Florida Court Upholds Six Figure Jury Verdict Over Collection Practices

A recent case out of Florida highlights the importance of employee compliance training, documentation and bankruptcy monitoring.

Amid record consumer debt, and rising credit delinquencies, student loan payments about to return

Earlier this month the New York Federal Reserve Bank reported the collective debt of U.S. credit card holders had surpassed the $1 trillion mark for the first time ever after rising nearly 5% in the second quarter of the year.

CoreLogic: No US States Post Annual Mortgage Delinquency Increases in June

IRVINE, Calif.--(BUSINESS WIRE)--CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for June 2023.

Nevada officials issue consumer alert on real estate theft, fraud

LAS VEGAS (KLAS) — Unsuspecting owners, buyers, and even licensed real estate and insurance professionals can be victims of real estate identity theft and fraud, according to Nevada state officials.

Tips for recovering financially from Hurricane Idalia

Earlier this week, Florida, Georgia, and the Carolinas were hit by Hurricane Idalia, causing damage from storm surge, flooding, and high winds. Recovering from a catastrophic event like this one can feel overwhelming. It’s not always easy to know where to turn for help and what steps to take.

Help spot scammers after Hurricane Idalia

Figuring out the full extent of Hurricane Idalia’s damage could take weeks or even months. But we already know that scammers will follow the path of the storm and try to take advantage of people doing their best to recover. While storms are unpredictable, there are ways to spot the tactics these scammers use — even if they change some of the details — so, read on.

Uncharted Territory: California DFPI Finalizes Commercial Financing UDAAP Regulations

The California Department of Financial Protection and Innovation (DFPI) finalized regulations that prohibit unfair, deceptive, and abusive acts and practices (UDAAP) in the offering or provision of commercial financing or other financial products or services to small businesses and other entities.

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.

California case could deal blow to high-interest online lenders

Aug 31 (Reuters) - A California judge is poised to decide if an online lender offering small loans at over 150% interest violates state law, which would deal a blow to finance companies that critics argue have skirted rate caps to profit from cash-strapped borrowers.

30-Year Mortgage Rates Dip

Rates on 30-year mortgages edged lower Monday, moving further below last week's historic peak. Rates on 5/6 ARM loans showed the biggest daily drop, while averages for most other loan types were roughly flat.

California Finalizes UDAAP Rule for Small Business Financing

On August 2, 2023, the California Department of Financial Protection and Innovation (DFPI) issued a final rule that prohibits certain persons from engaging in unfair, deceptive, or abusive acts or practices (UDAAP) in connection with offering or providing commercial financing or other financial products or services to small businesses, nonprofits, or family farms.

Joined by Attorney General Bonta, Biden-Harris Administration Approves $72 Million in Borrower Defense Discharges for over 2,300 Borrowers who attended Ashford University

OAKLAND – Joined by California Attorney General Rob Bonta, the Biden-Harris Administration today announced the approval of $72 million in borrower defense to repayment discharges for more than 2,300 students who attended Ashford University (Ashford) and applied for relief. Ashford University was an online, for-profit school based in San Diego. The approvals come from a review by the U.S. Department of Education (Department) of evidence presented by the California Department of Justice during a successful lawsuit brought against Ashford University and its parent company, Zovio, Inc. (Zovio), which resulted in a judgment against the company in March 2022.

Forever 21 Data Breach Leaks Personal Info of Over 539k Individuals

On August 29, 2023, F21 OpCo LLC d/b/a Forever 21 (“Forever 21”) filed a notice of data breach with the Attorney General of Maine after discovering an external system breach compromised the information of over 539,000 individuals.

Supreme Court Denies Oral Argument to Republican State AGs Who Argue That the CFPB Funding Mechanism Is Unconstitutional

On August 21, the U.S. Supreme Court denied a request by West Virginia Attorney General (AG) Patrick Morrisey and 26 other state AGs to participate in oral arguments in Consumer Financial Protection Bureau (CFPB) et al. v. Community Financial Services Association of America et al., which concerns whether the CFPB’s statutory authorization violates the Constitution’s Appropriations Clause. 

Can a debt collector try to collect on debt discharged in bankruptcy?

After filing for bankruptcy and getting your debts discharged, you are probably heaving a sigh of relief. You are looking forward to a fresh start, having put your debt behind you.

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.

$23,398,153 Payday Loans

BAL Financial LLC

(617) 595-5794

$16,128,235.76 Other

BAL Financial LLC

(617) 595-5794

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

Cherokee Media Group