|
|
|
|
|
|
FTC Issues Proposal to Ban Impersonations as Fraud Rises
The Federal Trade Commission (FTC) is proposing a new set of rules that would prohibit the impersonation of individuals. Citing growing complaints around impersonation fraud, the FTC said in a news release on Thursday (Feb. 15) that it is “committed to using all of its tools to detect, deter, and halt impersonation fraud.”
Read More |
Credit card data: Small issuers offer lower rates
The CFPB regularly surveys and collects information on credit card terms from over 150 issuers of all sizes across the country as required by the law . The CFPB’s analysis of this credit card data found:
Read More |
CFPB to distribute more than $10.9 million to consumers harmed by student loan debt-relief business
This month, 8,571 consumers who were harmed by Performance SLC, a student loan debt relief business, and Performance Settlement, a general debt settlement company, will receive checks in the mail. From 2015 to 2022,
Read More |
Attorney General James and NYSED Commissioner Rosa Secure $750,000 from College Board for Violating Students’ Privacy
NEW YORK – New York Attorney General Letitia James and New York State Education Department (NYSED) Commissioner Betty A. Rosa announced a $750,000 settlement with College Board for violating students’ privacy and unlawfully licensing that personal data to others. For years, College Board collected students’ personal information when they took the PSAT, SAT, and AP exams in school, and then licensed this data to colleges, scholarship programs, and other customers who used it to solicit students to participate in their programs.
Read More |
Call and Text Consent Rules Advanced by FCC
The Federal Communications Commission approved its report and order (PDF) on consumers’ rights to revoke consent for calls and text messages Thursday, reflecting industry stakeholders’ comments that companies should have more time to complete a consumer’s request, including a significant, successful push for the change by ACA International and its trade association coalition partners.
Read More |
Foreclosure Filings Rise: Homeowners Caught In Storm Of Financial Uncertainty
The number of properties with foreclosure filings in January is up 5% compared to a year ago and 10% from December, according to real estate data provider ATTOM's January 2024 U.S. Foreclosure Market Report. The report shows there were a total of 33,270 foreclosure filings — default notices, scheduled auctions or bank repossessions.
Read More |
CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The survey data reveal that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk.
Read More |
Maine Credit Unions’ Campaign for Ending Hunger Announces New Fundraising Milestone
(WESTBROOK) – At an event held on February 13 in Freeport, representatives from credit unions across Maine gathered to commemorate the work done collaboratively last year to end hunger in Maine.
Read More |
New Impersonator Rule gives FTC a powerful tool for protecting consumers and businesses
To turn the old adage on its head, imitation is the insincerest form of falsity. After years of fighting back against scammers who impersonate government agencies and companies, the FTC proposed a Trade Regulation Rule on Impersonation of Government and Businesses. The Rule would allow the FTC to recover consumer redress from impersonators or to seek civil penalties against those who violate the Rule.
Read More |
Home Mortgage Disclosure Act Data Requirements
If your credit union makes residential mortgage loans and meets all four criteria outlined below, you must comply with the Consumer Financial Protection Bureau’s (CFPB) Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).1
Read More |
FTC Proposes New Protections to Combat AI Impersonation of Individuals
The Federal Trade Commission is seeking public comment on a supplemental notice of proposed rulemaking that would prohibit the impersonation of individuals. The proposed rule changes would extend protections of the new rule on government and business impersonation that is being finalized by the Commission today.
Read More |
Credit Union Innovation Investments Pay Off as Digital Assets Open Doors to Enhanced Services
Credit unions (CUs) might not have the same national or regional reach as traditional banks, but their members don’t expect less when it comes to accessing digital-first services on par with those of legacy financial institutions (FIs).
Read More |
ABA issues white paper on agency guidance and sends letters to regulators commenting on recently-issued guidance
The American Bankers Association (ABA) has issued a new white paper, “Effective Agency Guidance: Examining Bank Regulators’ Guidance Practices,” that is intended to help agencies issue guidance that complies with legal requirements while providing useful advice and information to regulated entities.
Read More |
FTC Requires Non-Banking Financial Institutions to Report Data Security Breaches
Beginning May 11, 2024, non-banking financial institutions regulated by the Federal Trade Commission (FTC) will be required to submit notifications of data breaches or other security events that impact 500+ consumers. The FTC issued a final rule (the Rule) amending its Safeguards Rule1 to impose this notification requirement.
