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CFPB Issues Guidance to Rein in Creation of Fake Accounts to Harvest Fees
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it. The CFPB has observed in complaints that even after a consumer completes all the required steps to close an account, their bank has “reopened” the closed account and assessed overdraft and nonsufficient funds fees.
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FCC Chair Asks Congress for Expanded Authority to Limit Illegal Robocalls and Robotexts
Consumer frustration with illegal robocalls and robotexts has placed the FCC’s related regulatory scheme top of mind for regulators and legislators alike.
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California Credit Union Receives Certification For Safe, Affordable Checking Account For Underbanked Californians
GLENDALE, Calif., May 9, 2023 /PRNewswire/ -- California Credit Union has received certification by the national Cities for Financial Empowerment Fund (CFE Fund) for its checking account product, which can benefit the nearly 19% of California households that are categorized as underbanked or unbanked. California Credit Union is among only four credit unions in Los Angeles, and 15 credit unions in California, offering accounts certified as meeting the benchmark Bank On National Account Standards.
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AG Ferguson: Companies sent hundreds of thousands of deceptive texts, emails targeting small businesses, nonprofits
SEATTLE — Attorney General Bob Ferguson today filed a consumer protection lawsuit against two businesses and their owner for sending hundreds of thousands of deceptive texts and emails to Washington businesses and nonprofits.
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Those urgent emails from MetaMask and PayPal are phishing scams
If you got an email that seems to be from MetaMask or PayPal, stop. They’re phishing scams. The MetaMask fake says your cryptocurrency wallet is blocked. And, if you don’t act fast, click a link, and update your wallet, they say your crypto will be lost.
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Prepared Remarks of General Counsel and Senior Advisor to the Director Seth Frotman at the Innovative Payments Conference
I was especially interested in speaking to this group because of the growing significance of payments and payments-related legal and policy questions in the consumer financial ecosystem. Although the payments system has always been part of the critical infrastructure of the consumer financial marketplace, I think it’s fair to say that payments has not always been on the front page of newspapers around the globe as it is today.
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Massive Growth of Global P2P Lending Market by 2030| Avant LLC, Bondora Capital OU, Circlebacklending.Net, CommonBond, Inc., Faircent, Funding Circle, i2ifunding.com, Kabbage Inc
A latest Report by Absolute Markets Insights encompasses information about the Global P2P Lending Market. This comprehensive report offers insights into the market, models, and drivers of business growth. It also includes P2P Lending market share, sales volume, and education charts. Research analysts have combined important and additional information, such as commitments from market leaders, into a well-designed report.
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Consumer Borrowing Jumps Amid Sharp Spike in Credit Card Balances (pymnts.com)
Borrowing among consumers jumped in March amid a sharp spike in credit card use. Recent data from the Federal Reserve shows credit in the aggregate leaping by $26.5 billion in March following a $15 billion increase in February. According to the Fed, total revolving debt in March was $1.239 trillion in March, compared to $1.221 trillion the prior month.
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Divergent Paths: Robocalls Decline While Robotexts Spike, According to Robokiller Insights
NEW YORK, May 9, 2023 /PRNewswire/ -- The gap in volume between robotexts and robocalls widened in April according to Robokiller Insights, as Americans received 13 billion robotexts (an 8% increase vs. March) and 5 billion robocalls (a 13% decrease). Don't count out robocalls just yet, though — historically they slow down in April but pick back up soon after.
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California regulator cites social media, digital banking as key factors in Silicon Valley Bank’s failure
California's chief banking regulator took its fair share of blame Monday for Silicon Valley Bank's collapse, admitting that the department was slow to demand fixes at the troubled institution — too slow for an era in which social media and mobile banking could combine to drive an unprecedented run on the bank's deposits.
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Fed survey: Banks are tightening up their lending standards after rate hikes, turmoil
Minneapolis CNN—It was already difficult for businesses and households to borrow money earlier this year — but after the collapse of three US regional banks and a cascade of rate hikes by the Federal Reserve, getting money has become a little harder.
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A group of scammers cheated student-loan borrowers out of $12 million by misleading them about repayment programs and ‘loan forgiveness that did not exist,’ a federal watchdog says
A federal watchdog just cracked down on two companies over accusations of lying to student-loan borrowers and scamming them out of millions of dollars.
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Here’s what the looming debt ceiling crisis means for your portfolio
Many investors are bracing for the economic fallout of the deadline for the U.S. to raise the debt ceiling or default on its obligations. Treasury Secretary Janet Yellen on Sunday said that failing to raise the debt ceiling will cause a “steep economic downturn” in the U.S., reiterating the country’s early June deadline.
