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Reed, Colleagues Urge CFPB to Step Up to Protect Consumers from Scams Using AI
WASHINGTON, DC – Amid a reported uptick in new financial scams using artificial intelligence (AI) to trick victims, a group of leading U.S. Senators is urging a consumer watchdog to re-double efforts to keep people safe and crack down on offenders.
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Nevada enacts amendments regarding working from remote locations for Installment Loan Company licensees and collection of medical debt
Nevada’s Governor recently approved amendments to Nevada laws that concern the ability of employees of Installment Loan Company licensees to work from remote locations and the collection of medical debt. The amendments become effective on October 1, 2023.
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Nevada Significantly Amends Its Collection Agency Licensing Act
On June 16, Nevada Governor Joe Lombardo signed into law Senate Bill 276, which significantly amended Nevada Revised Statute 649, otherwise known as the Nevada Collection Agencies Licensing Act (the Act). The Act regulates the activities of “collection agencies,” or any person “engaging, directly or indirectly, and as a primary or a secondary object business or pursuit, in the collection of or in soliciting or obtaining in any manner the payment of a claim owed or due or asserted to be owed or due to another.”
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CFPB, U.S. Department of Health and Human Services, and U.S. Department of Treasury Launch Inquiry into Costly Credit Cards and Loans Pushed on Patients for Health Care Costs
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of Treasury (Treasury) launched an inquiry into high-cost specialty financial products, such as medical credit cards and installment loans, that are pushed on patients as a way to pay for routine medical care and which drive up health care costs and medical debt. Today’s request for information builds on CFPB research on medical payment products and medical billing and collections, in addition to other actions by the CFPB and Federal agencies to relieve the burden of medical debt and collections practices.
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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.
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CFPB issues 2022 Annual Fair Lending Report
In the report’s discussion of the CFPB’s risk-based approach for prioritizing fair lending supervisory and enforcement activity, the CFPB indicates that in 2022, much of its supervision efforts focused on mortgage origination and pricing, small business lending, policies and procedures regarding geographic and other exclusions in underwriting, and the use of automated systems and models.
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CFPB, FDIC, NCUA, OCC, and FRB Issue Proposed Guidance on Reconsiderations of Value of Residential Real Estate Transactions
Consistent with concerns surrounding bias in property valuations, on June 8, 2023, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (the “board”), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) issued proposed guidance on reconsiderations of value (ROV) for residential real estate valuations.
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Attorney General Bonta Endorses CFPB Policy Statement on Abusive Conduct in Consumer Financial Markets
OAKLAND – California Attorney General Rob Bonta today announced that he joined a multistate coalition in submitting a comment letter to the Consumer Financial Protection Bureau (CFPB), wholly endorsing its recently issued policy statement on abusive conduct in consumer financial markets.
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May Report Reveals a Big Monthly Jump in Consumer Litigation Filings
According to a recent report by WebRecon, the month of May saw a jump significant from the previous month in filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), and the Telephone Consumer Protection Act (TCPA). Complaints filed with the Consumer Financial Protection Bureau (CFPB), however, remained down.
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Nevada enacts amendments regarding working from remote locations for Installment Loan Company licensees and collection of medical debt
Nevada’s Governor recently approved amendments to Nevada laws that concern the ability of employees of Installment Loan Company licensees to work from remote locations and the collection of medical debt. The amendments become effective on October 1, 2023.
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SVB Financial Approved to Sell Investment Bank Back to Founder for $100 Million
(Bloomberg) -- SVB Financial Group, the bankrupt former owner of Silicon Valley Bank, won court permission to sell its investment banking arm for $100 million, four years after it paid $280 million for the unit.
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Subprime Auto Bondholders Face Possible First Hit in Decades
(Bloomberg) -- The collapse of two US auto dealers and a growing pile of delinquent car loans are threatening to deliver losses in a corner of Wall Street that, until now, has been a sea of calm: the asset-backed securities market.
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CFPB to distribute more than $3.5 million to consumers who were charged illegal fees to reduce or eliminate their federal student loans
This month, more than 7,100 people who were charged illegal advance fees by Timemark, Inc. to renegotiate, settle, reduce, or alter the terms of their federal student loans will receive a check in the mail.
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FTC and State of Florida Send More Than $540,000 to Consumers Who Lost Money to Robocall Scammers Selling Bogus Interest Rate Reduction Services
The Federal Trade Commission and the Florida Attorney General are sending refunds totaling more than $540,000 to consumers nationwide who were defrauded by Life Management Services of Orange County, LLC, and related companies who tricked them into paying for worthless credit card interest rate reduction and debt elimination programs. The average check amount is $117.
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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”).
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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.
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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%.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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,
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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.
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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.
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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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