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| Wednesday January 3, 2024 |
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Illinois Requires Repossession Agents to Clear Personal Data from Vehicles
A new Illinois data privacy law specifically tailored to motor vehicle-secured financing transactions becomes effective on January 1, 2024, and is likely to lead to similar laws in other states.
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California Law Removes Vestiges of Debtors’ Prisons; Other States Urged to Follow Suit
SACRAMENTO – A new California law ensures that no one in the state can be imprisoned because they owe a consumer debt. On October 9, Gov. Gavin Newsom approved Assembly Bill 1119, a measure authored by Assemblymember Buffy Wicks and sponsored by the California Low Income Consumer Coalition and the National Consumer Law Center.
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CFPB Data Rules Don’t Go Far Enough, TCH and BPI Say
The Clearing House Association and the Bank Policy Institute submitted recommendations to the Consumer Financial Protection Bureau (CFPB) on Friday in response to a proposed rule governing how banks, data aggregators and other third parties can share consumer financial data.
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New Consumer Law Rights Taking Effect in 2024
This article lists federal and state consumer law rights scheduled to go into effect or expire, during the period from December 1, 2023, through January 1, 2025. Other consumer law changes will be enacted later in 2024 and will go into effect in 2024; this article lists changes whose effective dates have already been scheduled.
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US insurance giant First American confirms it was hit by a ransomware attack
First American, one of the largest insurance companies in the United States, has confirmed the cyber-incident it suffered in late December 2023 was indeed a ransomware attack.
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December Concludes Profitable Period for Auto Industry as Consumers Spend Record $578B on New Vehicles in 2023 – Report
Total new-vehicle sales for December 2023, including retail and non-retail transactions, are projected to reach 1,396,700 units, a 13.2% increase from December 2022, according to a joint forecast from J.D. Power and GlobalData.
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US national debt tops $34T for first time in history
The national debt – which measures what the U.S. owes its creditors — hit $34 trillion as of Friday afternoon, according to new data published by the Treasury Department. By comparison, just four decades ago, the national debt hovered around $907 billion.
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CFPB to distribute nearly $6 million to consumers harmed by predatory loans to veterans
In December, the CFPB sent $6 million in financial relief to consumers harmed by illegal lending practices targeting veterans. Five people and their companies misled veterans and other consumers into selling their pension and disability payments, which is illegal under federal and relevant state law. These transactions were instead illegal high-interest loans.
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ATTORNEY GENERAL HENRY ENSURES CANCELLATION OF $218,000 IN EDUCATION DEBT FOR STUDENTS OF SHUTTERED PITTSBURGH CAREER INSTITUTE
HARRISBURG — Attorney General Michelle Henry announced an agreement with recently-closed Pittsburgh Career Institute that ensures dozens of students are free of $218,000 in debt balances that were outstanding when the school closed in November.
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California-based Lead Generator Agrees to Settlement Banning It from Making or Assisting Others in Making Telemarketing Calls, Including Robocalls
California-based lead generator Response Tree LLC and its president, Derek Thomas Doherty, will be banned from making or assisting anyone else in making robocalls or calls to phone numbers on the FTC’s Do Not Call (DNC) Registry under a proposed order settling Federal Trade Commission charges that they operated more than 50 websites designed to trick consumers into providing their personal information for supposed mortgage refinancing loans and other services.
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How are robocallers getting your phone number?
Does it ever feel like you’re getting more robocalls than calls from actual humans? Illegal robocalls aren’t just annoying — they’re also often scams. But you might be wondering — how did they get my number in the first place?
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XCast Labs Will Be Banned from Supporting Illegal Telemarketing Practices to Settle FTC Charges It Assisted and Facilitated in Sending Hundreds of Millions of Illegal Robocalls
Voice over Internet Protocol (VoIP) provider XCast Labs, Inc., agreed to settle Federal Trade Commission charges that it funneled hundreds of millions of illegal robocalls through its network, even after receiving multiple warnings about the unlawful conduct.
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Financial services trade associations raise concerns with CFPB’s advisory opinion on information requests
Several financial services trade associations wrote to CFPB Director Rohit Chopra voicing their concerns with the Advisory Opinion regarding Section 1034(c) of the Consumer Financial Protection Act. The trade associations include the American Financial Services Association, the Bank Policy Institute, the Consumer Bankers Association, and the U.S. Chamber of Commerce.
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Rules of Practice and Procedure: Final Rule
n 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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Lawmakers Call for One-Year Delay in Financial Reporting Rule
A rule from the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCen) is taking effect in the new year with requirements for businesses to report data to create a database of ownership information.
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Credit Card Confidence Index Plunges to Lowest Level Since 2018
Credit card confidence tumbled in December, according to the latest LendingTree Credit Card Confidence Index, ending 2023 at its lowest level since tracking began more than five years ago.
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2024 Trends: Prepare for Disruptive Activism from a Politicized CFPB
The Consumer Financial Protection Bureau won’t be sitting still while awaiting a pending Supreme Court challenge to its funding. Upcoming elections will prompt the CFPB to push hard on key issues early in 2024. And as the bureau grows increasingly aggressive, regulated banks and other players will be more willing to go to court to challenge its rulings. Things may get messy fast.
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Holding debt collectors responsible for false statements
Federal consumer financial protection laws require companies to treat people honestly and fairly. They also protect honest businesses from being forced to compete with those who break the law.
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New year, new weight loss scams
Scammers follow the headlines — and the seasons. As the new year rolls around, we’re sure to hear lots of “new year, new you” advertising around health and fitness products. But some of those promotions are just scams out to get your money. Here’s how to spot them.
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8 business loan requirements: Essential criteria explained
Like with consumer lending products, business loan requirements weed out risky applicants and determine who receives the most attractive interest rates and terms. If you have good credit and stable financials, you’re more likely to receive funding and at lower costs. If you don’t, you might strengthen your application through other requirements for a business loan, perhaps by demonstrating strong sales figures and cash flow or by putting down money or collateral for secured financing. You might even write a persuasive business plan or loan proposal.
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From student loan forgiveness to tech layoffs, 7 of the biggest money stories from 2023
A lot happened in 2023. In many ways, the economic environment born out of the Covid-19 pandemic came to an end as subsidies such as the student loan payment pause and expanded SNAP benefits expired.
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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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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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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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