|
|
|
|
|
|
CFPB Report Identifies Challenges Faced by Borrowers in Resumption of Student Loan Payments
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published an issue spotlight today on the CFPB’s oversight of student loan servicing practices in the early months of the resumption of federal student loan repayments after over three years of a payment pause due to the COVID-19 emergency.
Read More |
Smaller Banks Warn of ‘Significant Impact’ From CFPB’s Proposed Overdraft Fee Regulation
The most recent volley against the Bureau came Wednesday (Jan. 3), as the American Bankers Association, in tandem with the Independent Community Bankers of America and America’s Credit Unions — representing the nation’s smaller financial institutions (FIs) — issued a letter to CFPB Director Rohit Chopra.
Read More |
Statement of CFPB Director Rohit Chopra on the Federal Student Loan Return to Repayment Issue Spotlight
In March 2020, the federal government announced that payments in connection with federal student loans owned by the U.S. Department of Education would be suspended, and interest would be waived for the duration of the suspension. In June 2023, Congress enacted legislation to end the pause, and a few months ago, required payments resumed.
Read More |
VantageScore CreditGauge™ November 2023: Consumer Financial Stress Reflected in Higher Delinquencies, Holiday Spending “Credit Hangover” Increasingly Likely
SAN FRANCISCO, Jan. 4, 2024 /PRNewswire/ -- Today, VantageScore released its November 2023 CreditGauge, a monthly analysis highlighting the overall health of U.S. consumer credit. For the fifth consecutive month, the average VantageScore credit score held steady at 701.
Read More |
Issue Spotlight: Federal Student Loan Return to Repayment
As monthly payments for federally owned student loans come due for the first time in over three years, the Consumer Financial Protection Bureau (CFPB) is actively engaged in oversight of this return to repayment. We are supervising student loan servicers, monitoring consumer complaints, and collaborating with federal and state partners to ensure that servicers are held accountable when they fail to meet their legal obligations to borrowers during this critical period.
Read More |
FCC Tightens Lead Generator TCPA Consent Requirements, Adopts Texting Do-Not-Call and “Red Flag” Text Blocking Rules, and Seeks Comment on Additional Texting Measures
On December 18, 2023 the FCC released a Second Report and Order, Second Further Notice of Proposed Rulemaking (FNPRM), and Waiver Order, which it considered and adopted at its December Open Meeting, furthering what it characterized as its “multi-pronged approach to unwanted and illegal calls.”
Read More |
1 in 5 Consumers Pay Auto Loans With Mobile Wallets
Mobile wallets have gained immense popularity among consumers, not only for making in-store purchases but also for their ability to manage finances and store sensitive personal information.
Read More |
Carrasquillo v. CICA Collection Agency
The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using “any false, deceptive, or misleading representation or means in connection with the collection of any debt.”
Read More |
Securityplus Federal Credit Union Named TOP Credit Union in Maryland, Earning Coveted Spot on Newsweeks’ List of America’s Best Regional Banks and Credit Unions
BALTIMORE, Jan. 5, 2024 /PRNewswire/ -- Securityplus Federal Credit Union, a trusted financial institution serving the greater Baltimore community, announces its recognition by Newsweek as one of America's Best Regional Banks and Credit Unions for 2024, earning the #10 ranking overall and proudly standing as the #1 ranked credit union based in Maryland.
Read More |
FTC to Host Virtual Summit on Artificial Intelligence
The Federal Trade Commission’s Office of Technology is hosting a virtual tech summit on January 25, 2024 that will bring together a diverse group of stakeholders to discuss key developments in the rapidly evolving field of artificial intelligence (AI), looking across the layers of technology related to AI.
Read More |
Attorney General Announces Arrest in Meijer mPerks Theft
LANSING – Michigan Attorney General Dana Nessel announced today the arrest and arraignment of Nicholas Mui, 22, of Grand Haven, in connection to the systemic theft and sale of account access information tied to ‘mPerks’ accounts. Mui was arraigned in the 59th District Court in Kent County on December 27th on one count of Conducting a Criminal Enterprise, a 20-year felony, one count of Use of a Computer to Commit a Crime, a 20-year felony, and seven counts of Identity Theft, each count a 5-year felony.
Read More |
U.S. Supreme Court Will Hear Cases on Federal Agencies’ Interpretation of Statutes Jan. 17
The court could overturn or narrow a long-time standard for agencies to interpret statutes when enforcing rules, which might impact future regulatory programs.
Read More |
Dow Credit Union Distributes $19.2 Million To Members As Part of Annual Giveback Program
MIDLAND, Mich., Jan. 4, 2024 /PRNewswire/ -- Dow Credit Union has announced it is paying out $19.2 million to eligible members as part of its annual Member Giveback program for 2023.
Read More |
FTC and Connecticut take action against Manchester City Nissan auto dealership for illegally charging car buyers
The car shopping process can be challenging — and expensive. Deceptive and unfair practices can make the shopping process even more confusing and costly. That’s why the FTC recently passed the CARS Rule. And it’s why the FTC and State of Connecticut just sued Manchester City Nissan (MCN), its owners, and some key employees.
Read More |
Attorney General Mayes Announces $13 Million Settlement with Cox Communications for Disguising Price Increases as Routine Fees
PHOENIX – Attorney General Kris Mayes announced today that her office had secured a settlement with Cox Communications for more than $13 million, resolving an investigation and lawsuit alleging the telecommunications company failed to adequately disclose additional fees to customers.
Read More |
Growing BNPL Demand Outpaces Merchant Response
Buy now, pay later (BNPL) has gone mainstream. So much so that if businesses don’t provide this payment option, they might lose out on sales at checkout. This is especially important as inflation influences whether consumers choose to spend money.
Read More |
ICBA to CFPB: Include Community Bank Exemption in 1033 Proposal on Sharing Consumer Financial Data
n its comment letter on the bureau’s proposal to implement Section 1033 of the Dodd-Frank Act, ICBA urged the CFPB to exempt community banks with less than $850 million in assets — which are defined as small businesses by the Small Business Administration — from a provision requiring institutions to create and maintain a third-party developer interface.
Read More |
FTC puts out public call to help stop voice cloning robocalls
The Federal Trade Commission announced it will be accepting submissions until January 12 for its exploratory Voice Cloning Challenge to help protect U.S. consumers from the growing instances of artificial intelligence-enabled voice cloning calls that can be used to scam and harm individuals.
Read More |
US bankruptcies surged 18% in 2023 and seen rising again in 2024 -report
Jan 3 (Reuters) - U.S. bankruptcy filings surged by 18% in 2023 on the back of higher interest rates, tougher lending standards and the continued runoff of pandemic-era backstops, data published Wednesday showed, although insolvency case volumes remain well below the level seen before the outbreak of COVID-19.
Read More |
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. The law, Senate Bill 800, amends the Illinois Collateral Recovery Act and requires licensed repossession agencies to clear, erase, delete, or otherwise eliminate personal information collected or stored in a vehicle after repossession.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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?
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
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.
Read More |
|
|
Receivables Management Association International
Aria Resort & Casino
Las Vegas , Nevada
February 05 - 08 , 2024
https://rmaintl.org/events/2024-annual-conference/
|
|
|
|
|
