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| Wednesday November 8, 2023 |
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CFPB Orders Citi to Pay $25.9 Million for Intentional, Illegal Discrimination Against Armenian Americans
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) ordered Citi to pay $25.9 million in fines and consumer redress for intentionally and illegally discriminating against credit card applicants the bank identified as Armenian American. From 2015 through 2021, Citi singled out for discrimination applicants for certain credit card products, based on their surnames, whom it suspected of being of Armenian descent.
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Prepared Remarks of CFPB Director Rohit Chopra on Press Call for CFPB’s Enforcement Action against Citi for Illegal Discrimination Targeting Armenian-Americans
Today, the CFPB is taking action against Citi, one of the globe’s largest banks, for intentionally and systematically discriminating against Americans of Armenian descent. Specifically, Citi targeted its discrimination at applicants whose surnames ended in “-ian” or “-yan,” and stereotyped them as likely to be engaged in fraud.
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Credit card balances spiked in the third quarter to a $1.08 trillion record. Here’s how we got here
Americans now owe $1.08 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit card balances spiked by $154 billion year over year, notching the largest increase since 1999, the New York Fed found.
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Pennsylvania Could Join the US State Privacy Law Race
Pennsylvania is considering its own state privacy law, joining California and a host of other U.S. states. Rep. Edward Neilson (D-174) is sponsoring H.B 1201. The bill was referred to the Pennsylvania House of Representatives’ Commerce committee on May 19 and discussed on September 7.
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Interchange bill would make card use riskier, more expensive
Interchange proposals being considered in Washington, D.C., will make using credit cards riskier and more expensive, wrote Kathy Harrington, president of Heartland Credit Union, Inver Grove Heights, Minn., in the Brainerd Dispatch this week.
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Arizona credit union buys bank in 11th such deal of 2023
Yuma, Arizona-based AEA Federal Credit Union will purchase substantially all of Goodyear, Arizona-based West Valley National Bank’s assets and assume substantially all of its liabilities in an all-cash deal announced Tuesday that represents the 11th time this year a credit union has bought a bank.
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FTC targets deceptive practices in merchant cash advance case
The Federal Trade Commission recently prevailed on summary judgment in a case against Jonathan Braun and his company RCG Advances, LLC. The product at issue, merchant cash advances, generally provide small businesses with critical and timely financing, and there was no dispute that the defendants gave these businesses upfront lump-sums of money in exchange for the right to collect future receivables.
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EarnIn Alleviates $2.7 Million Dollars of Medical Debt for Clark County Residents in Nevada, Bringing their Total Medical Debt Abolishment to $22 Million for the Year
PALO ALTO, Calif., November 07, 2023--(BUSINESS WIRE)--EarnIn, a pioneer in Earned Wage Access (EWA), announced today that they have alleviated $2.7 million dollars in medical debt for people living in Clark County, Nevada, home to Las Vegas, which holds the fourth largest amount of medical debt in the country. EarnIn has now abolished $22 million dollars of medical debt in total this year alone.
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Veterans: Need help with mortgage debt? Know your rights
Scammers call or email, pretending to be from the VA or your home loan servicer. They claim if you pay them an upfront fee, they can get you a loan modification or refinancing to avoid foreclosure, so you can keep your home. But that’s illegal. Do you know your rights when it comes to getting relief for your mortgage debt?
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Redwood Credit Union’s Eric Maldonado Honored for His Service to the Small Business and Latino Communities
San Francisco, CA – Eric Maldonado, business development manager for Redwood Credit Union, was recently honored by the Hispanic Chambers of Commerce of San Francisco (HCCSF) for his leadership and contribution in serving the small business community.
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NCUA Awards $400,000 in CDRLF Pilot Grants
ALEXANDRIA, Va. (Nov. 7, 2023) – The National Credit Union Administration has awarded $400,000 in Community Development Revolving Loan Fund grants to support innovative credit union pilot projects.
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CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps. Driven largely by Big Tech and other large technology firms, digital payment apps and wallets continue to grow in popularity, but many of the companies are not subject to CFPB supervisory examinations.
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California Enacts Digital Assets Licensing Law
On Oct. 13, 2023, California Governor Gavin Newsom signed CA AB39, the Digital Financial Assets Law (DFAL), which is the first comprehensive framework to regulate the digital asset market in the state of California. As such, California joins New York and Louisiana as the third state to have a virtual currency specific regulatory licensing framework.
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Anti-Robocall Multistate Litigation Task Force Issues Warning Letters to Eight VoIP Providers
LANSING – Last week, the Anti-Robocall Multistate Litigation Task Force issued warning letters to eight Voice over Internet Protocol (VoIP) providers that transmit calls across the nation, and appear to continue transmitting suspected illegal robocall traffic on behalf of one or more clients, announced Michigan Attorney General Dana Nessel.
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FTC, Florida Lawsuit Leads To Restrictions on Chargebacks911, Prohibits Deceptive Efforts to Stop Consumers From Reversing Disputed Charges
As a result of a law enforcement action by the Federal Trade Commission and the State of Florida, Chargebacks911 and its owners have agreed to a settlementthat will prohibit them from working with certain high-risk clients and using deceptive tactics to stop consumers trying to dispute credit card charges through the chargeback process.
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Durbin, DeLauro Send Letter Urging Department Of Education To Recoup Funds From Predatory, For-Profit Colleges University Of Phoenix And Ashford University
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Representative Rosa DeLauro (D-CT-03) sent a letter to Department of Education Secretary Miguel Cardona urging him to recoup funds from for-profit colleges University of Phoenix (Phoenix) and Ashford University (Ashford) after the agency cancelled student debts for borrowers that were defrauded by those institutions.
