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Attorney General James Announces Historic Judgment Against Predatory Lender
NEW YORK – New York Attorney General Letitia James today announced a historic court judgment against three merchant cash advance companies, Richmond Capital Group, Ram Capital Funding, and Viceroy Capital Funding (Richmond companies) and their principals, Jonathan Braun, Tzvi Reich, Robert Giardina, and Michelle Gregg, for usury and fraud due to illegally high-interest, short-term loans and undisclosed fees.
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Credit unions should expect increased supervision from NCUA on overdraft/NSF fees, vendor risk, and fair lending
On February 6, 2024, National Credit Union Administration (NCUA) Chairman Todd M. Harper spoke at a Brookings Institution event to outline his regulatory agenda and supervisory priorities for 2024. His prepared remarks addressed the 90th Anniversary of the Federal Credit Union Act, credit union performance in third quarter of 2023, risks posed by third party service providers, liquidity management, and consumer financial protection.
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Yellen sees more commercial real estate stress, losses, but no systemic banking risk
WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen said on Thursday that she expects additional bank stress and financial losses from weakness in the commercial real estate market but believes this will not pose a systemic risk to the banking system.
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Facts about fraud from the FTC – and what it means for your business
The FTC just issued its 2023 Consumer Sentinel Network Data Book jam-packed with facts about the kind of scams consumers have reported to us. Has the reported dollar amount lost to fraud gone up or down this year? And what are the most frequently reported scams?
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OCC Hosts Public Appraisal Subcommittee Hearing on Appraisal Bias
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host a public hearing of the Appraisal Subcommittee (ASC) on appraisal bias on February 13, 2024, from 10:00 a.m. to 1:00 p.m., at its headquarters, 400 7th Street SW, Washington, D.C.
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ESL issues warning to customers about recent phishing schemes
ROCHESTER, N.Y. (WROC) — ESL Federal Credit Union is warning customers about recent fraudulent activity. According to ESL, they were alerted to an increase in phishing schemes — a type of scam that tricks customers into giving their personal information to the scammers.
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FloatMe Settlement with FTC Contains Exacting Requirements
On January 22, 2024, the Federal Trade Commission (FTC) entered into a Stipulated Order for Permanent Injunction, Monetary Judgment, and Other Relief (the “Order”) with FloatMe Corp.
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FCC Proposes AI Calls Should be Illegal Under TCPA
Federal Communications Commission Chair Jessica Rosenworcel wants calls made with voices generated by artificial intelligence to be considered illegal under the Telephone Consumer Protection Act, according to a news release (PDF).
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Bankcard Balances Surpass $1 Trillion as Millennials Increasingly Turn to Cards
Findings from the newly released Q4 2023 Quarterly Credit Industry Insights Report (CIIR) from TransUnion (NYSE: TRU) reveal that credit card debt is at a historical high, driven in part by Millennials further building on their credit portfolios. This comes at a time when an anticipated reduction in interest rates over the course of the coming year may open up new avenues to more affordable credit.
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FCC MAKES AI-GENERATED VOICES IN ROBOCALLS ILLEGAL
WASHINGTON, February 8, 2024—Today the Federal Communications Commission announced the unanimous adoption of a Declaratory Ruling that recognizes calls made with AI-generated voices are “artificial” under the Telephone Consumer Protection Act (TCPA). The ruling, which takes effect immediately, makes voice cloning technology used in common robocall scams targeting consumers illegal.
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Illinois Makes Changes to Collection Agency Regulations
Illinois recently transferred the authority to regulate collection agencies from the Division of Professional Regulation to the Division of Financial Institutions under Public Act 102-975 (PDF).
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As Nationwide Fraud Losses Top $10 Billion in 2023, FTC Steps Up Efforts to Protect the Public
Newly released Federal Trade Commission data show that consumers reported losing more than $10 billion to fraud in 2023, marking the first time that fraud losses have reached that benchmark. This marks a 14% increase over reported losses in 2022.
