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132 Members of Congress Say CFPB Funding Structure Unconstitutional
The group filed an amicus curiae brief to the Supreme Court in support of upholding a lower court’s decision that the CFPB’s funding structure is unconstitutional, and that the agency’s funding should be subject to congressional appropriation, the House Financial Services Committee (HFSC) said in a Tuesday (July 11)
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Ninth Circuit Finds Article III Standing Under The TCPA For Owner Of Registered Phone With Third-Party User
Takeaways: On June 30, 2023, in Kristen Hall v. Smosh Dot Com, Inc., DBA Smosh, et al., No. 22-16216 (9th Cir. June 30, 2023), the Ninth Circuit reversed the district court’s dismissal for lack of Article III standing of a class action under the Telephone Consumer Protection Act (the “TCPA”) and remanded the claim for further proceedings.
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California Joins Multi-State $12.4 Million Settlement withBroker-Dealer Raymond James
SACRAMENTO — The California Department of Financial Protection and Innovation (DFPI) announced today it has joined a multi-state settlement with Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. (collectively, Raymond James). The firms will pay at least $8.2 million in refunds to clients and $4.2 million in penalties and costs to the states for failing to ensure reasonable commission charges on equity transactions, harming main street investors.
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FTC Issues Warning To Consumers About Scammers Impersonating FTC Staff
The Federal Trade Commission has issued a new blog post warning consumers about scammers who are impersonating FTC staff members.
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Nevada enacts amendments allowing collection agency employees to work from remote locations
The Nevada Legislature recently passed Senate Bill 276 (“SB 276”), which permits employees of Collection Agencies to work from remote locations and exempts certain entities from qualifying as a “Collection Agency.” The provisions of SB 276 relevant to Collection Agencies will become effective on October 1, 2023.
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AG Platkin and the Division of Consumer Affairs Announce $502,000 Settlement with Freedom Mortgage Corp.
NEWARK – Attorney General Matthew J. Platkin and the Division of Consumer Affairs today announced that a nationwide mortgage provider formerly based in New Jersey has agreed to a $502,000 settlement to resolve allegations that it violated the state’s consumer protection laws in the sale and servicing of mortgages throughout the State and beyond.
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CFPB Takes Action Against Bank of America for Illegally Charging Junk Fees, Withholding Credit Card Rewards, and Opening Fake Accounts
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization.
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Judge Denies Debt Collection Law Firm’s Request for Summary Judgment in Fees Lawsuit
A South Dakota federal judge partially awarded summary judgment to Citibank against a debt collection law firm’s claims that it was owed for work the firm did for the bank.
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CFPB launches medical-debt inquiry with HHS and Treasury
On July 7, the CFPB, Department of Health and Human Services, and the Treasury Department announced they are looking into high-cost specialty financial products such as medical credit cards and installment loans used by patients to pay for health care.
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CFPB issues guidance on small business data collection
On June 28, the CFPB released additional guidance to help financial institutions comply with the agency’s small-business lending data collection rule. The small business lending rule, which implements Section 1071 of the Dodd-Frank Act, requires financial institutions to collect and provide to the Bureau data on lending to small businesses with gross revenue under $5 million in their previous fiscal year.
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Today’s best mortgage savings? 10-year terms at 6.125% | July 11, 2023
Based on data compiled by Credible, mortgage rates for home purchases have risen for two key terms, while two others have remained unchanged since yesterday.
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FTC Issues Warning To Consumers About Scammers Impersonating FTC Staff
The Federal Trade Commission has issued a new blog post warning consumers about scammers who are impersonating FTC staff members. The post highlights a number of key lies that scammers tell when they’re pretending to work for the FTC, including that consumers have won a contest and must pay to collect their prize or owe money to the agency. The post also notes that scammers have used the names of real FTC employees when they reach out to consumers.
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Prepared Remarks of Director Rohit Chopra for the CFPB Hearing on Medical Billing and Collections
Today, we are talking about an issue that impacts over 100 million Americans – medical debt. As many of you know, the practices used to bill and collect for medical services have tremendous consequences for American consumers. Medical bills are a major financial pain point for Americans, and the fear of cost can be enough to stop some families from even seeking care.
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OCC Assesses $60 Million Civil Money Penalty Against Bank of America Related to Bank’s Overdraft Program
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $60 million civil money penalty against Bank of America, N.A., for violations of law relating to its practice of assessing multiple overdraft and insufficient funds fees against customers for a single transaction.
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Chairwoman Proposes Rules to Protect Consumers’ Cell Phone Accounts
FCC Privacy Task Force Announces Chairwoman Rosenworcel's Proposed Rules to Protect Consumers' Cell Phone Accounts
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CFSA files brief urging SCOTUS to affirm Fifth Circuit ruling that CFPB’s funding is unconstitutional
Community Financial Services Association of America (CFSA) has filed its brief with the U.S. Supreme Court in which it asks the Court to affirm the Fifth Circuit panel decision in CFSA v. CFPB.
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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).
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Veterans: You don’t have to pay for help filing for your benefits
Scammers often pretend to help, but they’re just following the money. And now that veterans and servicemembers exposed to toxic substances get expanded benefits and health care through the PACT Act, dishonest businesses and scammers are trying to get a cut.
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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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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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Mortgage rate soars to 7.22% after strong economic data
The average rate on the popular 30-year fixed mortgage hit 7.22% on Thursday, according to Mortgage News Daily. That’s the highest point since early November.
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Millennials Face Record $4 Trillion Debt Crisis — They’re Struggling to Build Wealth, Homeownership And Retirement Savings
A Wall Street Journal analysis of Federal Reserve data reveals a concerning financial situation for people ages 30 to 39, which constitute the majority of the millennial generation.
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Federal student loan repayment is about to change in a big way. What borrowers need to know
When federal student loan borrowers resume their payments in the fall, they’ll find another repayment option available to them. The U.S. Department of Education said borrowers can enroll in “the most affordable repayment plan ever created” later this summer, and before the over three-year-long pause on federal student loan payments concludes.
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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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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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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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