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| Wednesday November 22, 2023 |
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FTC Adds New Data Breach Reporting Obligations Under Safeguards Rule
On October 27, 2023, the Federal Trade Commission (FTC) unanimously approved an amendment to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule to require certain covered financial institutions to report a broad range of data breaches and other unauthorized data disclosures to the FTC.
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Colorado AG Publishes Shortlist of Universal Opt-Out Mechanisms
On November 21, 2023, the Colorado Attorney General (the “AG”) published a shortlist of potential universal opt-out mechanisms (“UOOMs”) that the AG is considering recognizing as binding under the Colorado Privacy Act (the “CPA”).
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Fifth Circuit stays further proceedings in CFPB appeal of summary judgment in lawsuit challenging UDAAP exam manual changes pending SCOTUS decision in CFSA v. CFPB
Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their lawsuit against the CFPB challenging the changes made to its UDAAP Exam Manual in March 2022.
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Credit union loans outstanding increased 0.5% in September
Credit union loans outstanding increased 0.5% in September, compared to a 0.8% increase in August of 2023 and a 1.7% increase in September of 2022, according to CUNA's latest Monthly Credit Union Estimates.
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Medical Debt Under the Microscope: Insights from the CFPB’s 2022 FDCPA Report
On November 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Fair Debt Collection Practices Act (FDCPA) Annual Report detailing the CFPB’s 2022 activities related to debt collection practices.
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PenFed Credit Union and Quattro Win 2023 MarCom Platinum and Gold Awards
TYSONS, Va., Nov. 21, 2023 /PRNewswire/ -- PenFed Credit Union, the nation's second-largest federal credit union, and Quattro, an award-winning, Philadelphia area direct results agency specializing in financial services marketing, today announced their work was selected for a platinum and gold award at the 2023 MarCom Awards. The MarCom Awards honor excellence in marketing and communication while recognizing the creativity, hard work and generosity of industry professionals.
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More Americans are expected to ‘buy now, pay later’ for the holidays. Analysts see a growing risk
NEW YORK (AP) — Consumers are expected to use “buy now, pay later” payment plans heavily this holiday season, a forecast that bodes well for retailers but that has credit experts again sounding alarm bells.
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Piloting Disclosures for Construction Loans
Today, the CFPB announced that it has approved an application that marks the first step for piloting disclosures for construction loans. Under this program, the CFPB authorizes parameters for in-market testing of alternatives to required disclosures. Real-world disclosure testing is often more accurate than lab testing, and this effort can help the CFPB by informing the need for possible regulatory changes.
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FTC Authorizes Compulsory Process for AI-related Products and Services
The Federal Trade Commission has approved an omnibus resolution authorizing the use of compulsory process in nonpublic investigations involving products and services that use or claim to be produced using artificial intelligence (AI) or claim to detect its use.
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The CFPB’s Proposed Personal Financial Data Rights Rule – Financial Institutions Would Face Competitive, Operational and Regulatory Issues in Relation to Making Their Consumer Customers’ Financial Data Available to Third Parties
In an effort to promote “open banking” and reduce “sticky banking”, make it easier for consumers to compare their current financial institution to competitors, and to generally increase competition among financial institutions, on October 19, 2023, the CFPB proposed a new Personal Financial Data Rights Rule, which, if it becomes final, will likely take effect early in 2024.
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CFPB and 11 States Order Prehired to Provide Students More than $30 Million in Relief for Illegal Student Lending Practices
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and 11 states announced today that Prehired will provide more than $30 million in relief to student borrowers for making false promises of job placement, trapping students with “income share” loans that violated the law, and resorting to abusive debt collection practices when borrowers could not pay.
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No ‘Junk’ in Overdraft Fees; Only Transparent Consumer Options
In today’s discourse surrounding “junk fees,” it’s imperative to separate the sensational misconceptions surrounding overdraft fees at credit unions from the broader narrative. Contrary to the distorted portrayals by guest commentators and consumer “advocates” in the news media, credit unions are fundamentally different from other financial institutions associated with questionable “junk fee” practices.
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Consumers Expect Further Decline in Credit Applications and Rise in Rejection Rates
NEW YORK – The Federal Reserve Bank of New York’s Center for Microeconomic Data today released results from its latest Survey of Consumer Expectations (SCE) Credit Access Survey, which provides information on consumers’ experiences with, and expectations about, credit demand and credit access.
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AG Ferguson: PeaceHealth will return up to $13.4 million to patients who should have received financial assistance
OLYMPIA — Attorney General Bob Ferguson announced today that hospital chain PeaceHealth is refunding up to $13.4 million to more than 15,000 low-income patients of its five western Washington hospitals.
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CFPB Orders Toyota Motor Credit to Pay $60 Million for Illegal Lending and Credit Reporting Misconduct
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Toyota Motor Credit Corporation to pay $60 million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments. The company withheld refunds or refunded incorrect amounts on the bundled products and knowingly tarnished consumers’ credit reports with false information. The CFPB is ordering Toyota Motor Credit to stop its unlawful practices, pay $48 million to harmed consumers, and pay a $12 million penalty into the CFPB’s victims relief fund.
