|
|
|
|
|
|
Mesack: CFPB’s latest ‘guidance’ masks ‘major power grab’
The CFPB Wednesday released an advisory opinion for financial institutions it supervises – which includes credit unions with more than $10 billion in assets – to provide consumers with information about their accounts “in a timely manner” and without a fee. NAFCU Senior Vice President of Government Affairs Greg Mesack argued this approach “is another instance of the bureau overstepping its authority and masking a major power grab as simple ‘guidance.’”
Read More |
CFPB and Justice Department Issue Joint Statement Cautioning that Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit Applicants
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless of their immigration status.
Read More |
The Average Car Payment Just Hit a New Record High
Car payments now average well over $700 per month for new vehicles — a new record high — and experts say Americans could be looking at even steeper costs in the future.
Read More |
NCUA issues letter on resumption of federal student loan payments
NCUA issued a Letter to Credit Unions (23-CU-08) Wednesday on resumption of federal student loan payments. Federal student loan interest resumed Sept. 1, and payments restart in October.
Read More |
Attorney General Bonta’s Sponsored Bill to Compensate Victims of Consumer Protection Violations Signed Into Law
OAKLAND — California Attorney General Rob Bonta issued a statement in response to Assembly Bill 1366 (AB 1366), a bill that he sponsored, being signed into law by Governor Gavin Newsom. Authored by Assemblymember Brian Maienschein (D-San Diego), the legislation will establish a new Victims of Consumer Fraud Restitution Fund in the state Treasury that will be funded through payments made by businesses that violate consumer protection laws.
Read More |
FTC Reaches Settlement with Crypto Company Voyager Digital; Charges Former Executive with Falsely Claiming Consumers’ Deposits Were Insured by FDIC
The Federal Trade Commission announced a settlement with bankrupt crypto company Voyager that will permanently ban it from handling consumers’ assets and is filing suit against its former CEO, Stephen Ehrlich, for falsely claiming that customers’ accounts were insured by the Federal Deposit Insurance Corporation (FDIC) and were “safe,” even as the company was approaching an eventual bankruptcy. The complaint also names Stephen Ehrlich’s wife, Francine Ehrlich, as a relief defendant.
Read More |
Prepared Remarks of CFPB Enforcement Director Eric Halperin on the TransUnion Enforcement Actions
Trans Union is one of the three nationwide consumer reporting agencies. This special position affords them significant power over the lives of consumers, because their core business is to collect and maintain data and credit account information on more than 200 million Americans, and to sell consumer credit reports, which are used to make important decisions regarding consumers’ creditworthiness.
Read More |
Surprise billing arbitration is still a mess
Nearly two years after a surprise medical bill ban took effect, the process for settling billing disputes between insurers and providers is still mired in litigation and many cases remain unresolved.
Read More |
Case on Federal Agencies’ Interpretation of Statutes on the Supreme Court’s Docket
The U.S. Supreme Court is slated to consider a case on government agency interpretation of statutes, known as the Chevron doctrine, to enact regulations.
Read More |
Supreme Court agrees to hear debit card ‘swipe fees’ case
The Supreme Court agreed Friday to take up a case asking the Federal Reserve to lower the cap on debit card “swipe fees.”
Read More |
AG Nessel Joins Multistate Amicus Brief in Support of Stronger Relief Options for Borrowers Harmed by Predatory Institutions
LANSING – Michigan Attorney General Dana Nessel has joined a coalition of 23 attorneys general in filing an amicus brief with the U.S. Court of Appeals for the Fifth Circuit in the case Career Colleges and Schools of Texas v. U.S. Department of Education, et al. The amicus brief urges the court to uphold the Department of Education’s “Borrower Defense Rule,” which ensures protections for student loan borrowers who experience fraud and abuse by educational institutions and safeguards defrauded borrowers from being burdened with student loan debt.
Read More |
CFPB and FTC Take Actions Against TransUnion for Illegal Rental Background Check and Credit Reporting Practices
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) took action against a rental screening subsidiary of the TransUnion conglomerate for violations of the Fair Credit Reporting Act. The TransUnion company failed to take steps to ensure the rental background checks that landlords use to decide who gets housing were accurate.
Read More |
FTC and CFPB Settlement to Require Trans Union to Pay $15 Million over Charges It Failed to Ensure Accuracy of Tenant Screening Reports
The Federal Trade Commission and the Consumer Financial Protection Bureau (CFPB) obtained a settlement that will require credit reporting agency Trans Union LLC and a subsidiary to pay a total of $15 million to settle charges they failed to ensure the accuracy of tenant screening reports by including inaccurate and incomplete eviction records about consumers, hampering their ability to obtain housing.
Read More |
CFPB Exams Return $140 Million to Consumers Hit by Illegal Junk Fees in Banking, Auto Loans, and Remittances
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights focused on the agency’s efforts to protect consumers from illegal junk fees.
