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CFPB Exposes Illegal Practices in Consumer Financial Services: What to Know
On July 26, 2023, the Consumer Financial Protection Bureau (“CFPB”) published its periodic Supervisory Highlights, summer edition. These most recent Supervisory Highlights shed light on a range of unfair, deceptive, and abusive practices across various consumer financial products.
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Maine Moves to Transition Debt Collectors and Money Transmitters to NMLS
The Maine Department of Professional and Financial Regulations/Bureau of Consumer Credit Protection (the “Bureau”) recently announced the passage of new regulations for debt collectors, which includes debt buyers, and money transmitters to transition both license types to the Nationwide Multistate Licensing System (“NMLS”) later this year. Both rules became effective on June 25, 2023.
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Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, Regarding the Proposal to Strengthen the Resilience of America’s Largest Banks
Today, federal banking regulators are voting to propose a rule regarding the resilience of banks with $100 billion or more in assets. These very large firms are chartered by federal and state governments and enjoy the privilege of federal deposit insurance and other public subsidies.
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Is the CFPB Seeking to Expand the Definition of Credit and Its Regulatory Reach? The Bureau Sues Snap Finance and Asserts That Snap’s Transactions are “Credit” Under Federal Law
On July 19, the Consumer Financial Protection Bureau (CFPB) filed a complaint against Snap Finance LLC and its affiliates (Snap RTO LLC, Snap Second Look LLC, Snap U.S. Holdings LLC, Snap Finance Holdings LLC) (referred to herein as "Snap") in the US District Court, District of Utah, for alleged violations of the Consumer Financial Protection Act (CFPA), the Electronic Fund Transfer Act (EFTA), the Truth in Lending Act (TILA), and the Fair Credit Reporting Act (FCRA), as well as applicable implementing regulations, relating to personal property lease-purchase (aka "rent-to-own") transactions.
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Senate Passes FDCPA Amendment for Servicemembers Act in Defense Bill
An amendment to the National Defense Authorization Act (NDAA) to update the Fair Debt Collection for Servicemembers Act passed in the Senate by a vote of 95-2 this week.
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CFPB Supervisory Highlights Report Examines UDAAP Across Several Consumer Financial Products
“Today’s report furthers our efforts to highlight conduct that violates federal law, including the prohibition on abusive practices in consumer financial services,” said CFPB Director Rohit Chopra. “The CFPB is also inspecting more financial data brokers engaged in consumer reporting, as well as nonbank entities using authorities that previously went unused.”
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Tow companies can’t force you into a loan when releasing your car, Colorado attorney general says
Towing companies in Colorado can’t force customers to enter loan agreements in order to get their car released from an impound lot, according to the state Attorney General’s consumer protection division.
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Senate Approves Reverend Warnock’s Bipartisan Amendment to Protect Servicemembers from Debt Collector Harassment; Provision Now Included in Annual Defense Bill
Washington, D.C. — Today, the U.S. Senate approved a bipartisan amendment offered by U.S. Senator Reverend Raphael Warnock (D-GA) that will provide new financial protections for brave Georgians and Americans in uniform, and included Warnock’s amendment as a provision in the annual defense authorization bill currently being considered on the Senate floor.
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CFPB Probe Finds Abuse in Auto and Payday Loans
America’s consumer watchdog says it’s uncovered deception and abuse in several consumer financial products. The Consumer Financial Protection Bureau (CFPB) released a report Wednesday (July 26) that found illegal tactics at work in the auto lending, medical debt and payday loan sectors.
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OCC fines American Express $15 million for third-party noncompliance
WASHINGTON — The Office of the Comptroller of the Currency has hit American Express National Bank with a $15 million civil money penalty for violations related to its oversight of one of its third-party affiliates.
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Federal housing agencies strongly encourage landlords to provide tenants written notice of their rights
Today, the United States Department of Housing and Urban Development, the Federal Housing Finance Agency, and the United States Department of Agriculture are reminding landlords of their obligation to inform tenants and prospective tenants of their rights.
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New SEC rule requires public companies to disclose cybersecurity breaches in 4 days
WASHINGTON (AP) — The Securities and Exchange Commission adopted rules Wednesday to require public companies to disclose within four days all cybersecurity breaches that could affect their bottom lines. Delays will be permitted if immediate disclosure poses serious national security or public safety risks.
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Orlando Credit Union Awarded Community Impact Grant From Southeastern Credit Union Foundation
ORLANDO, Fla., July 26, 2023 (Newswire.com) - Orlando Credit Union has been awarded a Community Impact Grant from the Southeastern Credit Union Foundation.
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30-Year Mortgage Rates Rise for a Second Day
Rates on 30-year mortgages mildly rose for a second day Tuesday, nudging the flagship average higher into the lower-7% range where it's been bobbing around the past two weeks. Most other averages moved up as well, though rates on a few loan types declined, including an eighth of a point drop in the 10/6 ARM average.
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Financial struggles in Puerto Rico bite deeper than the rest of the United States
The CFPB works to ensure fair and equal access to financial products and services, especially among those who have been historically left out of full participation in the marketplace. This includes making a concerted effort to ensure that Puerto Rico and the territories are being analyzed and served just as other regions of the United States.
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Looking at credit scores only tells part of the story – cashflow data may tell another part
Most loan underwriting in the United States makes use of credit reporting data to evaluate repayment risk. Lenders frequently use third party credit scores, and many also develop their own proprietary models
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Student loan interest crisis? New bill could eliminate rates for many borrowers
Tens of millions of Americans who have student loan debt are slated to resume making payments in the fall. The interest that comes with that debt will kick in again, too.
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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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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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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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