11th Circuit Data Breach Decision Highlights Employer Obligations to Protect Employee Personal Identifiable Information From Third Parties

Earlier this month, the United States Court of Appeals for the Eleventh Circuit issued a decision restricting employers’ abilities to fight off putative class action claims regarding data breach and cyberattacks on employee personal identifying information (“PII”).

MDI Credit Unions’ Strong Performance Benefits Members and Communities

ALEXANDRIA, Va. (July 5, 2023) – Minority depository institution credit unions experienced growth in membership, assets, and loans in 2022, expanding access to financial services for their members and communities.

WEBRECON MAY 2023 STATS: EVERYTHING UP AGAIN

Quick analysis: After a slowdown in April, everything jumped up in May. How high? FDCPA was up +14.1%, FCRA was up +20% and TCPA was up a whopping 98.2%. YTD cases are still down in two out of three of those, with FDCPA down -28.5% and FCRA down -8.5% over 2022, while TCPA’s big month propelled it to a YTD gain of +17.6%.

More Details on U.S. Supreme Court’s Student Loan Forgiveness Decision

The 6-3 decision finds that states had standing to sue, and the debt relief plan did not have merits under federal law. A separate case was dismissed for lack of standing.

Many Apps Not Compliant With California Privacy Law, Group Says

Nearly half of products or apps used by families are not in compliance with new California privacy rules that will be enforced beginning July, according to a report released Wednesday by Common Sense Media, a nonprofit group that advocates for more safeguards for youth in the tech space.

Household Savings Collapse Sparks Recession Fears Among Economists

While Americans had built up savings at an unprecedented rate following the pandemic, households are struggling to put money away this year—a trend that has fueled fears among economists of an incoming recession.

CFPB’s Rule-Making Agenda Hints Summer May Get Heated for Big Tech

To that end, the Unified Agenda of Federal Regulatory and Deregulatory Actions, as published by the Office of Information and Regulatory Affairs, lays out what will be under consideration from June of this year to June 2024. That’s a long time-frame, to be sure, but it’s a roadmap of what we’ll see from the likes of the Consumer Financial Protection Bureau (CFPB).  

Michigan AG Warns Consumers About New Debt Collection Scam

Michigan Attorney General Dana Nessel issued a warning last week to residents regarding a new debt collection scam.

6th Circuit Holds One Ringless Voicemail Sufficient to Violate TCPA

The 6th Circuit Court of Appeals reversed a lower court decision and found that a single ringless voicemail (RVM) was enough to violate the TCPA.  

Split 9th Circuit: Nevada’s medical debt collection law is not preempted

The U.S. Court of Appeals for the Ninth Circuit recently issued a split decision upholding a Nevada medical debt collection law after concluding the statute was neither preempted by the FDCPA or the FCRA, nor a violation of the First Amendment.

Nevada expands collection agency licensing requirements

On June 16, the Nevada governor signed SB 276 (the “Act”) to revise certain provisions relating to debt collection agencies and make amendments to the state’s collection agency licensing law. While existing law requires collection agencies to be licensed, the amendments expand the type of activities that trigger collection agency licensure. Notably, the Act now requires any “debt buyer” to hold a license, which is defined as “a person who is regularly engaged in the business of purchasing claims that have been charged off for the purpose of collecting such claims, including, without limitation,

CFPB Hearing on Medical Billing and Collections

On Tuesday, July 11, 2023, the Consumer Financial Protection Bureau (CFPB) will host a hearing on medical billing and collections, with a focus on medical payment products, such as medical credit cards and installment loans.

FTC Public Comment Request Signals Continued Increase in State AGs Enforcement Efforts

On June 7, the Federal Trade Commission ("FTC" or "Commission") announced a request for public comments ("Request") regarding how it can enhance collaboration efforts with state attorneys general ("AGs") to more effectively prevent, publicize, and penalize fraudulent business practices—supporting an increasing trend in cooperative enforcement between the FTC and state AGs.

