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Nevada Financial Institutions Division Seeks Feedback on Licensing Regulations
The Nevada Financial Institutions Division (NFID) is planning to implement proposed regulations (PDF) under the state’s revised licensing law, which takes effect Oct. 1, 2023. Licensees are invited to provide feedback on the potential impacts of the regulations by Sept. 2.
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Majority of Americans Believe Credit Cards Contribute to Financial Stress
A recent survey commissioned by Affirm, a buy now, pay later financial technology company, found that most Americans believe that credit cards are a major factor in their financial strains.
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Attorney General Josh Stein Statement on Unfair Real Estate Agreements Act
(RALEIGH) Attorney General Josh Stein today joined Gov. Roy Cooper as the Governor signed the Unfair Real Estate Agreements Act into law. The attorney general’s office worked closely with legislators and stakeholders to draft the bill. The Unfair Real Estate Agreements Act will prohibit companies from using oppressive and excessively long-term agreements that undermine a person’s ownership of their home.
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Household debt is at an all-time high, but 2008 was still worse, report finds
In the second quarter of 2023, total credit card debt surpassed $1 trillion for the first time ever, which helped bring total household debt to $17.06 trillion, also a fresh record, according to the New York Federal Reserve.
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Current mortgage rates are the highest they’ve been since 2001. Is there an end in sight?
Homebuyers’ purchasing power diminished further in August as mortgage rates continued their upward march, averaging 7.2% over the week ending on Thursday, the highest level since 2001, according to newly released data by Freddie Mac.
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Americans Can’t Afford Their Cars Anymore
Data from TransUnion and S&P Global Mobility’s AutoCreditInsight found that account-level delinquency rates of auto loans 60+ days past due have risen 26 basis points from the first quarter of 2021’s 1.43% to 1.69% in the first quarter of 2023.
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Attorney General Cameron Urges Supreme Court to Protect Veterans’ Benefits
FRANKFORT, Ky. (August 25, 2023) – Attorney General Daniel Cameron joined a bipartisan coalition in filing an amicus brief before the U.S. Supreme Court in support of an Army veteran who was wrongly denied federal education be
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TEACHERS FEDERAL CREDIT UNION ANNOUNCES SECOND YEAR AS THE PRESENTING SPONSOR OF THE AMERICAN CANCER SOCIETY’S MAKING STRIDES OF LONG ISLAND
HAUPPAUGE, N.Y., Aug. 24, 2023 /PRNewswire/ -- Teachers Federal Credit Union, one of the largest credit unions in the United States with $9.7 billion in assets and more than 460,000 members, is proud to return for its second year as the Presenting Sponsor of American Cancer Society's Making Strides of Long Island.
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Another thing for banks to ‘worry about’: credit card delinquencies
The big worry for banks after the turmoil that roiled the industry in the spring was commercial real estate. Now there is a new concern: credit card delinquencies.
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CFPB files opposition to preliminary injunction motion of intervenors in Texas lawsuit challenging CFPB’s small business lending rule
The CFPB has filed its opposition to the motion for a preliminary injunction filed by the intervenors in the Texas federal court lawsuit challenging the CFPB’s final small business lending rule (Rule). The intervenors are several credit unions, community banks, and credit union and community bank trade associations.
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Plaintiffs in Kentucky lawsuit challenging CFPB final small business lending rule file motion for preliminary injunction
The Kentucky banks and Kentucky trade association that filed a lawsuit in a Kentucky federal district court challenging the CFPB’s final small business lending rule (Rule) have filed a motion for a preliminary injunction.
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MidFirst Bank Files Notice of Data Breach Impacting Consumers’ Social Security Numbers
On August 22, 2023, MidFirst Bank filed a notice of data breach with the Attorney General of Texas after discovering that consumer information that had been entrusted to the company was subject to unauthorized access. In this notice, MidFirst Bank explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information, which includes their names, Social Security numbers and financial account information.
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FTC Shuts Down Scammers Posing as Student Debt Relief Providers
In a significant victory against fraudulent practices, the Federal Trade Commission has taken down a scheme preying on vulnerable students seeking relief from their debt burdens, according to a recent press release.
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California’s Proposed “Delete Act” Would Create a ‘Do Not Sell’ List for Data Brokers
California continues to be at vanguard of data privacy rights. The latest effort by California legislators to protect consumer privacy rights focuses on data brokers, who under the proposed California Senate Bill 362, aka the “Delete Act,” would be required to recognize and honor opt-out signals from Californians.
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CFPB Poised to Significantly Expand the Reach of the Fair Credit Reporting Act
On August 15, 2023, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced that the CFPB will be moving forward with a rulemaking next month to expand the categories of data subject to the Fair Credit Reporting Act (FCRA).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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)
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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.
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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.
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Receivables Management Association International
Chicago Cubs v. Colorado Rockies Baseball Game Coors Field
Denver , CO
September 11 - 11 , 2023
916-482-2462
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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.
Red Rock Casino Resort & Spa - Las Vegas
September 27 - 29 , 2023
mark@debtconnectionsymposium.com
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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!
Planet Hollywood Resort and Casino
Las Vegas , Nevada
October 19 - 21 , 2023
Visit us at www.ccucc.com/annualconference Or contact Conference chair, Joel Bowen at (818)949-5656 – jbowen@cefcu.org
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Cherokee Media Group
Westin Kierlin Resort & Spa
Scottsdale , AZ
November 06 - 09 , 2023
conferences@cherokeemediagroup.com
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