|
|
|
|
|
|
Lending, Assets, Insured Shares, and Delinquencies Rise in Third Quarter | NCUA
ALEXANDRIA, Va. (Dec. 7, 2023) – According to the latest financial performance data released today by the National Credit Union Administration, total loans outstanding in federally insured credit unions increased $132 billion, or 9.1 percent, over the year ending in the third quarter of 2023, to $1.59 trillion.
Read More |
CFPB report highlights UDAAP violations in medical debt collection
The Consumer Financial Protection Bureau (CFPB) released its annual report to Congress on the Fair Debt Collection Practices Act (FDCPA), focusing on challenges faced by American families dealing with medical debt collectors.
Read More |
Coast Central Announces Five Member Services Promotions
Five employees have recently been promoted at Coast Central Credit Union, including two newly created positions. “We are excited to recognize these outstanding female leaders and their contributions to Coast Central over a collective 50 years with well-earned promotions,” stated James T. Sessa, President & CEO. “
Read More |
PenFed Credit Union Joins 4 +1 Commitment Supporting Military Spouse Employment
TYSONS, Va., Dec. 7, 2023 /PRNewswire/ -- PenFed Credit Union, the nation's second-largest federal credit union, today announced it joined as an initial signatory of Blue Star Families and the US Chamber of Commerce Foundation's Hiring Our Heroes Program 4+1 Commitment supporting military spouse employment. The commitment is a first-of-its-kind, nationwide effort to tackle the 21% unemployment rate among military spouses.
Read More |
U.S. Households Pay $1,268 a Year in Hidden Costs Associated With Paying Bills, up 29% Year over Year
SEATTLE, December 07, 2023--(BUSINESS WIRE)--A new report released today by doxo found that hidden costs associated with paying bills amount to an additional $167 billion annually, averaging $1,268 per household.
Read More |
OCC Report Identifies Key Risks Facing Federal Banking System
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2023. The OCC reported that the overall strength of the federal banking system remains sound. The OCC expects banks to remain diligent and adhere to prudent risk management practices across all risk areas.
Read More |
Stay scam free, no matter how far away you roam
Planning to travel this holiday season? No matter where you’re going (over the river and through the woods), how you’re getting there (planes, trains, and automobiles), or where you’re staying (home for the holidays), here are the scams to avoid along the way.
Read More |
FTC amends Safeguards Rule to require non-banking financial institutions to report data breaches
The FTC’s Safeguards Rule—and the Final Rule—apply to non-banking financial institutions, such as mortgage brokers, auto dealers, and payday lenders. The Final Rule will put such entities in a similar position as regulated banking organizations, which, under the Interagency Guidelines Establishing Information Security Standards,1 are required to notify their primary federal regulator of “incident[s] involving unauthorized access to or use of sensitive customer information.2
Read More |
CFPB Orders Atlantic Union Bank to Pay $6.2 Million for Illegal Overdraft Fee Harvesting
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Atlantic Union Bank for illegally enrolling thousands of customers in checking account overdraft programs. The CFPB found that Atlantic Union misled consumers who enrolled in this overdraft service by phone and failed to provide proper disclosures. The CFPB is ordering Atlantic Union to refund at least $5 million in illegal overdraft fees and pay a $1.2 million penalty to the CFPB’s victims relief fund.
Read More |
Nearly 1 in 5 Big Revolving Credit Users May Choose a Credit Union for Next Card
National banks dominate the U.S. consumer credit card industry, with a strong position that is unlikely to be challenged anytime soon. However, smaller financial institutions (FIs) are slowly gaining ground. The study “Credit Unions and Community Banks Gain Credit Card Issuing Momentum,” a PYMNTS Intelligence and Elan Credit Card collaboration, revealed that 15% of overall consumers would most likely turn to credit unions (CUs) for their next credit card application.