Read More |
Consumer Sentinel Network Data Book 2023
The FTC takes in reports from consumers about problems they experience in the marketplace. The reports are stored in the Consumer Sentinel Network (Sentinel), a secure online database available only to law enforcement. While the FTC does not intervene in individual consumer disputes, its law enforcement partners – whether they are down the street, across the nation, or around the world – can use information in the database to spot trends, identify questionable business practices and targets, and enforce the law.
Read More |
AI (and other) Companies: Quietly Changing Your Terms of Service Could Be Unfair or Deceptive
You may have heard that “data is the new oil”—in other words, data is the critical raw material that drives innovation in tech and business, and like oil, it must be collected at a massive scale and then refined in order to be useful. And there is perhaps no data refinery as large-capacity and as data-hungry as AI. Companies developing AI products, as we have noted, possess a continuous appetite for more and newer data, and they may find that the readiest source of crude data are their own userbases.
Read More |
A Group of 19 State AGs Support the FTC’s Proposed Rule on “Junk Fees”
The FTC is in the midst of a months-long rulemaking targeting “unfair or deceptive fees” that would fundamentally alter the way businesses can advertise their prices to consumers. Recently, a bipartisan coalition of 19 state AGs (led by General Michelle Henry of Pennsylvania and General Josh Stein of North Carolina) filed a comment letter supporting the FTC’s efforts.
Read More |
New York AG Secures $77M Judgment With Merchant Cash Advance Companies
On February 8, New York attorney general (AG) Letisha James announced a $77 million judgment with three merchant cash advance (MCA) companies, Richmond Capital Group, Ram Capital Funding, and Viceroy Capital Funding, and their principals. AG James sued the companies in 2020, alleging they engaged in exploitive lending practices with small businesses, such as charging high interest rates, undisclosed fees, debiting excess amounts, and fraudulently securing judgments against them.
Read More |
CFPB’s proposed rule would cripple government fraud prevention efforts
In the aftermath of the most damaging and widespread fraud event in our history, this would be an exceptionally bad time to tie government agencies’ hands in protecting citizens and preventing fraud. But unfortunately, the Consumer Financial Protection Bureau (CFPB) is contemplating a new proposed rule to do just that.
Read More |
Consumers Flock to BNPL to Pay for Clothing and Accessories
The PYMNTS Intelligence study “Tracking the Digital Payments Takeover: What BNPL Needs to Win Wider Adoption,” created in collaboration with Amazon Web Services, draws from a survey of more than 3,100 consumers in June about their usage of and expectations from deferred payment plans. Among other matters, the report dug into how many consumers use BNPL and credit card installment plans for purchases in various categories of retail items.
Read More |
Supreme Court Rules Federal Agencies Are Not Immune to FCRA Violations
The U.S. Supreme Court reached a 9-0 unanimous decision this month that federal agencies issuing loans are required to follow the Fair Credit Reporting Act when it comes to data furnishing practices—just like private lenders.
Read More |
Court Enters $20.3 Million Judgment in FTC Case Against Merchant Cash Advance Operator Jonathan Braun for Deceiving Small Businesses and Unlawfully Seizing Assets
As a result of a Federal Trade Commission lawsuit, a federal court has entered a judgment requiring merchant cash advance operator Jonathan Braun to pay $20.3 million in monetary relief and civil penalties. This is the first trial by jury that the FTC has ever conducted.
Read More |
Attorney General Bonta, Senator Caroline Menjivar Introduce Legislation to Protect Veterans Against Claim Sharks, Financial Exploitation
SACRAMENTO — California Attorney General Rob Bonta and Senator Caroline Menjivar (D-San Fernando Valley) introduced Senate Bill 1124 (SB 1124) essential legislation seeking to protect veterans from claim sharks. California veterans who need assistance with filing an initial claim for benefits can receive assistance at no charge from their county veteran service office or from another U.S. Department of Veterans Affairs (VA) accredited representative.
Read More |
Rents boost US consumer prices in January
WASHINGTON (Reuters) -U.S. consumer prices rose more than expected in January amid a surge in the cost of shelter, but the pick-up in inflation did not change expectations that the Federal Reserve will start cutting interest rates in the first half of this year.
