|
|
|
|
|
|
AG Nessel Warns Residents about USPS Scam During Holiday Season
LANSING – Many people are using the mail to send gifts to loved ones during the holidays. Michigan Attorney General Dana Nessel is warning residents about fraudulent smishing text messages purporting to be from the United States Postal Service (USPS) this holiday seaso
Read More |
Attorney General Brown Congratulates Federal Trade Commission on Passage of CARS Rule
BALTIMORE, MD (December 21, 2023) – Maryland Attorney General Anthony G. Brown is applauding the Federal Trade Commission (FTC) for passing the new Combating Auto Retail Scams (CARS) Rule – which was supported by the Maryland Attorney General’s Office in conjunction with a
coalition of 17 other Attorneys General. The Rule will go into effect on July 30, 2024.
Read More |
Nussle selects executive leaders for America’s Credit Unions
Today, Jim Nussle, who will serve as President/CEO of America’s Credit Unions beginning Jan. 1, 2024, announced the Executive Leadership Team for the new association. Nussle has appointed Jill Tomalin to serve as Executive Vice President, who will support him in leading the organization.
Read More |
Wheatfield man sentenced for his role in debt collection scheme
BUFFALO, N.Y. - U.S. Attorney Trini E. Ross announced today that Greg MacKinnon, 58, of Wheatfield, NY, who was convicted of conspiring to defraud the United States, was sentenced to serve 36 months in prison by U.S. District Judge Richard J. Arcara. MacKinnon was also ordered to pay restitution totaling $3,067,341 to the IRS.
Read More |
Artificial Intelligence: An Emerging Tool in Fighting Payments Fraud
The development of new payment systems for consumers has inspired merchants, software vendors, and financial institutions to become more creative in combating fraud. Artificial Intelligence has emerged as the go-to solution for reducing risk. Next generation AI promises to be even more of a game-changer in the world of fraud detection, not just uncovering but also anticipating fraudulent transactions.
Read More |
FTC issues final CARS Rule setting new requirements on vehicle sales
On December 12, 2024, the Federal Trade Commission (“FTC”) announced its Combating Auto Retail Scams Rule, otherwise known as the “CARS Rule,” setting new requirements on the sale, financing, and leasing of vehicles by motor vehicle dealers.
Read More |
Attorney General James Sues SiriusXM Radio for Trapping Consumers in Unwanted Subscriptions
NEW YORK – New York Attorney General Letitia James today sued SiriusXM Radio, Inc. (SiriusXM) for trapping consumers in subscriptions and maintaining deliberately long and burdensome cancellation processes. An investigation by the Office of the Attorney General (OAG) found that SiriusXM forces its subscribers to call or chat online with an agent to cancel a subscription, then deliberately draws out those interactions as part of its strategy to prevent subscribers from canceling.
Read More |
New Cap on Credit Card Late Fees Could Be on the Way
The Consumer Financial Protection Bureau is poised to finally issue a new rule in January that would cap credit card late fees at $8. The cap would apply to all credit cards, but credit unions say it would disproportionately hurt their business, CNBC reported.
Read More |
Consumer Financial Protection Bureau Independent Audit of Selected Operations and Budget
In accordance with the Dodd-Frank Act, the CFPB orders an annual independent audit of the operations and budget of the Bureau. The purpose of this audit is to provide objective analyses to improve program performance and operations, reduce costs, facilitate decision-making, and contribute to public accountability.
Read More |
Interoperability, Privacy, & Security
In the face of concerns about anticompetitive conduct, companies may claim privacy and security reasons as justifications for refusing to have their products and services interoperate with other companies’ products and services.
Read More |
FCC Uses AG Input, Adopts Rule to Protect Consumers from Unwanted Robocalls and Robotexts
Concord, NH – Attorney General John M. Formella announces that using input from a coalition of Attorneys General, including New Hampshire, the Federal Communications Commission has amended a rule governing telemarketing communications, to require individual businesses to obtain written consent from consumers before sending robotexts and making robocalls.
Read More |
NCUA releases Q3 2023 state-level credit union data report
The median growth rate in loans outstanding and membership at federally insured credit unions was positive over the year ending in the second quarter of 2023, while the growth rate in assets and shares and deposits was negative at the median, according to the latest Quarterly U.S. Map Review released by NCUA.
