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FTC Adds Data Breach Notification Requirement to Safeguards Rule
The Federal Trade Commission (FTC or Commission) has amended its Standards for Safeguarding Customer Information, commonly known as the "Safeguards Rule," to require non-bank financial institutions to report certain data breaches to the Commission.
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Merger approved: Historic vote sets up transformation to America’s Credit Unions
Members of CUNA and NAFCU have approved the associations’ merger into America’s Credit Unions. The new organization is set to legally launch Jan. 1, 2024, and will spend the next several months aligning products and services to meet members’ needs, and committing to a culture that emphasizes accountability, transparency, and responsiveness.
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OppFi asserts true lender doctrine is “underground regulation” DFPI cannot enforce
Opportunity Financial LLC (OppFi) has filed a cross-complaint against the Commissioner of California’s Department of Financial Protection and Innovation (DFPI), asserting that the DFPI’s reliance on the so-called “true lender doctrine” in order to subject OppFi to interest rate limitations under the California’s Financing Law (CFL) constitutes adoption and enforcement of an “underground regulation”, which is impermissible under California’s Administrative Procedure Act (APA).
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Southern Pine Credit Union President and Controller Plead Guilty to Bank Fraud
VALDOSTA, Ga. – The former President and the former Controller of Southern Pine Credit Union in Valdosta both pleaded guilty to long-running multimillion-dollar bank loan and aggravated identity theft schemes.
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CFPB Issues New Report on State Community Reinvestment Laws
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a new analysis on state Community Reinvestment Act laws, highlighting how states ensure financial institutions' lending, services, and investment activities meet the credit needs of their communities.
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FTC Action Leads to $18 Million in Refunds for Brigit Consumers Harmed by Deceptive Promises About Cash Advances, Hidden Fees, and Blocked Cancellation
The Federal Trade Commission is taking action against personal finance app provider Brigit, alleging that its promises of “instant” cash advances of up to $250 for people living paycheck-to-paycheck were deceptive and that the company locked consumers into a $9.99 monthly membership they couldn’t cancel.
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CU-backed legislation would remove restrictions to veterans business lending
Congress should support legislation to increase credit union lending to veteran-owned businesses, CUNA wrote to a Senate, Banking, Housing, and Urban Affairs Committee for its hearing on financial services to veterans. CUNA, Leagues, and credit unions support the Veteran Member Business Loan Act (S. 539), introduced in February by Sens. Mazie Hirono, D-Hawaii, and Dan Sullivan, R-Alaska.
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FTC Approves New Data Breach Notification Requirement for Non-Banking Financial Institutions
On October 27, 2023, the FTC approved an amendment to the Safeguards Rule (the “Amendment”) requiring that non-banking financial institutions notify the FTC in the event of a defined “Notification Event” where customer information of 500 or more individuals was subject to unauthorized acquisition.
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CFPB Issues Summary Guide for Proposed Data Sharing Rule
The proposed rule seeks to standardize access to data and its terms, fostering a more level playing field for both established and emerging financial institutions, according to the bureau. he CFPB has opened comments on the proposed rule until Dec. 29, 2023.
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FDIC is probing former First Republic Bank directors and officers, spokesperson says
The Federal Deposit Insurance Corporation is investigating potential misconduct by executives and board members of First Republic Bank, raising the prospect of stiff penalties for the failed bank’s former bosses.
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CUNA rebuts merchant interchange bill claims in message to Congress
The proposed changes to credit card interchange in the big box interchange bill are a big concern for credit unions in how it would impact the 137 million members they serve nationwide, CUNA wrote to all members of Congress Tuesday.
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FTC Approves New Data Breach Notification Requirement for Non-Banking Financial Institutions
On October 27, 2023, the FTC approved an amendment to the Safeguards Rule (the “Amendment”) requiring that non-banking financial institutions notify the FTC in the event of a defined “Notification Event” where customer information of 500 or more individuals was subject to unauthorized acquisition.
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AG Ellison sues to stop predatory internet lending in Minnesota
November 1, 2023 (ST. PAUL). Today, Minnesota Attorney General Keith Ellison announced his office has filed a federal lawsuit against individuals that control online lenders Bright Lending, Green Trust Cash, and Target Cash Now for usurious lending and consumer fraud.
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The CFPB Considers Rules to Remove Medical Debt from Credit Reports: What does this Mean for Medical and Dental Providers?
Last month, the Consumer Financial Protection Bureau (CFPB) kicked off a rulemaking process that, if enacted, would reshape the credit reporting and debt collection landscape and could have a detrimental effect on medical and dental providers’ bottom line.
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Servicemembers continue to face major financial challenges
Financial readiness is critical to military readiness. That is why the CFPB is working hard to ensure that servicemembers get the protections they are entitled to under the law. Despite our progress, there is still work to be done. Below, we discuss three major protections that the CFPB is working to secure for all servicemembers.
