Rise of AI-Powered Deepfake Imposter Scams Threatens Individuals and Banks

Deepfake technology, powered by artificial intelligence (AI), is reportedly becoming a favored tool for criminals engaged in imposter scams, posing a significant threat to individuals and the banking industry.

Supreme Court Denies Request from AGs to Join Oral Arguments in CFPB Funding Structure Case

A request from Republican state attorneys general to participate in oral arguments for the U.S. Supreme Court’s case on the Consumer Financial Protection Bureau’s funding structure was denied by the court this week.

Generation Z sees biggest increase in credit card debt, Gen X has highest balance: Report

Generation Z is racking up more credit card debt than previous generations, while Generation X holds the highest average of credit card debt, according to recent data from Credit Karma.

Homeowner Files Cert Petition Over Whether an HOA Assessment Qualifies as a “Credit Transaction” under the FCRA

The U.S. Supreme Court has been asked to decide whether a homeowner association (HOA) assessment constitutes a “credit transaction” under the Fair Credit Reporting Act (FCRA), which would open up an inquiry to the fundamental scope of one of the FCRA’s most important permissible purposes.

FTC Announces Claims Process for Consumers Whose Credit Reports Were Misused by Home Security Firm Vivint

The Federal Trade Commission is sending notices to more than 9,000 people that they may be eligible for compensation stemming from the Commission’s settlement with home security company Vivint Smart Home, Inc. over charges that the company misused credit reports to help customers to obtain financing.

FDIC to Propose New Regulations for Midsize Lenders Next Week

The plans to be released by the Federal Deposit Insurance Corp. on Aug. 29 are the latest response by Washington officials to the failure of three regional banks earlier this year. The FDIC said it will also unveil a plan to make lenders of that size bolster their hypothetical wind down plans.

Ninth Circuit “Voices” Its Rejection of Plaintiff’s Attempt to Expand TCPA

The Ninth Circuit recently rejected the argument that a text message qualifies as an “artificial or prerecorded voice” under the TCPA.  See Trim v. Reward Zone USA LLC, 2023 WL 5025264, 2023 U.S. App. LEXIS 20445 (9th Cir. Aug. 8, 2023).

Citadel Credit Union Commits to Donating $1 Million to Children’s Hospital of Philadelphia With Renewal of Parkway Run & Walk Sponsorship

EXTON, Pa., Aug. 23, 2023 /PRNewswire/ -- Citadel Credit Union has announced it will renew its longstanding, award-winning partnership with Children's Hospital of Philadelphia (CHOP) by signing on as presenting sponsor of the CHOP Parkway Run & Walk through 2027. Through this sponsorship, Citadel has committed to donating at least $1 million over four years to support breakthrough pediatric cancer research at the Cancer Center at CHOP.

CFPB Sues Installment Lending Conglomerate for Illegally Churning Loans to Harvest Hundreds of Millions in Loan Costs and Fees

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) sued Heights Finance Holding Company, formerly known as Southern Management Corporation, a high-cost installment lender, as well as several of Heights’s subsidiaries (collectively, Southern), for illegal loan-churning practices that harvested hundreds of millions in loan costs and fees.

7th Circuit affirms dismissal of FDCPA case

On August 11, the U.S. Court of Appeals for the Seventh Circuit affirmed a lower court’s decision to grant defendants’ motion to dismiss, ruling that the plaintiff lacked standing. Plaintiff defaulted on a credit card debt that was purchased by one of the defendants and hired another defendant to collect said debt.

Permanent Injunction and $650,000 Civil Penalty Imposed on Experian Consumer Services for Allegedly Sending Commercial Emails Without Providing Consumers the Ability to Opt Out of Future Emails, in Violation the CAN-SPAM Act

The Justice Department, together with the Federal Trade Commission (FTC), today announced that ConsumerInfo.com, Inc. dba Experian Consumer Services (Experian), has agreed to a permanent injunction and a $650,000 civil penalty as part of a settlement to resolve alleged violations of the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (CAN-SPAM Act), the Controlling the Assault of Non-Solicited Pornography and Marketing Rule (CAN-SPAM Rule), and the Federal Trade Commission Act.

Medical debt is squeezing millions of middle-class Americans, report says

Middle-class Americans are the most likely to be saddled with medical debt, with nearly 1 in 4 — or roughly 17 million people — having unpaid medical bills, according to a report shared first with Axios from center-left think tank Third Way.

