WEBRECON JULY 2023 STATS: MIXED RESULTS

Well, it was bound to happen. Statistically speaking, anyway. For the first time I can remember in nearly 15 years of tracking these numbers, we had a 0.0% month-over-month change in one of the statutes (TCPA). Relevant? No. Meaningful? Also no. But interesting to me nonetheless, and since I write these things, it gets top billing.

CFPB contests motions for preliminary injunctions to block enforcement of Small Business Lending Rule

On August 22, the CFPB filed an opposition to a motion made by a group of intervenors seeking to expand the scope of a preliminary injunction issued by the U.S. District Court for the Southern District of Texas, which enjoined the CFPB from implementing its Small Business Lending Rule.

Regulatory Recap: CFPB Takes Legal Action Against Financial, Mortgage Companies

The Consumer Financial Protection Bureau continues to issue enforcement actions, research reports and bulletins on a regular basis.

New York District Court Approves Class Action in FDCPA Case Alleging Improper Debt Assignment Notification

On August 18, a judge in the U.S. District Court for the Western District of New York granted the plaintiff’s motion for class certification for alleged violations of the Fair Debt Collections Practices Act (FDCPA) relating to an allegedly improper debt assignment notification.

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.

Alabama credit union agrees to buy Georgia’s OneSouth Bank

The transaction, set to close by the second quarter of 2024, would push Five Star Credit Union’s assets to nearly $1 billion.

Chevron Federal Credit Union Files Notice of Data Breach Affecting Over 90k Consumers

On August 24, 2023, Chevron Federal Credit Union (“CFCU”) filed a notice of data breach with the Attorney General of Maine after discovering that MOVEit, a file-sharing application used by CFCU, contained a critical vulnerability.

Statement of CFPB Director Rohit Chopra Member, FDIC Board of Directors Regarding Proposals to Improve the FDIC’s Options for Managing Large Bank Failures

Last month, the FDIC Board of Directors voted to propose a rule that would reduce the risk of bailouts and financial crises stemming from large bank failures.

Impersonation scam targets doctors, nurses, and other medical providers to steal money

Scammers are at it again, this time pretending to be “Sheriff’s deputies” and threatening to arrest doctors, physician assistants, and nurses for missing a court date. So how do you spot this scam?

Ninth Circuit confirms discrete actions in debt collection litigation can trigger FDCPA one-year statute of limitations

A panel of the U.S. Court of Appeals for the Ninth Circuit recently held that because of the timing of a filing in a collection action against a student loan borrower, his claim that debt collectors violated the Fair Debt Collection Practices Act (FDCPA) was not time-barred, reversing the lower court’s dismissal. 

Consumer advisory: Take action when home insurance is cancelled or costs surge

A notice from your insurer dropping your home insurance policy can feel like your largest investment is at risk. Unexpected jumps in the cost of your coverage can put a strain on your budget.

CFPB Issues RESPA Consent Orders Against Mortgage Company and Real Estate Company over Event Tickets, MSAs, and Online Subscriptions

The CFPB has turned its sights back to Section 8 of the Real Estate Settlement Procedures Act (RESPA), issuing a pair of consent orders on August 17, 2023, against a large independent mortgage banker and a real estate brokerage firm, over alleged kickbacks for mortgage referrals.

US auto sales hint slowdown as economic woes weigh – S&P Global Mobility

Reuters) -U.S.-light vehicle sales are expected to remain steadfast in August but are showing early signs of a slowdown, S&P Global Mobility said on Monday.

District Court denied motion to dismiss CFPA and FDCPA claims against debt buyers

On August 22, the U.S. District Court for the Western District of New York refused to dismiss CFPA and FDCPA claims brought by the CFPB that alleged violations related to misrepresentations made to debtors by debt collectors.

CFPB Reaches Multibillion Dollar Settlement with Credit Repair Conglomerate

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) entered into a proposed settlement with a ring of corporate entities operating some of the largest credit repair brands in the country, including Lexington Law and CreditRepair.com. The agreement follows a ruling from the court that the companies collected illegal advance fees for credit repair services through telemarketing in violation of federal law.

Data Media Associates Announces MOVEit-Related Data Breach

On August 23, 2023, Data Media Associates, LLC (“DMA”) filed a notice of data breach with the Attorney General of Maine after discovering that an unauthorized party was able to access confidential consumer information stored on a third-party software platform called MOVEit.

Are consumers overspending? Delinquencies on payments have sharply increased | Tatiana Bailey

The national and local economies have been performing better than expected, especially given that interest rates have not been this high since the early 2000s.

Minnesota AG Puts Spotlight on Medical Billing Practices

Minnesota AG Keith Ellison announced his office will take proactive measures to renew its focus on medical-billing practices in Minnesota, including holding public listening sessions and collecting online submissions regarding consumers’ experiences with medical billing.

Did someone insist you pay them with cryptocurrency?

What’s one of the best ways to spot a scam? Know how scammers tell you to pay. Scammers want you to pay them in ways that are hard to trace and hard to get your money back: like through a gift card, wire transfer, payment app, or cryptocurrency. Here, we’ll focus on that last one — cryptocurrency — and how to avoid cryptocurrency-related scams.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.  

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.

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.

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.

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).

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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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 - 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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