Read More |
CFPB Director Chopra addresses AI concerns
According to media reports, CFPB Director Rohit Chopra expressed his concerns over the rise of generative artificial intelligence (AI) technology in his remarks at an Axios event in Washington, D.C. last week. Director Chopra indicated that AI could concentrate “enormous” power within the grasp of a few companies and their top executives. He stated that “it’s the winner-take-all dimension of this that makes it much more pressing.
Read More |
CEOs of the nation’s biggest banks warn that new regulations could harm the economy
NEW YORK (AP) — The heads of Wall Street's biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration's proposed changes to how banks are regulated, warning that the new proposals could negatively impact the economy at a time of geopolitical turmoil and inflation.
Read More |
Court Shoots Down Plaintiff’s Identity Theft Claim Based on Repossession
n a North Carolina district court decision, Mercedes-Benz Financial Services (MBFS) won a default judgment against the plaintiff, Antoine Scott, after he failed to make regular payments on his vehicle and filed an identity theft claim and fake incident report when MBFS repossessed his car.
Read More |
Biden-Harris Administration Announces Nearly $5 Billion in Additional Student Debt Relief
The Biden-Harris Administration announced today the approval of an additional $4.8 billion in student loan debt relief for 80,300 borrowers. These discharges stem from fixes made by the U.S. Department of Education to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF).
Read More |
Attorney General Bonta Urges Federal Banking Regulators to Hold Big Banks Accountable for Violating State Laws
OAKLAND — California Attorney General Rob Bonta today joined a coalition of 20 attorneys general in submitting letters to the federal Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB) urging both banking regulators to ensure that national banks cooperate with investigations being conducted by state attorneys general into violations of state laws. The U.S. Supreme Court has recognized — and Congress codified in the Dodd-Frank Act — that national banks are subject to state consumer protections law. However, these banks often decline to cooperate with investigations conducted by state attorneys general.
Read More |
Attorney General James Works to Hold Big Banks Accountable for Violating State Laws
NEW YORK – New York Attorney General Letitia James today led a coalition of 20 attorneys general in submitting letters to the federal Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB) urging both agencies to ensure that national banks cooperate with investigations being conducted by state attorneys general into violations of state laws.
Read More |
CFPB comments on California proposal to supervise providers of earned wage access products
The Consumer Financial Protection Bureau has sent a letter to the California Department of Financial Protection and Innovation (DFPI) commenting on the DFPI’s proposal that would require providers of “income-based advances” to register with or obtain a license from the DFPI and comply with the fee and interest rate limits of the California Financing Law (CFL).
Read More |
Metro Credit Union Expands Senior Leadership Team with Two Executive Promotions
Metro Credit Union, the largest state-chartered credit union in Massachusetts, today announced that it has expanded its Senior Leadership Team to include VP Retail Administration Robert Eydenberg and SVP Senior Commercial Lender Kevin Malone. Eydenberg and Malone will report directly to President and CEO Robert Cashman. In addition, Metro has promoted Melissa Breen, VP Risk & Compliance, Emily Featherstone, AVP Internal Communications, and Jacquelyn Keeley, VP Controller to officer roles.
Read More |
Scammers hide harmful links in QR codes to steal your information
QR codes seem to be everywhere. You may have scanned one to see the menu at a restaurant or pay for public parking. And you may have used one on your phone to get into a concert or sporting event, or to board a flight. There are countless other ways to use them, which explains their popularity. Unfortunately, scammers hide harmful links in QR codes to steal personal information. Here’s what to know.
Read More |
CFPB’s MoneyLion suit paused for Supreme Court funding ruling
A New York judge on Friday agreed to pause a Consumer Financial Protection Bureau lawsuit against fintech MoneyLion, pending the result of a U.S. Supreme Court case that would decide whether the CFPB’s funding apparatus is constitutional.
Read More |
CFPB’s Chopra testifies at Senate Banking Committee hearing
On November 30, the Director of the CFPB, Rohit Chopra, testified during the Senate Banking Committee’s hearing on the Bureau’s Semi-Annual Report to Congress. The Senate Banking Committee questioned Chopra on the Bureau’s oversight of financial institutions providing benefits under the Servicemembers Civil Relief Act (SCRA), medical debt collection, so-called “junk fees,” and the increasing popularity of buy now, pay later (BNPL) products.