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BROWN INTRODUCES NEW BILL TO PREVENT VETERANS FROM LOSING THEIR HOMES
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing and Urban Affairs Committee, hosted a news conference call with Larry Moore, Executive Director of the Summit County Veterans Service Commission, and Veterans of Foreign Wars Department of Ohio State Legislative Chairman, to discuss new legislation to prevent veterans and servicemembers using Department of Veterans Affairs (VA) home loans from losing their homes.
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Governor Hochul Announces New Law to Clarify Disclosure of Credit Card Surcharges Goes Into Effect Sunday, February 11
Governor Kathy Hochul today announced a new consumer protection law that will go into effect on February 11, 2024. This new law will amend and clarify New York’s existing credit card surcharge law. The NYS Division of Consumer Protection assists aggrieved consumers in the marketplace and the New York State Attorney General and local governments have the authority to enforce the credit card surcharge law.
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Nevada Federal Court Declines to Decide at Summary Judgment Stage Whether Pre-Dispute Investigation Was Sufficient to Satisfy FCRA
A federal district court judge in Nevada recently denied competing motions for summary judgment in a Fair Credit Reporting Act (FCRA) furnisher investigation case, demonstrating the challenges FCRA litigants often face in convincing courts to decide cases on matters of law.
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FCC Proposes AI Calls Should be Illegal Under TCPA
Federal Communications Commission Chair Jessica Rosenworcel wants calls made with voices generated by artificial intelligence to be considered illegal under the Telephone Consumer Protection Act, according to a news release (PDF).
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Empeople Credit Union to acquire Wisconsin bank
Buying TSB Bank would deepen Empeople’s Wisconsin footprint with three added branches and $182 million in assets. The deal is set to close in the fourth quarter for an undisclosed sum.
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FTC Files Proposed Orders to Ban Student Debt Relief Companies for Illegal Junk Fees and Upfront Fees
On February 6, 2024, the Federal Trade Commission (“FTC”) filed two proposed stipulated orders with a California federal court to permanently ban student debt relief companies as well as their individual operators.
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Pennsylvania AG Settles with Law firms over Alleged Deceptive Debt Settlement Services
On January 24, 2024, Pennsylvania Attorney General, Michelle Henry announced a settlement with attorney Erik M. Helbing and his businesses Helbing Law, LLC, and Consumer Law Relief, LLC. (Respondents) to resolve alleged violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law (UTPCPL), the Pennsylvania Debt Settlement Services Act (DSSA), and the federal Telemarketing Sales Rule (TSR).
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Department Stores Face Financial Pressure From Proposed Junk Fee Ban
Retailers like Macy’s and Nordstrom are dealing with a pair of card-related threats to their bottom lines, The Wall Street Journal reported Wednesday (Feb. 7). The first is a proposal by the Consumer Financial Protection Bureau to lower late fees, and the second is a rise in delinquencies.
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CFPB Secures $12 Million From Ringleaders of Foreclosure Relief Scam
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced that it resolved an appeal in a long-running enforcement suit against a foreclosure relief scam operation for $12 million in consumer redress and penalties.
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FTC Sends Refunds to Consumers Harmed by a Tech Support Scam Facilitated by Payment Processor Nexway
The Federal Trade Commission is sending more than $610,000 in refunds to consumers who lost money to a tech support scam facilitated by the payment processing company Nexway.
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Credit Card, Auto Loan Delinquency Rates Rise in NY Fed Report
(Bloomberg) -- American households took on more debt at the end of last year, and some of those loans are increasingly going bad, according to data from the Federal Reserve Bank of New York.
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Governor Hochul Announces New Law to Clarify Disclosure of Credit Card Surcharges Goes Into Effect Sunday, February 11
Governor Kathy Hochul today announced a new consumer protection law that will go into effect on February 11, 2024. This new law will amend and clarify New York’s existing credit card surcharge law. The NYS Division of Consumer Protection assists aggrieved consumers in the marketplace and the New York State Attorney General and local governments have the authority to enforce the credit card surcharge law.
