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Loans At 225% Interest? New Colorado Law Disallows Them But They’re Common
State usury laws protect consumers from predatory nonbank lenders and their stratospheric interest rates"or do they? Not always. The payday lenders and other nonbank credit firms that are specifically targeted by these laws have found a tricky workaround.
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Supreme Court Narrows Scope of Aggravated Identity Theft Law in Healthcare Fraud Case
The healthcare industry is one of the most heavily regulated industries in the United States. Healthcare companies and practitioners devote significant resources to complying with the complex and often changing legal and regulatory schemes imposed on them.
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Consumer Finance State Roundup – June 2023
During this current legislative session, the following three states have enacted measures of potential interest to Consumer Finance ABstract readers:
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FDIC Clarifying Supervisory Approach Regarding Supervisory Guidance on Multiple Re-Presentment NSF Fees
The FDIC has updated its Supervisory Guidance on Multiple Re-Presentment NSF Fees (FIL-40-2022) to clarify its supervisory approach for corrective action when a violation of law is identified.
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Oregon Joins the Consumer Privacy Trend
Add Oregon to the list of states passing consumer privacy laws this year. On June 22, 2023, the Oregon House of Representatives passed SB 619, the proposed Oregon Consumer Privacy Act (OCPA), following the Senate’s passage on June 20. Assuming Governor Tina Kotek signs the bill into law, as is expected, the OCPA is set to become effective on July 1, 2024.
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2 in 5 Americans find credit card debt embarrassing: Report
Two in five Americans believe credit card debt is embarrassing, according to a report by NerdWallet. Yahoo Finance Live breaks down the report and the percentage of people hiding their credit debt from their parents.
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This Week At The Ninth: Medical Debt Collection
The Court rejects a request for a preliminary injunction barring enforcement of a Nevada law requiring debt collectors to give 60-days notice before taking any action to collect a medical debt.
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Federal regulators want to know what Big Tech is doing with your financial data
The U.S. government wants major technology companies to explain how they're using customers' financial data, laying the groundwork for tighter privacy rules on mobile payment systems down the road.
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CFPB opposes Texas bankers’ request to delay small biz lending rule
The CFPB recently asked a district court in the 5th Circuit to deny a proposed injunction which would delay the implementation of its small-business lending data collection rule, arguing that plaintiffs have failed to establish standing or meet the requirements for preliminary relief.
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Oregon Legislature Passes Consumer Data Privacy Bill
On June 22, 2023, the Oregon legislature passed the Oregon Consumer Privacy Act (OCPA) (SB 619). Subject to the procedural formalities, the bill will move to Oregon Governor Tina Kotek for consideration.
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Eleventh Circuit Reprimands CFPB for Discovery Abuses During Rule 30(b)(6) Depositions
On June 12, 2023, an Eleventh Circuit panel issued an opinion affirming a sanctions order against the Consumer Financial Protection Bureau (CFPB) premised on the CFPB’s “derail[ment]” of multiple depositions in contravention of the district court’s instructions.
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Protecting consumers’ right to challenge discrimination
The Consumer Financial Protection Bureau (CFPB) is committed to ensuring fair, equitable, and nondiscriminatory access to credit for individuals and communities. The CFPB administers and enforces federal laws such as the Equal Credit Opportunity Act, a landmark civil rights law that protects people against discrimination in all aspects of credit transactions.
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CFPB Takes Action Against ACI Worldwide for Illegally Processing $2.3 Billion in Mortgage Payments that Homeowners Did Not Authorize
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an order against ACI Worldwide and one of its subsidiaries, ACI Payments, for improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions.
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Oregon Department of Transportation Confirms Data Breach Leaking the Personal Information of 3.5 Million Oregon Residents
MARLTON, N.J., June 23, 2023 /PRNewswire/ -- The sensitive personal data of approximately 3.5 million people has been compromised as a result of a zero-day vulnerability in a software tool created by Progress Software, LLC. Now, residents' full names, addresses and other personal information may be in the hands of criminals who can use the stolen information to commit identity theft and other frauds.
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FCC Call Authentication Rules Take Effect in August
The Federal Communications Commission has announced an Aug. 21 effective date for final rules on illegal robocall mitigation and to expand requirements for voice service providers to implement the STIR/SHAKEN call authentication framework.
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Senators Urge State AGs to Protect Consumers From Cash Homebuying Companies
On June 13, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra provided the CFPB’s semiannual report to Congress, which included concerns about predatory house-flipping practices by companies like HomeVestors.
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CFPB Publishes Issue Spotlight on Chatbots in Consumer Finance
The CFPB recently published an Issue Spotlight regarding the use of chatbots in consumer finance, explaining that the purpose of the report is to explain how chatbot technologies are used by financial institutions and the challenges faced by customers.
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Attorney General Bonta Supports FTC’s Effort to Facilitate Cancellation of Unwanted Consumer Subscriptions and Memberships
OAKLAND – As part of a coalition of 26 attorneys general, California Attorney General Rob Bonta today announced that he has filed a comment letter supporting the Federal Trade Commission's (FTC) proposed improvements to its existing Negative Option Rule. “Negative option offers” are a business tactic of interpreting a consumer’s silence — or failure to take affirmative action — as acceptance of an offer, often in the form of a recurring, unwanted subscription that is difficult or impossible to cancel.