Read More |
House Votes to Overturn CFPB Small Business Lending Rule
The House voted 221-202 to nullify a Consumer Financial Protection Bureau rule requiring lenders to disclose credit applications they receive from small businesses, lending decisions and demographic data. Next it heads to the desk of President Joe Biden, who is expected to veto it, according to American Banker.
Read More |
Update: Congress Passes Resolutions to Override CFPB’s Section 1071 Final Rule, Biden Vows to Veto
As discussed here, this summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J. Res. 32, respectively) disapproving the Consumer Financial Protection Bureau’s (CFPB or Bureau) implementation of the small business data collection and reporting final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Under the Congressional Review Act (CRA), a rule promulgated by an administrative agency “shall not take effect (or continue), if the Congress enacts a joint resolution of disapproval.”
Read More |
OCC Issues Guidance on ‘Buy Now, Pay Later’ Lending
The guidance focuses on the risk management of buy now, pay later (BNPL) loans, which are payable in four or fewer installments and carry no finance charges. The guidance notes that banks should maintain underwriting, repayment terms, pricing, and safeguards that minimize adverse customer outcomes and should ensure that marketing materials and disclosures are clear and conspicuous. Additionally, prudent BNPL lending includes safeguards that minimize adverse customer outcomes.
Read More |
NAFCU, CUNA urge White House to discourage CFPB’s spotty regulation
“Markets work best when the rules are clear, so it is possible to comply with them,” wrote the groups. “Blog posts that contradict law or regulation, vague guidance that deems common practices like using form contracts or including certain terms and conditions in contracts, proclamations of the CFPB’s novel interpretation of law via amicus briefs, or enforcement actions that contradict state law, are not setting clear expectations that it is possible to follow.
Read More |
CFPB continues to avoid following mandated rulemaking process
CUNA, NAFCU, and financial services organizations wrote to President Joe Biden this week asking for him to emphasize the need for proper rulemaking procedure. The organizations noted the Consumer Financial Protection Bureau continues to issue guidance that operates as a rule without the notice and comment process.
Read More |
New Illinois Protections Against Patient Medical Debt May Also Help Reduce Hospital Bad Debt
Starting in mid-2024, Illinois hospitals will be required to take a much more active role in limiting consumers’ medical debt by screening all consenting uninsured patients for both public health insurance program coverage and hospital financial assistance eligibility as soon as reasonably practicable and before pursuing any collection action. Hospitals must track all uninsured patient declinations and failures to respond to all such offers in the uninsured patients’ medical records.
Read More |
Federal Court Upholds DFPI Protections for Small Businesses
SACRAMENTO — On December 4, 2023, Judge R. Gary Klausner granted the Department of Financial Protection and Innovation’s Motion for Summary Judgment in the case Small Business Finance Association v. DFPI.
Read More |
CFPB reported to be planning to unveil overdraft regulations before year-end
Last week, Bloomberg Law reported that “Consumer Financial Protection Bureau officials have privately told industry executives that the regulator will likely unveil its long-awaited plan to crack down [on overdraft fees] in December, according to people familiar with the discussions.
Read More |
Spot holiday job scams
Lots of folks look for jobs during the holiday season to make some extra cash or pay bills. But scammers follow seasonal employment trends, too, advertising jobs the same way honest employers do. They’re looking for any opportunity to steal your money and personal information. Do you know how to spot them?
Read More |
FTC Announces Claims Process for Consumers Harmed by Credit Karma “Pre-Approved” Offers for Which They Were Denied
The Federal Trade Commission is launching a claims process for consumers harmed by Credit Karma’s practice of misrepresenting that consumers were “pre-approved” for credit card offers. According to the FTC, many consumers were denied, costing them time and subjecting them to unnecessary credit checks.
