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How Hackers Are Using AI To Steal Your Bank Account Password
But a recent study released in August highlights a chilling new way hackers use AI to steal your bank account password: it listens to you typing. And it’s over 95% accurate.
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October Economic Update covers loan delinquency trends
CUNA Chief Economist Mike Schenk discusses loan delinquency trends in America in this month’s Economic Update, and breaks down current metrics such as household debt as a percent of disposable income and the financial health of Americans.
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CUNA releases detailed analysis of FHFA’s FHLBank report
CUNA released a detailed analysis of the Federal Housing Finance Agency’s (FHFA) report on the Federal Home Loan Bank (FHLBank) system to get credit unions thinking about how they use the FHLBank system and potential impacts of the report. CUNA’s summary pairs FHFA’s objectives identified in the report with FHFA’s corresponding recommendation.
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Warren General Hospital Notifies 168,921 Patients of September 2023 Data Breach
On November 9, 2023, Warren General Hospital (“WGH”) filed a notice of data breach with the U.S. Department of Health and Human Services Office for Civil Rights after discovering that an unknown actor accessed certain WGH computer systems
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Kinecta Federal Credit Union Aided 1,500 Families Through its 50th Food Drive
MANHATTAN BEACH, Calif., Nov. 22, 2023 /PRNewswire/ -- Kinecta Federal Credit Union was joined by Rep. Maxine Waters and community leader Dr. Alice 'Sweet Alice' Harris on Sunday, November 19th, 2023, to distribute holiday meals to families in South Los Angeles. Senator Steven Bradford showed his support by visiting Kinecta while employees prepared for the distribution event. The 50th annual holiday food drive aided nearly 1,500 families at distribution events in Southern California and Rochester, New York.
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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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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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