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| Friday September 22, 2023 |
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ACA International Responds to Sweeping CFPB Proposal on Medical Debt Credit Reporting
September 21, 2023 – Washington, D.C. – ACA International (“ACA”) has responded to the Consumer Financial Protection Bureau (“CFPB”) latest rulemaking, which focuses on the Fair Credit Reporting Act, medical debt, and data brokers, with the following statement from CEO Scott Purcell:
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Consumer advisory: People have the right to cancel credit repair services
People working to improve their credit situations can feel trapped. Some companies use this stressful situation to take advantage of consumers by selling a promise of credit repair services. However, these services often charge fees without delivering on their promises.
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CFPB Kicks Off Rulemaking to Remove Medical Bills from Credit Reports
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports. The CFPB outlined proposals under consideration that would help families financially recover from medical crises, stop debt collectors from coercing people into paying bills they may not even owe, and ensure that creditors are not relying on data that is often plagued with inaccuracies and mistakes.
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Florida Enacts the Digital Bill of Rights, Joining the Growing Privacy Landscape
Florida Governor Ron DeSantis recently signed Senate Bill 262 into law, adopting the "Digital Bill of Rights" proposed by his office in February. Florida joins the rapidly increasing group of states, California, Utah, Colorado, Connecticut, Virginia, Iowa, Indiana, Tennessee, Montana, and Texas (together, "US State Data Privacy Laws") with comprehensive data privacy laws.
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FTC Joins FCC in Renewing Memorandum of Understanding to Promote Cross-Border Law Enforcement Efforts to Combat Spam, Scams, and Illegal Telemarketing
The Federal Trade Commission has joined the Federal Communications Commission (FCC) in signing a renewed memorandum of understanding (MOU) between public authorities who are members of the Unsolicited Communications Enforcement Network (UCENet). The MOU aims to promote cross-border collaboration to combat unsolicited communications, including email and text spam, scams, and illegal telemarketing.
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Equifax, Experian and TransUnion Support U.S. Consumers With Ongoing Availability of Free Weekly Credit Reports
ATLANTA and COSTA MESA, Calif. and CHICAGO, Sept. 18, 2023 /PRNewswire/ -- The three Nationwide Credit Reporting Agencies (NCRAs) – Equifax® (NYSE: EFX), Experian (LON: EXPN) and TransUnion (NYSE: TRU) – are reinforcing their commitment to the financial health of U.S. consumers with the ongoing availability of free weekly credit reports through AnnualCreditReport.com.
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The Complexity Of Digital Privacy Law—Insights And Implications
The digital age has ushered in a host of transformative opportunities for businesses, from enhanced customer engagement through data analytics to streamlined operations via digital platforms. However, this digital transformation has also introduced significant challenges, chief among them being the protection of individual privacy.
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NCUA Board Approves Final Rule on Financial Innovation
ALEXANDRIA, Va. (Sept. 21, 2023) – The National Credit Union Administration Board held its eighth open meeting of 2023 and unanimously approved a final rule that amends the NCUA’s regulations regarding indirect lending, the purchase of loan participations, and the purchase, sale, and pledge of eligible obligations and notes of liquidating credit unions. In addition, the NCUA’s Chief Financial Officer briefed the Board on the performance of the National Credit Union Share Insurance Fund during the second quarter of 2023.
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How fraudsters are using fake identities to get auto loans
According to a recent report from TransUnion, synthetic identity fraud has reached record levels, especially in the auto financing realm. This is due to two main factors, explains Jason Lord, vice president of product marketing for fraud and identity solutions at TransUnion.
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Preliminary Injunction Halts CFPB’s Small Business Lending Rule
In a significant legal development, a U.S. district judge serving in the Eastern District of Kentucky granted a plaintiff’s motion for a preliminary injunction (PDF), effectively putting a halt on the enforcement of the Consumer Financial Protection Bureau’s Small Business Lending Rule.
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Bank of America CFO Sees Diminishing Recession Likelihood Amid Robust Consumer Spending
Bank of America's Chief Financial Officer, Alastair Borthwick, offered an optimistic view on the US economy during the company's annual financial CEO conference on Wednesday. He stated that the threat of a recession is receding, primarily due to robust consumer spending.
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FTC Action Leads U.S. Dept. of Education to Forgive Nearly $37 Million in Loans for Students Deceived by University of Phoenix
The Federal Trade Commission announced today that its enforcement action against the University of Phoenix continues to help students deceived by the for-profit university, as the U.S. Department of Education will forgive nearly $37 million in federal loansfor more than 1,200 students affected by the school’s deceptive practices, based in part on the FTC’s 2019 case.
