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New York City is withholding new deposits at five banks accused of inaction on discrimination
Following the first-ever public hearing held by the New York City Banking Commission yesterday (May 25), all three members voted to limit deposits at Capital One—the ninth-biggest bank in the US —and KeyBank. The authorities alleged the two banks not only “failed to submit required plans demonstrating their efforts to root out discrimination,” but also “outright refused to submit required policies,” according to their press release.
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Florida Legislature Passes Privacy Law
On May 4, the Florida House passed an amended version of SB 262, a bill establishing the Florida Digital Bill of Rights. The bill now moves to Governor Ron DeSantis’s desk for signature. If enacted, SB 262 would be an important development for certain companies that meet the law’s narrow definition of a “controller” but overall has a narrower scope than the “comprehensive” privacy laws that have passed in other states this year (Iowa, Indiana, Montana, and Tennessee).
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Credit Unions Bracing For Delinquency Surge
Over the past year, credit unions in the United States have experienced considerable growth, even in the face of macroeconomic challenges. Credit unions are not-for-profit, member-owned financial cooperatives that aim to provide their members with affordable, high-quality financial services. With their focus on people, not profits, and their commitment to community development, according to NCUA, the credit union system’s net worth increased by $21.4 billion, or 10.1 percent, during 2022 to $232.9 billion. The aggregate net worth ratio — net worth as a percentage of assets — stood at 10.74 percent in the fourth quarter of 2022, up from 10.26 percent in 2021.
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Board Approves Proposed Rule Adding “Veterans Organizations” to the Definition of a Qualified Charity
ALEXANDRIA, Va. (May 25, 2023) – The National Credit Union Administration Board held its fifth open meeting of 2023 and approved a proposed rule that would amend the charitable donation accounts section of the NCUA’s incidental powers regulation. In addition, the NCUA’s Chief Financial Officer briefed the Board on the performance of the National Credit Union Share Insurance Fund during the first quarter of 2023.
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California Credit Union Earns CDFI Certification
GLENDALE, Calif., May 24, 2023 /PRNewswire/ -- California Credit Union announced today that it has been certified as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department's CDFI Fund. The CDFI certification is available only to organizations that have proven they provide financial services and products in communities that have historically lacked access to traditional banking services.
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What is the NCUA, and how does it work?
The National Credit Union Administration (NCUA) is a federal agency that oversees credit unions and insures the money people deposit in credit union accounts. In that way, it plays a very similar role to the Federal Deposit Insurance Corporation (FDIC), the agency that insures bank deposits.
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Regulatory Recap: CFPB Opposes Stay of CashCall Loan Case Until Supreme Court Issues Decision on Bureau’s Funding Structure
Consumer Financial Protection Bureau Director Rohit Chopra is expected to testify on the bureau’s semiannual report to Congress in the coming weeks. ACA International will provide updates on the director’s testimony, in the meantime, here are a few of the bureau’s actions you should know about this week.
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Mortgage demand drops again as rates cross back over 7%
The average rate on the popular 30-year fixed mortgage crossed over 7% on Tuesday, according to Mortgage News Daily. That is the highest level since early March. Rates have been rising on a combination of concerns among investors. First, uncertainty over what the Federal Reserve will do with interest rates, given a still strong economy; second, the battle over raising the debt ceiling and the possibility of a U.S. default.
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Mortgage data shows that borrowers could save $100 a month (or more) by choosing cheaper lenders
In this blog we take a look at how mortgage rates paid by consumers vary across lenders. This phenomenon, called price dispersion, exists in virtually every segment of the mortgage market, including loans backed by Fannie Mae and Freddie Mac, Federal Housing Administration loans, U.S. Department of Veterans Affairs (Veterans Affairs) loans, as well as jumbo loans.
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US debt collector breach exposed 1M+ people
NCB has started sending breach notification letters to affected users about a data breach that exposed nearly 1.1 million people. The US company claims that attackers penetrated its systems on February 1st. It took NCB three days to notice that the company’s systems were breached.
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PenFed Credit Union Dedicates Concourse C Connector at Washington Dulles International Airport to Fallen Military Heroes for Memorial Day Weekend
TYSONS, Va., May 26, 2023 /PRNewswire/ -- PenFed Credit Union, the nation's second largest federal credit union, will dedicate the PenFed Tunnel in the Concourse C Connector at Washington Dulles International Airport (IAD) to our nation's military heroes who made the ultimate sacrifice during Memorial Day weekend.
