US banks say regulators broke law as fight over proposed capital rules escalates

WASHINGTON (Reuters) - U.S. bank groups on Tuesday accused the Federal Reserve and other regulators of violating federal laws with a sweeping proposal to raise capital requirements, escalating an assault on the draft rules that were also blasted by bank executives.

‘Americans are being crushed’: Sen. Josh Hawley wants to cap credit card APR at 18% — here’s his plan to help ‘working people’

Senator Josh Hawley has introduced new legislation that would cap credit card interest rates at 18% in a move he hopes is “fair, common-sense, and gives the working class a chance.”

California lawmakers pass bill to make it easier to delete online personal data

California lawmakers on Thursday passed a bill known as the Delete Act that would allow consumers, with a single request, to have every data broker delete their personal information.

Attorney General Bonta Announces $93 Million Settlement Regarding Google’s Location-Privacy Practices

OAKLAND — California Attorney General Rob Bonta today announced a $93 million settlement with Google resolving allegations that its location-privacy practices violated California consumer protection laws.

Delawareans with medical debt now have more protections

Senate Substitute 2 for Senate Bill 8 is the third iteration of a bill aimed at protecting patients from unfair debt collection practices for medical debt.

Nearly 70% of Consumers Prioritize Trust Over Convenience When Choosing a Bank

In the report “Credit Union Membership and Credit Profiles,” PYMNTS leverages insights gathered from a survey of over 4,000 U.S. consumers and 100 credit union (CU) executives to examine consumers’ interest in alternate and innovative payment methods from their financial institutions (FIs). 

The CFPB’s Summer 2023 Supervisory Highlights

The Consumer Financial Protection Bureau’s (CFPB or Bureau) Summer 2023 Supervisory Highlights, which discusses key examination findings between July 2022 and March 2023, underscores the Bureau’s continuing aggressive interpretations of its authority.

California ranks top 10 in this national study — for debt. Here’s how much households owe

Consumers in the U.S. have racked up more than $1.2 trillion in credit card debt, but some states — such as California — have larger increases and per-household debt than others.

Farm credit trade associations file motion seeking to intervene in Texas lawsuit challenging CFPB small business lending rule

Last week, three farm credit trade associations filed the latest in a series of unopposed emergency motions for leave to intervene in the Texas case challenging the Consumer Financial Protection Bureau’s (“CFPB”) final small business lending rule implementing Section 1071 of the Dodd-Frank Act (Rule).

California Attorney General Urges Regulations on Medical Payment Products

Federal agencies, including the CFPB, are considering the regulations and closed public comments this week.

Wells Fargo CFO Expects More Layoffs in Drive for Efficiency

Wells Fargo Chief Financial Officer Mike Santomassimo reportedly said that the bank could make further layoffs as it seeks to improve efficiency. Since the third quarter of 2020, Wells Fargo has been trimming its workforce, already reducing its employee base by nearly 40,000, Reuters reported Tuesday (Sept. 12).

ACA International Advocates for Stakeholder Input, More Research in CFPB Review of Medical Payment Products

September 13, 2023 – Washington, D.C. – ACA International (“ACA”) has responded to the Consumer Financial Protection Bureau (“CFPB”) Request for Information (“RFI”), made in partnership with the Centers for Medicare and Medicaid Services (“CMS”) and the U.S. Department of the Treasury, on medical payment products.

Phoenix Asset Group, LLC and Robyn A. Bowman

On September 11, 2023, the Securities and Exchange Commission filed a complaint in federal court in Minnesota alleging that Robyn A. Bowman and her company Phoenix Asset Group, LLC perpetrated a fraudulent offering.

Judge won’t dismiss Chicago’s complaint vs Monarch law firm, contractor over debt resolution work

A Cook County judge won’t end a lawsuit from Chicago City Hall accusing a law firm and its contractor of operating a debt resolution scam, as the judge says the city's consumer fraud action doesn't amount to illegal attempts to regulate the practice of law.

Fraud Losses From Impersonator Scams Double For Largest US Banks

Financial institutions (FIs) have generally found fraud and financial crime to be continually more sophisticated. The rise of digital banking and ever-faster digital payment methods have accelerated this phenomenon. As a result, banks have had to elevate their systems and processes to find ways to stem the growth in fraudulent transactions — and the resulting uptick in financial losses.

NCUA Releases Q2 2023 State-Level Credit Union Data Report

ALEXANDRIA, Va. (Sept. 14, 2023) – The median growth rate in loans outstanding and membership at federally insured credit unions was positive over the year ending in the second quarter of 2023, while the growth rate in assets and shares and deposits was negative at the median, according to the latest Quarterly U.S. Map Review released today by the National Credit Union Administration.

Attorney General Phil Weiser announces settlement after parking company illegally charged, collected fines from hundreds of consumers

Aug. 30, 2023 (DENVER)— Attorney General Phil Weiser announced today a settlement reached between his office and Parking Revenue Recovery Services, Inc. (PRRS) after an investigation found the Aurora-based company illegally collected or attempted to collect on fines for parking that was already paid for or were incurred by another vehicle owner.

CFPB Report Finds College Tuition Payment Plans Can Put Student Borrowers at Risk

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments. The report, which looks at tuition payment plans offered by nearly 450 institutions, finds that many plans have inconsistent disclosures and confusing repayment terms, putting students at risk of missing payments, incurring late fees, and accumulating debt. The report also finds that many institutions withhold transcripts from students as a debt collection tool, a potentially illegal practice that can have severe consequences for students trying to begin their careers or finish their education.

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.

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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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