Read More |
Nearly 3 in 10 Credit Union Members Willing to Change FIs to Access New Products
According to a PYMNTS Intelligence research study in collaboration with PSCU, “Credit Union Innovation: Staying Ahead Through Payments Innovation,” 27% of clients from CUs say they would consider changing financial institutions (FIs) to access new products. The data doesn’t specify whether switching to a new FI means a FinTech, a bank or simply to another CU that supplies more innovative products, but the fact is that less innovation may translate into losing members.
Read More |
FinCEN Issues Final Rule Regarding Access to Beneficial Ownership Information
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) took another major step in support of U.S. Government efforts to crack down on illicit finance and enhance corporate transparency by issuing a final rule that establishes the framework for access to and protection of beneficial ownership information (BOI).
Read More |
2023 Regulatory Recap of the Debt Settlement Industry Activity and 2024 Regulatory Forecast
This article highlights the few newsworthy actions and events we wrote about the debt settlement industry throughout the year. The debt settlement industry did see some movement by regulatory bodies across the board, though not as much as in years past. Additionally, we saw a shift in focus on regulating the intersection between the debt settlement and marketing industries, including actions based on telemarketing calls.
Read More |
FTC, DOJ Issue Fiscal Year 2022 Hart-Scott-Rodino Notification Report
The Federal Trade Commission, together with the Justice Department’s Antitrust Division, released their annual report detailing fiscal year 2022 data on the HSR Premerger Notification Program, which alerts the agencies to transactions that may substantially lessen competition in violation of federal law.
Read More |
CFPB Releases Consumer Insights on Overdraft Fees Ahead of Rulemaking
With a proposed rule on overdraft fee regulation expected this month, the Consumer Financial Protection Bureau has released a report on overdraft and nonsufficient fund frees using insights from recent consumer surveys.
Read More |
Americans May Be Taking on Too Much Pay-Later ‘Phantom Debt’
“Buy now, pay later” loans are helping to fuel a record-setting holiday shopping season. Economists worry they could also be masking and exacerbating cracks in Americans’ financial well-being.
Read More |
CFPB Releases Consumer Insights on Overdraft Fees Ahead of Rulemaking
With a proposed rule on overdraft fee regulation expected this month, the Consumer Financial Protection Bureau has released a report on overdraft and nonsufficient fund frees using insights from recent consumer surveys.
Read More |
Nearly 70k Social Security Numbers Leaked in Kimco Staffing Services Data Breach
On December 19, 2023, Kimco Staffing Services, Inc. (“Kimco”) filed a notice of data breach with the Attorney General of Maine after discovering that an unauthorized actor was able to access the company’s IT network. In this notice, Kimco explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information, which includes their names and Social Security numbers.
Read More |
Consumer experts urge public to beware of text scams amid holiday season
NASHVILLE, Tenn. (WKRN) — While you’re busy checking off the final tasks on your to-do list for the holidays, make sure you don’t fall victim to text scams involving your packages.
Read More |
AG Nessel Re-Issues Data Breach Alert Following Comcast, Xfinity Data Breach
LANSING – Attorney General Dana Nessel is alerting Michigan consumers to a massive data breach affecting customers of Comcast/Xfinity nationwide. Nessel wants those whose information may have been compromised in the recent Comcast/Xfinity data breach to know what steps they can take to protect their data from scammers and identity thieves.
Read More |
Federal Trade Commission Extends Public Comment Period on Proposed Rule Prohibiting Junk Fees for 30 Days, until February 7, 2024
On October 11, 2023, the Federal Trade Commission announced it is seeking public comments on a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. The FTC has estimated that these fees can cost consumers tens of billions of dollars per year in unexpected costs. The public comment period originally was set to expire on January 8, 2024.
Read More |
CFPB and Justice Department Sue Developer and Lender Colony Ridge for Bait-and-Switch Land Sales and Predatory Financing
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Justice Department today sued Colony Ridge, a Texas-based developer and lender, for operating an illegal land sales scheme and targeting tens of thousands of Hispanic borrowers with false statements and predatory loans.
Read More |
US Consumers Pick National Banks Most for Their Primary Credit Cards
It found that U.S. consumers prefer national banks for their primary credit cards over any other issuer, even if they have a primary bank account with another financial institution. This preference is stronger among clients from traditional FIs, but it also applies to digital-only bank clients.
