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WEBRECON NOV 2023 STATS: FCRA UP FOR THE MONTH, TCPA UP YTD
The die appears to be cast for one of the most interesting spreads in memory. The only real question left is if FCRA lawsuits in December will tip the tally above the zero point to end in slim positive territory or not. Either way, it will be pretty close with the big three diverging in the most balanced pattern we can remember.
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FCC Updates Data Breach Notification Rules
At its December meeting, the Federal Communications Commission approved a Report and Order modifying its data protection rules.
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Nearly 40% of CUs Offer Instant Access to Payday Loans
Credit unions (CUs) have long been a reliable source for credit products such as credit cards, mortgages, auto loans and personal loans. However, with the rise of non-bank and non-CU financial entities offering competitive deals, consumers are increasingly looking for better options.
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America’s Credit Unions prepares for launch
The merger of CUNA and NAFCU culminates next week with the official launch of America’s Credit Unions. This transformation is to provide the credit union industry a stronger and more responsive voice on the national stage.
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PPP Lender Liability, Enforcement, & Fintech Challenges
The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of regulations that Congress quickly drafted in response to the pandemic.
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CFPB Faces Crucial Supreme Court Decision on Funding in 2024
The Consumer Financial Protection Bureau (CFPB) is reportedly set to face a crucial year in 2024 as the Supreme Court’s decisions loom over its plans to reshape the banking industry’s handling of customer data and fees.
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FTC Sues Grand Canyon University for Deceptive Advertising and Illegal Telemarketing
The Federal Trade Commission has filed suit against Grand Canyon Education (GCE), Inc., Grand Canyon University (GCU), and Brian Mueller—the CEO of GCE and president of GCU—for deceiving prospective doctoral students about the cost and course requirements of its doctoral programs and about being a nonprofit, while also engaging in deceptive and abusive telemarketing practices.
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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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Biden Vetoes Resolution to Overturn CFPB Small Business Lending Rule
President Joe Biden has vetoed a resolution to nullify a Consumer Financial Protection Bureau rule requiring lenders to disclose credit applications they receive from small businesses, lending decisions and demographic data.
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Rules of Practice and Procedure: Final Rule
On December 28, 2023, the Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System (Federal Reserve Board), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), published a final rule amending the Uniform Rules of Practice and Procedure (Uniform Rules) in 12 CFR 19 to recognize the use of electronic communications in all aspects of administrative hearings and to otherwise increase the efficiency and fairness of administrative adjudications.
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The Federal Communications Commission Updates Its Data Breach Rules
On December 21, 2023, the Federal Communications Commission released an order updating its data breach rules. These updated rules require telecommunications providers to report breaches of customer proprietary network information, such as numbers that have been dialed and when they have been dialed, but also require reporting of personally-identifiable information (PII), such as driver’s license numbers, Social Security numbers, and credit card numbers.
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Nearly 40% of High-Income Consumers Use Pay Later Plans
In recent years, split-pay options have gained popularity among consumers of all demographic groups looking for greater flexibility in managing their expenses. But it’s not millennial, Gen Z, or low-income consumers who are most likely to use these plans — it’s high-income consumers.
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OCC’s Latest Guidance on Buy Now, Pay Later Products Signals Increasing Federal Oversight
Consumer use of "buy now, pay later" (BNPL) products and programs has proliferated over the last few years. While federal oversight has not been extensive to date, new guidance from the Office of the Comptroller of the Currency (OCC) likely signals heightened attention and may be the precursor to more enforcement or supervisory developments.
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Bipartisan bills aim to reform payday loans in Wisconsin
A pair of bipartisan bills circulating in the state Legislature would try to redefine and reform short-term, high interest loans. In Wisconsin, a borrower can take out a payday loan if they have a bank account to use as collateral.
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What to know about holiday gift returns
Check out store policies. Return and exchange policies vary by store, and many stores won’t take returns or exchanges after a certain time — like 30 or 90 days. Policies and deadlines are often printed on the back of receipts.
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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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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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