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Biden nominates telecom attorney Anna Gomez to FCC after more than two years of deadlock
President Joe Biden nominated telecom attorney Anna Gomez to the Federal Communications Commission, his second attempt to fill an empty seat on the typically five-member panel that has left the agency in a 2-2 deadlock for his entire presidency thus far.
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Sentara Healthcare Patient Data Leaked as a Result of a Data Breach at Credit Control Corporation
On May 13, 2023, Sentara Healthcare posted a “Data Incident Notice” on its website after learning that a data breach at R&B Corporation of Virginia, which does business under the name Credit Control Corporation, compromised confidential information belonging to Sentara patients. Based on an official filing from Credit Control Corporation (“CCC”), the incident resulted in an unauthorized party gaining access to patients’ names, addresses, Social Security numbers, account numbers, account balances, and dates of service.
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Regulatory Recap: FCC Requests More Authority to Restrict Illegal Robocalls and Robotexts
The Federal Communications Commission has been busy with its call and text regulations. Here are a few of the commission’s updates you should know about this week
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Do not call: States sue telecom company over billions of robocalls
PHOENIX -- Attorneys general across the U.S. joined in a lawsuit against a telecommunications company accused of making more than 7.5 billion robocalls to people on the national Do Not Call Registry.
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Final FTC Rule on Non-Competes Not Expected Before April 2024
According to Bloomberg, The Federal Trade Commission (“FTC”) is not expected to vote on the final version of a new rule that would ban noncompete clauses in employment contracts until April 2024.
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Tennessee Information Protection Act Is Signed Into Law
The Tennessee Information Protection Act (TIPA) passed unanimously through both houses of the Tennessee legislature and was signed by Governor Bill Lee on May 11, 2023
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Attorney General Bonta Announces Lawsuit Against Telecommunications Company over Billions of Illegal Robocalls
SACRAMENTO – California Attorney General Rob Bonta today, as part of a bipartisan coalition of 49 attorneys general, announced a lawsuit against Avid Telecom for allegedly initiating and facilitating billions of unlawful robocalls in California and around the country. Those robocalls included Social Security Administration scams, Medicare scams, and employment scams; two robocall examples can be found here and here. Today’s complaint is the result of efforts by the nationwide Anti-Robocall Litigation Task Force, which Attorney General Bonta helped launch last year and is charged with taking legal action against telecommunications companies that perpetuate robocall traffic.
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Consumer Finance State Roundup
The pace of legislative activity from this year’s current session can make it hard to stay abreast of new laws. The Consumer Finance ABStract’s “Consumer Finance State Roundup” is intended to provide a brief overview of recently enacted measures of potential interest.
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Overdraft/NSF revenue down nearly 50% versus pre-pandemic levels
For the past year-and-a-half, CFPB has been closely monitoring trends in overdraft/non-sufficient fund (NSF) fee revenue and practices. With data now available for all four quarters of 2022, we have a fuller picture of reductions in these revenues compared to pre-pandemic levels. Our most recent analysis finds the following:
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Apria Healthcare LLC Data Breach Affects Over 1.8 Million Patients
On May 22, 2023, Apria Healthcare LLC filed a notice of data breach with the Maine Attorney General after learning that an unauthorized party accessed files on the company’s computer network containing confidential patient information.
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FCC Adopts Expanded Call Blocking Requirements
New rules from the Federal Communications Commission expand call blocking requirements and the scope of voice service providers required to comply. The FCC adopted its 7th report and order on call blocking May 18 as part of its “multi-pronged approach” on the issue.
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CFPB Action to Require Citizens Bank to Pay $9 Million Penalty for Unlawful Credit Card Servicing
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) reached a settlement to resolve allegations that Citizens Bank violated consumer financial protection laws and rules that protect individuals when they dispute credit card transactions. The CFPB alleges that Citizens Bank failed to properly manage and respond to customers’ credit card disputes and fraud claims. If entered by the court, the order, among other things, would require Citizens Bank to pay a $9 million civil money penalty.