Read More |
FCC Adopts One-to-One Consent Rule to Protect Consumers from Unwanted Telemarketing Robocalls and Robotexts
MADISON, Wis. – Attorney General Josh Kaul and a coalition of Attorneys General provided input to the Federal Communications Commission which has now amended a rule governing telemarketing communications, requiring individual businesses to obtain written consent from consumers before sending robotexts and making robocalls.
Read More |
The State of CFPB Focus on Credit Reporting of Medical Debt
The COVID-19 pandemic's impact on medical debt has spurred the Consumer Financial Protection Bureau into action, particularly as it relates to the credit reporting of medical debt. Since 2020, the CFPB has received a steadily increasing number of complaints related to credit reporting.
Read More |
AG Ferguson proposes creation of bipartisan Artificial Intelligence Task Force
OLYMPIA — Attorney General Bob Ferguson announced today he is partnering with Sen. Joe Nguyen, D-White Center, and Rep. Travis Couture, R-Allyn, to propose legislation in the 2024 session to create an Artificial Intelligence Task Force. The task force will convene industry representatives, civil liberty groups, subject matter experts and other stakeholders to discuss AI benefits and risks and make recommendations to the Legislature.
Read More |
CFPB Overdraft Fee Report Slams ‘Surprises,’ but Data Shows Usefulness
And as detailed here, in the report, titled “Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel,” the Bureau said that amid those surprises, credit cards are a “cheaper” form of credit. The CFPB also wrote that the “our analysis suggests that the majority of consumers charged overdraft and NSF fees have some credit available on a credit card during the period that they report the fees occurring.”
Read More |
Power Financial Credit Union Voted Best Credit Union in Miami-Dade
PEMBROKE PINES, Fla., Dec. 19, 2023 /PRNewswire-PRWeb/ -- Power Financial Credit Union (PFCU), one of South Florida's largest credit unions, is proud to announce it has been voted the Best Credit Union in Miami-Dade in the prestigious Miami-Dade Favorites content, presented by the Miami Herald. This recognition reflects the unwavering commitment of Power Financial Credit Union to always put the needs and goals of its members first.
Read More |
NCUA Releases Q3 2023 State-Level Data Report
ALEXANDRIA, Va. (Dec. 20, 2023) – Federally insured credit unions experienced growth in loans, positive net income, and delinquencies in the third quarter of 2023, along with a decline in assets, shares, and deposits, according to the latest NCUA Quarterly U.S. Map Review.
Read More |
Keep your money safe from gift card scammers this holiday season. Here’s how
What’s one way to keep your money safe from scammers during the holidays? If you’re in the check-out line buying gift cards, make sure they’re for gifts. Only gifts. Not because someone tells you to buy gift cards and give them the numbers off the back of the card. Only scammers say that.
Read More |
CFPB Orders U.S. Bank to Pay $21 Million for Illegal Conduct During COVID-19 Pandemic
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered U.S. Bank to pay nearly $21 million for keeping out-of-work consumers from accessing unemployment benefits at the height of the COVID-19 pandemic. U.S. Bank froze tens of thousands of accounts. However, it failed to provide people a reliable and quick way to regain access.
Read More |
Credit Union Groups Call Out CNN’s Misleading Report on Credit Union Mortgage Lending Data
Today, the Credit Union National Association (CUNA), the National Association of Federally-Insured Credit Unions (NAFCU), and the African American Credit Union Coalition (AACUC), released the below statement on CNN’s misleading report on credit unions’ lending practices to minority and underserved communities.
Read More |
Legislation Seeks Reform of CFPB’s UDAAP Enforcement Actions
U.S. Rep. Andy Barr, R-Ky., has introduced legislation to reform unfair, deceptive, or abusive acts or practices (UDAAP) authority granted to the Consumer Financial Protection Bureau and clarify standards for UDAAP enforcement actions.
Read More |
CFPB Issues Report Showing Many Americans Are Surprised by Overdraft Fees
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a new report finding that many consumers are still being hit with unexpected overdraft and nonsufficient fund (NSF) fees, despite recent changes implemented by banks and credit unions that have eliminated billions of dollars in fees charged each year.
