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CFPB and Seven State Attorneys General Sue Debt-Relief Enterprise, Strategic Financial Solutions, for Illegally Swindling More Than $100 Million from Financially Struggling Families
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and seven state attorneys general sued Strategic Financial Solutions (SFS) and its web of shell companies for running an illegal debt-relief enterprise. The CFPB and state attorneys general also sued the chief architects of the illegal enterprise, Ryan Sasson and Jason Blust.
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CFPB Proposes Rule on Overdraft Fees for Public Comment
The proposal would amend Regulations E and Z and includes a benchmark for overdraft fees compared to bank costs. Comments are due by April 1.
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Biden-Harris Administration Announces Additional $4.9 Billion in Approved Student Debt Relief
The Biden-Harris Administration announced today the approval of $4.9 billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes made by the Administration to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF).
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Discover’s Card Delinquency Rate Rises to 3.9% After ‘Strong’ Holiday Season
Discover Financial Service’s earnings, released Wednesday (Jan. 17), showed growth in card loans and rising delinquency rates. Chief Financial Officer John Greene noted on a conference call with analysts that, with a nod to credit performance, “charge-offs increased but landed at the low end of our expected range.”
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Daily Decision Recap: ATDS, Debt Purchasers, 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 we’ve covered.
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Credit Card Delinquencies Soar to 12-Year High: Here are the States Where They’re Rising the Most
The number of credit card delinquencies rose by more than 40% in twelve states in the third quarter of 2023 over the same quarter in 2022
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MANCHIN, SCOTT LEAD EFFORT TO PROTECT STATE-BASED INSURANCE SYSTEM, PREVENT CFPB OVERREACH
Washington, DC– Today, U.S. Senators Joe Manchin (D-WV) and Tim Scott (R-SC) introduced bipartisan legislation to protect the nation’s state-based insurance regulatory system and ensure the Consumer Financial Protection Bureau (CFPB) does not overstep their statutory authority.
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How “location, location, location” can lead to “enforcement, enforcement, enforcement”
Do consumers attend a Christian church? Are they the parents of preschoolers? Would the description “wealthy and not healthy” apply to them? By tracking people’s mobile devices, Texas-based InMarket Media has collected their precise geolocation and cross-referenced their location histories with other personal data to categorize them into roughly 2,000 different audience segments that the company then marketed for the purpose of targeted advertising. According to a proposed FTC complaint,
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COURT DENIES MARINER FINANCE’S MOTION TO DISMISS; MULTISTATE LAWSUIT AGAINST PREDATORY INSTALLMENT LENDER HEADED TO TRIAL
HARRISBURG — Attorney General Michelle Henry announced significant progress in her multistate lawsuit against Mariner Finance, LLC (Mariner Finance) — a Wall Street private equity-owned lender that charged Pennsylvanians millions of dollars in hidden add-on products and interest.
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New Jersey Enacts Comprehensive Privacy Law
On January 8, 2024, the New Jersey Assembly and Senate passed Senate Bill 332 (S. 332, or the “Act”), and it was signed into law by Governor Phil Murphy on January 16.
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New Jersey’s NEW Data Privacy Law
New Jersey has now joined the growing number of states that have enacted comprehensive online privacy protections for certain consumers and that have imposed requirements on companies collecting and processing consumer data in the state.
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FTC Pauses CARS Rule Effective Date
The Federal Trade Commission has issued an order postponing the effective date of the Combatting Auto Retail Scams (CARS) Rule while a legal challenge against the rule is pending.
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FTC Order Will Ban InMarket from Selling Precise Consumer Location Data
Data aggregator InMarket Media will be prohibited from selling or licensing any precise location data to settle Federal Trade Commission charges that the company did not fully inform consumers and obtain their consent before collecting and using their location data for advertising and marketing.
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Federal Credit Union Operating Fee Schedule for 2024
The NCUA Board unanimously approved the agency’s 2024 operating and capital budgets at its December 2023 meeting. As a result of that decision and other factors, federal credit union operating fees will increase by an average of approximately 16.36 percent in 2024.
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AI Poised to Drive Small Business Lending Decisions
Small- to medium-sized businesses (SMBs) are, by definition, firms with the most potential to grow. But, somewhat counterintuitively, SMBs also represent a category most likely to suffer from a lack of financial inclusion within the broader landscape.
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Even some Fed officials are now questioning the Fed’s new bank capital rules
Two Federal Reserve officials this week suggested changes to new bank capital rules proposed by their own agency, adding to the pressure on regulators to revise the controversial requirements.
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US bank profits fall as competition for deposits erodes lending margins
NEW YORK (Reuters) -Several large U.S. regional banks reported lower profits on Wednesday, in a further sign that the income boost from interest rate hikes by the Federal Reserve is starting to wane.
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Supreme Court Denies Hearing of Case on Text Messaging and ATDS
The U.S. Supreme Court has denied hearing a case that revisits the issues in Facebook v. Duguid, including what qualifies as an automatic telephone dialing system (ATDS) under the Telephone Consumer Protection Act.
