Many workers facing a layoff would accept a 25% pay cut to keep their jobs—but 97% of bosses don’t even ask. Even the researchers are stumped why

Companies almost never offer employees pay cuts in the lead-up to layoffs, despite a willingness of workers to accept even deep reductions in wages to avoid losing their jobs, a new study finds.

Credit card and car loan delinquencies pass pre-Covid levels as consumers get squeezed

New York CNN — More Americans are failing to make payments on their credit cards and auto loans, another sign of rising financial pressure on consumers. New credit card and auto loan delinquencies have now surpassed pre-Covid levels, according to a Wednesday report issued by Moody’s Investors Service. The rate of new credit card delinquencies hit 7.2% in the second quarter, up from 6.5% in the first quarter, according to the Moody’s report, which was based on household debt data published earlier this week by the New York Federal Reserve.

US mortgage delinquency rates fall to all-time low

Aug 10 (Reuters) - U.S. mortgage delinquency rates fell to a record low in the second quarter due to a strong job market and low interest rates prevailing on most home loans despite the big jump in mortgage rates over the last two years, a report on Thursday said.

Average consumer carries $5,947 in credit card debt — a 10-year high

As Americans increasingly lean on credit to make ends meet, new reports show signs of potential problems ahead. Total credit card debt surpassed $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday.

Payday loan changes take effect on January 1, 2024

Consumers have new protections involving debt collection and payday lending that affect thousands of Minnesotans. The new laws were passed in the 2023 Legislative Session and signed into law by Governor Tim Walz in May. The Minnesota Department of Commerce is implementing the laws.

IN THE WAKE OF RECENT BANK FAILURES, BROWN, COLLEAGUES URGE FEDERAL RESERVE TO OVERHAUL BIG BANK MERGER POLICY

WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing and Urban Affairs Committee, along with Senators Jack Reed (D-RI), Elizabeth Warren (D-MA), and John Fetterman (D-PA) sent a letter to Federal Reserve Chairman Jerome Powell and Vice Chair for Supervision Michael Barr, urging them to review and reconsider the Federal Reserve’s approach to big bank mergers, including the agency’s framework for evaluating a bank merger’s impact on financial stability.

Credit Union Trade Associations Urge CFPB to Stay Implementation of its Section 1071 Final Rule

On August 7, the National Association of Federally-Insured Credit Unions (NAFCU) and the Credit Union National Association (CUNA) sent a joint letter to the Consumer Financial Protection Bureau (CFPB or Bureau) urging it to stay enforcement and implementation of the small business data collection and reporting final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule) for all covered financial institutions until after the U.S. Supreme Court’s final decision in Community Financial Services Association (CFSA) v CFPB.

Seventh Circuit Throws FCC “Guidance” In Trashcan

When it comes to the Telephone Consumer Protection Act (TCPA), the Federal Communications Commission (FCC) often has a lot to say.

DFPI Continues Actions To Protect Investors from Crypto Scams

SACRAMENTO – The Commissioner of the California Department of Financial Protection and Innovation (DFPI) announced today that she has issued desist and refrain orders against three different entities for violations of California securities laws. Each of these entities allegedly offered and sold unqualified securities and made material misrepresentations and omissions to investors related to crypto asset investments.

What we’re hearing from consumers in New Mexico

This week, Consumer Financial Protection Bureau Director Rohit Chopra will visit Gallup and Albuquerque, New Mexico, to meet with elected officials, tribal leaders, community leaders, and consumer advocates to discuss issues New Mexicans are facing—particularly issues related to medical debt and junk fees.

Texans Credit Union Signs Agreement with McKinney Independent School District Athletics to be Exclusive Financial Institution

RICHARDSON, Texas and MCKINNEY, Texas, Aug. 9, 2023 /PRNewswire/ -- Texans Credit Union (Texans), a leading credit union in North Texas, and McKinney Independent School District (ISD) Athletics today announced its partnership naming Texans as its exclusive financial institution for five years. The signed agreement will run through December 31, 2028.

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.

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