Remarks of CFPB Director Rohit Chopra at White House Roundtable on Protecting Americans from Harmful Data Broker Practices

The United States has a long history of recognizing the sanctity of protecting against unwanted intrusions into our homes and our lives. The Fourth Amendment protects against unreasonable search and seizures. State Peeping Tom laws prohibit looking into private places in person or through the use of devices. And there’s many more examples of how our country has sought to create boundaries.

Appellate Spotlight: Seventh Circuit Confirms Dismissal of FDCPA Case on Article III Standing Grounds

n a case defended by Hinshaw partner David Schultz, the Court of Appeals for the Seventh Circuit recently upheld the dismissal of a Fair Debt Collection Practices Act (FDCPA) lawsuit, affirming that confusion leading one to hire an attorney and pay an appearance fee does not establish Article III standing. The decision was given extensive coverage by legal and accounts receivable trade publications.

Texas federal court grants credit union motion for leave to intervene in lawsuit challenging CFPB final small business lending rule; new lawsuit challenging rule filed in Kentucky federal court

A Texas credit union and two credit union trade associations have been granted leave to intervene in the lawsuit challenging the CFPB’s final small business lending rule (Rule) that is pending in a Texas federal district court.

FCU Act update needed to modernize fields of membership

It’s time to update the Federal Credit Union Act and allow credit unions to broaden their fields of membership to promote financial inclusion, CUNA Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak wrote to members of Congress Tuesday.

Cost of a data breach 2023: Healthcare industry impacts

Data breaches are becoming more costly across all industries, with healthcare in the lead. The 2023 Cost of a Data Breach Report analyzes data collected from March 2022 to March 2023.

ACA Joins Comments on Proposal for Publicly Traded Company Compliance Audits

On behalf of its members that are publicly traded companies, ACA International has signed on to comments (PDF) led by the U.S. Chamber of Commerce on proposed amendments to audit standards used for those companies related to noncompliance with laws and regulations.

FTC Sending Refunds to Consumers who Invested in Deceptive Sanctuary Belize Real Estate Development Scheme Operated by Repeat Offender Andris Pukke

The Federal Trade Commission is sending refunds totaling approximately $10 million to consumers nationwide who bought deceptively marketed overseas real estate lots in what the sellers pitched as Sanctuary Belize, a supposed luxury development being built in southern, coastal Belize. 

Credit Card Debt, Auto Loan Delinquencies Pose Problems for Consumer Lending

Credit card debt and auto loan delinquency growth could threaten banks and become a potential weak spot in consumer lending if economic conditions worsen, according to a report by the Federal Deposit Insurance Corporation.

CFPB Reports Troubling Trends in Auto Loan Servicing

On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued a new Supervisory Highlights report (Report) that sheds light on the CFPB’s observations and findings of unfair, deceptive, and abusive practices in auto loan servicing, among other consumer financial products.

Ninth Circuit Affirms Dismissal of TCPA Case Involving Text Messages Holding “Prerecorded Voice Messages” Require Audible Component

On August 8, a unanimous panel of the Ninth Circuit issued a decision affirming a district court’s partial dismissal judgment entered in Trim v. Reward Zone USA LLC, holding that text messages did not use prerecorded voices under the Telephone Consumer Protection Act (TCPA) because they did not include audible components.

CFPB files reply brief supporting its constitutional structure

On August 3, the CFPB filed a Reply Brief in support of its request to overturn the Fifth Circuit’s decision in Community Financial Services Association of America v. Consumer Financial Protection Bureau, in which the 5th Circuit found that the CFPB’s funding structure violated the Constitution’s Appropriations Clause (covered by InfoBytes here, here, and here, and in a firm article here).

NCUA Monitoring and Assisting Credit Unions Affected by Wildfires in Maui

ALEXANDRIA, Va. (Aug. 14, 2023) – As Lahaina, Hawaii, works to recover from the destruction caused by wildfires, the National Credit Union Administration is monitoring the situation closely and has resources available to help credit unions affected.