Analysis and Strategic Implications of Consumer Financial Protection Bureau v. Brown

The Consumer Financial Protection Bureau (CFPB) brought an action against 18 defendants under the Consumer Financial Protection Act (CFPA) and the Fair Debt Collection Practices Act (FDCPA) for engaging in or substantially assisting a fraudulent debt-collection scheme.

AG Nessel Alerts Residents about a New Debt Collection Scam

LANSING – Michigan Attorney General Dana Nessel is alerting Michigan residents about fraudulent letters directed to workers and businesses. The letters attempt to collect an outstanding debt and are part of a scam that fraudulently identify the sender as the State of Michigan.

VantageScore CreditGauge™ May 2023: Delinquency Rates Rise Year-Over-Year Across All Credit Products, Days Past Due Categories

SAN FRANCISCO, June 29, 2023 /PRNewswire/ -- Today, VantageScore released CreditGauge, a monthly analysis that highlights the overall health of consumer credit in the United States. May's CreditGauge shows that May 2023 delinquency rates continue to rise year-over-year across all credit products and Days Past Due (DPD) categories.

KEY FINDINGS:

Florida is next state to enact commercial financing disclosure requirements

On June 23, the Florida governor signed HB 1353 (the “Act”), creating the Florida Commercial Financing Disclosure Law and imposing several requirements on commercial financing providers and brokers. The Act defines a “provider” as “a person who consummates more than five commercial financing transactions with a business located in [Florida] in any calendar year.”

The CFPB’s 2022 Fair Lending Annual Report to Congress

Today, the CFPB released its Fair Lending Annual Report to Congress , describing our fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022.

Hoosiers lose $322 million to payday lenders

The predatory payday lending market in Indiana is expected to grow, according to a report from the Indiana Community Action Poverty Institute.

FFIEC Announces Availability of 2022 Data on Mortgage Lending

WASHINGTON, D.C. – The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies.

Analysis and Strategic Implications of Consumer Financial Protection Bureau v. Brown

The Consumer Financial Protection Bureau (CFPB) brought an action against 18 defendants under the Consumer Financial Protection Act (CFPA) and the Fair Debt Collection Practices Act (FDCPA) for engaging in or substantially assisting a fraudulent debt-collection scheme.

OpenAI sued over data collection practices

(CN) — OpenAI is the target of a proposed class action suit filed in federal court Wednesday, in which plaintiffs claim the ChatGPT-maker uses stolen, private information and has demonstrated a disregard for the “catastrophic risk to humanity” its products pose. 

Revised Licensing Law Passes in Nevada

Debt buyers are included in the definition of collection agency in the law and will be required to apply for a collection agency license, among other changes.

Two-Thirds of CUs Take Risky Approach to Digital Innovation

PYMNTS’ latest study finds that 28% of CU members are willing to ditch their current financial institution (FI) for one that offers more leading-edge digital banking experiences — and the share is growing. By disregarding the potential of innovation as a differentiator and member retention strategy, CUs risk their members leaving.

Nevada Passes Law Creating Licensing Requirements for Earned Wage Access Providers

On June 15, Nevada Governor Joe Lombardo signed SB 290 into law, which imposes licensing, reporting, examination, and other substantive requirements on providers of earned wage access (EWA) products.

Florida Enacts Commercial Financing Disclosure Law

On June 26, Florida Governor Ron DeSantis signed the Florida Commercial Financing Disclosure Law (FCFDL). As discussed here, the FCFDL mandates that covered commercial financing companies provide consumer-like disclosures for certain commercial financing transactions.

Office of Research blog: How are mortgages with a COVID-related forbearance performing in 2023?

In response to the COVID-19 pandemic, the federal government enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act, allowing millions of mortgage borrowers in the United States to enter public or private forbearance programs and temporarily pause their mortgage payments.

RMAi 2023 Executive Summit

RMAi

Debt Connection Symposium & Expo 2023 – DCS2023

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.

CA Credit Union Collectors Council – 36th Annual Conference

CCUCC