Texas community bank and community bank trade groups seek leave to intervene in lawsuit challenging CFPB small business lending rule

Texas First Bank (Texas First), Independent Bankers Association of Texas (IBAT), and Independent Community Bankers of America (ICBA) (collectively, Proposed Intervenors) have filed an unopposed motion seeking leave from the court to intervene in the lawsuit challenging the CFPB’s final small business lending rule (Rule). 

Americans’ credit card debt hits a record $1 trillion

Minneapolis CNN— Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York.

Mortgage demand drops again after FHA loan interest rate hits 21-year high

Mortgage interest rates soared across the board last week, with the rate on the government’s low down payment option increasing to the highest level in 21 years. That hit mortgage demand hard, with total application volume dropping 3.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

5th Circuit blocks new rules aiming to expand student debt relief for defrauded borrowers

The U.S. Court of Appeals for the 5th Circuit on Monday blocked new rules implemented by the Department of Education that aimed to make it easier for defrauded borrowers to get access to student debt relief. 

US Consumer Credit Rises, Driven by Surge in Non-Revolving Debt

Total credit rose $17.8 billion on the heels of the smallest monthly increase since 2020 in the prior period, Federal Reserve data showed Monday.

Attorney General Bonta Supports Federal Legislation Protecting Veterans from Financial Exploitation

OAKLAND – Joining a bipartisan coalition of 44 attorneys general, California Attorney General Rob Bonta today sent a letter to Congress expressing his support for bipartisan federal legislation that aims to protect veterans from financial exploitation. 

KeyPoint Credit Union Wins Dora Maxwell Award

SAN JOSE, Calif., Aug. 8, 2023 /PRNewswire/ -- KeyPoint Credit Union has been named the winner of the Dora Maxwell Award for Social Responsibility at the state level (for CA-based credit unions at least $1 billion in assets).

SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures

Washington D.C., Aug. 8, 2023 —

The Securities and Exchange Commission today announced charges against 10 firms in their capacity as broker-dealers and one dually registered broker-dealer and investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders.

TopLine Financial Credit Union Receives National Recognition for Adult Financial Education Efforts

MAPLE GROVE, Minn., Aug. 09, 2023 (GLOBE NEWSWIRE) -- TopLine Financial Credit Union, a Twin Cities-based member-owned financial services cooperative, was honored with a national award from the Credit Union Financial Education Network (CUFEN) in the adult education category for the number of adults reached through personal financial education efforts.

Attorney General Phil Weiser secures debt relief for 7,400 CollegeAmerica students

July 25, 2023 (DENVER)—Colorado Attorney General Phil Weiser applauded today’s announcement that the U.S. Department of Education will deliver $130 million in automatic loan forgiveness for 7,400 students who attended Colorado-based locations of CollegeAmerica between January 1, 2006, and July 1, 2020.

Judge puts US, New York predatory lending lawsuit against Credit Acceptance on hold

NEW YORK (Reuters) - A federal judge on Monday put on hold a predatory lending lawsuit against Credit Acceptance Corp by the U.S. Consumer Financial Protection Bureau and New York Attorney General Letitia James, over objections from both regulators.

Lawsuit: Biden Administration Not Authorized to Offer Student Loan Debt Relief Plan

The Biden administration’s latest student debt relief plan is facing a legal challenge on the grounds it does not fall under the requirement that Congress is designated to decide what debt can be cancelled, The Hill reports.

CFPB files reply brief with SCOTUS in case challenging constitutionality of CFPB’s funding

The CFPB has filed its reply brief with the U.S. Supreme Court in Community Financial Services Association of America Ltd. v. CFPB.  In the case, CFSA has asked the Supreme Court to affirm the Fifth Circuit panel’s decision which held that the CFPB’s funding mechanism violates the Appropriations Clause of the U.S. Constitution.

Latest CFPB Supervisory Highlights Detail UDAAPs Across Range of Areas

On July 26, the CFPB released its Summer 2023 Supervisory Highlights reporting unfair, deceptive, and abusive acts or practices (UDAAPs) across a number of consumer financial products, including auto origination, auto servicing, consumer reporting, debt collection, deposits, fair lending, information technology, mortgage origination, mortgage servicing, payday and small dollar lending, and remittances, in violation of the CFPA.

Mortgage Interest Rates for Aug. 7, 2023: Rates Increase

A handful of principal mortgage rates moved up over the last seven days. The average 15-year fixed and 30-year fixed mortgage rates both grew. We also saw a rise in the average rate of 5/1 adjustable-rate mortgages.

Top 10 U.S. States Posting Mid-Year Declines in Foreclosure Filings

According to ATTOM’s recently released Mid-Year 2023 U.S. Foreclosure Market Report, ATTOM CEO Rob Barber noted, “Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023.

Payment processor fined $75k, partner owes $243M in CFPB suit

On July 31, the District Court for the Central District of California entered judgment in favor of the court-appointed receiver for defendants against the non-party provider of payment processing and escrow services to defendants and its managing member in the amount of $75,000, following a July 10 order requiring defendant to pay $243 million in redress and civil penalties.

Americans owe a record $1 trillion in credit card debt

Credit card debt hit $1 trillion for the first time on record, according to new data, a troubling development as interest rates and delinquencies also rise.

Tenth Circuit Affirms Summary Judgment in Favor of Defendant in FDCPA Case on the Basis of Claim Preclusion

On August 1, the U.S. Court of Appeals for the Tenth Circuit upheld a trial court’s order granting summary judgment in favor of a debt buyer holding that claim preclusion barred the plaintiff’s claims brought under the Fair Debt Collections Practices Act (FDCPA) and Utah’s Unfair Claims Settlement Practices Act (UCSPA).

Asked to wire money? Cut the cord

If someone asked you to mail them $200 in cash, would you do it? Probably not. Wiring money is just like sending cash in the mail. Once it’s gone, you probably won’t get it back — which explains why scammers tell you to pay that way.

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.

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