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| Wednesday November 29, 2023 |
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CUNA, NAFCU suggest CFPB changes, highlight CU concerns
CUNA and NAFCU suggested principles the Consumer Financial Protection Bureau (CFPB) should operate under and made other recommendations on the CFPB's structure, rulemaking, and more in a letter sent to the House Financial Services Committee Tuesday. CFPB Director Rohit Chopra is scheduled to testify before the committee Wednesday.
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FDIC Board of Directors Issues a Final Rule on Special Assessment Pursuant to Systemic Risk Determination
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to implement a special assessment to recover the loss to the Deposit Insurance Fund (DIF) associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank.
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CFPB Takes Aim at Major Online Payments Applications for Digital Payments; Spares Crypto Companies
On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") proposed a new rule, to be codified at 12 C.F.R. § 1090.109, that would bring general-use digital payment processors who process more than five million "consumer payment transactions" annually under the supervision of the CFPB (the "Proposed Rule").
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What to do if you can’t make car payments
Trouble making car payments? Worried about repossession? Unexpected life events, like a job loss or drop in income, may affect your ability to pay your bills, including car payments. If you’re worried that you won’t be able to make your next car payment, take action as soon as possible. If you get behind on your payments, your lender could repossess your car — sometimes without warning.
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FDIC-Insured Institutions Reported Net Income of $68.4 Billion in Third Quarter 2023
WASHINGTON — Reports from 4,614 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reflect aggregate net income of $68.4 billion in third quarter 2023, down $2.4 billion (3.4 percent) from the prior quarter. First and second quarter income benefitted from non-recurring gains from the accounting treatment for the acquisition of the three large bank failures this spring. Excluding these one-time gains, net income would have been roughly flat for the past four quarters.
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New FTC Data Book Reveals Significant Drop in Robocall Complaints
The Federal Trade Commission just released its National Do Not Call (DNC) Registry Data Book for Fiscal Year 2023 this month, revealing a decline in consumer complaints regarding robocalls and unwanted telemarketing calls.
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FCC Advances Text Blocking Proposals for Consideration at December Meeting
The Federal Communications Commission will consider multiple avenues to expand its text message blocking rules at its Dec. 13 meeting.
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“Cybersecurity Incident” at Fidelity National Financial Raises Data Breach Concerns
On November 17, 2023, Fidelity National Financial, Inc. filed a notice of data breach with the Securities and Exchange Commission after discovering that a “cybersecurity incident” impacted the company’s computer network. In this notice, FBF explains that “an unauthorized third party accessed certain FNF systems and acquired certain credentials.”
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America First Credit Union Ranked Top SBA Credit Union Lender in the Nation for the Second Year
SALT LAKE CITY, Nov. 28, 2023 /PRNewswire/ -- America First Credit Union (AFCU) ranks as the top Small Business Administration (SBA) credit union lender in the United States. The list ranks all financial institutions across the country based on the approved dollar amount of SBA loans. As the top credit union on the list, AFCU has $71,754,300 in approved SBA loans, averaging $1,176,300 per loan.
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CFPB Orders Bank of America to Pay $12 Million for Reporting False Mortgage Data
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law. For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain demographic questions as required under federal law, and then falsely reported that the applicants had chosen not to respond. Under the CFPB’s order, Bank of America must pay $12 million into the CFPB’s victims relief fund.
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In the giving spirit? Here’s how to donate safely on Giving Tuesday
Giving Tuesday is a terrific time to support your favorite cause or charity. Here’s how to avoid charity scams and make your donations count.
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Alliant Credit Union’s Meredith Ritchie Named to List of Most Powerful Women in Credit Unions
CHICAGO, Nov. 28, 2023 /PRNewswire/ -- Alliant Credit Union proudly announces that Meredith Ritchie, General Counsel, Chief Ethics and Government Affairs Officer, has been named to American Banker's Most Powerful Women in Credit Unions list for 2023. Ritchie, who also serves as the Board President for the Alliant Credit Union Foundation, was recognized for her outstanding leadership, dedication and impactful contributions to the Credit Union industry.
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NCUA Reinstates Civil Money Penalties for Late Call Report Filing
ALEXANDRIA, Va. (Nov. 28, 2023) – The National Credit Union Administration today announced that it will reinstate assessing civil money penalties for credit unions failing to submit NCUA Form 5300 Call Report on time, effective January 1, 2024.
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FTC Returns More than $3 Million to Businesses that Paid for HomeAdvisor Memberships, Announces Claims Process for Additional Refunds
The Federal Trade Commission is sending more than $3 million in refunds to businesses that paid for memberships to HomeAdvisor, Inc., a company affiliated with Angi (formerly known as Angie’s List). The agency is also sending claim forms to businesses that are eligible for additional refunds.
