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| Wednesday December 27, 2023 |
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This Year’s Largest Healthcare Data Breaches
December 26, 2023 - Healthcare cybersecurity has garnered unprecedented attention from lawmakers and industry coalitions this year, signifying a step forward for the sector. However, reported data breach figures tell a different story, as cyberattacks continue to devastate the sector.
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Attorney General James Secures $300,000 from New York-Presbyterian Hospital for Failing to Protect Patient Data
NEW YORK – New York Attorney General Letitia James today secured $300,000 from The NewYork-Presbyterian Hospital (NYP) for disclosing the health information of individuals who visited their website.
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CFPB issues annual report on college credit card agreements
Last week, the CFPB released its twelfth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act.
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Job scams targeting college students are getting personal
If you’ll be seeing college-age relatives over the holidays, warn them about a variation on the “job interview” scam that students looking for summer or permanent employment have reported to us.
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Justice Department Secures Agreement from North Carolina-Based Towing Company to Resolve Violations of the Servicemembers Civil Relief Act
The Justice Department announced today that is has secured a settlement against Billy Joe Goines, owner and operator of Goines Towing & Recovery, based near Marine Corps Base Camp Lejeune, to resolve allegations that he violated the Servicemembers Civil Relief Act (SCRA) by towing and then selling vehicles without disclosing to the court that they were owned by servicemembers.
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Second Corewell Health Data Breach Exposes Info of One Million Michigan Patients
LANSING – A cybersecurity breach at HealthEC, LLC, a population health management platform that provides services to Corewell Health’s southeastern Michigan properties, has reportedly affected more than one million Michigan residents, Attorney General Dana Nessel announced.
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NCUA to reinstate civil money penalties for late call reports
Recently, the National Credit Union Administration (NCUA) announced it will reinstate assessing civil money penalties for credit unions that fail to submit a call report (NCUA Form 5300) in a timely manner.
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CFPB posts blog entry analyzing cash-out refinancing
On December 18, the CFPB posted a blog entry regarding cash-out refinance mortgages and their borrowers between 2013 to 2023. According to the entry, which noted reflects the authors’ views, and not those of the CFPB, refinance mortgage originations decreased amid 2022’s rapid interest rate hikes, and notably favored cash-out refinances over non-cash-out options.
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CFPB reports on consumers’ experience with overdraft, NSF fees
On December 19, the CFPB released a report titled Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel, a report providing insight into consumers’ experience with overdraft/NSF activity.
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California Appellate Court overturns ruling on FDCPA
On December 18, a California Court of Appeal overturned a lower court’s dismissal of a case involving claims under the federal FDCPA and California’s Rosenthal Fair Debt Collection Practices Act (Rosenthal Act).
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Deadline extended for comments on FTC’s proposed ban on junk fees
Rushing to file your public comment about the FTC’s proposed Junk Fees Rule by the impending deadline? Relax. The FTC has extended the comment period to February 7, 2024.
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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,
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The CFPB’s Chopra Cites a Need for Competition to Cap Card Acceptance Costs
Having taken aim at credit card late fees and interest rates, and having targeted non-bank digital wallet providers, Consumer Financial Protection Bureau Director Rohit Chopra has now indicated his regulatory agency is turning its attention to credit card acceptance costs.
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ATTORNEY GENERAL MICHELLE HENRY ANNOUNCES SETTLEMENT THAT BANS FLORIDA-BASED MARKETING COMPANY FROM SENDING JUNK MAILERS TO PENNSYLVANIANS
HARRISBURG — Attorney General Michelle Henry announced a settlement with Florida-based marketing company, RMC Direct Mail Services, LLC, over allegedly deceptive warranty mailers sent to Pennsylvanians.
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McHenry, Flood Lead Letter Urging CFPB to Extend Comment Period for Larger Participants Rule
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and Congressman Mike Flood (NE-01) led 18 of their colleagues on a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra requesting an extension of the comment period for the proposed rulemaking entitled, “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications.”
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CFPB issues report to bolster its imminent overdraft and NSF fee rulemaking | Consumer Finance Monitor
As we await the CFPB’s proposed overdraft and nonsufficient funds (NSF) fee rule, the CFPB issued another report, Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel. It appears this report was issued to bolster those imminent rulemaking efforts, similar to the consent order with Atlantic Union Bank earlier this month.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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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