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Job losses lead to rise in mortgage delinquencies in the US
Chennai: With job losses and a predicted recession, home mortgage delinquencies are expected to increase in the US, a senior official of mortgage servicing fintech software-as-a-service (SaaS) Sagent said on Monday. The US-based Sagent, backed by Warburg Pincus, has opened its first non-US centre here with a headcount of about 120.
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Can medical bankruptcy help with medical bills?
If you’ve ever filed for bankruptcy protection, there’s a good chance that medical expenses were a big reason why. For instance, nearly three-fifths of debtors in a 2019 NIH study either very much, or somewhat, agreed that medical expenses contributed to their bankruptcies.
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Utah Adopts Collection Agency Amendments
Utah recently enacted a bill repealing certain provisions related to collection agencies. Effective sixty days after the adjournment of the legislative session, these provisions became effective May 3, 2023.
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FTC Stops Student Loan Debt Relief Schemes that it Says Bilked Students Out of Millions
The Federal Trade Commission has stopped a pair of student loan debt relief schemes that it says bilked students out of approximately $12 million by using deceptive claims about repayment programs and loan forgiveness that did not exist. The agency alsosays the companies falsely claimed to be or be affiliated with the Department of Education and told students that the illegal payments the companies collected would count towards their loans.
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U.S. Department of Education Announces $42 Billion in Approved Public Service Loan Forgiveness for More Than 615,000 Borrowers Since October 2021
To mark Public Service Recognition Week, the U.S. Department of Education (Department) today announced that, as of the beginning of May 2023, it has approved a total of $42 billion in Public Service Loan Forgiveness (PSLF) for more than 615,000 borrowers since October 2021. This is a result of the temporary PSLF changes made by the Biden-Harris Administration that made it easier for borrowers to reach forgiveness. At the end of the previous Administration, only about 7,000 borrowers had been approved for the PSLF program.
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Have medical debt? Anything already paid or under $500 should no longer be on your credit report
Nearly 1-in-5 households in the United States has reported having some form of overdue medical debt. Patients and their families are contacted by debt collectors about medical bills more than any other type of debt, and it commonly results in negative information appearing on credit records. In fact, in 2021, 43 million people had allegedly unpaid medical bills on their credit reports.
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Today’s mortgage rates inch up, but 10- and 15-year terms stay below 6% | May 8, 2023
With mortgage rates for longer terms above 6%, borrowers who can afford a higher monthly payment may want to take advantage of the interest savings in today’s shorter terms
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ChatGPT and the new AI are wreaking havoc on cybersecurity in exciting and frightening ways
Unrestrained by ethics or law, cybercriminals are racing to use AI to find innovative new hacks, says Recorded Future CEO Christopher Ahlberg.
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U.S. Consumers Received Just Over 4.5 Billion Robocalls in April, Down 9% from March, According to YouMail Robocall Index
IRVINE, Calif., May 4, 2023 /PRNewswire/ -- U.S. consumers received just over 4.5 billion robocalls in April, back in the range of 4.2 billion to 4.7 billion calls recorded per month from August through February. The April volume marked a welcome 9% decrease from March's volume.
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CFPB Issues Guidance to Protect Homeowners from Zombie Mortgages
On April 26, 2023, the CFPB issued an advisory opinion, which reiterated that the FDCPA and Regulation F prohibit certain debt collectors from suing to collect on debt or threatening to foreclose on homes with mortgages past the statute of limitations, or “time-barred” debt. Such guidance is a result of actions by certain debt collectors to foreclose on silent second mortgages, referred to as “zombie mortgages,” that consumers thought had been satisfied and that are likely not enforceable in court.
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Attorney General James Proposes Nation-Leading Regulations on Cryptocurrency Industry
NEW YORK – New York Attorney General Letitia James today announced landmark legislation to tighten regulations on the cryptocurrency industry to protect investors, consumers, and the broader economy. The multi-billion-dollar industry lacks robust regulations, making it prone to dramatic market fluctuations, and has been used to hide and facilitate criminal conduct and fraud.
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CFPB to distribute more than $22 million to consumers harmed by Burlington Financial Group’s debt relief and credit repair scams
This month, 6,523 people who were misled by Burlington Financial Group with false promises that it would eliminate their credit-card debts and improve their credit scores will receive a check in the mail. Burlington Financial Group was a Maryland-based debt-relief and credit-repair company that marketed and sold debt-relief and credit-repair services to people nationwide from January 2016 until at least September 2019 and collected fees from them until at least August 2020.