Read More |
Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel
This report provides new insights about consumers’ experiences with overdraft and NSF fees, including the credit characteristics of consumers with varying levels of overdraft/NSF activity. We pair the CFPB’s 2023 Making Ends Meet survey with credit bureau data to paint a broad picture of the financial circumstances of consumers who incur overdraft and NSF fees.
Read More |
NY passes law to preserve credit card points and rewards for consumers
On December 10, New York General Business Law § 520-e went into effect according to the Governor’s press release. The new law prevents credit card holders from losing unused earned credit card points and requires credit card issuers to send consumers a notice of any outstanding credit card points or rewards they have accrued in their accounts, even after the account is closed.
Read More |
40% of Borrowers Have Not Resumed Payments on Student Loans
The burden of student loan debt continues to weigh heavily on millions of Americans, as evidenced by the significant number of borrowers who have not resumed making payments after the pandemic-induced pause. However, approximately 40% of the 22 million borrowers who had bills due did not make their payments by mid-November, the report said, citing data from the Department of Education.
Read More |
District Court grants motion to dismiss in FDCPA case regarding an undated Model Validation Notice
On December 5, the U.S. District Court for the Southern District of New York granted a debt collection agency (the defendant) a motion to dismiss an individual’s (plaintiff’s) complaint. The case considers whether an undated Model Validation Notice (MVN) is a material detail that provides standing to sue under the FDCPA.
Read More |
Attorney General Bonta Joins Bipartisan Amicus Brief to U.S. Supreme Court Defending States’ Rights to Enforce State Consumer Financial Protection Laws
OAKLAND – California Attorney General Bonta joined a bipartisan multistate coalition of attorneys general in an amicus brief to the U.S. Supreme Court defending states’ rights to enforce state consumer financial protection laws against both state and national banks. In the brief filed in Cantero v. Bank of America, the coalition urges the Supreme Court to overturn a Second Circuit Court of Appeals decision holding that the National Bank Act preempts a New York state law that requires mortgage lenders to pay a 2% minimum interest rate on funds held in mortgage escrow accounts.
Read More |
2023 College banking and credit card agreements
Many colleges directly offer financial products to students and market other products that are offered by third-party financial service providers. When colleges do this, students trust and rely on their schools’ offering or marketing of these products as financial advice and may be influenced by what they could perceive as their endorsement to sign up for financial products and services that are more expensive than other available options. However, colleges may also have independent interests from those of their students and may not face competitive pressure to lower fees or provide low-cost products.
Read More |
CFPB Report Finds Many College-Sponsored Financial Products Charge High and Unusual Fees
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a report today highlighting that many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products. The CFPB report identifies college-sponsored deposit accounts with fees above prevailing market rates, which institutions are required to consider under Department of Education rules designed to protect students’ interests.
Read More |
FTC Staff Report Details Key Takeaways from AI and Creative Fields Panel Discussion
In a new report, Federal Trade Commission staff detailed key takeaways from an October 2023 public virtual roundtable that examined how generative artificial intelligence, tools that can generate outputs like text, images, and audio on command, is being used and is affecting professionals in music, filmmaking, software development, and other creative fields.
Read More |
Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023
As interest rates increased rapidly throughout 2022, the number of refinance mortgage originations declined. The composition of these refinances also changed. Cash-out refinances – where a homeowner borrows an amount substantially greater than what they owe on their existing mortgage – became more common than non-cash-out (also known as “rate-and-term”) refinances. An equity “cashed out” from the home – which, in turn, increases the mortgage balance – is often used by the borrower to pay down other debts, fund home repairs, and pay for educational expenses, among other big-ticket purchases.
Read More |
Prepared Statement of CFPB Director Rohit Chopra on the Financial Stability Oversight Council’s 2023 Annual Report
One of the key lessons of the DSIB failures was that regulators had hamstrung themselves in the years prior and had not used legal authorities to protect the public as contemplated by federal law. Another lesson was that just a handful of large players can create chaos in the system. I am pleased that this year’s annual report clearly highlights certain risks and sets us all on a path for actually using our legal authorities, rather than relegating them to dead letter law.