Read More |
U.S. House passes resolution reversing CFPB’s data collection rule
The U.S. House of Representatives on Dec. 1 passed a resolution to stop the Consumer Financial Protection Bureau (CFPB) from enforcing its data collection rule. The resolution now moves to the president’s desk for consideration. The rule requires financial institutions to collect and report certain personal information on small business loan applicants to the CFPB.
Read More |
CFPB report on FDCPA highlights medical debt collection issues
On November 16, the CFPB released its annual Fair Debt Collection Practices Act report, which highlighted challenges specific to medical debt collection. For example, 8,500 complaints were submitted in 2022 related to medical debt collection and described problems such as collectors billing for services never received, collecting the wrong amounts, miscommunication with insurance companies or financial assistance programs, or placing bills on credit reports without prior consumer contact.
Read More |
Acting Deputy Comptroller Testifies on Financial Technology
WASHINGTON—Deputy Comptroller for Compliance Policy and Acting Deputy Comptroller for the Office of Financial Technology Donna Murphy today testified on the activities and initiatives of the Office of the Comptroller of the Currency’s (OCC) Office of Financial Technology before the Subcommittee on Digital Assets, Financial Technology and Inclusion, Committee on Financial Services of the U.S. House of Representatives.
Read More |
Attorney General James Warns New Yorkers Impacted by Medical Company’s Data Breach of Potential Identity Theft
NEW YORK – New York Attorney General Letitia James today warned New Yorkers impacted by a data breach at a medical transcription company, Perry Johnson & Associates, to take action to prevent potential identity theft. The company experienced a data breach affecting nearly nine million patients, including approximately four million New Yorkers in New York City and Syracuse. Northwell Health and Crouse Health have been affected by this data breach, and most individuals whose data was impacted have been notified. Attorney General James advises affected New Yorkers to protect themselves and their information from theft and impersonation
Read More |
Auto loan debt has surpassed student loan debt
In the first quarter of 2023, more than 43 million people in the U.S. were holding federal and private student loan debt, totaling more than $1.77 trillion overall. The staggering statistics around student loan debt have made the topic a fixture of news headlines and a recurring point of discussion in the halls of government. However, in September, the Wall Street Journal reported that the total amount of auto loan debt had surpassed student loan debt. At the end of Q2 2023, auto loan debt reached $1.58 trillion compared to $1.57 trillion in student loan debt.
Read More |
Nearly 1 in 5 Consumers Apply for BNPL to Bypass Hard Checks That Hurt Credit Scores
Buy now, pay later (BNPL) has emerged as a popular credit option, enabling consumers to make purchases immediately but pay for them in smaller installments over time. This flexibility has revolutionized shopping experiences, offering convenience and greater control over spending.
Read More |
CFPB report on FDCPA highlights medical debt collection issues
On November 16, the CFPB released its annual Fair Debt Collection Practices Act report, which highlighted challenges specific to medical debt collection. For example, 8,500 complaints were submitted in 2022 related to medical debt collection and described problems such as collectors billing for services never received, collecting the wrong amounts, miscommunication with insurance companies or financial assistance programs, or placing bills on credit reports without prior consumer contact
Read More |
Director of Financial Technology and Access Charles Vice’s Written Testimony Before Subcommittee on Digital Assets, Financial Technology, and Inclusion
Having worked with financial regulators for over 33 years, I understand the financial services industry’s vital role in the U.S. economy. The NCUA insures deposits at federally insured credit unions, protects the members who are not only consumers but also owners of credit unions, and charters and regulates federal credit unions. The strength of the credit union industry is based on the number and diversity of credit unions that meet the financial needs of their members. Safe, fair, and affordable access to financial services is necessary to ensure that local, state, and national economies grow and thrive.
Read More |
CFPB report on FDCPA highlights medical debt collection issues
On November 16, the CFPB released its annual Fair Debt Collection Practices Act report, which highlighted challenges specific to medical debt collection. For example, 8,500 complaints were submitted in 2022 related to medical debt collection and described problems such as collectors billing for services never received, collecting the wrong amounts, miscommunication with insurance companies or financial assistance programs, or placing bills on credit reports without prior consumer contact.
