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CFPB Takes Action Against Phoenix Financial Services for Illegal Medical Debt Collection and Credit Reporting Practices
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action against medical debt collector Phoenix Financial Services (Phoenix) for numerous debt collection and credit reporting violations. In at least thousands of cases, Phoenix continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt. Today’s order requires Phoenix to pay redress to affected consumers, and pay a $1.675 million penalty to the CFPB’s victims relief fund.
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Americans Owe Nearly $1 Trillion in Credit Card Debt. Here’s How to Get Yours Under Control
Americans are carrying roughly $988 billion in credit card debt, according to the Federal Reserve, the highest amount ever.
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New York Legislature and Enforcement Agencies Remain Active on the Data Privacy and Security Fronts
At the start of 2023, the New York State legislature introduced several privacy-related bills. One of those bills, S365, appears to be gaining momentum. It was reported and committed to the Internet and Technology Committee on April 25, was amended on May 18, and was further amended and recommitted to the Finance Committee on June 4.
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Semi-Annual Report of the Consumer Financial Protection Bureau
The Bureau of Consumer Financial Protection is pleased to present our Semi-Annual Report to Congress for the period beginning April 1, 2022 and ending September 30, 2022.
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DFPI Reports Continuing Success in Implementation of California Consumer Financial Protection Law
SACRAMENTO – The Department of Financial Protection and Innovation (DFPI) announced today it has made significant progress growing its reach and impact in key areas affecting California consumers, two years into implementing one of the most expansive consumer financial protection laws in the nation.
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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.
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Credit Union Lending, Assets, Insured Shares Continue to Grow
ALEXANDRIA, Va. (June 8, 2023) – According to the latest financial performance data released today by the National Credit Union Administration, total loans outstanding in federally insured credit unions increased $229 billion, or 17.6 percent, over the year ending in the first quarter of 2023, to $1.53 trillion.
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Agencies Propose Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations
(June 8, 2023) – Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions. The proposed guidance advises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal. ROVs are requests from a financial institution to an appraiser or other preparer of a valuation report to reassess the value of residential real estate.
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Attorney General Bonta Issues Statement on FCC’s Cease-And-Desist Order Against Telecommunications Company Allegedly Responsible for Billions of Illegal Robocalls
OAKLAND – California Attorney General Rob Bonta today issued the following statement in response to the Federal Communications Commission (FCC) issuing a cease-and-desist order against Avid Telecom.
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Auto lenders don’t plan to loosen up before end of 2023, survey shows
Peter Muriungi, CEO of Chase Auto, said at the summit Chase had adjusted to rising delinquencies primarily by getting tougher on borrower collateral. He said the bank was not as worried about the number of borrowers missing payments, but “collateral’s a bit concerning.”
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We are extending the deadline for comments about data brokers
On March 15, 2023, the CFPB launched a public inquiry into the data broker industry and the collection and sale of consumer information. To help ensure that the public has ample opportunity to share information, we are extending the deadline for comments until July 15, 2023.
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Office of Research blog: Update on student loan borrowers as payment suspension set to expire
The pause on federal student loan interest, payments, and collections is now scheduled to end 60 days after June 30th, which means borrowers will have to start making payments soon. In April 2022, we provided an overview of the credit health of student loan borrowers during the first two years of the payment pause.
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The CFPB has entered the chat
Answering customers’ questions, and helping them resolve problems, is the bedrock of relationship banking. Many financial institutions are automating these interactions through chatbots.
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New FTC Data Analysis Shows Bank Impersonation is Most-Reported Text Message Scam
A new analysis from the Federal Trade Commission shows that bogus bank fraud warnings were the most common form of text message scam reported to the agency, and that many of the most common text scams impersonate well-known businesses.
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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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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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