Read More |
District Court grants motion to dismiss in FDCPA case regarding an undated Model Validation Notice
On December 5, the U.S. District Court for the Southern District of New York granted a debt collection agency (the defendant) a motion to dismiss an individual’s (plaintiff’s) complaint. The case considers whether an undated Model Validation Notice (MVN) is a material detail that provides standing to sue under the FDCPA.
Read More |
Class action lawsuit alleging discrimination filed against Navy Federal after CNN exclusive report
The largest credit union in the US is facing new scrutiny over racial disparities in its mortgage lending following a CNN investigative report, with a class-action lawsuit filed Monday alleging the lender discriminated against Black and Latino applicants, and a senior congressional Democrat demanding answers about its practices.
Read More |
CFPB’s Updated Rulemaking Agenda Signals Final Rules on Nonbank Supervision
The Consumer Financial Protection Bureau released its Fall 2023 rulemaking agenda (PDF) with updates that rules on overdraft fees and personal financial data rights are in the proposal stage.
Read More |
Daily Decision Recap: Identity Theft, Land Lines, and More
Each week, ACA International’s compliance team covers relevant case summaries for ACA members. Here’s a rundown of recent top FCRA, TCPA and FDCPA cases
Read More |
CFPB’s Updated Rulemaking Agenda Signals Final Rules on Nonbank Supervision
The Consumer Financial Protection Bureau released its Fall 2023 rulemaking agenda (PDF) with updates that rules on overdraft fees and personal financial data rights are in the proposal stage.
Read More |
NCUA approves budget, revises operating fee schedule methodology
The NCUA Board adopted a final 2024-2025 budget at its Thursday meeting. The approved budget is roughly $8.8 million lower than the proposed 2024 budget. Specifically, compared to the proposed budget, the final 2024 budget reflects the following:
Read More |
THE PREDATORY LENDING ELIMINATION ACT WOULD EXTEND CRITICAL FINANCIAL PROTECTIONS FOR SERVICEMEMBERS TO ALL CONSUMERS
WASHINGTON, DC – U.S. Senator Jack Reed (D-RI), Chairman of the Senate Armed Services Committee and a senior member of the Banking and Housing Committee, today joined Senators Jeff Merkley (D-OR), Sherrod Brown (D-OH), Chairman of the Senate Banking and Housing Committee, and others in introducing the Predatory Lending Elimination Act (S. 3549).
Read More |
Delinquencies are rising for credit card, auto loans – and it could soon get worse
A growing number of Americans are falling behind on their monthly credit card and car loan payments, a trend that may be a harbinger of economic troubles ahead, according to a new report from Moody's Analytics.
Read More |
Rep. Barr’s Introduces UDAAP Reform Legislation
Washington, D.C. – This week, Congressman Andy Barr (KY-06) introduced legislation to amend the Consumer Financial Protection Act of 2010 to clarify standards for UDAAP enforcement actions brough by the Bureau of Consumer Financial Protection (CFPB). This legislation reforms the unfair, deceptive, acts and practices (UDAAP) authority granted to the CFPB by the Dodd-Frank Act to provide certainty for lenders and credit providers.
Read More |
Holiday debt hangover poised to be ‘particularly nasty’ this year, analyst says
While retail sales are strong, typically an indication of a healthy consumer, an industry economist is deeply concerned about how consumers will pay it all off when the bill comes.
Read More |
Illinois adopts regulatory changes as part of its Collection Agency Act
On December 1, the State of Illinois’s Department of Financial and Professional Regulation promulgated final regulations implementing provisions of the Illinois Collection Agency Act.
Read More |
FCC Announces Effective Compliance Date for SIM Swapping Item
At its November 15, 2023, Open Meeting, the FCC adopted a Report and Order implementing new rules to protect cell phone consumers from SIM swap and port-out fraud, two practices that bad actors use to take control of consumers’ cell phones.
Read More |
AARP survey finds 80% have encountered scams or fraud
The percentage of consumers who have experienced fraud via fake notifications about shipments, fraudulent online ads or other scams has increased over the last year, when 76% of AARP survey respondents indicated they had been targeted.
Read More |
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:
Read More |
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.
Read More |
|
|
Receivables Management Association International
Aria Resort & Casino
Las Vegas , Nevada
February 05 - 08 , 2024
https://rmaintl.org/events/2024-annual-conference/
|
|
|
|
|
