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| Wednesday February 21, 2024 |
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Capital One/Discover Combo Could Create Financial Ecosystem for Paycheck-to-Paycheck Consumers
Bringing the two credit card giants together would pave the path toward creating a banking giant with particular expertise in serving the paycheck-to-paycheck consumer well beyond the credit cards that have been hallmarks of both firms. It would also leverage data and cross-border capabilities to forge a banking ecosystem.
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CFPB Issues Revised Rules on Supervisory Appeals
On February 16, 2024, the Consumer Financial Protection Bureau issued revisions to its supervisory appeals process. The Bureau’s supervisory appeals process has not changed since 2015, and the Bureau’s announcement notes that these new revisions “broaden the Bureau officials eligible to evaluate appealed matters, the options for resolving an appeal, and the matters subject to appeal.”
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FTC Finalizes Rule on Business Impersonation Scams – ACA International
ACA International supported the rule to stop the scams, which have impacted nonprofit associations through trade show attendee lists and fraudulent use of logos.
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CFPB Issues FCRA Advisory Opinions Addressing Background Screenings and Credit File Sharing Practices
On January 11, 2024, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued two separate advisory opinions interpreting consumer reporting agencies’ (“CRAs”) obligations under the Fair Credit Reporting Act (“FCRA”).
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FTC Issues Annual ECOA Report To CFPB
The FTC recently sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and Regulation B. The new letter reports on the FTC’s activities in 2023. The Bureau includes the FTC’s annual letter in its own annual report to Congress on the ECOA.
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Biden-Harris Administration Approves $1.2 Billion in Loan Forgiveness for Over 150,000 SAVE Plan Borrowers
The Biden-Harris Administration today is announcing that it will automatically discharge $1.2 billion in loans for nearly 153,000 borrowers who are eligible for the shortened time to forgiveness benefit under President Biden’s Saving on a Valuable Education (SAVE) Plan. This action comes as 7.5 million borrowers are now enrolled in SAVE, 4.3 million of whom have a $0 monthly payment.
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Minnesota Proposes Opt-Out to Federal Interest Rate Preemption under DIDMCA
On February 13, 2024, the Minnesota legislature introduced H.F. 3680, a bill that proposes to opt out of federal interest rate preemption by federally insured state-chartered banks or credit unions making consumer loans in Minnesota pursuant to Section 525 of the federal Depository Institutions Deregulation and Monetary Control Act (DIDMCA).
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Daily Decision Recap: Monetary Harm, Credit Denial, 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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Attorney General Bonta Celebrates Latest Win Upholding $21 Million Penalty against Ashford University for Defrauding Students Nationwide
OAKLAND — California Attorney General Rob Bonta today celebrated the decision by the California Court of Appeal affirming a lower court’s decision which found in the state’s favor in its lawsuit against Ashford University, an online, for-profit college, and its parent company Zovio, Inc. (formerly Bridgepoint Education).
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AG Nessel Re-Issues IRS Scam Alert After Fraudulent Emails Sent in Her Name
LANSING – Michigan Attorney General Dana Nessel wants consumers to be on the lookout for scam emails that may contain her name. It has been recently reported to the Department of Attorney General’s Consumer Protection Team that bad actors are sending emails purporting to be from Nessel. The email claims to offer help with scammers attempting to steal the recipient’s tax refund. However, the emails themselves are a scam.
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Americans making student loan payments have up to 36% less saved for retirement
Student loans come with a minimum monthly payment that borrowers have to meet to keep their loans — and as a result, their credit history — in good standing. While there’s no requirement to contribute to a 401(k) or other retirement account, it’s smart to get started on saving early.
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California DFPI proposes new regulations under the Debt Collection Licensing Act
On February 9, the California Department of Financial Protection and Innovation (DFPI) published a proposed rule to adopt new regulations under the Debt Collection Licensing Act (DCLA). Under the DCLA, a debt collector licensee is required to pay the DFPI Commissioner its “pro rata share of all costs and expenses incurred in the administration” of the DCLA, which is calculated in part based on the licensee’s “net proceeds generated by California debtor accounts,” but the term “net proceeds” was not defined in the statute.
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CFPB Takes Aim at Consumer Credit Card Rates
The Consumer Financial Protection Bureau (CFPB) aims to boost competition in the credit card industry to deliver lower rates to consumers. The agency announced this plan while releasing data showing that consumers with credit cards from the 25 largest issuers faced higher interest rates, regardless of their credit risk.
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Fourth Circuit Holds That Settlement of Nondischargeable Debt and Resulting Interest and Fees Owed Thereunder Are Both Nondischargeable Debts in Bankruptcy
We have written in the past about exceptions to the general rule regarding a debtor’s ability to discharge debt in bankruptcy and achieve a “fresh start.” In a recent decision of interest, the Court of Appeals for the Fourth Circuit held that a debtor may not utilize bankruptcy to discharge an obligation to pay unpaid principal under a settlement agreement requiring him to pay damages for a willful and malicious injury.
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Auto Loan Delinquencies Rose in 2023. Here Are Some Major Consequences of Not Making Your Car Payments
In 2022, the Federal Reserve started raising interest rates to cool inflation. That drove the cost of borrowing up across the board, from personal loans to home equity loans to auto loans.
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CFPB seeks approval for new auto finance data collection
The CFPB recently published a notice in the Federal Register indicating that it is seeking approval from the Office of Management and Budget (OMB) for the collection of additional auto finance data pursuant to its authority under the Dodd-Frank Act .
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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.
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Tolling Agreements: A Win-Win for Parties and the Public
The Bureau of Consumer Protection welcomes an open dialogue with parties cooperating with its investigations. Such dialogue allows the Bureau to make more informed decisions on whether to recommend an enforcement action and, if so, whether such an action can be resolved without the need for protracted litigation.
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CFPB Releases Revised Rule on Supervisory Appeals Process
The rule includes more options to resolve an appeal of a CFPB examination and broadens bureau staff eligible to review appeals from financial institutions.
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Whether Capital One can put Discover in its wallet hinges on how US regulators react
Capital One’s (COF) $35 billion purchase of Discover (DFS) would create one of the largest US credit card companies and a formidable new rival to American Express (AXP), Visa (V), and Mastercard (MA). The question now is whether regulators will let it stand.
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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.”
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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:
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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,
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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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