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Collection company TrueAccord settles with Colorado Attorney General’s Office over illegally collecting on high-interest debt
Jan. 16, 2024 (DENVER)—Attorney General Phil Weiser announced today that his office reached an agreement with third-party debt collection company TrueAccord over illegal collection on high-interest debt. The company will pay $500,000 to the state under the agreement to be used for consumer refunds.
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CFPB: Ignorance is No Excuse in FDCPA False, Deceptive, Misleading Violations
On January 2, 2024, the Consumer Financial Protection Bureau (CFPB) filed an amicus brief in the case of Carrasquillo v. CICA Collection Agency, Inc. where it argued that knowledge (i.e. “scienter”) of a violation of the Fair Debt Collection Practices Act (FDCPA) was not required to be found liable for making a false, deceptive, or misleading representation in connection with the collection of a debt.
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Tick, Tick, Tick. Office of Technology’s Summit on AI
Personal computer ownership exploded in the 1990s. Technologies that enabled new forms of communication, productivity, and entertainment were also accompanied by computer-related scams, misrepresentations, and anti-competitive practices.
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FTC Action Leads to Ban for Ganadores Real Estate and Income Scam, its Owner, and Managers
A Federal Trade Commission lawsuit has led to the permanent end to a business opportunity scam known as Ganadores Online and Ganadores Inversiones Bienes Raíces that targeted Spanish-speaking consumers with brazen and false money-making pitches for online businesses and real estate investments.
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U.S. district court holds state laws partially preempted by FCRA
On January 9, the U.S. District Court of Maine entered judgment, determining that Maine law is only partially preempted by the federal Fair Credit Reporting Act (FCRA).
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CFPB Proposes Rule to Close Bank Overdraft Loophole that Costs Americans Billions Each Year in Junk Fees
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed a rule to rein in excessive overdraft fees charged by the nation’s biggest financial institutions.
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Maryland is Latest State to Introduce Legislation Targeting Bank Partnership Programs
On January 10, HB 254, entitled the True Lender Act, was introduced before the Maryland House of Delegates. The Act would amend the Maryland Commercial Law to add an article containing both predominant economic interest and totality of the circumstance tests to determine the “true lender” of a loan.
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Delinquency Rates for Commercial Properties Increased in Fourth-Quarter 2023
WASHINGTON, D.C. (January 16, 2024) — Delinquency rates for mortgages backed by commercial properties increased during the fourth quarter of 2023, according to the Mortgage Bankers Association's (MBA) latest commercial real estate finance (CREF) Loan Performance Survey.
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Prepared Remarks of CFPB Director Rohit Chopra on Overdraft Lending Press Call
Overdraft loans – along with the hefty and often surprising fees that come with them – affect families across the country.
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Corporate debt defaults soared 80% in 2023 and could be high again this year, S&P says
Corporate debt defaults soared last year and could be a problem again in 2024 as cash-strapped companies deal with the burden of high interest rates, S&P Global Ratings reported Tuesday.
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Massachusetts AG and Nelnet Reach Settlement Over Reported Student Loan Servicing Violations
Massachusetts Attorney General Andrea Joy Campbell announced a $1.8 million settlement with Nelnet Inc. (Nelnet), a federal student loan servicer, to resolve allegations the company “failed to appropriately communicate with borrowers about renewing Income-Driven Repayment (IDR) plans that provide access to affordable payments,” according to a news release.
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Overdraft Lending: Very Large Financial Institutions Proposed Rule
The Consumer Financial Protection Bureau (CFPB) proposes to amend Regulations E and Z to update regulatory exceptions for overdraft credit provided by very large financial institutions, thereby subjecting that credit to consumer lending regulations, unless the overdraft fee is a small amount that only recovers applicable costs and losses.
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DFCU Financial Recognized as a Top Credit Union by Newsweek Magazine
DEARBORN, MI, January 16, 2024 - DFCU Financial has proudly secured its place among the nation's top credit unions, according to Newsweek magazine, placing the credit union in the esteemed top 5% of financial institutions
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Americans lean more on credit cards as expenses stay high: 46% of cardholders now carry debt from month to month
As the personal savings rate sank near an all-time low, credit card balances jumped 15% year over year, according to the latest quarterly report from the Federal Reserve Bank of New York, notching the largest increase in more than 20 years.
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FTC Announces Claims Process for Consumers Harmed by Lanier Law Mortgage Relief Scheme
The Federal Trade Commission is launching a claims process for consumers harmed by a deceptive mortgage relief operation known as Lanier Law that collected upfront fees of thousands of dollars and promised consumers lower monthly payments but failed to deliver.
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This NCPW, speak up against scams in your language
Scammers speak your language. Whether you speak a language from Arabic to Vietnamese, or the language of college students or veterans to older adults — scammers know it fluently.
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Attorney General Bonta Advocates for Consumer Protections Against AI-Generated Robocalls
OAKLAND — California Attorney General Rob Bonta today joined a coalition of 26 attorneys general in filing a comment letter responding to the Federal Communications Commission’s (FCC) notice of inquiry related to the potential impact of emerging artificial intelligence (AI) technology on efforts to protect consumers from illegal robocalls or robotexts.