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AG Campbell Announces $8.75 Million Settlement With Rent-A-Center For Alleged Pattern Of Abusive Misconduct Targeting Low-Income Communities
BOSTON — Attorney General Andrea Joy Campbell has announced a $8.75 million settlement, via an assurance of discontinuance (AOD), with Rent-A-Center (RAC), to resolve allegations that the company engaged in a pattern of unfair and deceptive business practices against consumers in violation of state consumer protection laws.
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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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‘Do It Right’ with AI: Ally creators experiment with generative AI in marketing test case
CHARLOTTE, N.C., Nov. 16, 2023 /PRNewswire/ -- Ally Financial Inc. (NYSE: ALLY) announced today the early results of an experimental generative AI use case with its marketing team designed to help understand the real-world impact the technology could have on campaign development and employee productivity. Using the Ally.ai platform's large language model (LLM) chat and prompt functionality, a select group of marketers were able to reduce the time needed to produce creative campaigns and content by up to 2-3 weeks and reported an average time savings of 34%, compared to typical processes without AI.
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Economy Expected to Slow in 2024, Rebound in 2025
WASHINGTON, DC – Economic growth remains likely to decelerate and ultimately result in a mild recession in 2024, followed by a return to growth in 2025, according to the November 2023 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group.
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A New Landmark for Consumer Control Over Their Personal Information: CPPA Proposes Regulatory Framework for Automated Decisionmaking Technology
Today, the California Privacy Protection Agency released draft automated decisionmaking technology (ADMT) regulations that define important new protections related to businesses’ use of these technologies. The proposed regulations would implement consumers’ right to opt out of, and access information about, businesses’ uses of ADMT, as provided for by the California Consumer Privacy Act (CCPA). The Agency Board will provide feedback on these proposed regulations at the December 8, 2023 board meeting, and the Agency expects to begin formal rulemaking next year.
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Illinois Federal District Court Grants Summary Judgment Holding Use of a Local Area Code by a Non-Local Debt Collector Does Not Give Rise to a FDCPA Claim
In Brown v. MRS BPO, LLC, the Northern District of Illinois, acting on its own motion, granted summary judgment in favor of the defense on claims asserting violations of the Fair Debt Collections Practices Act (FDCPA).
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CUNA, NAFCU, trades request comment deadline extension for Fed’s interchange proposal
CUNA, NAFCU, and other financial services organizations requested the Federal Reserve extend the deadline for its interchange proposal by at least 90 days in a letter sent Wednesday. The Fed proposed the changes at an October meeting, and comments are currently due Feb. 12.
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As Americans begin their holiday shopping, Congress considers legislation on swipe fees
With another holiday shopping season kicking into high gear, it’s not just retailers who will benefit: Credit card companies will collect billions of dollars in fees for processing all those purchases made with plastic.
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U.S. House Panel To Investigate Proposed FTC Rule To Help Car Buyers
A Congressional committee plans to launch an investigation into a new rule to protect car buyers proposed by the Federal Trade Commission (FTC) on the grounds that it could be harmful to consumers and small businesses.
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American Borrowers Are Getting Closer to Maxing Out
Card loans are still growing, on average rising 1.6% in October over September across five big U.S. card lenders, versus a seasonally typical 0.7% increase, according to tracking of the latest monthly data by analysts at Goldman Sachs. The trend suggests that consumers still are willing and able to use their cards, portending well for retailers. U.S. retail sales slowed in October, but by less than feared, and were still at an overall solid level. Some retail stocks have jumped recently on hopes for holiday shopping.
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AG Nessel Launches New Consumer Protection Website, Holiday Scams Campaign
The Department of Attorney General’s Consumer Protection Team has launched a new standalone website to make it easier than ever for Michigan residents to access common scam alerts, research charities, learn about renter’s rights, and more.
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US Consumer Financial Protection Bureau proposes new rule to oversee Big Tech digital wallet and payment app providers
The US Consumer Financial Protection Bureau (CFPB) is proposing to subject large non-bank companies that offer consumer finance services including digital wallets and payment apps – such as Apple and Google – to the same regulatory scrutiny and oversight as banks, credit unions and other financial institutions. The CFPB’s proposed rule would apply to larger non-bank digital consumer payment companies handling more than 5m transactions a year that “blur the traditional lines that have separated banking and payments from commercial activities”.
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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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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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BlueSkyDispatchLLC
(800) 589-0139
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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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