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CFPB Exams Find Unfair, Deceptive, and Abusive Practices Across a Wide Array of Consumer Financial Product Lines
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report which found unfair, deceptive, and abusive acts or practices across many consumer financial products. For example, auto lenders have originated loan balances above the real value of the car being purchased and engaged in illegal collection practices while servicing these loans.
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Banks’ Cautious Approach to Generative AI Is More Internal Than Customer-Facing
Generative artificial intelligence (AI) has quickly become one of the most important topics of our time, and global banks are beginning to explore the possibilities of the technology so as not to miss out on the impact it is poised to have on the financial services sector.
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CFPB at the Supreme Court: Current and Former Members of Congress, States, Consumer Groups Weigh in on Case
Support has come down on both sides in the U.S. Supreme Court case centered on the Consumer Financial Protection Bureau’s funding and regulatory authority.
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Murphy. Braun Introduce Legislation to Protect Consumers from Medical Debt
WASHINGTON–U.S. Senators Chris Murphy (D-Conn.) and Mike Braun (R-Ind.), both members of the U.S. Senate Health, Education, Labor, and Pensions Committee, on Tuesday introduced legislation to strengthen consumer protections and improve transparency for medical debt practices.
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Prepared Remarks of Director Rohit Chopra for Community Table on White House Blueprint for a Renters Bill of Rights
Today’s renters increasingly must deal with large corporate property managers working for private equity funds, rather than local landlords living in the community. Corporate investor ownership has surged, climbing to more than 45 percent of rental units.
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Protecting the privacy of health information: A baker’s dozen takeaways from FTC cases
In the past few months, the FTC has announced case after case involving consumers’ sensitive health data, alleging violations of both Section 5 of the FTC Act and the FTC’s Health Breach Notification Rule.
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Navient Reaches $198 Million Bankrupt Student Debt Discharge Deal
Navient Corp. agreed to a nationwide settlement worth $198 million with private student loan borrowers who say their bills should have been discharged in bankruptcy.
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CFPB and States Launch Enforcement Action Related to Student Loans
On July 13, 2023, the CFPB and various state attorneys general, along with California’s Department of Financial Protection and Innovation, filed an adversary proceeding against a sales training company for deceptive marketing and debt collection practices relating to the company’s allegedly illegal student loan program.
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OCC Assesses $15 Million Civil Money Penalty Against American Express National Bank Related to Bank’s Governance and Oversight of Third-Party Affiliate
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $15 million civil money penalty against American Express National Bank (American Express) for failing to govern and oversee a third-party affiliate and for violations of regulations relating to certain efforts to retain small business customers.
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CA Foundation Alleviates Over $3.3 Million in Medical Debt for Minnesotans Through RIP Medical Debt
FERGUS FALLS, Minn. , July 25, 2023 /PRNewswire/ -- The CA Foundation (CAF) is excited to announce its recent donation to RIP Medical Debt, specifically targeting over $3.3 million in medical debt carried by Minnesotans. The state-specific donation allows RIP Medical Debt, a national non-profit, to pay off health care debt by purchasing past due accounts from collection agencies and medical providers.
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Why the Fed Underestimates the Pressures of the Paycheck-to-Paycheck Economy
Amber Carroll, senior vice president of membership and lifecycle strategy at LendingClub, told PYMNTS that the Federal Reserve’s long-quoted stat on financial well-being could use a freshening up.
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“Buy now, pay later” plans can rack up steep interest charges. Here’s what shoppers should know.
Although U.S. consumers have embraced "buy now, pay later" loans in part because of marketing claims that they offer zero-percent financing, shoppers should be on their guard. Some BNPL products charge exorbitant interest rates, along with heavy fees when you miss a payment, according to Consumer Reports.
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Attorney General Bonta Issues Warning Against Unlawful Employer-Driven Debt Arrangements
SACRAMENTO – California Attorney General Rob Bonta today issued a legal alert to remind all employers of the state-law restrictions on employer-driven debt. Employer-driven debt is a term referring to debt incurred by individuals through employment arrangements.
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New towing rules should explicitly ban compulsory loans, attorney general’s office says
Lawmakers pressed the chief executive of Colorado’s largest towing company Monday about the company’s alleged loan practices that might violate a 2022 law governing the industry.
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Recent Divergent Views on Third-Party Injunctions in Mass Tort Bankruptcies
A third-party injunction in a chapter 11 bankruptcy is generally used to protect a non-bankrupt entity from liability that is shared with, or derivative of, a bankrupt entity.
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CFPB reports on employer-driven debt
On July 20, the CFPB released an Issue Spotlight covering findings from an inquiry into worker experiences with employer-driven debt. In June 2022, the Bureau launched a formal inquiry on practices and financial products that may cause an employee to owe a debt to their employer.