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The CFPB’s Proposed Personal Financial Data Rights Rule – Financial Institutions Would Face Competitive, Operational and Regulatory Issues in Relation to Making Their Consumer Customers’ Financial Data Available to Third Parties
In an effort to promote “open banking” and reduce “sticky banking”, make it easier for consumers to compare their current financial institution to competitors, and to generally increase competition among financial institutions, on October 19, 2023, the CFPB proposed a new Personal Financial Data Rights Rule, which, if it becomes final, will likely take effect early in 2024.
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FCC LAUNCHES EFFORT TO BETTER UNDERSTAND AI’S IMPACTON ROBOCALLS AND ROBOTEXTS
WASHINGTON, November 15, 2023—The Federal Communications Commission today voted to begin a formal inquiry that will take a closer look at how artificial intelligence technology impacts illegal and unwanted robocalls and robotexts. The agency will assess both AI’s potential to positively and negatively affect consumers.
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VA pauses foreclosures on home loans amid concerns of financial strain
Veterans Affairs leaders are calling for an immediate halt on all foreclosures on homes financed through department loans and extending a pandemic support program in an effort to help veterans struggling with housing payments.
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CFPB Proposes “Larger Participant” Rule to Supervise GeneralUse Digital Consumer Payment Applications
The Consumer Financial Protection Bureau (CFPB) has proposed a rule to define a market for general-use digital consumer payment applications. Larger participants in this market would be subject to CFPB supervision and examination authority under the Consumer Financial Protection Act (CFPA). The proposed market would cover providers of funds transfer and wallet functions through consumer digital applications for consumers’ general use used to make payments to other persons for personal, family, or household purposes.
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CFPB Report: Credit Card Companies Charged Consumers $130B in Interest and Fees
On October 25, the CFPB released its sixth biennial report to Congress as required under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). The report found that in 2022 credit card companies charged consumers over $105 billion in interest and more than $25 billion in fees. The report also showed several trends in consumer credit card activity and identified potential areas of concern.
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Attorney General Bonta Announces Sentencing in $7 Million Mortgage Fraud Scheme
OAKLAND — California Attorney General Rob Bonta today announced the sentencing of Robert Sedlar, who was convicted on 100 felony counts for carrying out a $7 million mortgage fraud scheme. The scheme targeted vulnerable homeowners in financial distress in 11 counties across California. As a result of the scheme, every one of Sedlar's victims lost their homes. Today, Sedlar was sentenced to 25 years and four months in state prison. The prosecution in the case was carried out by the California Department of Justice (DOJ).
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Medical debt: New federal rules could provide credit relief for millions of Americans
Medical debt: New federal rules could provide credit relief for millions of Americans
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Survey reveals 8 in 10 Americans worry that Artificial Intelligence tech will be used for identity theft crimes
COLUMBUS, Ohio, Nov. 20, 2023 /PRNewswire/ -- Generative artificial intelligence (AI) has captured the world's attention but also has introduced new risks and concerns that were not on people's radars even a year ago. Today more than 8 in 10 (82%) are concerned about the use of AI by criminals to steal someone's identity, that's according to a group of general consumer respondents of the latest Agency Forward survey conducted by Nationwide.
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Buyers paid 46% more for mortgages in 2022, CFPB report says
High interest rates have had a significant impact on the mortgage market and their effect is likely to continue as rates continue to increase, the Consumer Financial Protection Bureau (CFPB) said in a report.
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Eleventh Circuit rules consumers can recover statutory damages for willful FCRA violations without proving actual damages
Joining every other circuit to address the same issue, the U.S. Court of Appeals for the Eleventh Circuit recently ruled that a consumer does not have to prove actual damages to recover statutory damages for willful violations of the Fair Credit Reporting Act.
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Market Snapshot: Economic Notes, Collection Environment and Student Loans
Three of the largest publicly traded debt collection companies—Encore Capital Group, Navient and PRA Group—recently held their Q3 2023 earnings calls. As public companies with required market disclosures, their earnings calls offer an opportunity to glean macro-insights on the collections world and the economy in general.
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FTC Provides Annual Letter on Debt Collection Activities
The Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) with its annual summary of activitiesto protect consumers in the debt collection arena.
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NCUA Board Approves Charitable Donation Accounts Final Rule
ALEXANDRIA, Va. (Nov. 16, 2023) – The National Credit Union Administration Board held its tenth open meeting of 2023 and approved a final rule that amends the charitable donation accounts section of the NCUA’s incidental powers regulation. In addition, the NCUA’s Chief Financial Officer briefed the Board on the performance of the National Credit Union Share Insurance Fund for the third quarter of 2023.
