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| Wednesday September 27, 2023 |
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CFPB Mortgage Report Finds Jumps in Closing Costs and Denials for Insufficient Income, Growing Proportion of Cash-Out Refinances
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends. In 2022, mortgage applications and originations declined markedly from the prior year, while rates, fees, discount points, and other costs increased.
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Statement of CFPB Director Rohit Chopra on Mortgage Market Activity and Trends
Today, the Consumer Financial Protection Bureau released its annual analysis of residential mortgage data, which generally covers mortgages originated in 2022 and reported by lenders under the Home Mortgage Disclosure Act. There are a number of important findings from our analysis:
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FTC Continues to Stake Out Role as Key AI Regulator
While speaking at the annual conference of the National Advertising Division on September 19, 2023, the Federal Trade Commission (“FTC”) announced a generative AI (“AI”) policy that is consistent with Chairwoman Khan’s focus on the perceived harms to consumers from large technology companies, fully embracing a plan to regulate AI swiftly, aggressively, and proactively.
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FTC and DOJ Announce Additional Workshops on the 2023 Draft Merger Guidelines
The Federal Trade Commission and Justice Department announced today that they plan to hold two additional workshops to facilitate public dialogue on the 2023 Draft Merger Guidelines that the agencies announced in July. Like the agencies’ first workshop on September 5, these events will promote a detailed discussion about the draft guidelines to complement the thousands of public comments submitted to the agencies. Each of the two remaining workshops will be held in-person at an academic institution.
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New Jersey Federal Court Holds Bank Levy Provides Basis for Standing in FDCPA Case
On September 15, the U.S. District Court for the District of New Jersey denied the defendant’s summary judgment motion holding instead that a bank levy against the plaintiff served as a basis for standing to assert a claim under the Fair Debt Collections Practices Act (FDCPA).
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CFPB Weighs in on Credit Denials by Lenders When Using AI and Complex Credit Models
The CFPB has issued a Circular addressing adverse action notification requirements and the proper use of the CFPB's sample forms provided in Regulation B when using artificial intelligence (AI) and complex credit models, and requirements imposed on financial institutions to ensure their use of data and advanced technologies comply with other legal requirements, such as the prohibition against illegal discrimination.
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CUNA, NAFCU write in opposition of ‘all-in’ 36% rate cap
CUNA and NAFCU wrote to senate leaders this week in opposition of a “minibus” amendment that would create an “all-in” annual percentage rate (APR) cap of 36%. The organizations note that the provision would have a “seismic” impact on small-dollar loans and credit cards.
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NCUA releases update September update to Simplified CECL Tool
NCUA released the September 2023 update of its Simplified CECL Tool, which includes the latest life-of-loan, or Weighted Average Remaining Maturity, factors, and other enhancements.
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Congressional Republicans Receive Banking and Credit Union Trade Association Support for Legislation to Overturn the CFPB’s Section 1071 Final Rule
This summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J. Res. 32, respectively) disapproving the Consumer Financial Protection Bureau’s (CFPB or Bureau) implementation of the small business data collection and reporting final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Currently, the Senate resolution has not moved beyond introduction, but the House Financial Services Committee recently approved the House resolution to advance.
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ACA’s IAF Aids Win in Washington State Supreme Court Case
What does the word “within” mean? The Washington State Supreme Court considered that very question in a recent case (PDF) interpreting the statutory text of the state’s so-called “marital bankruptcy” statute, RCW 26.16.200.
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Grow Financial Federal Credit Union Selects Baker Hill NextGen® to Drive Business Loan Growth
CARMEL, Ind., Sept. 26, 2023 /PRNewswire/ -- Baker Hill, the leading financial technology provider in delivering solutions for loan origination, risk management, and analytics, has added Grow Financial Federal Credit Union as its newest client. The credit union has chosen to partner with Baker Hill to grow its business loan portfolio.
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What to do if you’re billed for an SBA EIDL or PPP loan you don’t owe
Did you get a bill for a Small Business Administration Paycheck Protection Program (PPP) loan or COVID-19 Economic Injury Disaster Loan (EIDL) you never applied for? If the answer is yes, an identity thief probably used your personal information to get the loan.
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CFPB denies petition to set aside investigative demand in student loan discharge probe
On September 19, the CFPB published a recent decision and order denying the petition of one of the nation’s largest private student loan servicers to set aside the CFPB’s civil investigative demand (CID) in connection with its investigation into potential violations of the CFPA’s prohibition of unfair, deceptive, and abusive acts and practices for attempting to collect on loans that had been previously discharged in bankruptcy.
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Leagues, credit union continue advocacy in Washington, D.C.
Credit unions continued their advocacy in the nation's capital this week, with Leagues representing credit unions from six states in Washington, D.C.
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CFPB announces consumer reporting rulemaking
On September 21, the CFPB announced the beginning of its anticipated rulemaking regarding consumer reporting, including a proposal to remove medical bills from credit reports.
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Mastercard Tells Congress Credit Card Competition Act Is Bad for Consumers, Businesses
Mastercard has written a letter to several members of the United States Congress, outlining its opposition to the Credit Card Competition Act. The legislation would “remove consumer choice, erode security, eliminate rewards and prevent small businesses from investing in their future,” the company said in a Friday (Sept. 22) press release.
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Delaware Joins States With Comprehensive Consumer Data Privacy Laws
On Sept. 11, 2023, Governor John Carney of Delaware signed into law the new Delaware Personal Data Privacy Act. Advertised as the “strongest privacy bill in the nation,” the law adds to the growing complex tapestry of state data privacy laws now in place in the U.S.
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CFPB Unveils Plan To Remove Medical Debt From Credit Reports
The Consumer Financial Protection Bureau (CFPB) has taken a firm stance in a plan revealed last week to eliminate medical bills from consumer credit reports. This new direction, which the bureau introduced online and is headed by Vice President Kamala Harris, seeks to "aid families in bouncing back from medical emergencies, deter debt collectors from forcing unwarranted payments, and ensure accurate data devoid of inconsistencies is used by creditors," according to the CFPB.
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Calls for action as credit card interest rates soar
WASHINGTON (NEXSTAR) — Right now, Americans are facing credit card interest rates over 20%. The issue is prompting calls for actions in Washington.
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Goldman: Credit Card Losses Climbing at Quickest Rate Since 2008
Credit card companies are seeing losses rise at the fastest rate since the Great Recession. That’s according to a widely shared Goldman Sachs research note published Friday (Sept. 22), which said that losses have been climbing quickly since early 2022, jumping at speeds not seen since the 2008 financial crisis.
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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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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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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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