early on Monday and sold the bulk of the bank's operations to JPMorgan Chase (JPM) in the largest bank failure since the 2008 financial crisis.

Federal Agencies Announce AI Enforcement and Consumer Protections

Several federal agencies have released a policy statement on the use of artificial intelligence products under existing laws, particularly to ensure that consumers aren’t discriminated against by the algorithms companies use for loans or other financial products.

Harley-Davidson Says Repo Shortage Is Fueling Credit Losses

(Bloomberg) -- There are not enough people to repossess all the motorcycles. That was the message from Harley-Davidson Inc., which said Thursday its credit losses in the first quarter were due in part to a shortage of repossession agents. 

Ted Cruz, Byron Donalds take action to eliminate federal agency

The lawmakers are introducing a bill to repeal the Consumer Financial Protection Act that created the agency and restore federal laws "as if the act had not been enacted," according to a copy of the bill obtained by Fox News Digital. Since it was established in 2010, Republican lawmakers and financial groups have criticized the CFPB as an unnecessary agency.

CFPB Issues Rule to Facilitate Orderly Wind Down of LIBOR

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending the agency’s 2021 LIBOR transition rule. The interim final rule contains updates to reflect the subsequent enactment of the Adjustable Interest Rate (LIBOR) Act and issuance of an implementing regulation by the Board of Governors of the Federal Reserve Board System.

Mortgage rates rise again, but tide may soon change: Freddie Mac

The average 30-year fixed-rate mortgage rate increased to 6.43% for the week ending April 27, 2023, according to the latest Freddie Mac data. That’s up from last week when it averaged 6.39%. A year ago, it averaged 5.10%.

US consumer spending plateaus; core inflation remains strong

WASHINGTON, April 28 (Reuters) - U.S. consumer spending was unchanged in March as an increase in outlays on services was offset by a decline goods, but persistent strength in underlying inflation pressures could see the Federal Reserve raising interest rates again next week.

Fed report on SVB collapse faults bank’s managers — and central bank regulators

Silicon Valley Bank’s dramatic failure in early March was the product of mismanagement and supervisory missteps, compounded by a dose of social media frenzy, the Federal Reserve concluded in a highly anticipated report released Friday.

Adjustable-rate loans are changing, because a widely-used interest rate index expires in June

LIBOR is the name for an index of interest rates used in loans across the country and across the globe. LIBOR expires on June 30, 2023, as part of a transition that has been planned for several years.

Banks step up pace of borrowing from Fed emergency lending program for second week

Investing.com -- Banks stepped up the pace of borrowing from the Federal Reserve’s emergency lending programs for the second-straight week, pointing to ongoing liquidity strains just as rumblings in the sector reemerged following recent disappointing quarterly results from regional banks.

CoreLogic: US Mortgage Delinquency Rate Hovers Near Record Low in February

IRVINE, Calif.--(BUSINESS WIRE)--CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for February 2023.

Montana and Tennessee Join National Trend to Pass Broad Consumer Privacy Legislation: Top 8 Questions for Businesses

Last week, Montana and Tennessee became the eighth and ninth states to pass comprehensive consumer privacy legislation. The bills were approved by the respective legislatures and are expected to soon be signed by governors of both states.

CFPB Issues Advisory Opinion on Debt Collection Practices

On April 26, 2023, the Consumer Financial Protection Bureau (CFPB) released an advisory opinion to clarify that it is against the law for a debt collector to sue or threaten to sue in order to collect a time-barred debt, as defined by the Fair Debt Collection Practices Act (FDCPA) and its implementing Regulation F.

SAFE Credit Union Hosts Inaugural FinTech Event in Sacramento

FOLSOM, Calif., April 26, 2023 /PRNewswire-PRWeb/ -- SAFE Credit Union hosted its first conference dedicated to supporting credit unions and the FinTech industry in April at the SAFE Credit Union Convention Center. The FinTech Credit Union Connection drew on the growing synergy between credit unions and FinTechs in the Sacramento region, calling on industry and banking leaders from the Bay Area and beyond to attend and speak at the event.

PSCU Launches Credit Card-Based BNPL Solution for Credit Unions

PSCU has launched a solution that helps credit unions implement buy now, pay later (BNPL). The credit union service organization’s (CUSO’s) new Installment Payments solution allows some post-purchase credit card transactions to be converted into installment payments, PSCU said in a Thursday (April 27) press release.

Credit reporting companies should do more to ensure that servicemembers receive the free credit monitoring services they are legally entitled to

The unique demands and challenges of serving in the military – including permanent change of duty stations and multiple deployments – can make it difficult for servicemembers to review their credit reports, identify suspicious accounts, and dispute inaccuracies. Unsurprisingly, servicemembers report  more cases of identity theft than other adults. The law requires credit reporting companies to offer free services to help servicemembers monitor their credit, but unfortunately, some servicemembers are not receiving them.

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. 

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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