For business opportunity sellers, FTC says “AI” stands for “allegedly inaccurate”

Even with four months to go, we predict the 2023 Phrase of the Year will be “artificial intelligence.” But like a discount utensil packaged in one of those pale blue gift boxes, some marketers are using the term to conceal that what they’re peddling is nothing more than old-school deception. 

Did you hire Ameritech? Look out for a refund soon

If you made payments to Ameritech for what you thought was your student loan, you may be getting a refund soon. Today, the FTC and DOJ are sending more than $9 million in refunds to people who lost money to this scheme. Think you might be eligible? Read on for information on what to do.

WeStreet Credit Union Expands into New Community

TULSA, Okla.--(BUSINESS WIRE)--After the recent successful purchase of two Oklahoma Fidelity Bank branches, WeStreet Credit Union is excited to announce the opening of two new branches in Pryor, Oklahoma. The new branches will open to existing WeStreet members and new members on August 21, 2023, and will be the credit union’s first locations in Pryor.

Auto loan rejections reach all-time high, Fed says

Drivers get denied auto loans for a number of reasons, including a low credit score, application mistakes or a short credit history. No matter the reason, rejection can make getting behind the wheel of a vehicle challenging.

Tenth Circuit Affirms Sanctions Against Plaintiff’s Attorney

In a recent appellate decision, a 10th Circuit Court has upheld the award of attorney’s fees under 28 U.S.C. Section 1927, a statute that allows monetary sanctions when an attorney has unreasonably and vexatiously prolonged legal proceedings. The case involves an appeal by appellant Katie Hammer against the district court’s revised award of attorney’s fees.

Oregon Bankruptcy Court Decides a Post-Foreclosure, but Post-Petition Eviction of a Borrower Violates the Automatic Stay

On August 4, 2023, the bankruptcy court for the District of Oregon determined that proposed actions by a lender to enforce a pre-bankruptcy petition foreclosure judgment and evict a borrower—after the borrower filed for bankruptcy—were in violation of the automatic stay.

California Regulator Finalizes Rule Expanding UDAAP Authority to Commercial Financing

On Aug. 2, 2023, California’s Department of Financial Protection and Innovation (DFPI) released a new rule expanding its authority to regulate unfair, deceptive, and abusive acts and practices (UDAAP)

CFPB Bites of the Month – August 2023 – School Bells Ringing Loud and Clear, Vacation’s Over, CFPB is Near

In this month's article, we share some of our top "bites" for the prior month covered during the August 2023 webinar.

If you paid a scammer with a gift card, is your money gone? Maybe not

Did someone tell you to buy a gift card and give them the numbers? That’s a scam. Your money was gone the moment you gave someone those gift card numbers. But now, some gift card companies might be able to get your money back.

Texas federal court grants motion of community bank and community bank trade groups for leave to intervene in lawsuit challenging CFPB final small business lending rule; motion for preliminary injunction filed by community bank and community bank trade groups

Two new developments occurred recently in the Texas lawsuit challenging the CFPB’s final small business lending rule (Rule).  First, the Texas federal district court granted the unopposed emergency motion of Texas First Bank (Texas First), Independent Bankers Association of Texas (IBAT), and Independent Community Bankers of America (ICBA) seeking leave to intervene in the lawsuit.

Americans’ $2 Trillion in Pandemic Savings Nearly Exhausted

American consumers' savings cushion is no longer that cushiony, according to new Federal Reserve research. The savings people accumulated during the pandemic, which at one point topped $2 trillion, are due to run out this quarter, the Federal Reserve Bank of San Francisco said in a study released Wednesday (Aug. 16). 

Here’s why Americans can’t stop living paycheck to paycheck

For many Americans, payday can’t come soon enough. As of June, 61% of adults are living paycheck to paycheck, according to a LendingClub report. In other words, they rely on those regular paychecks to meet essential living expenses, with little to no money left over.

Senators Request Updated Guidance From FCC On TCPA Consent

On August 7, 2023, twelve United States senators penned a letter to the Federal Communications Commission (“FCC” or the “Commission”) requesting that the Commission issue guidance on current Telephone Consumer Privacy Act (“TCPA”) consent regulations (the “Letter”).

Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by the Hawaii Wildfires

(Aug. 17, 2023) – The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Hawaii Department of Commerce and Consumer Affairs’ Division of Financial Institutions, the National Credit Union Administration, and the Office of the Comptroller of the Currency, collectively the agencies, recognize the serious impact of the recent Hawaii wildfires on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.

Recovering financially from the Hawaii wildfires

This month, the Hawaiian island of Maui was affected by wildfires that devastated thousands of acres and affected tens of thousands of people. Recovering from a deadly event like this one can feel overwhelming. It’s not always easy to know where to turn for help and what steps to take.

CFPB Penalizes Freedom Mortgage and Realty Connect for Illegal Kickbacks

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Freedom Mortgage Corporation (Freedom) for providing illegal incentives to real estate brokers and agents in exchange for mortgage loan referrals. Freedom provided real estate agents and brokers with numerous incentives — including cash payments, paid subscription services, and catered parties — with the understanding they would refer prospective homebuyers to Freedom for mortgage loans.

Did you get a letter from a “lawyer” about cashing in on someone else’s life insurance policy?

You can’t cash in on a stranger’s life insurance policy — even if a lawyer says you can. The FTC has heard reports from people in Korean, Vietnamese, and Latino communities who got letters in the mail from a supposed “lawyer” in Canada.

Worldwide Foundation for Credit Unions Supports Maui, Hawai’i through National Credit Union Foundation’s CUAid Initiative

MADISON, Wis.—Worldwide Foundation for Credit Unions (WFCU) is supporting credit union communities in Maui, Hawai’i through CUAid, the National Credit Union Foundation's (USA) disaster relief grant program. CUAid is providing relief to credit union employees, volunteers and communities after devastating wildfires tore through Maui on August 8.

Court Decision Affirms CDIA’s Standing to Challenge Texas State Law

The 5th Circuit recently issued a significant decision in the case of Consumer Data Industry Association v. State of Texas, affirming the Consumer Data Industry Association’s (CDIA) standing to challenge Section 20.05(a)(5) of the Texas Business & Commerce Code.

Mortgage rates jump back to 2001 levels

Driving the news: The rate on the 30-year-mortgage ticked up to 7.16% this week — back to the high last reached in October last year. Before that you'd have to go back to 2001 to find mortgage rates this high.

AG Yost Secures the Last Judgments in Massive Texas-Based Robocall Scheme

(COLUMBUS, Ohio) — Ohio Attorney General Dave Yost today announced judgments with the final defendants in a massive robocall operation that bombarded Americans with illegal calls, including an alleged 69 million in Ohio.

Following Rapid Rise in Credit Card Use, More Consumers Now Using Unsecured Personal Loans to Consolidate Debt

A new TransUnion (NYSE: TRU) study, “Debt Consolidation in a Rising Economy,” found that amidst a period of growth in credit card balances and originations, consumers continue to turn to unsecured personal loans as a way to consolidate high interest credit card debt.

CFPB to crack down on data brokers, Chopra says at White House event

WASHINGTON — The White House on Tuesday held a roundtable examining potentially harmful data broker practices, part of an administration wide push to protect Americans' privacy in the era of AI.

Redwood Credit Union Recognized by Forbes as One of “America’s Best Small Employers 2023”

SANTA ROSA, Calif., Aug. 16, 2023 /PRNewswire-PRWeb/ -- Redwood Credit Union has been named by Forbes as one of "America's Best Small Employers 2023." The list ranks the 300 U.S. companies—with more than 200 employees, but fewer than 1,000—most highly recommended as a top place to work.

Second Circuit Strikes Down Attempted Bankruptcy Contempt Proceedings In Class Context

In a recent decision, Bruce v. Citigroup, Inc., et al., the United States Court of Appeals for the Second Circuit clarified the limits of bankruptcy court jurisdiction over class actions.

A Gen Zer and millennial whose monthly car payments exceed their housing costs say it’s ‘stressful’ but that they need a car

Between April and June, a record-high 17.1% of Americans who took out a loan to buy a new vehicle were strapped with a monthly payment of $1,000 or more, according to new data from Edmunds compiling hundreds of thousands of transactions each month from dealerships across the US. 

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. 

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RMAi Fall Networking & Baseball Event

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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 - California Credit Union Collectors Councils 36th Annual Collections and Lending Conference is the place to be. We are seeing consumer debt especially credit card debt at an all time high. There is no other place to help you prepare for what’s to come. Join the growing number of credit union professionals attending this event!

Used Car Week 2023

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