FTC Charges Experian with Spamming Consumers Who Signed Up for Company Accounts with Marketing Emails They Couldn’t Opt Out Of

The Federal Trade Commission will require Experian Consumer Services, which offers consumers access to their Experian credit information, to pay $650,000 to settle charges it sent consumers unsolicited email without offering them a way to opt out of such messages, as required under the CAN-SPAM Act.

One-Third of Credit Union Members Would Leave for Better Credit Products

Consumers in the United States rely less on their primary financial institution (FI) for major credit products than they used to. Many are shopping around for better deals on rates and terms and for a larger variety of products, resulting in increased competition from non-bank and non-credit union financial entities such as FinTechs.

Credit Control, LLC: Winner – Best Places to Work in Collections

Ranked #1 by Our Employees for the Fourth Year in a Row

St. Louis, MO August 14^th – Credit Control, LLC (“Credit Control”) is proud to announce for the fourth year in a row, our employees have ranked us as winners in the Best Places to Work in Collections program. This is the company’s fourth time participating and the fourth time being recognized as program winners including back-to-back #1 overall rankings in the large company category in 2021 and 2022.

When sending commercial email, businesses can’t unsubscribe from CAN-SPAM compliance

Just because consumers sign up for a membership or subscription doesn’t mean they sign up to get unwanted marketing email. A proposed $650,000 settlement with Experian Consumer Services just filed on the FTC’s behalf by the Department of Justice reminds businesses that they can’t “unsubscribe” from their legal obligations under the CAN-SPAM Act.

Cyber Incident Notification Requirements

Beginning on September 1, 2023, all federally insured credit unions must notify the NCUA as soon as possible, and no later than 72 hours, after the credit union reasonably believes it has experienced a reportable cyber incident or received a notification from a third party regarding a reportable cyber incident.

ACA and Trade Groups Suggest Ways FCC Can Prevent Legitimate Calls From Being Blocked

In comments on the Federal Communications Commission’s ongoing proposed rulemakings to stop illegal robocalls, ACA International and joint industry trade groups in banking, mortgages and student loans stress changes that need to be made to ensure legitimate and important calls to consumers are getting through.

FDIC Publishes 2023 Risk Review

The 2023 Risk Review provides a comprehensive summary of key developments and risks in the U.S. banking system, as in prior reports, and includes a new section focused on crypto-asset risk.

Trends in reverse mortgage direct mail advertising

Many older adults value homeownership, with nearly 80 percent owning their home,¹ and nine out of ten  wanting to remain in their homes for as long as possible. Home equity is often an older adult’s largest asset², and one that has grown in recent years as home prices soared across the United States.

California Privacy Protection Agency Turns its Attention to Connected Vehicles

On July 31, 2023, the California Privacy Protection Agency’s (“CPPA” or the “Agency”) Enforcement Division announced a review into the data privacy practices of connected vehicle (“CV”) manufacturers and related CV technologies.[1] This marks the CPPA's inaugural public announcement regarding its enforcement priorities.

Credit Union of Denver Awarded Number 1 in State of Colorado

DENVER, COLORADO, UNITED STATES, August 11, 2023/EINPresswire.com/ -- Credit Union of Denver is proud to announce we have been awarded first place as Best-In-State Credit Union in Colorado for 2023!

CFPB Report Details UDAAP Violations Uncovered During Recent Supervisory Examinations

On July 26, 2023, the CFPB released its Summer 2023 Supervisory Highlights, which focuses on alleged unfair, deceptive, and abusive acts or practices (UDAAP) violations found in recent supervisory examinations.  The report also detailed violations caused by insufficient technology controls.

Do you use payment apps like Venmo, CashApp, or Zelle? Read this

Ever send money through an app like Venmo, CashApp, or Zelle? They make it easy to send money fast to friends or family. But what happens when it’s a scammer on the other end?

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.

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). 

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. 

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