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| Wednesday January 24, 2024 |
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CFPB Proposes Rule to Stop New Junk Fees on Bank Accounts
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) proposed today to block banks and other financial institutions from one potential source of new junk fee revenue – fees on transactions declined right at the swipe, tap, or click.
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Nonsufficient Funds (NSF) Fees for Instantaneously Declined Transactions
When a consumer’s attempted withdrawal, debit, payment, or transfer transaction amount exceeds the available funds in their account, currently, a financial institution might decline the transaction and charge the consumer a fee, often called a nonsufficient funds (NSF) fee.
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Court Denies Dismissal of State AGs’ Consumer Financial Protection Act Case
A case from multiple state attorneys general against a private equity-owned lender will proceed after the U.S. District Court for the Eastern District of Pennsylvania denied the defendant’s motion to dismiss on finding that states do not have authority to sue under the federal Consumer Financial Protection Act (CFPA).
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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. This makes New Jersey the first state to enact a comprehensive privacy law in 2024 (as we have previously written, the New Hampshire House passed a comprehensive privacy bill on January 4 that is currently awaiting Senate concurrence) and the 13th state overall with a comprehensive privacy law on the books.
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LoanDepot Confirms Data Breach Affecting 16.6 Million Consumers in SEC Filing
On January 22, 2024, LoanDepot filed a notice of data breach with the Securities and Exchange Commission after discovering that a cyberattack enabled hackers to access the company’s IT network.
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Attorney General Jackley Requests FCC To Restrict Use of A.I. In Marketing Phone Calls
PIERRE, S.D. – South Dakota Attorney General Marty Jackley and 25 other Attorneys General are asking the Federal Communications Commission (FCC) to restrict the use of artificial intelligence by telemarketers.
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Class action accuses debt collector Sequium of violating federal law in communicating with collection targets
Debt collector Sequium Asset Solutions is facing a class action lawsuit accusing the company of allegedly violating federal and state law in the way that it communicates with debtors targeted in collection actions.
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Attorney General Bonta to Supreme Court: Healthy, Solvent Corporations Should Not Exploit Bankruptcy to Avoid Liability
OAKLAND — Attorney General Rob Bonta today joined a multistate amicus brief urging the U.S. Supreme Court to review a bankruptcy court’s decision permitting a Texas company to exploit an elaborate, unfair bankruptcy loophole enabling otherwise healthy corporations to avoid financial liability without ever declaring bankruptcy themselves.
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A closer look at the FTC’s ruling that Intuit’s “free” claims deceived consumers
Decades ago, the FTC described the advertising claim “free” as “a lure,” “the bait,” and “a powerful magnet,” and its appeal continues to attract consumers. Need proof? Just look at how Intuit made “free” the centerpiece of its ad campaign for TurboTax, blanketing TV, radio, print media, and the internet with claims that consumers could use the company’s TurboTax service to file their taxes not just for “free,” but for “Free. Free. Free. Free.”
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Colorado AG and Collection Agency Settle Over Collections on Debts Owed to Native American Tribes
Colorado Attorney General Phil Weiser and TrueAccord reached a settlement agreement (PDF) related to reported violations of the Colorado Fair Debt Collection Practices Act for collection on high-interest debt.
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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.
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OR legislation aims to protect against debt collection practices
Oregon lawmakers could add greater safeguards for consumers from debt collectors this session. The Family Financial Protection Act of Oregon includes a suite of provisions to shield consumers, including ensuring people can keep more of their wages from being garnished to pay back debts.
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Utah is ranked in the top 5 U.S. states with high credit card delinquency rates
In 2023, the United States saw a surge in credit card debt. “Aggregate household debt balances increased by $16 billion in the second quarter of 2023, a 0.1% rise from 2023 Q1.
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Vroom, the once-mighty Carvana competitor, will wind down its used-car business
Vroom Inc., once valued at a heady $2.5 billion, said Monday it is winding down its online used-car sales business in order to preserve liquidity, as its market cap has dwindled to less than $100 million.
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Mayor Adams to Relieve Over $2 Billion in Medical Debt for Hundreds of Thousands of Working-Class New Yorkers
So today, the administration is helping deliver relief to working class New Yorkers with our life changing medical debt relief program. And just really good stuff when you look at the investment that we are making. We're investing $18 million over three years to forgive over $2 billion in medical debt for hundreds of thousands of New Yorkers.
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States endorse the CFPB’s rule to regulate fintechs
Recently, 19 state attorneys general submitted a comment letter supporting the CFPB’s proposed rule that would expand the CFPB’s supervisory authority to regulate nonbank fintech firms that offer digital payment services.
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CFPB Sues Strategic Financial Solutions Over Alleged Fee Collection
The Consumer Financial Protection Bureau (CFPB) announced Friday (Jan. 19) that it has launched a lawsuit against Strategic Financial Solutions (SFS), charging it with running an illegal debt-relief business.
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NCUA’s 2024 Supervisory Priorities
This letter outlines the NCUA’s supervisory priorities and other updates to the agency’s 2024 examination program. We focus on the areas posing the highest risk to credit union members, the credit union industry, and the National Credit Union Share Insurance Fund (Share Insurance Fund).
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The IRS doesn’t send tax refunds by email or text
Got an email or text message about a tax refund? It’s a scam
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Supreme Court Considers Reversing Federal Agency Power to Interpret Statutes
The U.S. Supreme Court heard oral arguments in two cases on Jan. 17 that could overturn a decision centered on federal agency use of statutes.
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These Americans are struggling to pay their bills on time: ‘Financial stress appears to have risen,’ New York Fed says
Low-income borrowers are increasingly missing payments on their car loans and credit cards and may have missed the boat on ultralow mortgage rates, according to a new report from the Federal Reserve Bank of New York.
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Average Car Payment and Auto Loan Statistics 2024
The average car payment for new vehicles was $726 in the third quarter of 2023, a 3.6% increase from the third quarter of 2022. The average car payment for leased vehicles increased at a comparable 4.6%. However, the average car payment for used vehicles increased by just 0.8%.
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Most Americans Who Failed to Pay Student Loans Say They Can’t Afford to Keep Up
(Bloomberg) -- More than half of Americans who’ve failed to pay student-loan bills since the October restart said the main reason was that payments were unaffordable, according to new research by the Federal Reserve Bank of Philadelphia.
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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. The CFPB and attorneys general allege the enterprise has collected hundreds of millions of dollars in exorbitant, illegal fees from vulnerable consumers.
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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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CFPB Files Amicus Brief in FDCPA Appeal
This month, the Consumer Financial Protection Bureau (CFPB) started the new year by filing an amicus brief in an ongoing appeal in the First Circuit focusing on an interpretation of the Fair Debt Collection Practices Act (FDCPA), specifically 1692e.
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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 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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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.
Read More |
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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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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