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| Wednesday October 4, 2023 |
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Separation of Powers Arguments Come to a Head in CFPB Supreme Court Case
Two hours of debate in front of the U.S. Supreme Court are in the books in a case that could impact the funding structure of the Consumer Financial Protection Bureau at a critical time for the agency, consumers, and the financial services industries it oversees.
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Supreme Court justices appear skeptical of challenge to CFPB’s funding structure
Washington — The Supreme Court on Tuesday weighed the constitutionality of the Consumer Financial Protection Bureau's funding structure in what is the most significant test of the agency's 13-year existence, with several of the justices expressing skepticism toward arguments that the mechanism is outside the bounds of the Constitution.
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Attorney General James Leads Multistate Statement in Support of CFPB in Supreme Court Case
NEW YORK – On Tuesday, October 3rd, the United States Supreme Court will hear oral arguments in Consumer Financial Protection Bureau v. Community Financial Services Association of America Ltd. The Community Financial Services Association of America (CFSA) is asking the Supreme Court to affirm the Fifth Circuit’s ruling that threatens the Consumer Financial Protection Bureau’s (CFPB) funding and existence
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Attorney General Bonta Issues Statement in Support of CFPB Following Oral Argument in U.S. Supreme Court
OAKLAND – California Attorney General Rob Bonta today released the following statement in response to the U.S. Supreme Court hearing oral argument in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA):
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AG Nessel Warns Residents about USPS Scam
LANSING – Michigan Attorney General Dana Nessel is warning residents about fraudulent smishing text messages with an alleged delivery notification and tracking link, purporting to be from the United States Postal Service (USPS).
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CFPB Issues Additional Guidance on Use of AI in Credit Underwriting
On September 19, the Consumer Financial Protection Bureau (CFPB) issued Circular 2023-03, which provides guidance as to how lenders must explain denials of applications of credit when the underwriting is based on artificial intelligence (AI) or complex credit models.
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NCUA Chairman Todd M. Harper Remarks at the American Credit Union Mortgage Association’s 2023 Annual Conference
Today, credit unions hold about 5 percent of all outstanding mortgage debt in the U.S., including a large and growing percentage of second mortgages. While this market share is small when compared to that of banks and non-bank lenders, credit unions play an important role in fostering home ownership in communities nationwide, especially in rural or underserved areas and communities often overlooked by traditional financial institutions.
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Texas amends data breach reporting requirements
Texas recently amended its breach notification statute to shorten the time businesses have to notify the state Attorney General after a data breach affecting 250 or more Texas residents. As of September 1, businesses must notify the Attorney General within 30 days from when they determine that a breach has occurred. Previously, businesses had up to 60 days.
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AI’s impact on credit union lending
Technology has been reshaping the financial landscape, emphasizing the significance of the digital experience in serving members, attracting new ones, and competing effectively.
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Consumers Splurge on ‘Once in a Lifetime’ Expenses Despite Inflation
Household spending is up despite several factors that should be keeping it down. Americans spent 5.8% more in August compared to the year before amid a boom in “experience” spending, The Wall Street Journal (WSJ) reported Monday (Oct. 2). Delta Air Lines reported record revenue, while Ticketmaster’s sales were up almost 18%.
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Senate Banking Committee debates AI in finance: balancing opportunities and risks
On September 20, the Senate Banking Committee held its first hearing on the use of artificial intelligence (AI) in the financial services space, further revealing a partisan divide regarding the utilities and risks associated with the technology.
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CFPB 2022 Loan Data: Decrease in Originations; Increase Loan Payments, Fees
On September 27, the CFPB released its annual report on residential mortgage lending activity and trends for 2022. Under the Home Mortgage Disclosure Act (HMDA), the CFPB requires financial institutions to collect and provide loan-level information on mortgage loan applications and originations.
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CFPB and FTC File Amicus Brief Urging Second Circuit to Find FCRA Requires Unverified Information to be Deleted from Consumer Report
Recently, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) (collectively, the agencies) filed an amici curiae brief urging the U.S. Court of Appeals for the Second Circuit to reverse a district court’s decision finding a furnisher’s investigation of a consumer’s dispute and subsequent furnishing of the disputed information to be reasonable under the Fair Credit Reporting Act (FCRA).
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CoreLogic: US Mortgage Performance Remains Exceptionally Strong in July
For the month of July, 2.7% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 0.3 percentage point decrease compared with 3% in July 2022 and a 0.1% increase from June 2023.
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NYC Announces Amended Proposed Debt Collection Rules and Public Hearing
The New York City Department of Consumer and Worker Protection (DCWP) has announced proposed amendments to its debt collection rules. The DCWP will hold a public hearing (PDF) at 11 a.m. Nov. 29, 2023, to discuss the proposal and take comments. Written comments on the proposed rules are due by that date.
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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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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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Receivables Management Association International
Aria Resort & Casino
Las Vegas , Nevada
February 05 - 08 , 2024
https://rmaintl.org/events/2024-annual-conference/
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