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CFPB Takes on Big Tech in Larger Participant Rulemaking on Digital Wallets and Payment Apps
On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) announced a new proposed rule wherein providers of digital wallets and payment apps would be defined as “Larger Participants” and would become subject to supervision by the CFPB, as well as need to comply with consumer financial services laws and regulations. Comments to this Larger Participant rulemaking are due by January 8, 2024.
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America’s bad auto loans could have nasty consequences
The Federal Reserve’s interest-rate rises are causing pain in the land of casinos: Nevadans are googling how to return their car more than folk in any other state. Yet while their pain is acute, it is not unique.
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CUNA to Congress: CUs stand ready to serve veterans
CUNA highlighted credit union service to veterans and called for support for the Veterans Member Business Loan Act in a message to Congress sent Wednesday. The bipartisan legislation—introduced in the House and Senate—would exempt loans to veteran owned business from the member business lending cap.
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Community Reinvestment Act Final Rule Update
On October 24, 2023, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law.
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Biden-Harris Administration Announces Framework for Student Loan Servicer Accountability To Protect Borrowers Nationwide
The Biden-Harris Administration is fully committed to supporting student loan borrowers as they navigate return to repayment and fixing problems in the student loan system. To further the goal of protecting borrowers nationwide, the Biden-Harris Administration is taking steps to hold student loan servicers accountable for meeting their obligations to students, borrowers, and taxpayers when managing student loans.
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FTC Providing Refunds to Consumers who Lost Money to Tech Support Scheme
The Federal Trade Commission is providing full refunds to consumers who lost money to the NTS IT Care tech support scheme, which tricked consumers into buying expensive and unnecessary tech support services and often claimed to be affiliated with Microsoft, Apple, and other tech companies.
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Washington Has the Lowest Mortgage Delinquency Rate in the U.S.
Following record-breaking unemployment numbers in the early stages of the COVID-19 pandemic, congress passed the CARES Act, which invoked a moratorium on home foreclosures and provided loan forbearance options for federally-backed mortgages. While the relief options offered through the CARES Act applied only to federally-backed mortgages—which comprise about 70% of the total—many private lenders offered similar protections.
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Total Household Debt Reaches $17.29 Trillion in Q3 2023; Driven by Mortgage, Credit Card, and Student Loan Balances
NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The Report shows total household debt increased by $228 billion (1.3%) in the third quarter of 2023, to $17.29 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.
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Attorney General Ellison shuts down another fraudulent student-loan debt-relief company in Minnesota
November 8, 2023 (SAINT PAUL) — Minnesota Attorney General Keith Ellison announced today that his office has obtained a settlement with Network 46, a California student-loan debt-relief company that illegally collected fees from customers and misrepresented its services to consumers. The settlement requires Network 46 to cease operating in Minnesota and provide full refunds to its Minnesota consumers. As a result of the Attorney General’s investigation, Network 46 has ceased operating nationwide.
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CFPB Proposes Oversight for Big Tech and Digital Wallet Providers
In a move to ensure consumer protection and regulatory oversight, the Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps.
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PenFed Credit Union Named ‘Best for Vets’ Employer 2023 by Military Times
TYSONS, Va., Nov. 9, 2023 /PRNewswire/ -- PenFed Credit Union, the nation's second-largest federal credit union, today announced for the fifth year in a row it was selected by the Military Times as a "Best for Vets" employer of 2023. The editorially driven Best for Vets program produces a highly respected analysis of a company's efforts to recruit, retain, and support current and former service members, military spouses and military caregivers.
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Nebraska Attorney General Mike Hilgers Warns of Bank Impersonation Scam
The Attorney General’s Office is alerting Consumers to be aware of bank scams because they are on the rise. The Federal Trade Commission has reported a tenfold increase in bank scams in the last three years.
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New FTC Rule Expands Reach of Data Breach Notification Requirement to Non-Banking Financial Institutions
In an amendment to the Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA), which was officially announced on October 27, 2023, the Federal Trade Commission (FTC) will mandate that a wide array of nonbank financial institutions report instances of unauthorized acquisition of unencrypted, personally identifiable, nonpublic financial information pertaining to more than 500 customers.
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FTC Adds Support for Consumers in Multiple Languages for Fraud and ID Theft Reporting; Offers Multi-lingual Resources on How to Spot, Avoid, and Report Fraud
As part of its ongoing efforts to combat scammers and protect consumers in every community, the Federal Trade Commission is now providing the ability to report fraud, scams and deceptive practices in multiple languages in addition to English and Spanish.
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FTC, DOJ Meet with G7 Enforcement Partners to Discuss Competition in Digital Markets
The Federal Trade Commission and Justice Department’s Antitrust Division participated in the G7 Competition Authorities and Policymakers’ Summit today to discuss how members are addressing competition concerns in digital markets, including in emerging technologies such as artificial intelligence (AI).
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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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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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