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Remarks by FDIC Chairman Martin J. Gruenberg at the Exchequer Club on the Financial Stability Risks of Nonbank Financial Institutions
Nonbank financial institutions are critical intermediaries in the U.S. financial system, alongside traditional banking organizations. The Financial Stability Board of the G-20 countries estimates assets of U.S. nonbank financial institutions totaled roughly $20.5 trillion in 2021, compared to $23.7 trillion in assets held by U.S. insured depository institutions. This represents around 30% of nonbank assets globally.1
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CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models.
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Kentucky Federal Court Grants Preliminary Injunction Enjoining CFPB’s Enforcement of its Section 1071 Rule Until After U.S. Supreme Court Decision
On September 14, a federal district court in the Eastern District of Kentucky became the second court to issue an order granting, in part, a plaintiffs’ motion for a preliminary injunction enjoining the Consumer Financial Protection Bureau’s (CFPB or Bureau) from enforcing its final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule) against the plaintiffs and their members.
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CUNA, NAFCU, DCUC oppose credit card cap amendment to ‘minibus’
CUNA, NAFCU, and the Defense Credit Union Council (DCUC) urged Senate leaders to oppose an amendment to the “minibus” appropriations bill that would cap credit card annual percentage rates at 18%. The organizations note it would make credit more expensive and less available.
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The Dilemma Facing Lenders Subject to the 1071 Small Business Data Collection and Reporting Rule
We recently reported that a federal district court in Kentucky enjoined the CFPB from implementing the small business data collection and reporting rule, also referred to as the 1071 rule based on the Dodd-Frank section requiring the rule (the “Rule”)
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California Expands UDAAP Prohibitions to Commercial Financing
Commercial financing in California will be subject to a new rule prohibiting unfair, deceptive, and abusive acts and practices (UDAAPs) effective October 1, 2023. The prohibition extends federal UDAAP restrictions to small business financing.
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Attorney General James Leads Multistate Coalition to Support DOJ and FTC’s Revised Merger Guidelines
NEW YORK – New York Attorney General Letitia James led two multistate coalitions in submitting comments to support the U.S. Department of Justice (DOJ) and the Federal Trade Commission’s (FTC) proposed revisions to strengthen the Merger Guidelines, which are the standards that DOJ and FTC use when determining whether corporate mergers and acquisitions violate antitrust laws.
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TEACHERS FEDERAL CREDIT UNION MAKES HOMEOWNERSHIP MORE AFFORDABLE FOR ACTIVE-DUTY SERVICEMEMBERS AND VETERANS
HAUPPAUGE, N.Y., Sept. 20, 2023 /PRNewswire/ -- Teachers Federal Credit Union, one of the largest credit unions in the United States with $9.7 billion assets and more than 460,000 members, is proud to now offer VA Loans to help active-duty military, veterans, and surviving spouses maximize their benefits, minimize costs, and find the home they deserve.*
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Attorney General Bonta Co-Leads Multistate Coalition in Expressing Support for DOJ and FTC’s Revised Merger Guidelines
OAKLAND — California Attorney General Rob Bonta today announced co-leading a coalition of 19 attorneys general in submitting a comment letter to the United States Department of Justice (DOJ) and the Federal Trade Commission (FTC) regarding the agencies’ proposed revisions to the Merger Guidelines. Merger Guidelines describe the standards used by DOJ and FTC to determine whether mergers and acquisitions comply with federal antitrust law.
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Baby Boomers and Gen Xers Wound Down Their Nonmortgage Debt Over the Past 2 Years, While Gen Zers and Millennials Increased Their Burdens
Debt knows no generational bounds, yet the strain of financial obligations resonates differently among each age group. When it comes to debt burdens, though, Gen Xers stand out. In fact, Gen Xers have the highest average nonmortgage and mortgage debt of any generation — and their nonmortgage debt is growing.
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CFPB Updates Small Business Lending Rule FAQs
On Sept. 14, 2023, the CFPB issued updates to its FAQs to assist small business lenders and finance companies with complying with the final Small Business Lending Rule (the Rule) mandated by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FAQs to the Rule cover the following topics: institutional coverage; covered credit transactions; definition of a small business; firewall; record retention.
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Consumer Advocates Petition CFPB to Undertake Rulemaking to Prohibit “Pre-dispute” Consumer Arbitration Clauses
Earlier last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that would permit consumers to choose between arbitration and litigation only after a dispute has arisen.