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CFPB Sues Lease-To-Own Finance Company
The Consumer Financial Protection Bureau filed a lawsuit against a lease-to-own-finance company and several related companies (collectively, the "Company"), alleging that the Company violated various federal consumer financial protection laws in connection with the offering and provision of lease-to-own financing products.
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WEBRECON JUNE 2023 STATS: ANOTHER “DOWN” MONTH
Quick analysis: Another “Down” Month Alright, this is kind of funny. The numbers have been swinging pretty wildly this year so far, because I just looked over the headlines of each month’s blog post and this is what they say:
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Fed’s new instant payment system could be trouble for PayPal, Venmo
Yesterday, the US Federal Reserve officially launched FedNow, a new system rolled out to 35 early-adopting banks and credit unions for processing instant payments between financial institutions. The Fed's goal is to eventually connect more than 9,000 banks and credit unions nationwide, tossing out the old payments system and supporting faster payment processing between all US institutions.
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Black Knight’s First Look: Seriously Delinquent Mortgages Hit Lowest Level Since 2006; Prepayments Trended Seasonally Higher in June Despite Elevated Interest Rates
JACKSONVILLE, Fla., July 21, 2023 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at June 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
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9th Circuit partially reverses FDCPA dismissal
On July 14, the U.S. Court of Appeals for the Ninth Circuit partially affirmed and partially reversed a district court’s dismissal of an FDCPA suit.
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Industry Letter: Ensuring Auto Loan Borrowers Receive Pro-Rata Rebates for Cancelled Ancillary Products
The New York State Department of Financial Services (the “Department”) is focused on protecting consumers from unfair, deceptive, and abusive acts and practices in auto lending and loan servicing. The Department has identified that certain regulated auto lenders and auto loan servicers (“Institutions”) have improperly failed to credit certain rebates to consumers whose vehicles were repossessed or were a total loss.
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Junk fees, medical debt and artificial intelligence: CFPB chief lays out regulatory agenda
Rohit Chopra has lofty plans for the Consumer Financial Protection Bureau to tackle artificial intelligence threats, medical-debt reporting, exorbitant credit card fees and other so-called junk surcharges.
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This one’s for job-searching military spouses: Spot scams before you apply
Military spouses don’t always have the luxury of staying in the same job for years. Explaining gaps in your employment history and frequent relocation is hard enough — and scammers only make it worse. Spot job scams before you apply.Read on to learn how.
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Possible Changes Ahead for CFPB as It Celebrates 12th Anniversary
The Consumer Financial Protection Bureau celebrates its 12th anniversary July 21, ahead of a year that could bring significant change to its operations and funding, with a pending Supreme Court case and several reform bills in Congress on the docket.
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House Appropriations Committee Seeks Funding, Leadership Changes at the CFPB
The House Appropriations Committee’s annual financial services funding bill seeks to bring the Consumer Financial Protection Bureau into the congressional appropriations process and implement a bipartisan, five-member commission instead of a single director to lead the agency.
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RMAI Exposes YouTube Videos Inciting BBB and Other Complaints
July 20, 2023: RMAI recently acted in response to reports from many RMAI members that they have noticed an unexplained exponential rise in complaints filed with the Better Business Bureau (BBB) against their companies
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Delaware Could Become the 13th State to Enact a Comprehensive State Privacy Law
On June 30, 2023, the Delaware House of Representatives passed the Delaware Personal Data Privacy Act (H.B. 154) (the “DPDPA”), a day after the Delaware Senate passed the legislation.
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FCC Issues Warnings for Allowing Illegal Radio Broadcasts
The PIRATE Act Prohibits Landowners and Property Managers from Aiding Pirate Radio Operations
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Mortgage rates drop in response to easing inflation: Freddie Mac
Mortgage rates finally reacted to improving inflation by dropping, reversing several weeks of increases. Still, there was no relief from the low housing supply issue challenging homebuyers, according to Freddie Mac.
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Top US Consumer Watchdog Plots More Regulation for AI in Lending
(Bloomberg) -- The top US consumer financial watchdog is sharpening his focus on lenders’ use of artificial intelligence when making credit decisions, signaling that fresh restrictions loom for financial firms.
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Big Banks Targeted in CFPB Shift to High-Profile Enforcement
The pace of Consumer Financial Protection Bureau enforcement actions has been far slower than expected under Director Rohit Chopra as the agency focuses on big banks and repeat offenders.
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1 in 5 Student Loan Borrowers Face Monthly Payments of Over $500
When student loan payments resume in October, half of borrowers will have to start making payments of at least $200, according to a new study from TransUnion, a leading credit bureau.
