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Agencies Issue Final Guidance on Third-Party Risk Management
Federal bank regulatory agencies today issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies.
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Maryland Enacts Student Financing Act
On May 8, 2023, Governor Wes Moore of Maryland signed HB 913 into law, creating the Student Financing Act (the Act).
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‘Junk Fee’ Issue Headed to Senate Subcommittee
As regulators such as the Consumer Financial Protection Bureau and Federal Trade Commission continue efforts to regulate “junk fees” and companies’ tactics to impose them, Congress is exploring the issue and possible legislative solutions.
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New York Law Requiring Grace Period for Use of Credit Card Rewards Points Goes Into Effect End of this Year
On December 10, 2023, New York General Business Law § 520-e requiring a grace period for the use of credit card rewards points will go into effect.
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Can US Auto Sales Ride the Recovery Wave in the Rest of 2023?
The U.S. auto industry is witnessing robust recovery as it overcomes the pandemic-related challenges and capitalizes on favorable market trends.
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FTC Renews Battle With Kochava
The Federal Trade Commission on Monday filed an amended complaint against mobile data broker Kochava, which allegedly sold sensitive geolocation data. The new complaint was filed under seal, and is at least temporarily unavailable to the public.
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Attorney General Bonta Joins Bipartisan Coalition in Support of FCC’s Latest Proposed Anti-Robocall and Anti-Robotext Efforts
OAKLAND – California Attorney General Rob Bonta joined a bipartisan coalition of 28 attorneys general in submitting a comment letter to the Federal Communications Commission (FCC) on proposals designed to reduce the number of robocalls and robotexts received by consumers. On March 16, the FCC adopted anti-robotext rules requiring for the first time that mobile wireless providers block text messages that are highly likely to be illegal — because the sender phone numbers are invalid, unallocated, unused, or found on a “do-not-originate” list.
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Credit card balances continue to creep up as consumers keep buying despite inflation
WASHINGTON (TND) — Americans are increasingly relying on credit to support their spending habits, leading to record highs in credit card debt at a time where interest rates have gone up rapidly as the Federal Reserve tries to bring inflation down.
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Texas Legislature Passes Broad Consumer Data Privacy Bill
On May 28, the Texas legislature passed the Texas Data Privacy and Security Act (TDPSA), also known as H.B. 4. The TDPSA was sent to Governor Greg Abbott on May 30. If signed into law, the TDPSA will take effect on July 1, 2024. Below is a summary of some the key takeaways from the TDSPA.
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Mountain America Credit Union Receives 9 CUNA Diamond Awards for Creative Excellence in Marketing
SALT LAKE CITY, June 07, 2023 (GLOBE NEWSWIRE) -- Mountain America Credit Union’s marketing team received nine Diamond Awards from the Credit Union National Association (CUNA) for its creative excellence and outstanding results.
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Credit Repair Business Progrexion Files for Bankruptcy Over $2.7 Billion CFPB Claim
Credit repair services provider Progrexion filed for bankruptcy after losing a court decision to dodge $2.7 billion in payments requested by the Consumer Financial Protection Bureau.
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DFPI Continues Enforcement Sweep Against Unscrupulous DebtCollectors
SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) announced
today that it has issued enforcement actions against three entities for unlicensed debt collection
activity under the Debt Collection Licensing Act (DCLA) and unlawful, unfair, deceptive, or abusive acts
or practices in violation of the California Consumer Financial Protection Law (CCFPL).
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CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions. Chatbots are intended to simulate human-like responses using computer programming and help institutions reduce the costs of customer service agents.
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FTC Issues Annual Report on Refunds to Consumers; Agency Returned $392M in 2022
Federal Trade Commission law enforcement actions resulted in more than $392 million in refunds to consumers in 2022, the agency said in its annual report on refunds. More than 1.9 million consumers benefited from FTC refund payments.
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New lessons for elder justice networks
Communities across the nation are working to prevent and respond to elder financial exploitation, which threatens the financial security of millions of older adults each year.
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Compliance Update — Insights and Highlights May 2023
Over the course of the past few weeks, both the Federal Deposit Insurance Corporation (FDIC) and the Consumer Financial Protection Bureau (CFPB or Bureau) have released guidance for banks that is worth mentioning.
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Money stored in payment apps such as Venmo may be more vulnerable than bank deposits, CFPB says
WASHINGTON — Money held in nonbank, peer-to-peer payment apps is not guaranteed for federal deposit insurance protection, which makes the funds more vulnerable, the Consumer Financial Protection Bureau warned Thursday.
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Top Considerations for Vendors Dealing with Distressed Companies
As of March 2023, commercial chapter 11 filings were up 79% compared to the same period of 2022, which includes a number of large retailers.[1] The first quarter of 2023 saw the highest number of corporate bankruptcy filings in the U.S. since 2010.[2]
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Credit Union Loan Account Balances Rising; Fewer Members Making Payments Above Monthly Minimums
CHICAGO, June 01, 2023 (GLOBE NEWSWIRE) -- The newly released Q2 Credit Union Market Perspectives Report from TransUnion (NYSE: TRU) shows that stubbornly-high inflation continues to put pressure on the monthly budgets of consumers, credit union members among them. This has led to increasing reliance on credit cards and personal loans as borrowers seek ways to make ends meet.
