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| Friday September 29, 2023 |
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Four million complaints: More than just a milestone
At the Consumer Financial Protection Bureau, consumer complaints help drive our work. They give us insight into what individuals and families are experiencing in the financial marketplace: the problems they face, what’s happening at certain companies or with financial products, and the places where we might need to focus our supervisory and enforcement efforts. Each week, we send more than 20,000 complaints to companies for response, and last month, we published our four millionth complaint.
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College students struggle as US credit card debt hits a record high
HOUSTON – U.S. Credit card debt recently hit a record $1 trillion and research shows that 42% of college students are a large part of that number.
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CFPB finds big jump in mortgage payments and costs due to high rates
The Consumer Financial Protection Bureau said that higher interest rates have wreaked havoc on the mortgage market, causing monthly payments to skyrocket for new homebuyers while lenders denied more applicants from getting home loans due to insufficient income.
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Education Department confirms student loans will restart even if government closes
The Biden administration is moving ahead with plans to resume collecting student loan payments in the coming days, regardless of whether the government shuts down this weekend.
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The law requires companies to delete disputed unverified information from consumer reports
Credit reports are used to make decisions that affect every facet of peoples’ lives. Credit reports compiled by consumer reporting companies are used by lenders, insurers, employers, landlords, and others—yet these reports frequently contain errors. By one estimate, one in five Americans has an error on at least one credit report.
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The CFPB Proposal to Remove Medical Debt from Credit Report
The Consumer Financial Protection Bureau (CFPB) is moving forward with a rulemaking proposal to change the process of reporting medical debt on consumer credit reports.
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Debt Collection Company LCS Financial Services Files Notice of Data Breach
On September 22, 2023, LCS Financial Services filed a notice of data breach with the Attorney General of Montana after discovering that hackers were able to access the company’s computer system.
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CUNA, NAFCU provide updates on merger website
CUNA and NAFCU’s websites are updated with recent developments related to the proposed transformation to America’s Credit Unions. Now available are the 2022 financial statements for both organizations, a video of Jim Nussle’s conversation at NAFCU’s 2023 Congressional Caucus where he laid out his vision for the new organization, and refreshed FAQs.
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FCC Adopts Rules to Prevent Access to Phone Numbers by Illegal Robocallers
The Federal Communications Commission has adopted rules that would strengthen and modernize its requirements for Voice over Internet Protocol (VoIP) providers to obtain direct access to telephone numbers, according to news release (PDF).
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CUNA meets with FCC on TCPA, call blocking proposals
CUNA, NAFCU, and other organizations met with the Federal Communications Commission (FCC) several times in recent weeks on the Telephone Consumer Protection Act (TCPA) and TRACED Act rulemakings.
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FTC Acts to Stop Online Business Coaching Scheme Lurn From Deceiving Consumers About Money-Making Potential
The Federal Trade Commission is taking action to stop Lurn, a Maryland-based online business coaching seller, from making unfounded claims that consumers can make significant income by starting an array of online businesses
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Student loan payments are about to drain $8 billion a month from consumers, and spending will start contracting early next year
Student loan payments resume next month, draining billions of dollars a month from consumers, who will start pulling back sharply on spending, Fitch Ratings forecast in a Wednesday report.
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Average Payments for New Home Loans Rose 46% in 2022, CFPB Finds
(Bloomberg) -- The average monthly payment for new mortgages increased 46% in 2022 as interest rate hikes squeezed US home borrowers, according to the Consumer Financial Protection Bureau.
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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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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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