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Citizens Financial Group Comments on CFPB Settlement
PROVIDENCE, R.I.--(BUSINESS WIRE)--Citizens Financial Group, Inc. [NYSE: CFG] today announced a settlement with the Consumer Financial Protection Bureau resolving a complaint related to certain billing errors and related issues that impacted a very small subset of Citizens’ credit card customers nearly eight years ago.
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Attorney General James Recoups $550,000 from Erie County Medical Management Company for Failing to Protect Patients’ Data
NEW YORK – New York Attorney General Letitia James recouped $550,000 from a medical management company, Professional Business Systems, Inc. d/b/a Practicefirst Medical Management Solutions and PBS Medcode Corp. (Practicefirst), for failing to protect New Yorkers’ personal information, including health records.
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Housing market: Mortgage rates expected to decline
National Mortgage News Editor-in-Chief Heidi Patalano joins Yahoo Finance Live to discuss the state of the housing market, including mortgage rates, pricing, and challenges for first-time homebuyers.
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Canvas Credit Union Selects Total Expert to Power Member Experience and Engagement
MINNEAPOLIS--(BUSINESS WIRE)--Canvas Credit Union, a growing community-oriented financial cooperative, has partnered with Total Expert to enhance member experience, improve communication across their 33 locations, and streamline loan officer workflows. Canvas Credit Union joins a growing list of financial institutions tapping the power of Total Expert, the platform that powered nearly 40% of all U.S. home loan transactions in 2022.
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FCC says more action is on the way after shutting down company behind millions of illegal robocalls
NASHVILLE, Tenn. (WTVF) — The Federal Communications Commission has shut down a company behind millions of illegal robocalls. Consumer Investigator Jennifer Kraus says the head of the FCC said more action is on the way.
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Pennsylvania Attorney General Settles $11 Million Dollar Lawsuit with Lender
On May 15, 2023, the Pennsylvania Attorney General (PA AG) announced that it reached a $11.4 million settlement with a rent-to-own lender and its affiliates.
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Fed’s Kashkari Argues for Much Higher Capital to Bolster Banks
(Bloomberg) -- Federal Reserve Bank of Minneapolis President Neel Kashkari said bank capital requirements should be lifted significantly to help backstop financial institutions against distress.
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Corporate bankruptcies are on the rise — and the pain won’t end for a while
New York CNN — From Vice Media to Bed Bath & Beyond, bankruptcies are picking up again. Last week, corporate America had its worst.
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From the Web: Student Loan Forgiveness Update
The U.S. Supreme Court is set to rule soon on two cases that aim to halt the Biden administration’s plan to forgive up to $20,000 in federal student loans for borrowers, according to an article in The Hill.
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Members First Credit Union receives $1.5M grant from state of Michigan
MIDLAND, Mich.— Members First Credit Union has been awarded a $1.5 million Community Development Financial Institution (CDFI) grant. This grant will enable Members First to further its mission of supporting underserved communities and driving economic opportunity for its members.
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PYMNTS Intelligence: The Best Lending Product Wins in Retention and Enrollment
RICHARDSON, Texas, May 22, 2023 /PRNewswire/ -- Texans Credit Union (Texans), a leading credit union in North Texas, announced today Ian Beirnes joins as Vice President of IT Systems. Beirnes will be responsible for managing the credit union's technology infrastructure and operations department.
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Texans Credit Union Expands Senior Leadership Team
RICHARDSON, Texas, May 22, 2023 /PRNewswire/ -- Texans Credit Union (Texans), a leading credit union in North Texas, announced today Ian Beirnes joins as Vice President of IT Systems. Beirnes will be responsible for managing the credit union's technology infrastructure and operations department.
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Regulatory Interest in Fair Lending Spikes
Although always a significant focus of consumer lending, recent regulatory actions and pronouncements illustrate the sharp focus fair lending issues are receiving by both federal financial regulators and research bureaus.
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FTC Files Brief in Jones v. Google in Support of Appeals Court Ruling that COPPA Does Not Preempt Plaintiffs’ State Privacy Claims
The Federal Trade Commission filed a brief arguing that the Children’s Online Privacy Protection Act (COPPA) does not preempt state privacy laws that are consistent with COPPA. The brief was filed in support of a federal appeals court’s ruling in Jones v. Google, a case in which a group of children allege that Google collected data and surreptitiously tracked their online activity in violation of state laws.
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RMAi
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August 01 -
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