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| Wednesday October 18, 2023 |
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FTC and CFPB Seek Settlement on Reported FCRA Violations by TransUnion
TransUnion and its subsidiary TransUnion Rental Screening Solutions Inc. face a $15 million settlement and procedural remedies to correct tenant screening processes in a complaint filed by the Federal Trade Commission and Consumer Financial Protection Bureau.
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CFPB Advises Large Banks on Compliance with CFPA § 1034(c)
On October 11, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion regarding § 1034(c) of the Consumer Financial Protection Act (CFPA), which requires large banks and credit unions to comply in a timely manner with consumer requests for information concerning their accounts.
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Third Circuit Holds That Furnisher Who Receives Notice of an Indirect Dispute Has Absolute Duty to Investigate Under FCRA
News accounts of instances of stolen identity in which identity thieves incur debts in the names of innocent consumers are common. Given the structure of the consumer credit industry, it is difficult for consumers to know where to turn to try to fix the problem.
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Attorney General Bonta Announces $10 Million Settlement Over Attempted Unauthorized Withdrawals by Payment Processing Company
OAKLAND – California Attorney General Rob Bonta today joined a coalition of 48 states, the District of Columbia, and Puerto Rico in announcing a $10 million settlement with payment processor ACI Worldwide and its subsidiary, ACI Payments, over a testing error that led to the attempted unauthorized withdrawal of $2.3 billion from the accounts of mortgage-holders. ACI processes mortgage payments for a variety of third-party clients, including mortgage servicer Nationstar Mortgage, which is also known publicly as “Mr. Cooper.”
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Challenging environment exists for CDFI CUs looking to serve
Community Development Financial Institution-certified credit unions are key to achieving the mission of the CDFI movement, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Tuesday. The committee conducted a hearing on how CDFIs promote housing and economic opportunities.
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AG Ferguson announces more than $2 million in recoveries for student-borrowers
OLYMPIA — Attorney General Bob Ferguson announced today that his office has recovered more than $2 million from nearly three dozen debt adjusters who preyed on student borrowers. These entities engaged in unfair and deceptive practices, including unlawfully charging tens of thousands of dollars in excessive fees to thousands of Washingtonians.
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AG Yost Announces Data Breach Settlement with Health-Care Clearinghouse
(COLUMBUS, Ohio) — Ohio Attorney General Dave Yost and 32 of his counterparts announced today that a settlement has been reached with Inmediata over the three-year exposure of the protected health information of 1.5 million consumers.
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Security Service Federal Credit Union opens new location in New Braunfels
Security Service Federal Credit Union opened a new location at the New Braunfels Town Center at Creekside. The business is a full service financial institution, and offers mortgage products, investment services, insurance services, title insurance and settlement services, retail deposit, and loan products. The location features a drive-thru, ATM, coin counter, notary and safe boxes.
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iQ Credit Union Celebrates the 75th Anniversary of International Credit Union Day
VANCOUVER, Wash., Oct. 16, 2023 /PRNewswire/ -- iQ Credit Union (iQ), a member-owned, modern-day financial institution based in the Pacific Northwest, joins over 56,000 credit unions around the world to celebrate the 75th anniversary of International Credit Union Day on Thursday, Oct. 19. To show their gratitude, all iQ branches will offer coffee celebrations the week of Oct. 16.
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Mayor Adams Releases First-of-Its-Kind Plan For Responsible Artificial Intelligence Use In NYC Government
NEW YORK – New York City Mayor Eric Adams and Chief Technology Officer Matthew Fraser today released the Adams administration’s comprehensive “New York City Artificial Intelligence Action Plan,” taking a major step to cement New York City’s position as a leader in the responsible use of innovative artificial intelligence (AI) technology.
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New TransUnion Analysis Examines Repercussions of FHFA’s Proposed Move from Tri-Merge to Bi-Merge
The Federal Housing Finance Agency’s (FHFA) proposed change to utilize two instead of three credit reports during the mortgage application process could result in unintended consequences for consumers while doing little to achieve the organization’s stated goal of reducing mortgage borrower costs. TransUnion (NYSE: TRU) released these findings today at the Mortgage Bankers Association’s MBA Annual Convention & Expo.
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CFPB planning significant staff increases; number of full-time enforcement attorneys to increase by 50%
American Banker recently reported that the CFPB is planning to substantially increase the size of its staff, particularly its Enforcement Division staff.
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CFPB Takes Action Against Operator of Sendwave App for Illegally Cheating People on International Money Transfers
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Chime Inc. for deceiving consumers about the speed and cost of remittance transfers through its mobile app, Sendwave.
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Job scam targeting influencers
Did you get a message from a “brand ambassador manager” for a national company wanting to pay you to promote their products online? It could be a scam…but how will you know?
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California Finalizes Student Loan Servicer Regulations
The California Department of Financial Protection and Innovation (DFPI) has issued final regulations to implement the Student Loan Servicing Act and the Student Loans Borrower Rights Law that will take effect Jan. 1, 2024.
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US Consumer Inflation Expectations Jump to a Five-Month High
Americans expect prices will climb at a 3.8% rate over the next year, the highest in five months and up from the 3.2% expected in September, according to the preliminary October reading from the University of Michigan. They see costs rising 3% over the next five to 10 years, compared to last month’s 2.8%.
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California’s new law makes it easier for consumers to request the deletion of their data
California is officially the first state to pass a law streamlining personal data removal. On October 10, Governor Gavin Newsom signed SB 362, known as the Delete Act, into law, requiring the California Privacy Protection Agency (CPPA) to create and roll out a tool allowing state residents to request that all data brokers delete their information. There are nearly 500 registered data brokers in California.
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New Jersey Appellate Division Affirms Dismissal of Consumer Fraud Class Action Against Debt Collector under the New Jersey Consumer Fraud Act
The Superior Court of New Jersey, Appellate Division in Jennifer Woo-Padva v. Midland Funding, LLC, recently affirmed the dismissal of consumer fraud claims brought against a debt collector pursuant to the New Jersey Consumer Finance Licensing Act (CFLA), holding that a debt purchaser is not liable under the New Jersey Consumer Fraud Act (NJCFA) for failing to obtain a state license under the CFLA.
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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.’”
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.”
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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.
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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.
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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.
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Recovery Management Network
(562) 906-1101
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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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