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FTC Announces Exploratory Challenge to Prevent the Harms of AI-enabled Voice Cloning
The Federal Trade Commission is announcing the Voice Cloning Challenge to help promote the development of ideas to protect consumers from the misuse of artificial intelligence-enabled voice cloning for fraud and other harms.
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Attorney General James and Multistate Coalition Secure $6.5 Million from Morgan Stanley for Failing to Protect Customer Data
NEW YORK – New York Attorney General Letitia James and a coalition of five attorneys general today reached a $6.5 million agreement with global financial services firm Morgan Stanley Smith Barney LLC (Morgan Stanley) for compromising the personal information of millions of customers nationwide. Morgan Stanley failed to decommission its computers and erase unencrypted data in certain computer devices that were later auctioned while still containing consumers’ personal information, including data belonging to 1.1 million New Yorkers. New York will receive $1,658,047 from today’s settlement and Morgan Stanley will be required to strengthen its data security measures.
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Citizens Bank to exit the wholesale channel
Providence, Rhode Island-based Citizens Bank, the 28th largest U.S. mortgage lender, has decided to close its wholesale channel, which produced over $1 billion in volume in the first half of this year.
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Build transparency into dealer relationships
Auto dealerships and credit unions are different animals, but with the proper guardrails the two can work together for mutual benefit.
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Chief Digital and Artificial Intelligence Office Launches Access to Digital On-Demand Learning Platform
The Department of Defense (DoD) Chief Digital and Artificial Intelligence Office (CDAO) announced the launch of "Digital On-Demand" today, an initiative to accelerate artificial intelligence (AI) knowledge by providing access to the Massachusetts Institute of Technology (MIT) Horizon’s library of learning resources for the DoD enterprise. The CDAO is opening the MIT Horizon learning platform to all members of the DoD military and civilian workforce providing users with flexible, mobile-friendly options to view the content.
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Fair Debt Collection Practices Act CFPB Annual Report 2023
The CFPB's annual report to Congress summarizes the CFPB's activities to administer the Fair Debt Collection Practices Act (FDCPA) in 2022 as the primary federal regulator of the consumer debt collection industry. This report also highlights consumer protection issues in medical debt collection. This report also includes activities conducted by the Federal Trade Commission (FTC) in 2022 in relation to debt collection.
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CFPB Report Highlighting Consumer Protection Issues in Medical Debt Collection
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a report highlighting the challenges American families face when debt collectors pursue allegedly unpaid medical bills. Discussing the 8,500 complaints submitted in 2022 by servicemembers, older adults, and other consumers relating to medical debt collections, the CFPB’s annual report to Congress on the Fair Debt Collection Practices Act describes how the CFPB and states have worked to stop the collections of medical bills that are inaccurate or not even owed at all.
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Justice Department and Department of Education Announce Successful First Year of New Student-Loan Bankruptcy Discharge Process
WASHINGTON – The Justice Department, in close coordination with the Department of Education, announced today a successful first year of the new process for handling cases in which individuals seek to discharge their federal student loans in bankruptcy. One year after Associate Attorney General Vanita Gupta announced the process in November 2022, data and information show that the process is achieving its goals of ensuring consistency and equity in the evaluation of student loan discharge requests, and that the process has translated into increasing numbers of eligible federal student loan borrowers seeking and obtaining debt relief under the Bankruptcy Code.
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CFPB Releases FCRA Disclosure Fees for 2024
The Consumer Financial Protection Bureau has reviewed the disclosure fees a credit reporting agency (CRA) can charge in the new year, increasing the amount from 2023 by $1 to $15.50.
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FTC Approves New Data Breach Notification Requirement for Nonbanking Financial Institutions
With an amendment to its Safeguards Rule, the Federal Trade Commission has joined other federal agencies regulating cybersecurity breaches. Our Privacy, Cyber & Data Strategy Team analyzes how the amendment will affect nonbanking financial institutions and how it dovetails – and conflicts – with myriad other federal and state data breach notification regulations.
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CFPB financial report fiscal year 2023
The financial report provides readers with the summary results of the CFPB’s operational activity, and it is the principal statement of our accountability to the American people, the United States Congress, and the President of the United States. Our commitment to transparency and accountability is evident in the Bureau earning its thirteenth consecutive unmodified (clean) audit opinion on our comparative financial statements for fiscal years 2023 and 2022.
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The CFPB Language Access Plan for consumers with limited English proficiency
The CFPB views our responsibility to consumers with limited English proficiency as a whole-agency effort to address their unique needs in the financial marketplace. The varying missions of each CFPB office require customized approaches that support the mandate to educate and empower all consumers, provide information and assistance to traditionally underserved consumers and communities, enforce fair lending laws, and promote an equitable marketplace for all consumers.
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FTC Obtains Orders Halting Mobile Cramming Scheme
The Federal Trade Commission has obtained orders with the four remaining individual defendants and their affiliated companies in a mobile cramming scheme that the agency says bilked consumers out of more than $100 million through bogus charges added to their mobile phone bills.
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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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