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Judge dismisses FDCPA suit for communication with CRAs
On October 26, a U.S. District Court for the Eastern District of New York granted a motion to dismiss an FDCPA suit holding that there is nothing in the FDCPA that prohibits debt collectors from reporting information about a debt to a credit reporting agency.
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TransUnion Report Shows Fraud Attacks on Financial Industry Call Centers Rising
At a time when commerce is increasingly conducted digitally, consumers still expect and rely on call centers to deliver timely and trustworthy customer service when they need it. However, according to a new TransUnion (NYSE:TRU) report, these call centers have increasingly become a target for fraud, leading to a complicated balancing act of delivering efficient service and maintaining customer account security.
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Statement of CFPB Director Rohit Chopra on the Financial Stability Oversight Council’s Effort to Promote Market Discipline in the Shadow Banking Sector
Financial history is often cyclical. In the years following financial instability, regulators’ and policymakers’ memories fade. Families across the country don’t have that luxury. The economic and psychological damage inflicted by a crisis can linger for many years, and most people will not receive the type of extraordinary government assistance that large financial firms tend to receive.
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Don’t let scammers poach your pension and disability benefits
Today we’re focusing on how dishonest “advisers” may try to get your pension benefits and disability compensation, including benefits under the PACT Act. Applying for VA benefits is free and you can also get legitimate free help. How can you protect your benefits and get free help filing your claim?
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Klobuchar, Collins Call on FTC, FCC to Address Rise in AI Voice Cloning Scams
WASHINGTON - U.S. Senators Amy Klobuchar (D-MN) and Susan Collins (R-ME) called on the Federal Trade Commission and the Federal Communications Commission to continue efforts to raise awareness about and prevent artificial intelligence voice cloning scams in order to protect Americans from this growing fraud.
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California Court Denies DFPI’s Motion for Preliminary Injunction Against OppFi
In a lengthy (65-page) order, the California Superior Court in Los Angeles has issued an extremely important decision upholding the legitimacy of bank-model online lending by denying a motion for preliminary injunction filed by the California Department of Financial Protection and Innovation (DFPI) that sought to force fintech Opportunity Financial LLC (OppFi) to stop facilitating loans to California borrowers from its partner FinWise Bank at interest rates above the interest rate cap (generally 36% plus the Federal Funds Rate) imposed by the California Financing Law (CFL).
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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. The three online lenders, operating jointly under control of a single entity called the Island Mountain Development Group, issued thousands of loans to consumers in Minnesota that charged between 400 and 800 percent annual interest, in violation of Minnesota’s usury laws and other federal laws.
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Attorney General Bird Announces Settlement with Company That Deceived Iowa Homeowners Facing Foreclosure
DES MOINES— Today, Iowa Attorney General Brenna Bird announced a settlement with Summit Software Systems, Inc. and its owner Robert Boligan for their deceptive business practices. The Attorney General’s office alleged that the company used deceptive methods to solicit Iowa homeowners facing foreclosure and failed to provide the services they promised.
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Former Norman Car Dealership Owner Chris Mayes to Serve Nearly 11 Years in Federal Prison for Wire Fraud Conspiracy, Forgery, Identity Theft, and Obstruction of Justice
OKLAHOMA CITY – Today, BOBBY CHRIS MAYES, 51 of Norman, was sentenced to serve 130 months in federal prison for wire fraud, conspiracy, issuing forged securities, aggravated identity theft, and obstruction of justice, announced U. S. Attorney Robert J. Troester. Mayes’ co-defendants CHARLES GOOCH, 65 of Moore, and COURTNEY WELLS, 38 of Norman, will be sentenced in the coming weeks.
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Small businesses are driving credit card debt higher
Small businesses are increasingly turning to credit cards as a key source of funding as they continue to grapple with still-high inflation and rising borrowing costs.
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FTC Sends Nearly $7 Million in Refunds to Consumers Harmed by Medical Discount Plans Sold as Health Insurance
The Federal Trade Commission is sending nearly $7 million in refunds to consumers who paid for health insurance but instead got medical discount plans pitched by Consumer Health Benefits Association (CHBA).
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Agencies Issue Final Rule Amending CRA Regulations
The Federal Reserve Board, FDIC, and OCC issued a final rule amending their regulations implementing the Community Reinvestment Act (CRA).
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Federal Court Issues Nationwide Injunction of CFPB’s Small Business Lending Rule
On October 26, the United States District Court for the Southern District of Texas issued a nationwide preliminary injunction barring the CFPB from moving forward with implementing or enforcing the recently finalized Small Business Lending Rule, designed to implement Section 1071 of the Dodd-Frank Act.
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CUNA responds to bank attack during hearing on military financial inclusion
Written testimony from the Association of Military Banks of America (AMBA) veered off the focus of the hearing to attack credit unions on military bases and supposed limits in access for those on the base, during a Senate Banking Committee hearing on financial Protection for servicemembers, veterans and families.
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Federal regulations on transcript withholding are an important first step
The United States Department of Education has released a package of regulations aimed at protecting beneficiaries of federal student aid, including rules that will prohibit most transcript withholding for individuals who owe money to their former college or university.
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Iowa Trust & Savings Bank, Emmetsburg, Iowa, Assumes All of the Deposits of Citizens Bank, Sac City, Iowa
WASHINGTON — Citizens Bank, Sac City, Iowa, was closed today by the Iowa Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a Purchase and Assumption Agreement with Iowa Trust & Savings Bank, Emmetsburg, Iowa, to assume all of the deposits of Citizens Bank.
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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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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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