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US Bank Regulators Vow Tougher Rules, Oversight After Bank Failures
WASHINGTON (Reuters) -The Federal Reserve will unveil its plan to ratchet up capital rules for banks this summer and will ensure supervisors more aggressively police lenders following several recent bank failures, its top regulatory official told Congress on Tuesday.
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Debt Collector Credit Control Corporation Notifies 286,699 Individuals of Recent Data Breach
On May 15, 2023, R&B Corporation of Virginia d/b/a Credit Control Corporation (“CCC”) filed a notice of data breach with the Maine Attorney General after learning that an unauthorized illegally copied certain files from the company’s computer network.
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Attorney General Bonta Calls for California Legislature to Ban Hidden Fees (AKA Junk Fees)
SAN DIEGO — California Attorney General Rob Bonta today held a press conference to highlight the importance of Senate Bill 478 (SB 478). Coauthored by Senator Bill Dodd (D-Napa) and Senator Nancy Skinner (D-Berkeley), the legislation would prohibit in California hidden fees (also called ‘junk fees’) — fees in which a seller uses an artificially low headline price to attract a customer and usually either discloses additional required fees in smaller print, or reveals additional unavoidable charges later in the buying process. SB 478 is currently pending before the Senate Appropriations Committee.
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Building resilience and durability into mortgage rules
Since 2021, the CFPB has been reviewing a number of its rules and guidance documents, including those published by predecessor agencies like the Federal Reserve Board of Governors and the Federal Trade Commission. We have found that many of these policies were drafted in ways that are unnecessarily complex, often to accommodate the preferences of dominant industry incumbents, rather than the market as a whole. We identified a particularly serious problem in federal mortgage rules that has major implications for the market.
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Mortgage demand drops as interest rates hit a 2-month high
Higher mortgage rates and a severe shortage of homes for sale are taking their toll on mortgage demand. Mortgage applications to purchase a home dropped 4.8% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 26% lower than the same week one year ago.
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CNBC Daily Open: Inflation weighed on consumer spending
Any positive momentum stocks had on Monday dissipated yesterday, as downbeat economic signs weighed on indexes. Individual technology stocks had a good day — both Microsoft and Nvidia hit a 52-week high, while Alphabet jumped 2.6% and Meta added 2% — but even those large-cap stocks couldn’t stop the tech-heavy Nasdaq Composite from declining 0.2%.
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FTC Sues VoIP Service Provider for Allegedly Aiding and Abetting Illegal Telemarketing Robocalls
Just last week, Federal Trade Commission (FTC) sued XCast Labs, Inc., a Voice over Internet Protocol (VoIP) provider, for its alleged involvement in facilitating illegal robocalls. Despite receiving multiple warnings, the company continued to allow hundreds of millions of these unlawful calls to flow through its network. The complaint, filed on May 12, 2023 by the Department of Justice in the Central District of California on behalf of the FTC, seeks to put an end to XCast Labs' activities.
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AG HENRY SECURES $11 MILLION SETTLEMENT WITH PREDATORY RENT-TO-OWN LENDER THAT TARGETED LOW-INCOME BORROWERS
HARRISBURG– Attorney General Michelle Henry today announced a settlement of a lawsuit filed against Snap Finance LLC and its affiliates for $11.4 million.
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Attorney General Bonta Files Multistate Amicus Brief in Defense of CFPB
OAKLAND — California Attorney General Rob Bonta, as part of a coalition of 24 attorneys general, filed an amicus brief in the U.S. Supreme Court in support of the Consumer Financial Protection Bureau (CFPB). In their amicus brief, the attorneys general support the CFPB’s contention that the agency’s funding structure is constitutional and argue that the court should not invalidate the CFPB’s past and ongoing regulatory and enforcement actions even if it determines that the agency’s current funding structure is not constitutional.