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NCUA Board Approves Final Member Expulsion Rule
ALEXANDRIA, Va. (July 20, 2023) – The National Credit Union Administration Board held its seventh open meeting of 2023 and approved a final rule on member expulsion. The NCUA’s Chief Financial Officer also briefed the Board on the agency’s midsession budget, and the Board approved the reprogramming of surplus funds for priority and mission critical areas.
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TEACHERS FEDERAL CREDIT UNION DONATES $200,000 TO COHEN CHILDREN’S MEDICAL CENTER
QUEENS, N.Y., July 21, 2023 /PRNewswire/ -- Teachers Federal Credit Union, one of the largest credit unions in the United States with $9.5 billion assets and more than 460,000 members, proudly presented Cohen Children's Medical Center with a $200,000 donation. The funds will support the hospital's greatest needs, including life-saving medical equipment, clinical care, and research.
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Insure Against Data Breaches Suffered By Vendors and Service Providers
Over the last several years several companies, including Marriott, Yahoo and Volkswagen, have been victimized by hackers breaking into a company’s computer network.
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TransUnion Research Finds Resilient Consumers Not Skimping on Back-to-School Shopping
The vast majority (84%) of families plan to spend the same or more on back-to-school shopping in 2023 compared to last year, according to new research from TransUnion (NYSE: TRU). In general, households appear ready to absorb the impact of inflation rather than make cuts to spending.
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Analysis: Fintech lenders tighten lending standards, bolstering debt financing
July 19 (Reuters) - U.S. financial technology companies are tightening their lending standards, a move that has bolstered their access to debt financing from Wall Street investors, according to industry executives. During the COVID-19 pandemic, many fintechs began lending to borrowers with imperfect credit, but Wall Street investors were comfortable buying their asset-backed securities as government stimulus ensured consumers had the money to meet repayments.
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Federal Reserve announces that its new system for instant payments, the FedNow® Service, is now live
The Federal Reserve on Thursday announced that its new system for instant payments, the FedNow® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year.
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Consumer risks posed by employer-driven debt
After hearing from a number of consumer and worker organizations concerned about the potential impacts of employer-driven debts, the CFPB launched a formal inquiry in June 2022 seeking data about, and worker experiences with, employer-driven debt. The CFPB sought comments from employers, researchers, and workers or other individuals with knowledge or personal experiences pertaining to employer-driven debt to better understand risks to consumers.
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US consumer watchdog warns no more ‘rubber stamp’ for bank mergers
July 20 (Reuters) - U.S. lenders hoping for easy merger approvals in the wake of the March banking crisis should instead expect tough scrutiny from regulators worried about financial stability, the director of the Consumer Financial Protection Bureau (CFPB) told Reuters.
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OCC Enforcement Actions and Terminations
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.
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CFPB Report Shows Workers Face Risks from Employer-Driven Debt
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a report highlighting the risks employer-driven debt poses to workers. After a review of responses to the CFPB’s public inquiry, the analysis describes the growing prevalence of employer-driven debt and challenges workers and consumers face when they become indebted to an employer or an employer’s affiliate as a condition of employment.
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Biden administration announces $39 billion in student debt relief for 804,000 borrowers
The Biden administration has announced that it will provide $39 billion in total student debt relief for 804,000 borrowers, its latest step since President Biden’s student loan forgiveness plan was struck down by the Supreme Court.
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Twelve years of protecting consumers and honest businesses
Tomorrow marks the 12th anniversary of the Consumer Financial Protection Bureau (CFPB). Since 2011, the CFPB has been the voice of the consumer in financial regulation.
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Is it a legitimate investment opportunity or a scam?
When you hear about a can’t-miss investment opportunity your first reaction might be to jump right in. Don’t. But how do you tell the difference between a legitimate investment — and a scam?
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What’s ahead for Bank of America and its customers
Recently, the CFPB took action against Bank of America for breaking federal laws that apply to financial products, including bank accounts and credit cards. The bank is required to pay more than $100 million to customers who were harmed, plus a $90 million fine that goes to the CFPB victims relief fund and another $60 million penalty paid to the Office of the Comptroller of the Currency.
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CFPB Sues Snap Finance for Illegally Luring Americans into Expensive Financing and Bullying Borrowers Using False Threats
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today sued lease-to-own finance company Snap Finance for deceiving consumers, obscuring the terms of its financing agreements, and making false threats.
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RMAi
Monterey Plaza Hotel & Spa
Monterey , California
August 01 -
03 ,
2023 916 482 2462
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Receivables Management Association International
Chicago Cubs v. Colorado Rockies Baseball Game
Coors Field
Denver , CO
September 11 -
11 ,
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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Cherokee Media Group
Westin Kierlin Resort & Spa
Scottsdale , AZ
November 06 -
09 ,
2023 conferences@cherokeemediagroup.com
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