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| Wednesday December 13, 2023 |
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Governor Hochul Signs Four New Laws to Protect Consumers from Price Gouging, Medical Debt and Unfair Business Practices
Governor Hochul today signed legislation to protect New York consumers from medicine price-gouging and ongoing financial consequences related to medical debt. Additionally, the Governor signed bills what will curb predatory subscription services, and confusion over the price of many goods and services.
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DFPI Invitation for Comment for the Digital Financial Assets Law
The DFAL provides the DFPI with rulemaking authority and an 18-month delayed operative date to ensure the adopted regulatory framework can be thoughtfully tailored to address industry trends and mitigate consumer harm. As a result, DFPI is engaging in the rulemaking process to further the implementation of the DFAL.
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CFPB Ombudsman’s Report Provides Feedback on Complaint Website and Post-Examination Survey Format
Consumer Financial Protection Bureau Ombudsman Wendy Kamenshine issued the office’s 2023 Annual Report (PDF) on Dec. 1, outlining a variety of issues for consumers and regulated entities in financial services and other industries.
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FTC Announces CARS Rule to Fight Scams in Vehicle Shopping
The Federal Trade Commission has finalized a new rule to fight two common types of illegal tactics consumers face when buying a car: bait-and-switch tactics and hidden junk fees. The new rule is expected to save consumers nationwide more than $3.4 billion and an estimated 72 million hours each year shopping for vehicles.
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Wescom Credit Union Expresses its Commitment to Diversity, Equity, and Inclusion through its long-standing #WescomKindness Initiative
Wescom Credit Union Expresses its Commitment to Diversity, Equity, and Inclusion through its long-standing #WescomKindness Initiative. Wescom’s diversity statement further reflects their commitment to DEI: “We believe that diversity makes us stronger. We strive to create equal opportunity for growth and advancement.
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OCC’s Semiannual Report Highlights Emerging Risk of AI in Banking
On December 7, the Office of the Comptroller of the Currency (OCC) published the fall edition of its Semiannual Risk Perspective, which discusses key issues facing banks. From the OCC’s perspective, the overall strength of the banking system remains sound and recessionary pressures appear to be easing.
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MyPoint Credit Union Receives Corporate Philanthropy of the Year Award!
SAN DIEGO, Dec. 12, 2023 /PRNewswire/ -- MyPoint Credit Union, a leading financial institution dedicated to serving the community, proudly announces its receipt of the Corporate Philanthropy Award from the North County Philanthropy Council on November 3rd. This prestigious recognition reflects the organization's exceptional commitment to community development and financial literacy education. The award underscores the collective efforts of the dedicated team at MyPoint Credit Union, highlighting its success in making a meaningful impact in our community.
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CFPB Issues Notice of Proposed Rulemaking on Open Banking
The Consumer Financial Protection Bureau (the “CFPB”) recently issued a Notice of Proposed Rulemaking to implement Section 1033 of the Dodd-Frank Act (“Section 1033”). Section 1033 generally requires covered persons to make information concerning a financial product or service that a consumer has obtained from such person available to the consumer, subject to CFPB rulemaking
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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.
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FCC Proposes New, Stricter TCPA Rules That Would Limit Lead Generation to One-Company Consent
On November 22, 2023, the FCC released a Second Report and Order, Further Notice of Proposed Rulemaking, and Waiver Order (Report and Order) outlining new, proposed rules implementing the Telephone Consumer Protection Act, 47 U.S.C. § 227, et seq. (TCPA). The proposed rules (Proposed Rules) are set for consideration at the Commission’s December 13, 2023 meeting and, if adopted, could take effect as soon as six months thereafter.
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CUNA, NAFCU announce 2024 event lineup
As members of CUNA and NAFCU last month approved the merger of the two organizations to form America’s Credit Unions, the associations have released the 2024 event lineup. All credit union members can attend the events at member pricing.
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FTC’s CARS Rule: Why a new rule to combat auto retail scams is great news for consumers and honest dealers
In the drive toward Combating Auto Retail Scams, the FTC’s just-announced CARS Rule is a big win for consumers, who lose billions of dollars in wasted time and money each year to illegal practices like bait-and-switch tactics and junk fees. It’s also a big win for honest car dealers who strive to apply established truth-in-car-buying principles at their dealerships and shouldn’t have to compete against dealers who don’t.
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CUNA publishes analysis of updated CDFI Certification Application
CUNA Senior Director of Advocacy and Counsel Elizabeth Sullivan posted initial analysis of the Community Development Financial Institution (CDFI Certification Application on CUNA’s Compliance Community. While it will take weeks to dig into the complete details, Sullivan notes that the application changes appear to be ultimately positive.
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The OCC Issues Bulletin Addressing Buy Now, Pay Later Lending
What seems to have become a perennial topic for regulators, the Office of the Comptroller of the Currency (OCC) recently released OCC Bulletin 2023-37 to assist national banks and federal savings banks with effectively managing the risks posed by “Buy Now, Pay Later” (BNPL) lending
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Nearly 40% of Credit Unions Say No to Installment Loans
Traditionally, consumers have relied on their primary financial institutions (FIs), such as banks or credit unions (CUs), for credit products like credit cards, mortgages, auto loans and personal loans. However, increased competition from non-bank and non-credit union financial entities has led consumers to shop around for better deals.