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ACA Joins Coalition Supporting Workforce Development Legislation
ACA International joined the Tomorrow’s Workforce Coalition along with 600 other associations, nonprofits and businesses to help pass beneficial, bipartisan workforce development legislation: The Freedom to Invest in Tomorrow’s Workforce Act (PDF) (S. 722 / H.R. 1477).
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Wescom Credit Union Expands Field of Membership to Serve More Californians
PASADENA, Calif.--(BUSINESS WIRE)--Wescom Credit Union, on the heels of its Central Coast Federal Credit Union (CCFCU) merger news, has today announced that in addition to the eight Southern California Counties it currently serves, the Credit Union will now serve an additional thirteen counties in California.
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Truth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and Qualified Mortgages)
The Consumer Financial Protection Bureau (Bureau) is issuing this final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule revises dollar amounts for certain provisions implementing TILA and amendments to TILA.
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FTC Warns Tax Preparation Companies About Misuse of Consumer Data
The Federal Trade Commission is warning five tax preparation companies that they could face civil penalties if they use or disclose confidential data collected from consumers for the purpose of preparing their taxes for other unrelated purposes, such as advertising, without first obtaining consumers’ consent.
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Attorney General James Scores Major Victory for Small Businesses Harmed by Predatory Lender
New York – New York Attorney General Letitia James secured a major court victory against three merchant cash advance companies, Richmond Capital Group, Ram Capital Funding, and Viceroy Capital Funding (the Richmond companies) and their principals, Jonathan Braun, Tzvi Reich, Robert Giardina, and Michelle Gregg, for harming small businesses through high-interest loans and undisclosed fees.
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Western Union Remission Fund Distributes Approximately $40M to Victims in the United States and Abroad
The Justice Department today announced that the Western Union Remission Fund began a distribution of approximately $40 million in funds forfeited to the United States from the Western Union Company (Western Union) to approximately 25,000 victims located in the United States and abroad. These victims stand to recover the full amount of their losses.
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9th Circuit Explains What Sort of Litigation Actions by Debt Collector Can Trigger New FDCPA Statute of Limitations Period
The Ninth Circuit issued an Opinion reversing dismissal of a borrower’s Fair Debt Collection Practices Act (FDCPA) claim as time-barred by the FDCPA’s one-year statute of limitations where actions by the debt collector in underlying collections lawsuits triggered a new limitations period.
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States with the highest credit card debt
Californians are racking up the most credit card debt, according to recent data from personal finance website WalletHub. Currently, consumers across the nation hold $1 trillion in credit card debt.
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Report: Robocalls Are Back on the Rise
Reversing a recent down trend, robocalls increased by 5% in August to 5.4 billion, according to Robokiller Insights. The worst offenders, the report said, were robocalls related to financial services, debt collection, medical scams, and loans. It’s not just the scam calls that are a problem; robotexts are a problem, too. Even with a 4% decrease in robotexts, Americans still received 11.3 billion robotexts in August.
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Student loan borrowers at risk of scams as payments restart, says FTC
Student loan payments are restarting in October after a pause of more than three years — and scammers are trying to take advantage, the Federal Trade Commission warned. Fraudsters may try mislead borrowers by offering assistance and asking them to pay for it, Ari Lazarus, consumer education specialist at the FTC, wrote in a consumer alert Thursday. Those fake offers might include lowering borrowers’ monthly payments, avoiding repayment or getting their loans forgiven.
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Wandering through the Consumer Health Data Privacy & Security Forest? There is a guide for that…..
If you are in the consumer health space, you have (or at least we hope you have...) figured out by now that there are health-related privacy and security laws and regulations that apply to your business. The Federal Trade Commission (FTC) and the Department of Health and Human Services (HHS) are the cops on the block, taking that role seriously.
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CFPB Report Sheds Light on Tuition Payment Plans
n a recent report, the Consumer Financial Protection Bureau highlighted the risks faced by students using the tuition payment plans offered by colleges and universities across the U.S., according to a recent press release.
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FTC Settles With Background Report Companies for FCRA Violations and Deceptive Acts
The Federal Trade Commission (“FTC”) on September 11, 2023, settled a claim against a group of affiliated entities operating a background reporting business, Instant Checkmate, LLC, TruthFinder, LLC, The Control Group Media Company, LLC, Intelicare Direct, LLC, and PubRec LLC (“background report companies” or “companies”) for alleged misrepresentations that deceived consumers about whether they had criminal records and for operating as a consumer reporting agency without following the requirements of the Fair Credit Reporting Act (“FCRA”).
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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.
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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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