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Why the Country’s Second Largest Credit Union Is Finally Going ‘All In’ on Digital
Consumers now have more options for getting loans, making deposits and transacting across digital channels. And they also have higher expectations based on the type of digital experiences they receive from their preferred brands, including travel, fitness, payment and social media.
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New York Department of Financial Services Proposes Heightened Standards for Character and Fitness of Executives
On May 9, New York State Department of Financial Services (DFS or the Department) Superintendent Adrienne A. Harris issued proposed guidance to clarify the DFS’s updated expectations regarding the review and assessment of the character and fitness of directors and senior officers (Proposed Guidance).1
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Senators, CFPB’s Chopra spar over proposed credit card fee limit
Consumer Financial Protection Bureau Director Rohit Chopra on Tuesday defended the agency’s proposal to lower credit card late fees against criticism from Republicans at a Senate Banking hearing.
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State Law Roundup: Licensing in Maryland, Data Privacy in Texas and More
New branch licensing requirements take effect in Maryland July 1, plus several more states enact data privacy laws, bringing the total to 10.
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CFPB announces consent order with third-party collector of medical debt
The CFPB announced at the end of last week that it had entered into a consent order with Phoenix Financial Services, LLC (Phoenix), a third-party debt collector that collects primarily past-due medical debts and furnishes information to consumer reporting agencies (CRAs), to settle alleged violations by Phoenix of the Fair Credit Reporting Act and its implementing Regulation V, the Fair Debt Collection Practices Act, and the Consumer Financial Protection Act.
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Acting Comptroller Issues Statement on Key Risks Facing Federal Banking System
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement on the publication of the Office of the Comptroller of the Currency’s (OCC) Semiannual Risk Perspective Spring 2023 report.
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Credit Unions Gear Up to Build Instant Payments Ecosystems as FedNow Looms
July 2023 will mark the second time in six years that a new real-time payments rail will go live in the United States. And with it comes a lot of uncertainty about whether the Federal Reserve will move as “fast” in adapting these rails to the use cases that matter for credit union members. But forward-thinking CUs can leverage members’ trust to forge new instant payments ecosystems.
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FCC Assesses Over $5M Forfeiture for Unlawful Robocalls
FCC assesses over $5M in fines against John M. Burkman, Jacob Alexander Wohl, and J.M. Burkman & Associates LLC for making 1,141 unlawful robocalls to wireless numbers.
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CFPB’s Latest Rulemaking Inquiry Focuses on Data Brokers and the FCRA
The Consumer Financial Protection Bureau is seeking public and market input on the activities of data brokers as part of plans to issue a rulemaking under the Fair Credit Reporting Act.
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CFPB aims to give ‘open banking’ rule teeth in 2024
The bureau’s chief, Rohit Chopra, laid out a timeline on a rule change meant to make it easier for consumers to break up with their banks.
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Carr: Biden Administration Must Immediately Rescind Burdensome Credit Reporting Rule for Small Businesses
ATLANTA, GA – Attorney General Chris Carr today wrote to the Biden administration’s Consumer Financial Protection Bureau (CFPB) to request it immediately rescind its final rule requiring financial institutions to unnecessarily collect and report data regarding applications for credit for small businesses.
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Is this “Good-Bye” to the Two Year Mandatory Minimum in Healthcare Fraud Cases?
On June 8, 2023, the Supreme Court issued a unanimous decision holding that the aggravated identity theft statute –and its mandatory minimum of two years – is not triggered merely because someone else’s identification facilitates or furthers the offense in some way.
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FTC Comment Request Signals Joint Enforcement With State AGs Will Continue Increasing
On June 7, the Federal Trade Commission (FTC) announced a request for information (RFI) to gain additional insight into how it can optimize joint enforcement with state attorneys general (state AGs) to protect consumers from fraud.
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Supreme Court Unanimously Reins in the Government’s Use of the Aggravated Identify Theft Statute
In an extremely consequential decision issued last week, the United States Supreme Court reined in what the Court termed the government’s “boundless interpretation” of the aggravated identity theft statute, 18 U.S.C. § 1028A. Section 1028A provides for a mandatory two-year prison sentence for “any person who, during and in relation to any predicate offense knowingly transfers, possesses, or uses, without lawful authority, a means of identification of another person.”
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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.
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Colorado Passes Legislation Seeking to Stop State-Chartered Banks from Preempting Colorado’s Usury Limit
As discussed here, in April 2023, Colorado introduced HB 1229 that proposed to limit certain charges on consumer loans and simultaneously opt Colorado out of sections 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA).
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Laying the foundation for open banking in the United States
New digital banking technologies have the power to expand and open market access for American consumers and emerging businesses. In a more competitive market, Americans will be able to earn higher rates on their savings, pay lower rates on their loans, and more efficiently manage their finances.
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If your bank texts you to warn you of a fraudulent charge, that’s likely a scammer, FTC warns
Nearly all of us have had gotten messages from our banks telling us that a recent transition looks suspiciously fraudulent. But it can be dangerous to respond to them, as scammers are increasingly using these messages to commit fraud.
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More Borrowers at Risk of Defaulting
More student loan borrowers are behind on their credit card bills and loans than before the pandemic, and they are paying more because of rising interest rates, a new report from the Consumer Financial Protection Bureau found.
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3 Keys to Understand the Cyber Security Skills Gap (and Deal with it)
You don’t have to go far to find cyber security professionals complaining about skills shortages, but the problem has several dimensions which have to be understood and mapped out, before we can start to figure out possible solutions.
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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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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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