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UPDATE 1-New York Fed sees trouble in auto borrowing as overall debt level rises
Feb 6 (Reuters) - Overall borrowing levels in the U.S. rose modestly during the final three months of last year as more types of borrowing ran into trouble, especially on the auto front, even as overall difficulties remained below levels seen before the onset of the COVID-19 pandemic.
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JPMorgan Chase to add 500 branches and 3,500 employees by the end of 2027 as the U.S.’s largest bank gets bigger
JPMorgan Chase & Co. said Tuesday it will add 500 branches and 3,500 employees by 2027, as the largest bank in the United States bucks the trend of layoffs and bank closures.
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Kochava Must Face FTC Location Privacy Charges
Siding against mobile data broker Kochava, a federal judge has ruled that the Federal Trade Commission can proceed with a lawsuit alleging the company harmed consumers by selling precise geolocation data.
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FTC focused on competition and dominance in generative AI space
On January 25, 2024 the Federal Trade Commission (FTC) hosted a Technology Summit focused on generative artificial intelligence (AI) and other innovative technologies to address how control over key inputs—like data, chips, and cloud computing resources—could undermine competition.
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Credit Card and Auto Loan Delinquencies Continue Rising; Notably Among Younger Borrowers
NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $212 billion (1.2%) in the fourth quarter of 2023, to The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.
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Comments to the CFPB on the Larger Participant Rule
The Center has submitted comments to the Consumer Financial Protection Bureau on the proposed rule for supervising large non-bank participants in the general-use digital consumer payment application industry.
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Q U A R T E R L Y REPORT ON HOUSEHOLD DEBT AND CREDIT
Aggregate household debt balances increased by $212 billion in the fourth quarter of 2023, a 1.2% rise from 2023Q3. Balances now stand at $17.50 trillion and have increased by $3.4 trillion since the end of 2019, just before the pandemic recession.
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Receivables Management Association International and BBB National Programs Announce New Accountability Service to Enhance the Receivables Management Certification Program
Sacramento, CA – The Receivables Management Association International (RMAI) and BBB National Programs announced today that, effective March 1, 2024, BBB National Programs will independently administer the Remediation Committee for RMAI’s Receivables Management Certification Program (RMCP).
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Utah First Credit Union Secures Ninth Consecutive Crystal Performance Award
SALT LAKE CITY--(BUSINESS WIRE)--Utah First Credit Union is excited to announce another honor for an unprecedented ninth consecutive year. The institution has received the Crystal Performance Award, a distinguished honor presented by Raddon, A Fiserv Company, that sets Utah First apart as one of the premier credit unions in the country.
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FTC Action Leads to Permanent Ban for Scammers Who Charged Students Seeking Debt Relief with Junk Fees
A group of student loan debt relief scammers will be permanently banned from the debt relief industry and is required to turn over their assets as part of a settlement with the Federal Trade Commission.
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Credit card delinquencies surged in 2023, indicating ‘financial stress,’ New York Fed says
Credit card delinquencies surged more than 50% in 2023 as total consumer debt swelled to $17.5 trillion, the New York Federal Reserve reported Tuesday.
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Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden
The federal bank regulatory agencies today announced their first of a series of requests for comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions.
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Economic Growth and Regulatory Paperwork Reduction Act of 1996: Regulatory Review to Identify Outdated, Unnecessary, or Unduly Burdensome Regulations
On February 6, 2024, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) published in the Federal Register their first notice requesting comment on their regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRArequires the agencies to review their regulations every 10 years to identify outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions.
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70% of Consumers Opt for Instant Merchant Refunds If Given the Choice
For most American consumers, disbursements — which include earnings and income payments, Social Security payments, tax refunds, insurance claim payouts and loan disbursements — remain an essential aspect of daily life
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FCC Chairwoman proposes making all AI-generated robocalls “illegal” to help State Attorneys General
On January 31, FCC Chairwoman, Jessica Rosenworcel, released a statement proposing that the FCC “recognize calls made with AI-generated voices are ‘artificial’ voices under the Telephone Consumer Protection Act (TCPA), which would make voice cloning technology used in common robocalls scams targeting consumers illegal.”
