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CFPB Argues for Reversal of Funding Structure Case Pending Before Supreme Court
The bureau’s brief contends that the alleged violations of its funding structure in the Appropriations Clause do not warrant removal of existing rules, particularly the payday lending rule.
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CFPB Head Says Large Banks Should Pay for Insuring ‘Uninsured’ Depositors
CFPB Director Rohit Chopra, who is a member of the Federal Deposit Insurance Corporation (FDIC) board of directors, said in a Thursday (May 11) statement that he supports the FDIC’s proposal to require banks to pay the extra cost for protecting “uninsured” depositors of Silicon Valley Bank and Signature Bank.
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CFPB Warns Banks Against Reopening Closed Accounts, Charging Fees
The CFPB is warning banks against reopening closed customer accounts to drive fees. In a circular published Wednesday (May 10), the Consumer Financial Protection Bureau says it had received consumer complaints that their banks have reopened accounts they had taken steps to close, charging them overdraft, insufficient fund and maintenance fees.
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Solicitor General defends the constitutionality of the CFPB’s funding in Supreme Court brief
WASHINGTON, D.C. — The Solicitor General filed a brief with the U.S. Supreme Court on Monday in Consumer Financial Protection Bureau v. Community Financial Services Association of America defending the constitutionality of the CFPB’s funding through the Federal Reserve Board. In a statement released today, Consumer Reports voiced its support for the independent funding of the Consumer Financial Protection Bureau, which is being challenged by the payday loan industry.
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Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Proposed Special Deposit Insurance Assessment on Large Banks
Two months ago, Silicon Valley Bank and Signature Bank failed. Most Americans had never heard of these two banks. While they weren’t massive megabanks, the actions taken by the federal government make it clear that their failure had far-reaching consequences for the broader financial system.
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NY Fed Study: Small Lenders Weathered the Banking Crisis
Smaller lenders emerged from the recent banking crisis relatively unscathed, according to new research. A study released Thursday (May 11) by the New York Fed found that withdrawals from banks in the wake of Silicon Valley Bank’s (SVB) failure in March were primarily centered around 30 “super-regional” banks.
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One Unwanted Voicemail Is Enough to Establish Standing under the FDCPA
In Ward v. NPAS, Inc., 63 F.4th 576 (6th Cir. 2023), Plaintiff Ward did not pay as agreed for medical services, and the medical center sent his unpaid bills to a third-party collector, NPAS, Inc. (NPAS). In trying to collect the amount due, NPAS left Ward three voicemails. Ward sent a cease and desist letter after he received the second voicemail, but he sent it to the wrong company and therefore, NPAS did not receive it.
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American Banker announces finalists for the Innovators of the Year award, celebrating technology innovators in financial services
American Banker, Arizent’s essential resource for senior executives in financial services, has published its inaugural list of finalists for the Innovators of the Year award. The new program honors people who are leading innovation across banking and financial technology, setting the course for the industry's future. The inaugural list of finalists includes 20 leaders from organizations that vary in size and business concentration.
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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. Attorney General James’ program bill, which proposes the strongest and most comprehensive set of regulations on cryptocurrency in the nation, would increase transparency, eliminate conflicts of interest, and impose commonsense measures to protect investors, consistent with regulations imposed on other financial services.
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Bank of America: consumer spending on cards up from 2021 across all income groups
NEW YORK (Reuters) - Bank of America said Thursday that consumers' debit and credit card spending rose across all income brackets in April, although spending levels for lower-income customers appeared to flatten out in recent weeks.
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FDIC Board of Directors Issues a Proposed Rule on Special Assessment Pursuant to Systemic Risk Determination
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking, which would implement a special assessment to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. The Federal Deposit Insurance Act (FDI Act) requires the FDIC to take this action in connection with the systemic risk determination announced on March 12, 2023.
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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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RMAi
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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