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| Wednesday September 6, 2023 |
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State Regulators Step Up Enforcement of New Privacy Laws
Regulators in California and Colorado recently announced enforcement sweeps under new and newly updated state privacy laws. Companies in Colorado (including nonprofits) and California should double-check their privacy notices, processes and documentation to comply with these laws, particularly the enforcement priorities identified in the notices.
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Oregon Data Breaches Highlight Need for Tighter Cybersecurity
In an age where our personal information is increasingly vulnerable to cyberattacks, two recent data breaches in Oregon serve as stark reminders of the importance of protecting our identities.
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California Looks to Amend Data Broker Law
The state of California is on the verge of amending its current data broker law with Senate Bill 362, also known as the Delete Act (“the Act”). The Act passed in the Assembly’s Committee on Privacy and Consumer Protection and has currently been referred to the Assembly’s Committee on Appropriations.
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4th Circuit: State Law Debt Collection Claims Not Preempted by Bankruptcy Code
A three-judge panel for the U.S. Court of Appeals for the Fourth Circuit recently held that state law claims for a creditor’s alleged improper collection efforts on a debt that has been discharged in bankruptcy are not preempted by the federal Bankruptcy Code.
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Navy Federal Credit Union and Feeding America® Launch No Plate Left Behind to Fight Hunger in the Military Community
VIENNA, Va. & CHICAGO--(BUSINESS WIRE)--Navy Federal Credit Union and Feeding America, a 501(c)(3) nonprofit and the largest hunger-relief organization in the United States, launched No Plate Left Behind to raise awareness about military food insecurity and help servicemembers, veterans, and their families put food on their tables.
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CFPB Ombudsman Releases Midyear Report on Consumer Complaint Process and Company Surveys
Consumer Financial Protection Bureau Ombudsman Wendy Kamenshine issued the office’s 2023 Midyear Update, outlining how its work resulted in the CFPB reviewing and standardizing consumer complaint process timeframes.
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Trade associations urge CFPB to pause effective date and tiered compliance dates of small business lending rule
A group of trade associations has sent a letter to CFPB Director Chopra urging the CFPB to address the disparity that has resulted from the order entered by the Texas federal district court in the lawsuit challenging the CFPB’s small business lending rule that granted preliminary injunctive relief only to the plaintiffs and their members.
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As payments on federal student loans resume, federal student loan borrowers may be eligible for cancellation or lower payments
In October, millions of federal student loan borrowers will have a payment due on their loans for the first time since March 2020. Many borrowers may be able to reduce their payments or even get their loans cancelled, and they should explore their options before making payments. Borrowers who encounter issues with their student loans should file a complaint with the CFPB.
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New York Federal Court Sides with CFPB, Denies Debt Holders’ Motions to Dismiss Case Alleging Violations of the FDCPA and CFPA
On August 22, a district court judge in the Western District of New York denied the defendants’ motions to dismiss a case brought by the Consumer Financial Protection Bureau (CFPB) alleging violations of the Fair Debt Collections Practices Act (FDCPA) and Consumer Financial Protection Act (CFPA).
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Attorney General Bonta Announces Settlement with Mortgage Servicer over Failure to Properly Process Military Reservists’ Mortgage Deferment Requests
OAKLAND – California Attorney General Rob Bonta today announced a settlement with The Money Source, Inc. (TMS), resolving allegations that the company failed to properly process, and timely grant, mortgage deferment requests made by California military reservists called to active duty.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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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