Judge grants MSJ in class action over disputed debt investigation

On July 28, the U.S. District Court for the Southern District of Alabama granted summary judgment in favor of a defendant third-party debt collector in an FCRA and FDCPA putative class action, holding that the defendant carried out a reasonable investigation following plaintiff’s dispute of the debt it had reported to credit reporting agencies (CRAs) and that the plaintiff failed to establish that the defendant knew or should have known that the debt was inaccurate or invalid.

State AGs and Consumer Protection: What We Learned from . . . Colorado

We continue our State AG webinar series traveling farther west past the Great Plains to the Rocky Mountains in Colorado. Last week, we spoke with Colorado Attorney General Phil Weiser and Deputy Attorney General for Consumer Protection, Nathan Blake, and covered a wide range of topics from the office’s structure, to the Colorado Privacy Act, to artificial intelligence (AI), and teen mental health. We recap highlights of what we learned below.

About 1.7 million Oregon Health Plan members affected by data breach

In a year that has already seen a host of large breaches of private health data, the Oregon Health Authority is urging customers to take action following another significant incident.

Phony bank accounts resurface at Wells Fargo, with a twist

As a longtime forensic accountant who helps consumer lawyers investigate big financial institutions, Jay Patterson has made a point to do business with a smallish local bank in his hometown of Little Rock, Arkansas.

Latest CFPB Supervisory Highlights Identify Novel Violations Across Host of Financial Products and Services

On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued its Summer 2023 Supervisory Highlights describing key findings and violations identified during examinations conducted between July 2022 and March 2023.

FIRST HORIZON NAMED ONE OF THE WORLD’S BEST BANKS BY FORBES MAGAZINE

MEMPHIS, Tenn., Aug. 2, 2023 /PRNewswire/ -- First Horizon Corp. (NYSE: FHN or "First Horizon") has been recognized by Forbes Magazine in recent publications on their best bank rankings, World's Best Banks of 2023 and America's Best Banks. 

Recent Developments in Section 1071: CFPB Issues Frequently Asked Questions for Section 1071 Small Business Lending Rule, and Court Issues Limited Injunction

Over the last several weeks, there have been two significant developments involving Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection.

Credit union to buy Seattle’s First Sound Bank

Lakewood, Washington-based Harborstone Credit Union has agreed to buy Seattle-based First Sound Bank in a deal expected to close by the first quarter of 2024, according to a press release Tuesday.

From the Web: Auto Loan Rejection Rates Soar Amid Borrowing Challenges

Car buyers are finally witnessing an improvement in the availability of cars and a leveling off of prices, according to a recent article from USA Today. However, they now face significant borrowing challenges that may hinder their plans to get a new ride.

Banks Tighten Lending Standards As Demand Wanes

Consumers and businesses may find it more difficult to get loans as banks tightened their lending standards terms over the last three months, according to the Federal Reserve’s recently issued July 2023 Senior Loan Officer Opinion Survey (SLOOS).

ARM Industry Claims Down Again in June

WebRecon’s latest report shows litigation increased across the board in June in Fair Debt Collection Practices Act, Telephone Consumer Protection Act and Fair Credit Reporting Act claims after a ramp up in May.

CFPB Sues USASF Servicing for Illegally Disabling Vehicles and for Improper Double-Billing Practices

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against auto-loan servicer USASF Servicing (USASF) for a host of illegal practices that harmed individuals with auto loans.

Piedmont Advantage Credit Union issues a consumer alert on debit card surcharges

WINSTON-SALEM, N.C., Aug. 3, 2023 /PRNewswire/ -- Piedmont Advantage Credit Union (PACU) cautions businesses that process debit card payments as credit card transactions to not surcharge their customers as federal law prohibits this practice.

Texas federal district court issues limited preliminary injunction enjoining CFPB from implementing and enforcing small business lending rule

The Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) has issued an order that preliminarily enjoins the CFPB from implementing and enforcing the Rule “pending the Supreme Court’s reversal of [Community Financial Services Association of America Ltd. v. CFPB], a trial on the merits of this action, or until further order of this Court.” 

Eleventh Circuit Overturns Salcedo, Holding that One Text is Sufficient for TCPA Standing

In a unanimous en banc decision, the Eleventh Circuit recently held that “a single unwanted, illegal telemarketing text message” is sufficient to allege a concrete injury under the TCPA. Drazen v Pinto, No. 21-10199, 2023 WL 4699939 (11th Cir. July 24, 2023) (en banc).

Job scammers go even lower in the way they “hire”

You’ve heard about scammers impersonating government agencies, global retailers, and even members of your family. The latest variation on the scheme targets business professionals, luring them in with what appear to be attractive job offers from well-known companies.

NAFCU, CUNA agree to merge

Jim Nussle, CUNA’s CEO, will serve as top executive of the new organization, America’s Credit Unions, which will start operating by early 2025, according to a statement Tuesday.

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.

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.

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Capital Debt Solutions, LLC

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$164,000 Medical

Paire Financial, LLC

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$699,000 Medical

Paire Financial, LLC

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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