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CFPB Shuts Down Commonwealth Financial Systems for Illegal Debt Collection Practices
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against a medical debt collector, Commonwealth Financial Systems, for illegally trying to collect unverified medical debts after consumers disputed the validity of the debts. Under the order issued today, the company will cease operations and pay a $95,000 penalty to the CFPB’s victims relief fund.
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State AG Updates: Data Privacy & Security; Consumer Protection; Wage & Employment; Unfair & Deceptive Practices; Health Care Fraud & False Claims; and Cryptocurrency
In this final edition for 2023, the number and breadth of data privacy and security enforcement actions demonstrate that state AGs are flexing their muscles and playing a significant regulatory role in this area. Some of the trends that are emerging and are likely to continue include:
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WEBRECON OCT 2023 STATS: TCPA & FCRA DOWN, FDCPA UP
Well, it’s another month with sort of weird results. Somewhat bucking long term trends, FDCPA (+14.7%) suits were up in October while TCPA (-17.3%) and FCRA (-7.8%) were both down. YTD however, TCPA (+11.5%) was the only one up from last year, while FDCPA (-13.4%) and FCRA (-2.1%) were trending downward.
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Six Defendants Plead Guilty to Fraud Charges in Multi-Million-Dollar, Nationwide Skimming Conspiracy
HUNTSVILLE, Ala – Six defendants indicted for defrauding credit unions across the country have pleaded guilty to bank fraud conspiracy and identity theft charges, announced U.S. Attorney Prim F. Escalona, FBI Special Agent in Charge Carlton L. Peeples, and United States Secret Service Special Agent in Charge Patrick Davis.
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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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Hickenlooper, Klobuchar Push Biden Administration to Crack Down on Predatory Debt Collection Practices
WASHINGTON – U.S. Senators John Hickenlooper and Amy Klobuchar sent a letter urging the Consumer Financial Protection Bureau (CFPB) to protect consumers from deceptive and illegal debt collection practices. The letter takes specific issue with abusive tactics in the telemarketing of debt relief services:
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Credit unions recover from outages caused by third-party ransomware attack
About 60 credit unions have recovered and brought systems back online after they experienced outages linked to the ransomware attack against Ongoing Operations, which provides disaster recovery and cloud services to credit unions.
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US State Attorneys General Seek Use of Federal Cudgel Against Banks
The attorneys general of 20 states and territories, led by New York Attorney General Letitia James, recently sent letters to the heads of the US Consumer Financial Protection Bureau (CFPB) and US Office of the Comptroller of the Currency (OCC) requesting that the agencies partner with the states and “take appropriate action” to clarify that federally chartered institutions must cooperate with state attorneys’ general information requests, and that their failure to do so is unsafe, unsound, and may give rise to unfair or abusive acts and practices.
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FCC ADOPTS NEW RULES TO CLOSE THE ‘LEAD GENERATOR’ ROBOCALL AND ROBOTEXTS LOOPHOLE AND FACILITATE BLOCKING OF UNWANTED ROBOTEXTS
WASHINGTON, December 13, 2023—The Federal Communications Commission today adopted new rules to further protect consumers from scam communications by directly addressing some of the biggest vulnerabilities in America’s robotext defenses and closing the “lead generator” robocall/robotexts loophole.
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AG report: Data breaches decline for the second consecutive year, remain historically high
OLYMPIA — Attorney General Bob Ferguson released his eighth annual data breach report today that shows data breaches remain at historic levels. However, the number of breaches and Washingtonians affected has gone down over the past two years.
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FDIC Signature Bridge Bank Receivership Sells 20 Percent Equity Interest in Entity Holding $16.8 Billion of Commercial Real Estate Loans
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC), as receiver of Signature Bridge Bank, N.A. (FDIC–Receiver), today completed one of several transactions following the marketing of the $33 billion Commercial Real Estate (CRE) loan portfolio retained in receivership after the failure of Signature Bank, New York, New York.
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Last-minute shopping? Three ways to spot rip-offs
Ever think about clicking on ads for big markdowns or close-out sales in your feed? Social media seems to know what’s on your shopping list, whether it’s the season’s hot toys, electronics, or other popular items.
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Eight People Indicted in Connection with Nationwide Conspiracy Targeting Credit Unions
ALBANY, NEW YORK – Two leaders of a nationwide bank fraud conspiracy have been arrested in connection with a scheme that has targeted credit unions all over the country since at least December 2021.
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AG Campbell Reaches Precedent Setting Settlement Against Real Estate Company EasyKnock For Deceptive Practices That Stripped Consumers Of Home Equity
BOSTON — Attorney General Andrea Joy Campbell has announced a precedent setting settlement, via an assurance of discontinuance (AOD), with the “PropTech” company EasyKnock, for engaging in an unlawful sale-leaseback scheme. The settlement resolves allegations that the company engaged in an unfair and deceptive equity-skimming scheme that involved purchasing the homes of cash-strapped consumers at bargain-basement prices and then renting them back to the consumers, at times for unfair rents.
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FCC bans early termination fees, giving consumers more freedom to switch cable and satellite providers
The Federal Communications Commission (FCC) has voted to ban early termination fees, a move that could reshape the landscape of cable and satellite services. These fees are charged by service providers to subscribers who wish to cancel their service before the end of their contracts.
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Fake shipping notification emails and text messages: What you need to know this holiday season
The scammers send bogus messages by email or text. The message might say that you missed a delivery attempt and ask you to click on a link to re-schedule the delivery. Or it could say that your item is ready to ship but you need to update your shipping preferences
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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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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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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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