CFPB Files Opening Brief in its Appeal of District Court Ruling that ECOA Applies Only to Applicants

On June 14, 2020, the Consumer Financial Protection Bureau (CFPB) filed its opening brief in its appeal of a U.S. district court’s decision in the CFPB’s enforcement action against Townstone Mortgage (Townstone).

Dealers have cars and prices are stabilizing, but people still can’t buy a car. Here’s why

More cars are finally available and prices are leveling off, but buyers now face borrowing challenges that could keep them from getting a new ride. The Federal Reserve said the rejection rate for auto loans in June rose to 14.2% from 9.1% in February, the last time the survey was taken

Fed watchdog warns AI, machine learning may perpetuate bias in lending 

The Federal Reserve’s top watchdog warned Tuesday artificial intelligence and machine learning could bolster bias in lending practices.

2022 Minnesota Statutes

(a) The commissioner shall develop and maintain a document that includes the contact information for nonprofit organizations domiciled in Minnesota that provide credit counseling services to debtors. Credit counseling services include but are not limited to (1) helping debtors understand their rights and responsibilities, and (2) working with debtors, creditors, and collection agencies to satisfy debts. Contact information for organizations that provide credit counseling services in languages other than English to individuals whose primary language is other than English must be included.

Prehired Faces Legal Action Over Deceptive Student Lending Practices

Prehired, an education company offering a 12-week online training program, is facing legal action from the Consumer Financial Protection Bureau and several state attorneys general for deceptive marketing and unfair debt collection practices, according a recent complaint by the bureau. 

CFPB’s Annual Fair Lending Report Highlights Robust Oversight of Traditional and Innovative Lending Practices

On June 29, 2023, the Consumer Financial Protection Bureau issued its annual fair lending report to Congress, confirming that although there was relatively little public fair lending enforcement in 2022, the CFPB and other financial regulatory agencies are engaged in significant nonpublic oversight, examination, and enforcement activities, in addition to ongoing rulemaking initiatives.

FTC, Law Enforcers Nationwide Announce Enforcement Sweep to Stem the Tide of Illegal Telemarketing Calls to U.S. Consumers

The Federal Trade Commission and more than 100 federal and state law enforcement partners nationwide, including the attorneys general from all 50 states and the District of Columbia, announced a new crackdown on illegal telemarketing calls involving more than 180 actions targeting operations responsible for billions of calls to U.S. consumers.

Texas Enacts Comprehensive Consumer Data Privacy Law

Texas recently enacted a comprehensive consumer state data privacy law, the Texas Data Privacy and Security Act (the Act), following multiple other states.

AG Miyares shows support for lawsuit challenging CFPB

Attorney General Jason Miyares is signing on in support of a lawsuit challenging the constitutionality of the Consumer Financial Protection Bureau. The lawsuit calls into question the funding model, which finances regulation of industries with money that comes from the industries that are regulated.

Data and Better Loan Terms Help Credit Unions Win Millennial Business

As inflation remains stubbornly in place and credit gets ever more expensive, credit unions may have a secret weapon. Scott Young, managing VP of Emerging Services at PSCU, told PYMNTS that credit unions (CUs) stand to benefit from their lending operations, appealing to critical demographics, at the right time, with the right offers.

Furthering the Vision of the Fair Housing Act

Thank you for the invitation to join you in commemorating 55 years since the Fair Housing Act became law.¹ Along with the Voting Rights Act, the Fair Housing Act was an essential step in making good on the promise of the Civil Rights Act, and of the vision of Dr. Martin Luther King, to build a fair and equal society.

CFPB, states sue company over deceptive student lending and collection

On July 13, the CFPB joined state attorneys general from Washington, Oregon, Delaware, Minnesota, Illinois, Wisconsin, Massachusetts, North Carolina, South Carolina, and Virginia in taking action against an education firm accused of engaging in deceptive marketing and unfair debt collection practices.

Oral Arguments Set for Supreme Court’s CFPB Case

The U.S. Supreme Court has announced its arguments (PDF) for the fall term, including the case that brings the Consumer Financial Protection Bureau’s constitutionality to the court for the second time in recent years.

A staggering 51% of parents now worry they’ll have to ‘put off retirement’ after co-signing their kids’ college loans — how this ‘helpful’ decision can mess up your own financial future

The cost of getting a college education in the U.S. has been trending upwards for the last two decades. But once you factor in record-setting inflation and a spike in the cost of living, what was once a stretch for many middle-class Americans has now become a breaking point.

New Student Loan Relief Plans Surface from Congress and Department of Education

Legislation on student loan repayment and higher education policy is surfacing on Capitol Hill as student loan interest and payments are set to resume this fall for borrowers.

CFPB, Maine say loan purpose determines whether TILA applies

On July 12, the CFPB and the State of Maine filed an amicus brief in the Maine Supreme Judicial Court arguing that determining whether a loan is covered by TILA requires an assessment of the borrower’s primary purpose in entering into the transaction. 

Joint Statement by Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission

WASHINGTON, D.C. – Today, Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission, announced the start of an informal dialogue between the CFPB and the European Commission on a range of critical financial consumer protection issues.

The best way to protect your information from scammers? Recognize a phishing scam

Scammers know how valuable your personal and financial information is — and they’ll do or say almost anything to get it. What can you do to keep it safe?

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.

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.

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.

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.

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.

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.

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.

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… .”

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.

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.

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.

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.

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.

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.

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.

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.

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. 

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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RMAi 2023 Executive Summit

RMAi

RMAi Fall Networking & Baseball Event

Receivables Management Association International

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