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Newsweek Names Redwood Credit Union One of “America’s Best Credit Unions”
Santa Rosa, CA – Redwood Credit Union has been recognized by Newsweek as one of "America’s Best Credit Unions 2024." Newsweek’s inaugural study analyzed the financial health, operational performance, and customer evaluations of nearly 4,800 regional credit unions across the U.S. to identify the best 250. RCU ranked in the top 10 of California-based credit unions.
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Some Americans have become saddled with credit card debt as rent and everyday prices remain high
NEW YORK (AP) — While the U.S. economy is broadly healthy, pockets of Americans have run through their savings and run up their credit card balances after battling inflation for more than two years.
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Republican lawmakers ask CFPB to reopen comment period on proposal to supervise nonbank providers of digital wallets and payment apps
Patrick McHenry, the Republican Chair of the House Financial Services Committee, and two other Republican Committee members have sent a letter to Director Chopra regarding the CFPB’s proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.”
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Guaranteed delivery by Valentine’s Day: If it doesn’t arrive, you have rights
Playing cupid? A quick online shopping scroll shows tons of exciting Valentine’s gifts for those you love. If you order now, many sellers guarantee delivery on or before Valentine’s Day. But what happens when your order doesn’t arrive by that guaranteed date? As a customer, you have rights.
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Daily Decision Recap: Debt Purchasers, Letter Vendor Claims, 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 case
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Declined: CFPB Proposes Rule to Limit Non-Sufficient Funds Fees
One week after the CFPB published its proposed rule restricting overdraft fees, the CFPB proposed yet another rule prohibiting nonsufficient funds fees (NSF fees) on transactions like declined debit card purchases and attempted ATM withdrawals, among others.
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Commercial real estate a ‘manageable’ problem but some banks will close: Powell
Federal Reserve chair Jerome Powell is predicting that more small banks will likely close or merge due to commercial real estate weaknesses, but that the problem is ultimately "manageable."
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Court Refuses to Dismiss Privacy Case Involving Alleged Unlawful Recording
In a recent court order (PDF), a California district court denied the defendants’ motions to dismiss a second amended complaint in a case involving allegations of unlawful recording and violation of privacy. The hearing, originally scheduled for Jan. 12, 2024, was deemed unnecessary by the court.
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Providence agrees to $158M of refunds, debt erasure to settle charity care billing investigation
Renton, Washington-based Providence has cut a deal to refund or erase $157.7 million in medical care payments following allegations and a lawsuit from its home state’s attorney general that the large nonprofit had failed to inform tens of thousands of patients of charity care eligibility.
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FCC to declare AI-generated voices in robocalls illegal under existing law
The Federal Communications Commission plans to vote on making the use of AI-generated voices in robocalls illegal. The FCC said that AI-generated voices in robocalls have "escalated during the last few years" and have "the potential to confuse consumers with misinformation by imitating the voices of celebrities, political candidates, and close family members."
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CFPB and State AGs Prosecute Debt Relief Companies and Law Firms
In recent weeks, we have seen an increase in prosecution by the Consumer Financial Protection Bureau (“CFPB”) and state attorneys general against debt relief companies and law firms.
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AG Nessel Wraps Identity Theft Awareness Week with Tips on Recovering from Identity Theft
LANSING – To conclude Identity Theft Awareness Week (January 28-February 3) and to provide consumers with the knowledge to recognize and respond to identity theft crises, Michigan Attorney General Dana Nessel has re-issued her Identity Theft Recovery alert.
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Connecticut Will Cancel $650 Million in Medical Debt
Connecticut reportedly plans to cancel $650 million in medical debt for its residents. This relief will impact around 250,000 people and will make Connecticut the first state in the country to undertake such an effort, CNN reported Friday (Feb. 2).
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Resource Management Services, Inc.
Learn to Audit Repossession Vendors and Collection Agencies
Four Seasons Hotel, Las Vegas ,
May 06 - 07 , 2024
info@resourcemanagement.com
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CRS2024
Four Seasons Hotel
Las Vegas, Nevada , https://collectionrecoverysolutions.com
May 08 - 10 , 2024
mark@collectionrecoverysolutions.com
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