Microsoft Warns of New Phishing Campaign Targeting Corporations via Teams Messages

Microsoft is warning of a new phishing campaign undertaken by an initial access broker that involves using Teams messages as lures to infiltrate corporate networks.

Student loans: Biden pushes to enroll more borrowers in new repayment plan

The Biden administration is making a big push to enroll student loan borrowers in its newest repayment plan before payments resume in October. But headwinds persist with many borrowers reporting troubles with their loan servicers as they seek to sign up.

Inflation is driving up consumer credit card debt by billions of dollars

A combination of inflation and climbing interest rates seems to be stretching consumers' balance sheets, but it's not clear yet whether they're getting to a breaking point.

Newly released data from WalletHub says U.S. consumers took on $43 billion in additional credit card debt during the second quarter of this year, ending in June. That's more than triple the average amount of new debt households have taken on in that period since after the Great Recession of 2007-08.

100 Groups Join “SAVE on Student Debt” Outreach Campaign, Reaching More Than 18 Million Americans

The U.S. Department of Education (Department) today kicked off its “SAVE on Student Debt” Week of Action with events across the country from the Department and 100 participating organizations who have a combined reach of more than 18 million Americans.

30-Year Mortgage Rates Dip

Rates on 30-year new purchase mortgages gave up 7 basis points Tuesday, lowering the average to 7.70%. That's close to the reading from the previous Tuesday and is 14 basis points cheaper than the historic peak notched later last week. Climbing to 7.84%, Thursday's 30-year average was the highest level recorded since 2001.

Berger, Nussle: Advocacy will continue to be job number one

NAFCU President/CEO Dan Berger and CUNA President/CEO Jim Nussle welcomed hundreds of credit union leaders to Washington, D.C., Monday morning to kick off NAFCU’s 2023 Congressional Caucus. Throughout the week, attendees will hear directly from lawmakers, regulators, and other government officials on key issues and have the opportunity to advocate for credit union priorities.

State Lawmakers Ramp Up Measures on Medical Debt

Federal legislative and regulatory actions on issues from medical debt to data privacy are often mirrored in the states—especially the medical debt topic of late, according to an article from Politico.

CFPB Announces Decision To Launch Rulemaking Targeting Data Brokers | Perkins Coie – JDSupra

Following a related request for information (RFI) earlier this year, the Consumer Financial Protection Bureau (CFPB) announced on August 15, 2023, its intention to launch rulemaking targeting data brokers.

Federal judge rules against CFPB’s anti-discrimination effort

A federal judge ruled that the Consumer Financial Protection Bureau (CFPB) exceeded its authority by attempting to address discriminatory practices in the banking industry.

9th Circuit affirms summary judgment finding in favor of debt collector in lawsuit over retail card debt collection

On August 28, the U.S. Court of Appeals for the Ninth Circuit affirmed the decision of a district court to throw out a pair of consolidated punitive class action lawsuits brought against a nationwide debt collector company that alleged the company unlawfully attempted to collect debts incurred on retail-branded credit cards.

Prepared Remarks of CFPB Director Rohit Chopra at The Mortgage Collaborative National Conference

Fifteen years ago, in mid-September, Lehman Brothers collapsed and the financial system crashed. Troubles in the U.S. mortgage market infected the entire globe, and American families and businesses lost trillions of dollars and experienced an incalculable level of pain. The subprime mortgage crisis represents one of the worst failures of regulators in modern history.

FTC lawsuit insists on FCRA compliance and transparency from background report providers

Advertising keywords are the carnival barkers of the internet. Their job is to shout, “Me, me, me, me, me!” to people searching online for a product or service. If successful, they’ll get prospective customers to click on the ad or website of whoever paid their fare.

CFPB Orders Leasing Company Tempoe to Provide $36 Million in Penalties and Relief for Tricking Consumers and Hiding Contract Terms

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Tempoe, LLC for tricking consumers into expensive leasing agreements by concealing the contract terms and costs, and failing to provide legally required disclosures. Forty-one states and the District of Columbia are entering into a parallel multi-state settlement addressing the same conduct. Tempoe offered financing at the point of sale to customers at major retailers such as Sears and Kmart.

NCUA to Distribute $76 Million Under Corporate System Resolution Program

ALEXANDRIA, Va. (Sept. 11, 2023) – The National Credit Union Administration, in its role as liquidating agent, announced a $76 million distribution to paid-in capital shareholders of the former U.S. Central corporate credit union.

