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Attorney General Ellison sues for-profit educational provider for illegal student lending practices
July 13, 2023 (SAINT PAUL) — Minnesota Attorney General Keith Ellison announced today that he has filed an enforcement action against for-profit educational provider Prehired for deceptive marketing and lending practices.
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FCC Seeks Comments on Call Blocking Notifications
The Federal Communications Commission is moving forward with a proposed rule that would implement call blocking notification requirements for voice service providers, among other items.
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Biden-Harris Administration to Provide 804,000 Borrowers with $39 Billion in Automatic Loan Forgiveness as a Result of Fixes to Income Driven Repayment Plans
The Department of Education (Department) today will begin notifying more than 804,000 borrowers that they have a total of $39 billion in Federal student loans that will be automatically discharged in the coming weeks.
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CFPB Amicus Brief Emphasizes Strength of Truth In Lending Act Anti-Evasion Precedent
The Consumer Financial Protection Bureau ("CFPB") yesterday filed an amicus brief in Franklin Savings Bank v. Bordick, a case before the Supreme Court of Maine.
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State Partners and CFPB Sue Prehired For Illegal Student Lending Practices
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) joined with several state attorneys general and a state regulator to take action against Prehired for deceptive marketing and debt collection practices.
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Connecticut Passes Significant Amendments to the Connecticut Data Privacy Act
On June 6, 2023, the Connecticut legislature passed Substitute Senate Bill No. 3 (SB3), which significantly amends the Connecticut Data Privacy Act (CTDPA), thereby broadening its reach. While the CTDPA took effect on July 1, 2023, the amendments do not yet apply.
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Foreclosure Activity In First Half Of 2023 Ticks Upwards Toward Pre-Covid Levels
IRVINE, Calif. — July 13, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its Midyear 2023 U.S. Foreclosure Market Report, which shows there were a total of 185,580 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2023.
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Eleventh Circuit Calls Out CFPB’s Conduct
In an unusually blunt decision, the 11th Circuit Court of Appeals affirmed a district court’s decision to dismiss various claims brought by the Consumer Financial Protection Bureau (CFPB) for “violating the district court’s clear orders and derailing multiple depositions… .”
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OpenAI’s ChatGPT Bot Probed by FTC Over Consumer Harms
(Bloomberg) -- The US Federal Trade Commission has opened an investigation into OpenAI Inc., questioning whether its popular ChatGPT conversational AI bot puts consumers’ reputations and data at risk, according to a person familiar with the matter.
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During Military Consumer Month, Attorney General Bonta Issues Consumer Alert to Protect California’s Military Community From Common Scams and Fraud
LOS ANGELES – In recognition of Military Consumer Month — which is observed every July — Attorney General Rob Bonta today issued a consumer alert to help protect California service members, veterans, and their family members from targeted common scams and fraud. California is home to the largest population of active duty service members and reservists, and veterans in the nation.
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CFPB, jointly with Dept. of Health and Human Services and Dept. of Treasury, issues request for information regarding medical payment products
In advance of a hearing scheduled for today on medical billing and collections in which the focus will be medical payment products such as medical credit cards and installment loans, the CFPB, jointly with the U.S. Department of Health and Human Services (HHS) and U.S. Department of Treasury (Treasury), has issued a request for information (RFI) regarding medical payment products.
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Ninth Circuit Rules in Favor of Consumer’s Standing in TCPA Case
The U.S. Court of Appeals for the 9th Circuit reversed a district court’s dismissal for lack of Article III standing regarding a consumer’s Telephone Consumer Protection Act claim against digital content creators.
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CFPB Warns of Privacy Risks Arising from Automated Workplace Surveillance Technology
On June 20, the CFPB published a blog discussing its response to public concerns about workers’ privacy and the risks associated with automated workplace surveillance technology. Automated workplace surveillance technology are used by many employers according to the CFPB.
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Some NY hospitals nixed medical debt lawsuits. Others sued 1,600 patients for $9M
A group of 17 hospitals and health systems sued about 1,600 New Yorkers to collect medical debts totaling about $9 million since early 2022, despite efforts seeking to end the controversial practice, the USA TODAY Network found.
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US BANKS SET TO RECORD BIG JUMP IN LOAN LOSSES
US banks are preparing for a significant hike in losses on loans – with the six biggest banks reportedly keeping aside $7.6 billion for loans they estimate will not be recovered.
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Office of Research blog: Initial Fresh Start program changes followed by increased credit scores for affected student loan borrowers
n April 2022, the Department of Education announced Fresh Start , a one-time program to help an estimated 7.5 million borrowers with defaulted federal student loans avoid the negative effects of default and gain access to benefits, such as additional federal student aid, eligibility for new government loans, and a temporary end to involuntary collection activity.
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Crypto platform Celsius feels the heat from FTC lawsuit alleging unfair and deceptive practices
When it comes to law enforcement action against unlawful conduct in the cryptocurrency marketplace, the temperature is rising, according to a proposed FTC settlement with crypto platform Celsius Network and a pending complaint against its former corporate officers.
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Ensuring consumers receive critical lending protections
Today, the Consumer Financial Protection Bureau (CFPB) joined the State of Maine to help ensure that consumers receive critical consumer protections when taking out loans. Maine law incorporates the federal Truth in Lending Act. That law provides crucial consumer protections, including requiring lenders to provide precise information about the amount of a loan, its interest rate and other costs, and when it must be repaid. Why the consumer borrowed the money – not the label that the company sticks on the loan – determines whether the loan is covered by the law.
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FinCEN Provides Key Updates on Rulemaking Agenda Timeline
Without much fanfare, the Financial Crimes Enforcement Network (FinCEN) published in June its Spring 2023 Rulemaking Agenda, which provides proposed timelines for upcoming key rulemakings projected throughout the rest of 2023.
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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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Privacy regulation and fintech lending
When designing privacy protection regulation, regulators face a challenging trade-off. On one hand, individuals are reluctant to share their personal data due to concerns about potential abuse or misuse. To protect consumers' privacy, regulators may consider limiting or even prohibiting the collection of personal data. On the other hand, data play a vital role for data-intensive firms like fintechs, which rely heavily on personal information to screen and price borrowers. Privacy regulation could thus potentially hinder the growth of fintechs and weaken competition in the financial sector.
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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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US Consumer Watchdog Puts Card Issuers on Notice After BofA ‘Junk Fee’ Settlement
The top US consumer watchdog will closely monitor whether credit-card issuers follow through on their marketing promises of sign-up bonuses and other perks following Tuesday’s $250 million enforcement action against Bank of America Corp.
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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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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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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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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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