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Auto loan delinquencies for young Americans at highest level since 2009
More young Americans are late paying their car loans – approaching levels not seen since the Great Recession, according to a report from the New York Fed.
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House Education Subcommittee Examines Federal Student Loan Policies
The hearing was held as part of ongoing student loan discussions in D.C. and as the industry awaits a U.S. Supreme Court decision on two cases on student loan forgiveness.
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Colorado Approves DIDMCA Opt-Out, Raising Concerns for Consumer Credit Access
Earlier this month, the Colorado legislature voted to approve HB23-1229, which would opt the State out of Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (“DIDMCA”), a federal law enacted to create competitive equality between state-chartered banks and national banks.
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Sen. Cramer Cosponsors Bill to Claw Back Failed Bank Executive Pay
WASHINGTON – U.S. Senator Kevin Cramer (R-ND) joined Senator Elizabeth Warren (D-MA) in introducing the Failed Bank Executives Clawback Act, bipartisan legislation requiring federal regulators to claw back up to three years of compensation given to bank executives, board members, controlling shareholders, and other key decision-makers in the event of a failure or resolution.
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Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule
WASHINGTON, D.C. – Six federal regulatory agencies today requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations
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Dollar Bank Files Notice of Data Breach Impacting Standard Bank Customers
On May 31, 2023, Dollar Bank filed a notice of data breach with the Attorney General of Maine after learning that an unauthorized party was able to access confidential information belonging to Standard Bank customers before the two banks merged.
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CFPB Finds that Billions of Dollars Stored on Popular Payment Apps May Lack Federal Insurance
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital payment apps heavily used by consumers and businesses. The analysis finds that funds stored on these apps may not be safe in the event of financial distress, since the funds may not be held in accounts with federal deposit insurance coverage. The CFPB also issued a consumer advisory for customers holding funds in these apps and how they can make sure their funds remain safe.
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Analysis of Deposit Insurance Coverage on Funds Stored Through Payment Apps
In recent years, transaction volumes on payment apps have substantially increased. For example, total person-to-person (P2P) payment dollar volume quadrupled between 2018 and 2022.1 Importantly, many U.S. consumers and businesses are not simply using these services to transfer funds.
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WEBRECON APRIL 2023 STATS: EVERYTHING DOWN AGAIN
Quick analysis: In April, everything was down again (mostly by double digits) after a short March rebound. How far down? FDCPA was down -16.2% for the month and -18.3% YTD. FCRA was down -10.1% for the month and -30.2% YTD. And TCPA was down -16.9% for the month, but was the only one still up a bit YTD – +2.5% over April 2022. CFPB complaints were also down, -16.2% for the month and -18.3% YTD.
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Justice Department Secures Over $3 Million Redlining Settlement Involving ESSA Bank & Trust in Philadelphia
The Justice Department announced today that ESSA Bank & Trust (ESSA) has agreed to pay over $3 million to resolve allegations that it engaged in a pattern or practice of lending discrimination by redlining majority-Black and Hispanic neighborhoods in and around Philadelphia.
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CFPB Targets Specialty Financial Products Used to Pay for Medical Care
Earlier this month, the CFPB published a report on specialty financial products, such as medical credit cards and installment loans, which are sold to patients as a way to address the growing costs of medical care.
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Florida Legislature Rolls Back Mini-TCPA While Florida Courts Make TCPA Claims Harder to File
May was a difficult month for plaintiffs and potential plaintiffs with alleged Telephone Consumer Privacy Act and Florida Telephone Solicitation Act (“FTSA,” aka Florida’s “Mini-TCPA”) claims in Florida.
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Office of the Attorney General Issues Consumer Alert Warning Texans of Companies that May Appear to Be Government Agencies
The Office of the Attorney General (“OAG”) issues this consumer alert to help ensure that Texans are not deceived by companies appearing as though they may be government agencies.
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Pennsylvania reaches $11 million settlement with rent-to-own company
On May 15, the Pennsylvania attorney general announced a $11.4 million settlement with a rent-to-own lender and its subsidiaries accused of engaging in predatory practices targeting low-income borrowers and employing deceptive collection practices.
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RMAi
Monterey Plaza Hotel & Spa
Monterey , California
August 01 -
03 ,
2023 916 482 2462
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Debt Connection Symposium & Expo has returned for 2023! We are headed back to Las Vegas, September 27th - 29th to network and connect with clients, service providers, product suppliers, agencies, and attorneys - at a whole new level.
Red Rock Casino Resort & Spa - Las Vegas
September 27 -
29 ,
2023 mark@debtconnectionsymposium.com
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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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