Student Loan Debt Relief Scammers Permanently Banned from Industry, Ordered to Turn Over Assets under Proposed Order

Two groups of student loan debt relief scammers will be permanently banned from the debt relief industry and are required to turn over their assets as part of a settlement with the Federal Trade Commission.

FTC Data Shows Consumers Report Losing $2.7 Billion to Social Media Scams Since 2021

New data from the Federal Trade Commission shows that scams originating on social media have accounted for $2.7 billion in reported losses since 2021, more than any other contact method.

Stable and spending: An update on the state of the US consumer

After glimmers of optimism in the spring, US consumers’ feelings about the economy remained somewhat upbeat through the summer, as indicated by our ConsumerWise sentiment survey. With this tempered optimism came an increase in consumer spending year-over-year, with a positive change seen across most categories.

NY federal court denies motion to dismiss CFPB lawsuit against debt buyer companies and their owners/officers for unlawful debt collection practices based on third-party conduct

A New York federal district court has denied a motion to dismiss the lawsuit filed in January 2022 by the CFPB against three companies that purchase portfolios of defaulted debts (Corporate Defendants) and three individuals who are owners and/or officers of the Corporate Defendants (Individual Defendants). 

Unseen Costs of Ignoring Cyber Security for Small Business

Cyber attacks pose a significant threat to all businesses, with small businesses being especially valuable. Financially unprepared small firms may suffer significant losses and harm to their reputation, pricing strategy, productivity, staff morale, and other factors in the case of an unforeseen cyberattack. Understanding the potential severity of a cyber attack is crucial for entrepreneurs and small company owners to properly plan their operations. According to the report by the cyber security firm eSentire, the cost of cyber attacks is predicted to reach $10.5 trillion by 2025.

U.S. Consumers Received Just Under 4.3 Billion Robocalls in September, According to YouMail Robocall Index

IRVINE, Calif., Oct. 6, 2023 /PRNewswire/ -- U.S. consumers received just under 4.3 billion robocalls in September, representing a 15.7% decrease from August's volume and the lowest monthly volume since December 2022.

Current 30-year mortgage rate is highest in over two decades: What that means for buyers

A tough housing market for homebuyers got tougher as mortgage rates rose to their highest level since 2000, averaging 7.5% for a 30-year conventional loan this week, according to newly released data Thursday by Freddie Mac.

Attorney General James and Multistate Coalition Secure $49.5 Million from Cloud Company for Data Breach

NEW YORK – New York Attorney General Letitia James and a multistate coalition of 50 attorneys general reached a $49.5 million agreement with cloud company Blackbaud over a massive data breach that impacted thousands of nonprofit institutions, including charities, colleges and universities, and health care organizations in New York and across the country. Blackbaud provides donor data management software and, in 2020, experienced a data breach that exposed the personal information of its customers and millions of their donors and constituents.

CFPB Announces Advisory Committee Appointments

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council.

New York Department of Financial Services Reminds Auto Finance Companies to Credit Consumers for Ancillary Product Refunds

If you cancel a service before your contract is up and you paid ahead of time, you probably expect a refund. For example, if you paid $600 for a year’s worth of a service and cancelled nine months into the contract, you should get about $150 back, assuming that the contract provides for pro rata refunds upon early cancellation.

Consumers Are Voicing Concerns About AI

Over the last several years, artificial intelligence (AI)—a term which can refer to a broad variety of technologies, as a previous FTC blog notes—has attracted an enormous amount of market and media attention. That’s in part because the potential of AI is exciting: there are opportunities for public progress by enhancing human capacity to integrate, analyze, and leverage information.

NY federal court denies motion to dismiss CFPB lawsuit against debt buyer companies and their owners/officers for unlawful debt collection practices based on third-party conduct

A New York federal district court has denied a motion to dismiss the lawsuit filed in January 2022 by the CFPB against three companies that purchase portfolios of defaulted debts (Corporate Defendants) and three individuals who are owners and/or officers of the Corporate Defendants (Individual Defendants). 

Affinity Federal Credit Union’s Pledge to ‘People Helping People’ Takes Center Stage on Impact Day

BASKING RIDGE, N.J., October 05, 2023--(BUSINESS WIRE)--Affinity Federal Credit Union ("Affinity") and its non-profit arm, The Affinity Foundation, are proud to announce its upcoming Impact Day on October 9, 2023.

Denver city council members propose $300m medical debt relief plan for residents

Two Denver, Colorado, city council members have a simple proposal to put more money in their constituents’ pockets: pay off their medical debt. Council members Shontel Lewis and Sarah Parady want to use $3m in city funds to hopefully pay off $300m in medical debt, much of it accrued when residents got sick and visited a local hospital. “Indebting ourselves for healthcare is unfortunately an American reality,” said Lewis. “The time has never been better to push policy.” Denver is now among more than two dozen cities, states or counties that are either actively abolishing their residents’ medical debt or in talks to do so, all working with the nonprofit RIP Medical Debt.

Prepared Remarks of Seth Frotman, General Counsel and Senior Advisor to the Director, at New Jersey Citizen Action Education Fund’s 14th Annual Financial Justice Summit

New Jersey has made great progress on a range of crucial consumer protection issues, from last year’s legislation providing important protections against predatory lending by for-profit schools to building momentum on basic debt collection standards to fighting off efforts to allow problematic earned wage access products. 

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.

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.

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

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):

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). 

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.

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.

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.

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.

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%.

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.

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.

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).

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.

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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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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RMAI 2024 Annual Conference

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