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Beware of new CFPB imposter scams
We can’t say it enough – the CFPB will NEVER contact you and ask you for sensitive information or to pay money. This includes never asking you to pay an upfront fee or taxes, or telling you that you’ve won a lottery, sweepstakes, or class-action lawsuit. We also won’t ask you for personal or sensitive information before you can cash a check we’ve issued.
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CFPB files amicus brief on FDCPA case regarding scienter
On January 2, the CFPB announced its filing of an amicus brief in the U.S. Court of Appeals for the First Circuit that takes the position that debt collectors can and should be held strictly liable under the FDCPA regardless of whether they knowingly or unknowingly made a false statement.
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Department of Labor Advances Worker Classification Rule and Proposed Overtime Changes
The changes, especially proposed updates on overtime thresholds, could shape policies for employee pay and classification in the coming year.
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Hudson Valley Credit Union to Acquire Catskill Hudson Bank
POUGHKEEPSIE, N.Y. and KINGSTON, N.Y., Jan. 10, 2024 /PRNewswire/ -- Hudson Valley Credit Union (HVCU) announced today that it has entered into a definitive merger agreement with Catskill Hudson Bank and its parent company Catskill Hudson Bancorp, Inc. (OTCPK: CSKL) ("Catskill Hudson"), pursuant to which Catskill Hudson Bank will merge with and into HVCU, with HVCU as the surviving institution in a series of transactions.
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US House Panel Considers Commission to Tackle Nation’s Soaring Debt
WASHINGTON (Reuters) - Bipartisan legislation to create a commission charged with taming the $34 trillion U.S. national debt is set to advance this week in a House of Representatives panel, as lawmakers battle over federal spending.
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State Privacy Update: New Jersey Becomes 13th State to Pass a Consumer Privacy Bill
The New Jersey Legislature this week passed Senate Bill 332 (SB 332), a comprehensive consumer data privacy bill. Since its conception, the bill has undergone significant revisions that expanded a once narrow bill into a more comprehensive privacy framework.
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New York Amends Existing Credit Card Surcharge Prohibition
On December 13, 2023, the State of New York enacted Assembly Bill No. 2672 (Act), which modifies New York’s ban on credit card surcharges. The revised law takes effect on February 11, 2024.
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Utah Court of Appeals Reverses Dismissal of Consumer Claims Based on Failure to Register Under Collection Agency Act
In a change of course, the Utah court of appeals has reversed the dismissal of a plaintiffs’ suit against a debt collector based on its alleged failure to register as a collection agency prior to filing collection suits.
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CFPB Continues Focus on Consumer Reporting and the FCRA With New “Guidance” on Background Checks and Consumer Disclosures
On January 11, the Consumer Financial Protection Bureau (CFPB or Bureau) issued two “advisory opinions” addressing the CFPB’s views of the obligations of consumer reporting agencies (CRAs) under the Fair Credit Reporting Act (FCRA).
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New York Amends Existing Credit Card Surcharge Prohibition
On December 13, 2023, the State of New York enacted Assembly Bill No. 2672 (Act), which modifies New York’s ban on credit card surcharges. The revised law takes effect on February 11, 2024.
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Credit card delinquencies surge as Americans battle high inflation, interest rates
A growing number of Americans are falling behind on their monthly credit card payments as they continue to battle high inflation and interest rates, according to new data published by the Federal Reserve Bank of Philadelphia.
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Daily Decision Recap: Reg F, Validation Notice, 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 we’ve covered.
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Flagging loan margins, one-off charges drag down profit at major US banks
WASHINGTON (Reuters) -Major U.S. banks reported lower profits on Friday in a choppy fourth quarter clouded by special charges and job cuts, with signs an income boost from high interest rates is waning and some consumer loans are starting to sour.
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Operator? I’d like to Report a Data Breach—The FCC’s Updated Data Breach Rule
After waiting 16 years for a call, the FCC is finally back on the line. Last month the FCC updated their 16-year-old data breach notification rule. The updated rule makes drastic changes to the previous FCC notification requirements.
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US Banking Giants Shed Over 17,000 Employees in Turbulent Year
(Reuters) - Wells Fargo, Bank of America and Citigroup reduced their workforces by a combined 17,700 last year, the banking giants reported in their fourth-quarter earnings on Friday.
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Americans are missing credit card payments at the highest rate in a decade
A report from the Federal Reserve Bank of Philadelphia found credit-card delinquency rates have surpassed pre-pandemic levels, with the share of balances 30 days past due hovering at the highest mark since late 2012.
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Debt Collection – Licensee
The Department of Financial Protection and Innovation (DFPI) provides licensure, regulation, and oversight of California debt collection practices under the California Consumer Financial Protection Law, 2021 (CCFPL) and the Debt Collection Licensing Act, 2022 (DCLA). Both measures help to better protect consumers and create a level playing field for industry. The DFPI began accepting applications for licensure September 1, 2021.
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Big U.S. bank profits fall on insurance fund charges, falling lending margins
WASHINGTON (Reuters) - Major U.S. bank fourth quarter profits fell on Friday as lenders put aside cash to replenish a government insurance fund dented by last year's bank failures, and as the rising cost of retaining deposits ate into margins.
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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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