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CFPB Issues Biennial CARD Act Report to Congress
On October 25, 2023, the Consumer Financial Protection Bureau (CFPB) released its sixth consumer credit card market biennial report to Congress as required under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). The report focuses on industry market dynamics, use of credit, cost of credit, availability of credit, and issuer practices.
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NCUA, CDFI Fund to host webinar on small dollar lending program
Credit unions interested in the Community Development Financial Institutions (CDFI) Fund Small Dollar Loan Program can get valuable information on a Nov. 8 webinar hosted by CDFI Fund and NCUA.
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Chairman Harper Emphasizes Allyship to Achieve DEI Goals
ALEXANDRIA, Va. (Nov. 1, 2023) – National Credit Union Administration Chairman Todd M. Harper emphasized the power of allyship to achieve diversity, equity, and inclusion goals during his remarks at the NCUA’s 2023 Diversity, Equity, and Inclusion Summit in Washington, D.C.
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Personalization Helps Credit Unions Out-Compete Banks on Lending
You can’t have a successful business, no matter the business, if you don’t attract customers. When it comes to today’s world of evolving financial markets and fluctuating interest rates, consumers are becoming more discerning when choosing their financial institutions for credit products.
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Commercial Lending: Venture Loans to Companies in an Early, Expansion, or Late Stage of Corporate Development
The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to inform banks1 about policy guidance that applies to commercial loans to early-, expansion-, and late-stage companies. This bulletin refers to these loans as “venture loans.”
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California Holds Next Debt Collection Advisory Committee Meeting
The seven-member committee provides critical feedback to the DFPI as it creates its debt collection licensing program. The committee also advises DFPI Commissioner Clothilde V. Hewlett on matters related to the debt collection business, including proposed fee schedules and other requirements.
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At the Direction of President Biden, Department of Commerce to Establish U.S. Artificial Intelligence Safety Institute to Lead Efforts on AI Safety
Today, the Biden-Harris Administration announced that the U.S. Department of Commerce, through the National Institute of Standards and Technology (NIST), will establish the U.S. Artificial Intelligence Safety Institute (USAISI) to lead the U.S. government’s efforts on AI safety and trust, particularly for evaluating the most advanced AI models. USAISI will support the responsibilities assigned to the Department of Commerce under the historic executive order that President Biden signed earlier this week.
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Required Rulemaking on Personal Financial Data Rights
The Consumer Financial Protection Bureau (CFPB) is proposing a rule to implement personal financial data rights under the Consumer Financial Protection Act of 2010 (CFPA). The proposed rule would require depository and nondepository entities to make available to consumers and authorized third parties certain data relating to consumers' transactions and accounts; establish obligations for third parties accessing a consumer's data, including important privacy protections for that data; provide basic standards for data access; and promote fair, open, and inclusive industry standards.
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FTC and Wisconsin AG enter into settlements with auto dealerships for alleged discriminatory financing practices and deceptive add-on product practices
The Federal Trade Commission and Wisconsin Attorney General have entered into settlements with a group of auto dealerships, their current and former corporate owners, and their general manager for allegedly engaging in unlawful discrimination in connection with financing offered to customers and for allegedly engaging in deceptive practices in connection with the sale of add-on products.
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AG Yost Sues Florida Debt Collector, Alleging Illegal, Abusive Practices in Ohio
(COLUMBUS, Ohio) — Ohio Attorney General Dave Yost is suing a Florida man who employed harassing and abusive tactics to try to collect debts from Ohio consumers. “After strong-arming his way to collecting on notes, he himself better be ready to face the music,” Yost said. “Harassment is no way to do business, and it makes this bad actor morally bankrupt.”
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DFPI Continues Yearlong Effort Targeting Unlawful, Deceptive Debt Collectors with Four New Actions
SACRAMENTO – In a continuation of a yearlong crackdown on unscrupulous debt collectors, the California Department of Financial Protection and Innovation (DFPI) announced today that it has issued enforcement actions against four entities for unlicensed debt collection activity under the Debt Collection Licensing Act (DCLA) and unfair, deceptive, or abusive acts or practices (UDAAP) in violation of the California Consumer Financial Protection Law (CCFPL) and related federal laws and regulations.
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Bank to pay Fed, NYDFS almost $30 million for deficient third-party risk management practices
On October 19, the Fed and NYDFS announced an enforcement action against a New York-based bank for alleged violations of consumer identification rules and deficient third-party risk management practices.
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WEBRECON SEPT 2023 STATS: THE PENDULUM…
September saw the consumer complaint pendulum keep on swinging. After August’s big month for lawsuits, most were back down in the month-over-month comparisons. FCRA suits were the exception – while FCRA had been the one consistent growth area in consumer litigation over the last couple of years, they’ve tended to swing with the same volatility as the other statutes in recent months. In September, FCRA was once again the one growth area on our chart with a +6.5% increase over August, while FDCPA (-4.8%) and TCPA (-1.9%) were both down.