Read More |
Ransomware attack causes outages at 60 credit unions, federal agency says
About 60 credit unions in the US are experiencing outages because of a ransomware attack on an IT provider the credit unions use, a federal agency said Friday. The National Credit Union Administration (NCUA), the agency that insures deposits at federally insured credit unions, said in a statement to CNN that it was “coordinating with affected credit unions” in the wake of the hack.
Read More |
Millions of Americans unable to make payments on time – top 10 states in ‘distress’
Louisiana residents are more likely to be unable to make payments on time according to new research. Experts are revealing the states in the US which are in the most and least financial distress as 6.8 million Americans have at least one credit account where they are late on their payments.
Read More |
FTC and CPPA Release Rules to Address AI Risks and Protect Consumer Rights
The rise of AI technology has prompted regulatory agencies to take action and protect consumers’ rights, as evidenced by the recent efforts of the Federal Trade Commission (FTC) and the California Privacy Protection Agency (CPPA).
Read More |
FTC to Hold Virtual Informal Hearing in January 2024 as Part of its Review of the Proposed “Click to Cancel” Rulemaking
The Federal Trade Commission will hold a virtual informal hearing on January 16, 2024, on the proposed amendments to the Negative Option Rule. During the hearing, which will be open to the public and viewable on the FTC’s website, six nongovernmental organizations will provide oral statements addressing issues raised to date during the rulemaking process.
Read More |
SEN. MENENDEZ QUESTIONS DIRECTOR OF CFPB ABOUT HOW THE CFPB CAN CURB EXCESSIVE OVERDRAFT FEES
WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.), a senior member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, yesterday asked the Director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, about what the CFPB can do to rein in excessive overdraft fees.
Read More |
AG Campbell Proposes Regulations To Combat “Junk Fees” And Bolster Transparency For Consumers
BOSTON — Attorney General Andrea Joy Campbell has announced that her office has proposed regulations to prohibit hidden “junk fees,” which companies use to deceptively hike prices on consumers above advertised prices. The proposed regulations would require businesses to clearly disclose the total price of a product at the time it is presented to consumers, provide clear and accessible information on whether fees are optional or required, and simplify the process for cancelling trial offers and recurring charges, amongst other rules.
Read More |
House passes resolution to void section 1071 rule
The House passed a resolution of disapproval for the Consumer Financial Protection Bureau’s section 1071 rule Friday. The Senate passed the resolution in October and it will now head to President Joe Biden’s desk, who is expected to veto it.
Read More |
AG Nessel Re-issues Alert Warning Consumers About Dangers of Artificial Intelligence
LANSING – Michigan Attorney General Dana Nessel joined Hank Winchester with WDIV-Detroit to alert consumers that artificial intelligence (AI) is now being used by scammers to make their requests for money and personal information more convincing.
Read More |
Digital Shopping Scams Rose 12% Between Thanksgiving and Cyber Monday — Protect Your Money for Remainder of Holiday Season
The average incidence of suspected digital shopping fraud during the Cyber Five days — the days from Thanksgiving, Nov. 23, through Cyber Monday, Nov. 27 — was up a whopping 12% in the U.S. compared to the rest of the year, according to a new analysis from TransUnion.
Read More |
State Regulatory Developments on “Income-Based Advances”
The CFPB carefully monitors developments in state law and regulation relating to consumer financial protection. The California Department of Financial Protection and Innovation (DFPI) recently proposed to undertake registration and examinations of companies that provide what the proposal refers to as “income-based advances.” Earlier this week, the CFPB submitted input on DFPI’s proposal.
Read More |
Order and share FREE fotonovelas to help your community avoid scams
Talking about scams is one of the best ways to protect yourself, your loved ones, and your community against scammers. You don’t have to be an expert, especially with tools to help get the conversation started.
Read More |
|
|
Receivables Management Association International
Aria Resort & Casino
Las Vegas , Nevada
February 05 - 08 , 2024
https://rmaintl.org/events/2024-annual-conference/
|
|
|
|
|