Federal and state financial regulatory agencies issue joint statement on the effects of Hurricane Idalia on supervisory practices

On September 1, the FDIC, Fed, NCUA, OCC and CSBS issued a joint statement recognizing the serious impact of Hurricane Idalia on the customers and operations of many financial institutions in the effected area.

9th Circuit affirms summary judgment finding in favor of debt collector in lawsuit over retail card debt collection

On August 28, the U.S. Court of Appeals for the Ninth Circuit affirmed the decision of a district court to throw out a pair of consolidated punitive class action lawsuits brought against a nationwide debt collector company that alleged the company unlawfully attempted to collect debts incurred on retail-branded credit cards. 

US Consumer Credit Rises $10.4 Billion, Largely on Credit Cards

Total credit increased $10.4 billion, Federal Reserve data showed Friday. The gain, which isn’t adjusted for inflation, was less than the $16 billion median forecast in a Bloomberg survey of economists.

ATDS EXPRESS: Another Court Holds Debt Collectors Cannot Violate the TCPA ATDS Provisions– But Is It Really That Simple?

So we have been closely following the evolution of the TCPA’s automatic telephone dialing system (ATDS) definition following the Supreme Court’s Facebook case.

Medical credit cards ‘exploit loopholes’ in healthcare debt protection, report finds

Medical credit cards are offered to patients in healthcare settings as a solution to pay off medical debt, often featuring enticing interest-free or deferred interest rate periods of several months.

CFPB Report Highlights Role of Big Tech Firms in Mobile Payments

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches. Apple currently forbids banks and payment apps from accessing the tap-to-pay functionality on Apple iOS devices and imposes fees through Apple Pay.

Looking for today’s lowest mortgage rates? Consider 15-year terms | September 8, 2023

Based on data compiled by Credible, mortgage rates for home purchases have fallen for two key terms, risen for another, and remained unchanged for one more since yesterday. What this means: Mortgage purchase rates have had a handful of new patterns emerge. Rates for 30-year terms have remained unchanged at 8% and 15-year terms have stayed in the 6% range for the past three days.

Fewer apply for home loans as borrowing costs, rising prices shut out many

LOS ANGELES -- U.S. home loan applications are the lowest in decades as evidence mount that rising mortgage rates and home prices are shutting out many aspiring homeowners. An index that tracks mortgage application volume shows applications for loans to buy a home fell last week to the lowest level in 28 years, according to the Mortgage Bankers Association.

Administrative Law Judge Issues Initial Decision in FTC’s Case Against Intuit Inc.

In an initial decision announced today, the Federal Trade Commission’s Chief Administrative Law Judge (ALJ), D. Michael Chappell, ruled that Intuit Inc. (Intuit), the maker of the popular TurboTax tax filing software, “engaged in deceptive advertising in violation of Section 5 of the FTC Act” and deceived consumers when it ran ads for “free” tax products and services for which many consumers were ineligible.

Credit Union Assets, Lending, and Delinquencies Rise in 2nd Quarter

ALEXANDRIA, Va. (Sept. 7, 2023) – According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions increased $82 billion, or 3.8 percent, over the year ending in the second quarter of 2023, to $2.22 trillion.

CFPB Director Announces Intention to Propose Rules Targeting the Reliance on Non-Traditional Data Sources in Consumer Finance

Long gone are the days when a bank or finance company relies simply on a traditional credit score or report to decide whether to make a loan. For some time now, banks and consumer finance companies have sourced data from a variety of providers to prevent consumer fraud and ID theft, among other reasons.

State lawmakers find America’s medical debt problem ‘can no longer be ignored’

In the absence of federal consensus and in anticipation of congressional inaction, state legislators have enacted a variety of consumer protections to mitigate or forestall medical debt. Several more bills are being debated in the coming weeks, expected to be signed later this year and taken up when sessions reconvene in 2024.

CFPB files opposition to preliminary injunction motion of plaintiffs in Kentucky lawsuit challenging CFPB’s small business lending rule

The CFPB has filed its opposition to the motion for a preliminary injunction filed by the plaintiffs in the Kentucky federal court lawsuit challenging the CFPB’s final small business lending rule (Rule).