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U.S. Department of Education Announces Withholding of Payment to Student Loan Servicer as Part of Accountability Measures for Harmed Borrowers
U.S. Secretary of Education Miguel Cardona and Federal Student Aid (FSA) Chief Operating Officer Rich Cordray issued the following statements on actions taken by the U.S. Department of Education (Department) after student loan servicer errors were found by the Department.
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CFPB report reveals high credit card costs, growing debt, digital shift
On October 25, the CFPB released a report on credit card interest rates and fees in 2022 highlighting the impact of the cost to consumers. The report found that credit card companies charged consumers more than $105 billion in interest and $25 billion in fees, with the bulk of the fees being late fees
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Nonbank Fintech Settles with CFPB to Resolve EFTA and CFPA Claims
The CFPB recently entered into a consent order with a nonbank fintech company to resolve claims of EFTA and CFPA violations. As part of the settlement the company will pay nearly $1.5 million in consumer restitution and another $1.5 million in civil penalties.
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Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows: Section 1. Purpose. Artificial intelligence (AI) holds extraordinary potential for both promise and peril. Responsible AI use has the potential to help solve urgent challenges while making our world more prosperous, productive, innovative, and secure.
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Utah Court of Appeals affirms ruling for debt buyer engaged in unlicensed collection efforts
The Utah Court of Appeals affirmed a lower court’s ruling against a debt buyer that acquired a portfolio of bad debts from borrowers all over the country, including residents of Utah.
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FTC Case Leads to Permanent Ban Against Merchant Cash Advance Owner for Deceiving Small Businesses, Seizing Personal and Business Assets
As a result of a Federal Trade Commission lawsuit, Jonathan Braun, who controlled small-business funding company RCG Advances, will face a permanent ban from the merchant cash advance and debt collection industries. A federal court issued summary judgment in favor of the FTC in the case along with a permanent injunctionagainst Braun.
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Final Rule Updating the Community Reinvestment Act Issued by Bank Regulators
On October 24, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (together, the “Agencies”) issued a final rule designed to modernize and fine tune the Community Reinvestment Act’s (“CRA”) implementing regulations. The Agencies believe that the final rule, which will mostly become applicable between January 1, 2026 and January 1, 2027, is designed to achieve four primary goals:
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Groups Supporting Economic Growth Urge Withdrawal of CFPB’s Proposed Rule on Credit Card Late Fees
A coalition of groups supporting consumers and economic growth are asking the Biden administration and Consumer Financial Protection Bureau to halt a proposed rule from the bureau to cap credit card late fees.
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FTC Sends Nearly $100 Million in Refunds to Vonage Consumers Who Were Trapped in Subscriptions By Dark Patterns and Junk Fees
The Federal Trade Commission is sending nearly $100 million in refunds to consumers who lost money as a result of internet phone service provider Vonage imposing junk fees and creating obstacles to those who try to cancel their service.
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Court pauses CFPB small-biz data collection rule nationwide
A Texas federal judge Thursday put the Consumer Financial Protection Bureau’s small-business data collection rule on hold nationwide, asserting an earlier injunction he issued — covering only certain banks — allows for a double standard.
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AG Ferguson: Court shuts down websites of companies that targeted small businesses with deceptive messages
SEATTLE — Attorney General Bob Ferguson announced today he won a court order to shut down the websites and suspend the internet domains of two businesses and their owner that sent hundreds of thousands of deceptive texts and emails targeting Washington businesses and nonprofits
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FCC Proposes Probe into AI in Robocalls
Federal Communications Commission Chair Jessica Ronsenworcel recently announced a proposed directive to focus the FCC on AI’s burgeoning role in scam calls, particularly those targeting the elderly. The proposal will be presented at the November 15 commission meeting and would direct research into the strengths and weaknesses of generative AI, the role that AI plays in scamming consumers, and the role that AI may play in enforcing the Telephone Consumer Protection Act (TCPA).
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CFPB Issues Biennial CARD Act Report to Congress
On October 25, 2023, the Consumer Financial Protection Bureau (CFPB) released its sixth consumer credit card market biennial report to Congress as required under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). The report focuses on industry market dynamics, use of credit, cost of credit, availability of credit, and issuer practices.
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Prepared Remarks of Eric Halperin, CFPB Enforcement Director, at the NCLC Consumer Rights Litigation Conference
The last two years have been exciting ones for CFPB Enforcement, even as we’ve faced down a challenge to the constitutionality of the CFPB’s funding and authority, and, fundamentally, to our mission. Of course, this is not the first time the CFPB has faced such challenges. But those challenges have never deterred us.
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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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