Read More |
10th Circuit Rejects Request to Vacate $13.5M Stipulated Judgment With FTC Notwithstanding Change in Law
Despite the U.S. Supreme Court’s decision in AMG Capital Management v. Federal Trade Commission, 593 U.S. 67 (2021), holding that Section 13(b) of the Federal Trade Commission Act does not allow for equitable monetary relief, the U.S. Court of Appeals for the Tenth Circuit affirmed the rejection of a Rule 60(b)(6) motion to vacate a stipulated judgment for payment of equitable monetary relief that was entered before the AMG decision was issued. See FTC v. Elite IT Partners, — F. 4th —, 2024 U.S. App. LEXIS 1473 (10th Cir. Jan. 23, 2024).
Read More |
IRS Sues FDIC Over SVB Taxes
The Internal Revenue Service (IRS) is suing the Federal Deposit Insurance Corp. (FDIC) over a tax debt owed by the failed Silicon Valley Bank.
Read More |
FACT SHEET: U.S. Department of Education Releases 2023 Update to Equity Action Plan, Outlines New Commitments to Advance Equity
The U.S. Department of Education (Department) today released its 2023 Update to its Equity Action Plan, in coordination with the Biden-Harris Administration's whole-of-government equity agenda. This Equity Action Plan is part of the Department's efforts to implement the President's Executive Order on "Further Advancing Racial Equity and Support for Underserved Communities Through The Federal Government," which reaffirmed the Administration's commitment to deliver equity and build an America in which all can participate, prosper, and reach their full potential.
Read More |
DFPI, FTC Take Down Multimillion-Dollar Mortgage Assistance Scam that Preyed on Struggling Homeowners
SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) announced today that, in partnership with the Federal Trade Commission (FTC), it has secured a key consumer protection victory for struggling homebuyers.
Read More |
Troutman Pepper Weekly Consumer Financial Services Newsletter – February 2024 # 2
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Read More |
Romance scammers love . . . to take your money
When you have a new romance there’s so much to talk about. But if your new sweetheart only wants to talk about your money and how you should invest it, stop talking. They might be a romance scammer, like those who stole more than $1 billion from people last year. How do the scams start, and what can you do to avoid one?
Read More |
Government impersonators mail fake notices to business owners
You’ve heard about scammers who pose as government workers, calling to demand your money or information. But imposters are running scams by mail too. They’re sending fake forms and letters from made-up agencies to small business owners and demanding payment ASAP. Here’s what to know and do if you get a letter like this.
Read More |
Washington State Attorney General wins two suits under medical billing practices
On February 1, the Attorney General from Washington State successfully sued a large healthcare group to pay over $158 million for settlement of funds under the state’s Consumer Protection Act (CPA).
Read More |
FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending
WASHINGTON, D.C. – The Federal Financial Institutions Examination Council today issued a statement of principles related to valuation discrimination and bias for member entities to consider in their consumer compliance and safety and soundness examinations.
Read More |
South Dakota Regulator Requires BSA/AML Compliance for Money Lender Licensees and Non-Residential Mortgage Lenders
The South Dakota Division of Banking issued a Memorandum notifying all licensed money lenders and non-residential mortgage lenders of their Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) obligations under a 2020 Final Rule published by the Financial Crimes Enforcement Network (“FinCEN”).
Read More |
Bank Groups Sue to Overturn New Community Lending Rules
On February 5, several trade groups, including the American Bankers Association, the Independent Community Bankers of America, and the U.S. Chamber of Commerce, filed suit against the Federal Reserve Board, the FDIC, and the OCC accusing the regulators of exceeding their authority under federal law when promulgating new rules under the Community Reinvestment Act (CRA).
Read More |
FCC Finds Calls Using AI-Generated Voice Are Subject to the TCPA
The Federal Communications Commission has adopted a declaratory ruling confirming that the Telephone Consumer Protection Act’s restrictions on the use of “artificial or prerecorded voice” include artificial intelligence technologies that mimic human voices and/or create calls with a prerecorded voice.
Read More |
Acting Comptroller Discusses Appraisal Bias
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of eliminating appraisal bias in the financial industry in remarks at an Appraisal Subcommittee (ASC) Hearing. The ASC is a subcommittee of the Federal Financial Institutions Examination Council, of which the Office of the Comptroller of the Currency is a member.