Read More |
CFPB Issues Guidance to Halt Large Banks from Charging Illegal Junk Fees for Basic Customer Service
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion regarding a provision enacted by Congress which generally prohibits large banks and credit unions from imposing unreasonable obstacles on customers, such as charging excessive fees, for basic information about their own accounts.
Read More |
FTC Proposes Rule to Ban Junk Fees
The Federal Trade Commission today announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses.
Read More |
Prepared Remarks of CFPB Director Rohit Chopra on a Press Call on Junk Fees
Americans are willing to pay a competitive price for great products, because that’s how a fair economy works. And when companies focus on competing, rather than cheating, everyone wins.
Read More |
SECU Launches Fourth Annual Kindness Campaign, Aims for Half a Million Acts of Kindness in October
BALTIMORE, Oct. 10, 2023 /PRNewswire/ -- SECU, Maryland's largest state-chartered credit union, is proud to unveil the fourth edition of its Kindness Campaign this October, building on the campaign's successful legacy of fostering compassion and community engagement among its members and beyond. With an aspiration to inspire 500,000 acts of kindness, SECU's Kindness Campaign continues to rally individuals, organizations, and partners throughout Maryland.
Read More |
CFPB Sues Repeat Offender Freedom Mortgage Corporation for Providing False Information to Federal Regulators
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court today, alleging that Freedom Mortgage Corporation submitted legally-required mortgage loan data that was riddled with errors.
Read More |
CFPB shares concerns and actions regarding medical debt collection
On October 4, Seth Froman, the CFPB’s General Counsel and senior advisor to Director Chopra, delivered remarks at the New Jersey Citizen Action Education Fund’s Financial Justice Summit. He heralded the work and mission of the CFPB, and focused on the impact of medical debt.
Read More |
GoWest member credit unions raise $1.2M for CMN Hospitals
Credit union leaders collaborated to raise $1.2 million for 11 Children’s Miracle Network Hospitals during the “The Totally Awesome CU4Kids Auction & 80’s Prom Bash” held in Spokane Oct. 4, as part of the GoWest Credit Union Association's annual MAXX Convention.
Read More |
Pennycuick Measure Providing Free Credit Monitoring for Data Breach Victims Approved by Senate
HARRISBURG – The state Senate today approved bipartisan legislation sponsored by Sen. Tracy Pennycuick (R-24) to strengthen notification requirements for data breaches and provide affected citizens with free credit monitoring and a credit report.
Read More |
FTC and CFPB submit amicus brief in Second Circuit on FCRA requirement for furnisher to conduct reasonable investigation of disputed information
The Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) have filed a joint amicus brief in which they urge the U.S. Court of Appeals for the Second Circuit to reverse the decision of a New York federal court in Suluki v. Credit One Bank, NA.
Read More |
Small Business Loan Approvals Slid at Big Banks, Rose at Other Lenders in September: Biz2Credit Small Business Lending Index™
NEW YORK, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Small business loan approval percentages at big banks ($10 billion+ in assets) fell again, dropping from 13.2% in August to 13.1% in September, according to the latest Biz2Credit Small Business Lending Index™ released today. Big bank lending to small businesses has dipped every month since June 2022.
Read More |
CFPB Initiates FCRA Rulemaking on Medical Debt and Data Brokers
On September 21, the CFPB announced that it has initiated a rulemaking process under the Fair Credit Reporting Act (“FCRA”) that would remove medical bills from consumer credit reports.
Read More |
26% of Consumers Say Interest Rates Influence Credit Product Choices
Consumers are increasingly focused on finding the best deal — a preference driven by loss aversion and a desire to maximize the benefits of their financial products.
Read More |
Transforming the member experience through technology
In today’s fast-paced digital world, financial institutions are constantly challenged to adapt and innovate to meet the evolving digital-first demands of consumers.
Read More |
NY proposes amendments of debt collector rules
On September 30, the New York City Department of Consumer and Worker Protection (Department) published proposed amendments to its rules relating to debt collectors.
Read More |
Rohit Chopra: ‘Financial markets are much better off with the CFPB’
Consumer Financial Protection Bureau Director Rohit Chopra said if an attempt to invalidate his agency's funding is successful before the Supreme Court, it would add more uncertainty for the mortgage industry and create "a lot of headaches" for consumers.
Read More |
US consumer watchdog warns payment systems risk Chinese-style surveillance
(Reuters) -The top U.S. agency for consumer financial protection is considering regulatory moves to help protect the public from the kind of excessive surveillance of their financial data enabled by payment structures in China, its director said on Friday.
Read More |
|
|
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
|
|
Cherokee Media Group
Westin Kierlin Resort & Spa
Scottsdale , AZ
November 06 - 09 , 2023
conferences@cherokeemediagroup.com
|
|
Receivables Management Association International
Aria Resort & Casino
Las Vegas , Nevada
February 05 - 08 , 2024
https://rmaintl.org/events/2024-annual-conference/
|
|
|
|
|