New Jersey Federal Court Dismisses FDCPA Claim Based on Alleged Failure to Obtain Proper License for Lack of Standing

In Valentine v. Mullooly, Jeffrey, Rooney & Fylnn LLP the U.S. District Court for the District of New Jersey found that the plaintiff had not suffered an injury in fact and therefore lacked standing to assert a claim under the Fair Debt Collections Practices Act (FDCPA).

Seventh Circuit Affirms Dismissal of FDCPA Claim for Lack of Standing, Holding Hiring a Lawyer and Confusion is Not Enough

The Seventh Circuit Court of Appeals recently affirmed a district court’s dismissal of a suit holding that the plaintiff had not suffered a concrete injury, and therefore, lacked standing to assert a claim under the Fair Debt Collections Practices Act (FDCPA).

Apple and Google are ‘choke points’ to equitable payment system: CFPB’s Chopra

Consumer Financial Protection Bureau Director Rohit Chopra said Thursday that Apple (AAPL) and Google (GOOG, GOOGL) are acting as “choke points” to the US payment system, cutting off innovation by keeping other apps out.

Wright-Patt Credit Union wins top Air Force award for ‘doing it right’

WRIGHT-PATTERSON AIR FORCE BASE, Ohio – Wright-Patt Credit Union was honored by Wright-Patterson Air Force Base leadership Aug. 24 for going above and beyond in providing the local Air Force community with superior financial services and education.

Consumer Alert: Don’t Fall for Student Loan Repayment Scams

As the student loan landscape continues to evolve, borrowers face shifting deadlines, confusion, and uncertainty. As of September 1, 2023, the student loan payment pause has been lifted. Interest is again accruing on federal student loans and payments come due starting in October.

From the Web: Experts Suggest Preparing for Possible Federal Overtime Rule Changes Now

Since the U.S. Department of Labor (DOL) announced proposed changes to its overtime rule last week, legal experts say businesses should review their overtime policies and plan for compliance, despite the expected legal challenges to the rule after it is finalized, according to an article from the Society of Human Resource Management (SHRM).

Governor Newsom Signs Executive Order to Prepare California for the Progress of Artificial Intelligence

SACRAMENTO – With GenAI’s wide-ranging potential for Californians and the state’s economy, Governor Gavin Newsom today signed an executive order to study the development, use, and risks of artificial intelligence (AI) technology throughout the state and to develop a deliberate and responsible process for evaluation and deployment of AI within state government.

Attorney General Ellison opens investigation into 52 student-loan debt-relief companies

September 6, 2023 (SAINT PAUL) — Minnesota Attorney General Keith Ellison announced today that his Office has opened investigations into 52 student-loan debt-relief companies suspected of violating Minnesota law.

New Jersey Federal Court Dismisses FDCPA Claim Based on Alleged Failure to Obtain Proper License for Lack of Standing

n Valentine v. Mullooly, Jeffrey, Rooney & Fylnn LLP the U.S. District Court for the District of New Jersey found that the plaintiff had not suffered an injury in fact and therefore lacked standing to assert a claim under the Fair Debt Collections Practices Act (FDCPA).

PA lawmakers begin discussions on data privacy legislation

Pennsylvanians could soon have greater control over their digital data if a bill seeking to regulate the use of consumer data makes it to the governor’s desk. 

Second Circuit Affirms District Court’s Decision Determining That Term Loan Notes Were Not “Securities” Subject To Securities Laws And Regulations  

On August 24, 2023, the United States Court of Appeals for the Second Circuit affirmed a decision by the United States District Court for the Southern District of New York dismissing claims brought under state securities laws against a group of banks which acted as arrangers (“Defendants” or the “Arrangers”) for a term loan on behalf of a California-based medical testing company (the “Company”), holding that term loan “notes” issued as part of a syndicated loan were not “securities” subject to securities laws and regulations.

CFPB Report Highlights Role of Big Tech Firms in Mobile Payments

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches.

Factors in Fee-Shifting for Prevailing Defendants

Statutes permitting discretionary attorney fee-shifting for prevailing defendants vary in the circumstances under which fee-shifting is permitted. 

ARM Industry Claims a Mixed Bag in July

WebRecon’s latest report shows litigation was a mixed bag across the board in July in Fair Debt Collection Practices Act, Telephone Consumer Protection Act and Fair Credit Reporting Act claims.

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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