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Accepting applications for CFPB advisory committees
To ensure that the CFPB hears from a variety of external experts with diverse viewpoints, we established the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council. These advisory committees provide the CFPB with information about emerging trends and practices in the consumer financial marketplace. They also allow us to hear directly from small financial institutions.
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Texas Joins the Consumer Privacy Parade
Texas became the tenth state to enact comprehensive consumer privacy legislation (and the fifth state to do so in 2023). This alert discusses certain key features of the Texas Data Privacy and Security Act, including a high-level summary of the requirements for businesses that are subject to the law.
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CFPB’s Office of Servicemember Affairs Issues Annual Report Highlighting Complaints Related to Payment App Fraud
On June 20, the Consumer Financial Protection Bureau’s (CFPB or Bureau) Office of Servicemember Affairs published its Annual Report analyzing complaints submitted by servicemembers, veterans, and their families in 2022.
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Ninth Circuit affirms district court’s denial of preliminary injunction to block enforcement of Nevada medical debt collection law
The U.S. Court of Appeals for the Ninth Circuit, in a 2-1 decision, recently affirmed the district court’s decision denying the plaintiffs’ motion for a temporary restraining order and preliminary injunction to block enforcement of Nevada Senate Bill 248 (S.B. 248).
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NCUA Board Approves Proposal on MDI Preservation Program
ALEXANDRIA, Va. (June 22, 2023) – The National Credit Union Administration Board held its sixth open meeting of 2023 and approved a proposal about the agency’s minority depository institution preservation program and a notice and request for comment on the NCUA operating fee schedule methodology. The NCUA Board also was briefed on efforts to modernize the chartering process for federal credit unions.
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‘Do not text’: New TN law that takes effect July 1 aims to end unwanted texts
NASHVILLE, Tenn. (WKRN) — In the modern age, text messages have become a new way for telemarketers to try to get around laws banning them from reaching out to people with unsolicited sales pitches.
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NCLA Asks Supreme Court to Reverse Second Circuit, Hold CFPB’s Funding Method Unconstitutional
Washington, D.C., June 22, 2023 (GLOBE NEWSWIRE) -- The Consumer Financial Protection Bureau (CFPB) is an outlier agency, and the U.S. Supreme Court should overturn its illegitimate funding method, the New Civil Liberties Alliance argues in a petition for a writ of certiorari filed in the case of Law Offices of Crystal Moroney v. CFPB. In October, the U.S. Court of Appeals for the Fifth Circuit decided in Community Financial Services Assoc. of America, Ltd. v. CFPB that the agency’s funding structure violates the Appropriations Clause of the U.S. Constitution.
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Jaw-Dropping Stats About the State of Debt in America
Most Americans have some credit card debt. A recent GOBankingRates survey found that 30% of Americans have between $1,001 and $5,000 in credit card debt, 15% have $5,001 or more in credit card debt and about 6% have more than $10,000 in credit card debt.
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SchoolsFirst Federal Credit Union Celebrates a Year of Giving to Children’s Miracle Network Hospitals
TUSTIN, CA / ACCESSWIRE / June 22, 2023 / SchoolsFirst Federal Credit Union, the largest credit union serving school employees and their families, today announced that it donated and raised $345,122 in 2022 to support Children's Miracle Network Hospitals (CMNH), including UC Davis Children's Hospital, Children's Health of Orange County (CHOC), Children's Hospital Los Angeles and Rady Children's Hospital - San Diego.
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New York lawmakers OK bill removing medical debt from credit reports
ALBANY, N.Y. (AP) — Hospitals and other health care providers in New York would be banned from reporting medical debt to credit agencies under a bill passed this week by the state's legislature — a measure intended to limit the damage that illness and injury can do to someone's financial health.
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Attorney General Bonta Applauds Department of Education’s Strongest-Ever Proposed Gainful Employment Rule
OAKLAND — California Attorney General Rob Bonta today led a coalition of 21 attorneys general in submitting a comment letter to the U.S. Department of Education, applauding its strongest-ever proposed Gainful Employment Rule. Originally issued by the Obama Administration in 2012, the Gainful Employment Rule aims to protect students by, among other things, establishing expectations that graduates of for-profit colleges and of career-training programs at nonprofit colleges earn enough money to meaningfully pay back their federal student loans.
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FTC Files Amicus Brief in CFPB Action Opposing Efforts to Weaken Equal Credit Opportunity Act
The Federal Trade Commission filed a friend-of-the-court (amicus) brief in the U.S. Court of Appeals for the Seventh Circuit challenging a district court ruling that invalidated a key anti-discrimination rule in the Equal Credit Opportunity Act (ECOA).
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FTC Staff Files Comment on U.S. Department of Education’s Proposed Regulations to Protect Postsecondary Education Students
The staff of the Federal Trade Commission’s Bureau of Consumer Protection filed a comment today with the U.S. Department of Educationregarding the U.S. Department of Education’s proposed regulations to protect postsecondary students in the education marketplace.
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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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