Federal Judge Blocks CFPB Small Business Lending Rule

A Consumer Financial Protection Bureau rule on small business lending data is on hold for a group of banks after they secured an injunction in court.

TBA files suit to block CFPB’s Sec. 1071 Final Rule

The Texas Bankers Association (TBA), America’s largest state-based banking trade group, today filed suit against the Consumer Financial Protection Bureau (CFPB) to block the agency’s implementation of its Final Rule of the Dodd-Frank Act’s Section 1071.

SBA to Debut Changes to Boost Small Business Access to Credit

Sweeping changes to the federal program for small business lending will begin taking effect Tuesday (Aug. 1)

Washington Becomes Latest State to Decide Bankruptcy Impact on Debt Collection Statute of Limitations

In April, we discussed how Colorado’s state supreme court issued its highly anticipated decision confirming a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt. Now, Washington’s high court has rendered its decisions on the topic, joining the handful of states to address this trending issue.

Veterans: File your PACT Act claim by August 9 to be eligible for backdated benefits

You may have heard of the PACT Act, which expands VA benefits and health care for veterans and servicemembers exposed to toxic substances while serving. And while there’s no deadline to apply for these benefits, veterans and their families will get the most out of those benefits if they file a PACT Act claim by August 9. Here’s what to know.

California agency probes automakers data privacy practices

WASHINGTON (Reuters) -A California state agency on Monday said it is reviewing the privacy practices of automakers and vehicle technology companies amid concerns about the growing volume of data collected by cars.

Cities with the most homes in foreclosure

 According to data released last week, the worst effects of the housing crisis are beginning to wind down. RealtyTrac’s latest report shows the number of foreclosures in the U.S. in April is down 13 percent to 188,780 from 219,258 a year ago.

Federal court halts CFPB small business lending rule for some

Monday, a federal court in Texas delayed implementation of the CFPB’s small business lending data reporting rule for the bankers’ associations that filed a lawsuit challenging the rule until the Supreme Court rules on the constitutionality of the bureau’s funding structure. The Supreme Court is scheduled to hear arguments for the case Oct.  3.

CFPB Summer 2023 Supervisory Highlights looks at auto origination and servicing, consumer reporting, debt collection, deposits, mortgage origination and servicing, payday and small dollar lending, remittances

The CFPB has released the Summer 2023 edition of Supervisory Highlights.  The report discusses the Bureau’s examinations in the areas of auto origination and servicing, consumer reporting, debt collection, deposits, mortgage origination and servicing, and payday and small dollar lending, that were completed from July 1, 2022 to March 31, 2023. 

VantageScore CreditGauge™ June 2023: U.S. Consumers Used Credit More Cautiously as Delinquency Rates Rose and Stayed Elevated from a Year Ago

SAN FRANCISCO, July 28, 2023 /PRNewswire/ -- Today, VantageScore released CreditGauge, a monthly analysis highlighting the overall health of U.S. consumer credit. The average VantageScore credit score declined less than one point but remained at 702.

11th Circuit changes course, says one text message sufficient for TCPA standing

On July 24, the full U.S. Court of Appeals for the Eleventh Circuit unanimously held that a plaintiff who receives a single, unwanted text message has standing to sue the sender of the message under the TCPA.

California Attorney General Announces CCPA ‘Investigative Sweep’ of Employers

On July 14, 2023, the California attorney general (AG) announced a surprising “investigative sweep” into employer compliance with the California Consumer Privacy Act of 2018 (CCPA) and its implementing regulations, sending a stark message that the focus of CCPA compliance is not limited to tech companies.

Oregon Enacts Comprehensive Consumer Privacy Statute

On July 18, 2023, Oregon’s Governor signed Senate Bill 619 which enacts Oregon’s comprehensive consumer data privacy statute. Oregon joins California, Colorado, Connecticut, Indiana, Iowa, Montana, Tennessee, Texas, Utah, and Virginia in enacting a comprehensive consumer privacy law.

CFPB report describes reverse mortgage issue in LO comp section

The Consumer Financial Protection Bureau (CFPB) this week released the latest edition of its “Supervisory Highlights” report, in which the Bureau calls out different kinds of loan originator compensation (LO comp) for different mortgage product types, including reverse mortgages.

99-year-old trucking company Yellow shuts down, putting 30,000 out of work

NEW YORK -- Yellow Corp., a 99-year-old trucking company that was once a dominant player in its field, halted operations Sunday and will layoff all 30,000 of its workers.

Consumer Alert: Watch Out for Artificial Intelligence Scams

Artificial Intelligence (AI) has been all over the news as we all grapple with how it will impact our lives. Some forms of AI might make some tasks easier, but as with any new technology, scammers will try to use it to deceive people. Scammers are already at it; they’re using AI to mimic the voice of a loved one who claims to be in a distressing situation, tricking their victims into sending money or personal information.

Biden-Harris Administration Approves $130 Million Group Discharge for 7,400 Borrowers from Colorado Locations of CollegeAmerica

The Biden-Harris Administration today announced it will deliver $130 million in automatic relief to 7,400 students who enrolled at Colorado-based locations of CollegeAmerica between Jan. 1, 2006, and July 1, 2020. The U.S. Department of Education (Department) found that CollegeAmerica’s parent company, the Center for Excellence in Higher Education (CEHE), made widespread misrepresentations about the salaries and employment rates of its graduates, the programs it offered, and the terms of a private loan product it offered.

Maryland Enacts Bill Changing Branch Licensing Requirements

The Governor of Maryland recently signed House Bill 686 into law which removes the requirement for collection agencies and certain non-depository financial institutions to separately license branch locations and alters certain other licensing-related requirements, such as those addressing surety bonds and annual assessments.

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.

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.

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.

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.

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.

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.”

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. 

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. 

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.

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.

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.

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.

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.

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.

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.

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

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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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

Used Car Week 2023

Cherokee Media Group