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Attorney General Tong Announces Enforcement Partnership with FCC’s Privacy & Data Protection Task Force
(Hartford, CT) – Attorney General William Tong joined with FCC Chairwoman Jessica Rosenworcel to announce a new initiative to strengthen and formalize the cooperation between the FCC and the states of Connecticut, Illinois, New York, and Pennsylvania on privacy, data protection, and cybersecurity enforcement matters.
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The FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Disclose Certain Security and Data Breaches
On October 27, 2023, the Federal Trade Commission (“FTC”) approved an amendment to the Safeguards Rule that requires non-banking financial institutions (e.g., mortgage companies, mortgage brokers, and creditors) to notify the FTC when certain data breaches and other security events occur.
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FedFinancial FCU Launches SpendFlex to Offer BNPL to Federal Employees
SILVER SPRING, Md., Dec. 11, 2023 /PRNewswire/ -- FedFinancial Federal Credit Union (FedFinancial FCU), a credit union serving federal employees and their family members in the Washington DC and Baltimore areas, announced that it has added SpendFlex, its branded Buy Now, Pay Later (BNPL) solution, to its suite of online banking products.
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CONSUMER ALERT: Beware of Fraudulent Emails Attempting to Steal Personal Information Using Attorney General Paxton’s Signature and Seal
Texas Attorney General Ken Paxton is warning citizens that scammers are sending fraudulent emails using his name, signature, and the Office of the Attorney General (“OAG”) Seal to obtain sensitive personal information.
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District Court grants MSJ for debt collector in FDCPA case
On November 29, the U.S. District Court for the Eastern District of New York granted summary judgment in favor of a debt collector (defendant) under the FDCPA, holding that the defendant’s collection letter was not misleading.
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Lending, assets, insured shares, delinquencies rise in 3Q
Total loans outstanding in federally insured credit unions increased $132 billion, or 9.1%, over the year ending in the third quarter of 2023, to $1.59 trillion, according to the latest financial performance data released by NCUA.
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OCC issues guidance on managing risks associated with “buy now, pay later” lending
The Office of the Comptroller of the Currency (OCC) has issued a bulletin (2023-37) that provides guidance on managing risks associated with “buy now, pay later” (BNPL) lending. The BNPL loans addressed in the bulletin are loans that are payable in four or fewer installments and carry no finance charges.
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Sen. Jacque Introduces the Predatory Lending Prevention Act
An Eastern Wisconsin legislator is taking aim at ending predatory lending. Senator Andre Jacque of De Pere has introduced a bill he is calling the Predatory Lending Prevention Act, which he says will limit interest rates on payday loans.
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Nearly 40% of Credit Unions Say No to Installment Loans
Traditionally, consumers have relied on their primary financial institutions (FIs), such as banks or credit unions (CUs), for credit products like credit cards, mortgages, auto loans and personal loans. However, increased competition from non-bank and non-credit union financial entities has led consumers to shop around for better deals.
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OnPoint Community Credit Union Named Oregon’s Most Admired Financial Services Company in 2023
PORTLAND, Ore., Dec. 8, 2023 /PRNewswire/ -- The Portland Business Journal named OnPoint Community Credit Union Oregon's "Most Admired Company" in the Financial Services category. This honor marks OnPoint's 16th consecutive year as one of the state's most admirable credit unions, banks or wealth management firms throughout Oregon.
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Ransomware Attack Disrupts U.S Credit Unions
A ransomware attack on a credit union IT provider has disrupted banking functions at approximately 60 credit unions. National Credit Union Administration (NCUA) spokesperson Joseph Adamoli told CNN that the ransomware attack, in which criminals lock a company’s data or computer system as an extortion tactic, affected a unit of Trellance, a cloud computing firm provider used by credit unions.
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Robins Financial Credit Union Gives Back Over $20 Million to Members through Member Rebate Program
This program stands as a testament to the credit union’s steadfast commitment to the financial well-being of its members. With a strong belief in the philosophy of “people helping people,” Robins Financial continues to demonstrate its dedication to its members’ financial success. Since starting this program in 2017, the credit union has been able to give back over $112 million to its members.
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Governor Hochul Announces New Consumer Protection Law for Credit Card Customers Will Take Effect on December 10
Governor Kathy Hochul today announced a new state law will take effect that protects credit card holders from losing earned credit card rewards. Starting Sunday, December 10, credit card companies must take additional steps to protect consumers from losing accrued points when rewards programs are modified or terminated.
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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).
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Hill Delivers Remarks at Digital Assets, Financial Technology and Inclusion Subcommittee Field Hearing
Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, led by Chairman French Hill (AR-02), is holding a field hearing entitled “Connecting Communities: Building Innovation Ecosystems Across America.”
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Card Debt Hits Another Record High As Consumers Keep Putting Purchases on Plastic
U.S. consumers added another $2.9 billion to their revolving debts—mainly credit cards—in October, bringing the total to a fresh record high of nearly $1.3 trillion, the Federal Reserve said Thursday. It was the smallest rise in credit card debt since June’s decline.
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21 AGs implore OCC, CFPB to force banks into cooperation
A coalition of 21 attorneys general penned letters this week urging federal regulators to force nationally chartered banks to cooperate with AGs’ investigations into violations of state laws.
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How to spot the latest job scams
Scams can be hard to spot because they often look just like the real thing. That includes job scams. They crop up on real job sites, including places like LinkedIn. Scammers have even invited people to do things like 45-minute interviews, putting in the time so you let your guard down. So how do you tell a scam from the real thing?
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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.
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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.
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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. “
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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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