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FTC Sends More than $3.3 Million to Consumers Harmed by Passport Auto’s Illegal Junk Fees and Discriminatory Practices
The Federal Trade Commission is sending payments totaling more than $3.3 million to customers of Passport Auto, a Washington D.C.-area auto dealer. In October 2022, the FTC charged Passport with adding hundreds, or even thousands, of dollars in illegal junk fees to car prices and for discriminating against Black and Latino consumers by charging them higher fees and financing costs.
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Today’s mortgage rates rise, but 10- and 15-year terms stay below 6% | May 16, 2023
Based on data compiled by Credible, mortgage rates for home purchases are mixed, with two key rates rising, one falling and another remaining unchanged since yesterday.
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Consumer debt passes $17 trillion for the first time despite slide in mortgage demand
Total consumer debt hit a fresh new high in the first quarter of 2023, pushing past $17 trillion even amid a sharp pullback in home borrowing. The total for borrowing across all categories hit $17.05 trillion, an increase of nearly $150 billion, or 0.9% during the January-to-March period, the New York Federal Reserve reported Monday. That took total indebtedness up about $2.9 trillion from the pre-Covid period ended in 2019.
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New Washington state law should mean fewer spam robocalls
A new Washington state law will make it easier to sue scammers who engage in illegal robocalling — and hold cell phone providers accountable if they knowingly allow the scam calls on their networks.
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Debt Collectors (And Not Just Banks) Are Responsible For Accurate Consumer Credit Reporting
A large debt collection company in the United States was recently accused of violating federal consumer protection laws. The Consumer Financial Protection Bureau filed a proposed order that, if entered by the court, would require the company to pay over $12 million to consumers affected by what the CFPB claims are illegal debt collection practices, as well as a civil penalty of $12 million.
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Acting Comptroller of the Currency Testifies on Prudential Regulation
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today testified before the U.S. House of Representatives’ Committee on Financial Services on the agency’s actions and responses to recent market stress and how the agency is ensuring that national banks and federal savings associations operate in a safe, sound, and fair manner.
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FTC Sends More than $3.3 Million to Consumers Harmed by Passport Auto’s Illegal Junk Fees and Discriminatory Practices
The Federal Trade Commission is sending payments totaling more than $3.3 million to customers of Passport Auto, a Washington D.C.-area auto dealer. In October 2022, the FTC charged Passport with adding hundreds, or even thousands, of dollars in illegal junk fees to car prices and for discriminating against Black and Latino consumers by charging them higher fees and financing costs.
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Washington Federal Court Rejects Hunstein; Holds Article III Standing Exists in FDCPA Letter-Vendor Claim
Nearly two years after the Supreme Court’s 2021 decision in Transunion v. Ramirez, courts and litigants continue to grapple with standing issues in Fair Debt Collection Practices Act (FDCPA) cases brought by plaintiffs alleging intangible harms to reputation and privacy interests. Prominent among these post-Ramirez FDCPA cases was Hunstein v. Preferred Collection & Management Services. (11th Cir. 2022),
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Maryland eliminates separate licensing requirement for branches
On May 8, the Maryland governor signed HB 686 to eliminate a requirement that collection agencies and certain non-depository financial institutions must maintain separate licenses for branch locations. The Act now allows such entities to conduct business at multiple licensed locations under a single license.
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Attorney General Bonta Announces President of a Mortgage Company Found Guilty on 100 Felony Counts in $7 Million Statewide Mortgage Fraud Scheme
OAKLAND — California Attorney General Rob Bonta today announced that the former president of a purported mortgage “investment” company, Robert Sedlar, has been convicted of 100 felony counts for operating a mortgage fraud scheme throughout California. The scheme resulted in a combined loss of over $7 million.
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Washington State Amends State Cybersecurity Law to Create Advisory Committee and Technology Service Board
On April 21, 2023, the Governor of Washington State signed Second Substitute Bill 5518 into law, establishing a cybersecurity advisory committee and related subcommittees to provide recommendations for identifying and responding to cybersecurity breaches.
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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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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 -
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2023 https://web.cvent.com/event/e4afce8a-def3-4d6d-98ed-e6c4e2dfa344/summary
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