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FDIC plans to hit big banks with fees to refill deposit insurance fund – Bloomberg News
(Reuters) -The U.S. Federal Deposit Insurance Corporation is planning to exempt smaller lenders from kicking in extra money to replenish the government's bedrock deposit insurance fund, and instead saddle the biggest banks with much of the bill, Bloomberg News reported on Thursday, citing people familiar with the matter.
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Artificial Intelligence Has a NIST Framework for Cybersecurity Risk
On May 3rd, Lina Khan, the Chair of the Federal Trade Commission, made clear that the FTC is well equipped to handle the issues brought to the fore by the A.I. sector, “including collusion, monopolization, mergers, price discrimination and unfair methods of competition.”1 The increasing use of A.I. has also raised substantial cybersecurity issues.
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New SBA rule changes are coming. See what they mean for you
The U.S. Small Business Administration has long been concerned about small businesses from underserved markets struggling to obtain SBA loans. On May 11 and 12, the SBA is expected to enact a series of changes to the SBA programs that will expand which lenders can get licensed for SBA programs,
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Nearly half of Americans are nervous about their money in the bank, Gallup survey
MIAMI - Nearly half of American adults say they are concerned about the safety of the money they keep in banks, according to a Gallup poll released on Thursday. In the polling, 48% of US adults say they are concerned about the money they have in banks and other financial institutions, including 19% who are "very" worried. Another 29% said they are "moderately" worried.
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CFPB Report Highlights Costly Credit Cards and Loans Pushed on Patients
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the growing costs of medical care. Patients are typically offered these products in a medical provider’s office even when their insurance may cover the procedure or they qualify for a hospital’s reduced or no-cost financial assistance program. The report finds that these specialty products are typically more expensive for patients than other forms of payment.
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Mortgage rates remain volatile, tick down after climbing for two weeks
Washington, DC CNN—The only thing consistent about mortgage rates right now is that they are volatile in the wake of mixed economic signals and recent bank failures. Mortgage rates ticked down this week, after climbing for two weeks in a row.
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Small business checkup: Recession, inflation, lending top concerns
Fears of an economic slowdown are weighing on the minds of America's small business owners, who cite recession, inflation and a decrease in access to capital as major concerns, according to new data.
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OCC Releases CRA Evaluations for 17 National Banks and Federal Savings Associations
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of April 1, 2023, through April 30, 2023. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.
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U.S. Supreme Court to Review Administrative Law Case
The U.S. Supreme Court has granted a petition to review a case where it could overturn or restrict the Chevron doctrine, a two-step analysis “that generally requires a federal court when reviewing federal agency action to defer to the agency’s reasonable interpretation of an ambiguous statute,” according to an article from ACA International member firm Troutman Pepper.
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Millions of Americans now underwater on auto loans
(Stacker) - Early signs of a negative equity surge in the auto loans sector have begun to emerge in the first quarter of 2023. According to data from Edmunds, the average negative equity value of auto trade-ins was $5,341 in Q4 2022, up 29% from the previous year. The number of vehicle sales that involved a trade-in with negative equity also jumped by 17% over the same period.
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GOP Moves Forward on Bill to Force CFPB Transparency
On April 26, the House Financial Services Committee held a markup of 15 bills, including H.R. 2798, the CFPB Transparency and Accountability Reform Act, sponsored by Rep. Andy Barr (R-KY). The bill includes provisions from seven different pieces of legislation:
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FTC to Host Virtual Panel Discussion on Cloud Computing, Extends Comment Deadline
The Federal Trade Commission will hold a virtual panel discussion on May 11, 2023 with a diverse set of experts to discuss the business practices of cloud computing providers including issues related to security, competition, and emerging technology issues associated with cloud computing.
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U.S. Consumers Received Just Over 4.5 Billion Robocalls in April, Down 9% from March, According to YouMail Robocall Index
IRVINE, Calif., May 4, 2023 /PRNewswire/ -- U.S. consumers received just over 4.5 billion robocalls in April, back in the range of 4.2 billion to 4.7 billion calls recorded per month from August through February. The April volume marked a welcome 9% decrease from March's volume.
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Medical Credit Cards and Financing Plans
Financial institutions and fintech companies are generating a growing number of financing mechanisms for families and individuals struggling to pay their out-of-pocket health care expenses.
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