Read More |
Fed Finds Consumers Optimistic About Credit but Not Inflation
U.S. consumers are feeling more optimistic about their financial conditions and access to credit. That’s according to the January 2024 Survey of Consumer Expectations, released Monday (Feb. 12) by the Federal Reserve Bank of New York’s Center for Microeconomic Data.
Read More |
Fintech trade group sends letter to Director Chopra urging CFPB to develop regulatory approach for earned wage access products
The American Fintech Council (AFC), a trade group whose members include providers of earned wage access (EWA) products, has sent a letter to Director Chopra urging the CFPB to take steps towards development of a “pragmatic regulatory approach” for regulating EWA products.
Read More |
“Love Stinks” – when a scammer is involved
Far be it from us to criticize love on Valentine’s Day, but “Love Stinks” – the 80s hit by the J. Geils Band – describes what the FTC Consumer Sentinel Data Book tells us about the injury inflicted by romance scammers. And one statistic is particularly surprising.
Read More |
Attorney General Tong Releases Report on Connecticut Data Privacy Act
(Hartford, CT) – Attorney General William Tong today released a report detailing the actions of the Office of the Attorney General to educate consumers and businesses and enforce compliance with the Connecticut Data Privacy Act (CTDPA) since the new law took effect on July 1, 2023.
Read More |
FTC bans student loan “scammers” from debt relief industry
On February 6, the FTC announced two orders (here and here) that will ban a group of student loan debt relief “scammers” (defendants) from the debt relief industry. As previously covered by InfoBytes, defendants allegedly misled consumers by charging them for services that are free through the Department of Education, claiming consumers needed to pay fees or make payments to access federal student loan forgiveness.
Read More |
Durbin Calls on CEOs of Visa, Mastercard, United Airlines, and American Airlines to Testify Before the Judiciary Committee Regarding Credit Card Competition
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, today sent letters to the CEOs of Visa, Mastercard, United Airlines, and American Airlines inviting them to testify at a public hearing regarding competition in the credit card market.
Read More |
Senate Banking Committee hearing on P2P payment scams calls for updates to EFTA definitions
On February 1, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on “Examining Scams and Fraud in the Banking System and Their Impact on Consumers,” and invited three panelists to testify, including an attorney from a consumer law center and two vice presidents from banking associations. Chairman Sherrod Brown (D-OH) led the hearing by noting that peer-to-peer (P2) apps are a rising target among scammers, alongside a rise in check fraud.
Read More |
Lawmakers Urge CFPB to Reconsider Digital Payments Rule
Members of Congress are urging the Consumer Financial Protection Bureau to reopen comments on its digital payments rule for large nonbank companies in the marketplace and reconsider the rule as proposed.
Read More |
CT Attorney General Highlights Key Areas of Enforcement, Suggests Legislative Changes
Connecticut was one of the first U.S. states to pass a comprehensive data privacy law back in May 2022. Today, a total of 13 states have passed similar laws, and dozens of other states are proposing legislation to do so as well.
Read More |
New law requires New York businesses to show credit card surcharge in price before checkout
NEW YORK -- A new law mandating more transparency in credit card surcharges takes effect Sunday in New York.
Read More |
2024 Officers & Directors Elected to Lead Receivables Management Association International
February 8, 2024 (Sacramento, CA) – Members of Receivables Management Association International (RMAI) elected Officers and Directors to its Board for 2024. Of the ten-member Board, eight are continuing service from the previous year. The 2024 Officers and Directors are:
Read More |
California data privacy ballot measure can take effect immediately, court rules
Californians can now enforce a ballot measure that seeks to protect privacy rights by allowing consumers to stop businesses from using or selling information about their location, health, race, gender or other personal details, a state appeals court ruled Friday.
Read More |
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.
Read More |
Big banks have drastically cut overdraft fees, but customers still paid $2.2 billion last year
The three biggest American retail banks collected 25% less overdraft revenue last year as the companies, under pressure from regulators to cap the fees, created new ways for customers to avoid the penalties.
Read More |
|
|
Resource Management Services, Inc.
Learn to Audit Repossession Vendors and Collection Agencies
Four Seasons Hotel, Las Vegas ,
May 06 - 07 , 2024
info@resourcemanagement.com
|
|
CRS2024
Four Seasons Hotel
Las Vegas, Nevada , https://collectionrecoverysolutions.com
May 08 - 10 , 2024
mark@collectionrecoverysolutions.com
|
|
|
|
|
