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Banking Trade Groups Challenge New Community Reinvestment Act Regulation
On February 5, 2024, several banking trade groups[1] (the Plaintiffs) sued the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Federal Reserve), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) in the US District Court for the Northern District of Texas.
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SPECIAL REPORT: U.S. COMMERCIAL FORECLOSURES INCREASE IN JANUARY 2024
IRVINE, Calif., Feb. 22, 2024 /PRNewswire/ -- ATTOM, a leading curator of land, property, and real estate data, today released a special report on U.S. Commercial Foreclosures. The report reveals a significant climb in commercial foreclosures over the years, from a low of 141 in May 2020 to the current figure of 635 in January 2024. This represents a steady increase throughout the period.
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Attorney General Merrick B. Garland Designates Jonathan Mayer to Serve as the Justice Department’s First Chief Science and Technology Advisor and Chief AI Officer
Attorney General Merrick B. Garland announced today the designation of Jonathan Mayer as the Justice Department’s first Chief Science and Technology Advisor and Chief Artificial Intelligence (AI) Officer. As the Chief Science and Technology Advisor, Mayer will advise the Attorney General and Justice Department leadership and collaborate with components across the Department on complex issues requiring technical expertise, including on matters relating to cybersecurity, artificial intelligence, and other areas of emerging technology.
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Nearly 1 in 4 Americans with debt are putting less money toward credit card payments: ‘People are really struggling’
Americans collectively hold $1.13 trillion in credit card debt as of the end of December, according to the Federal Reserve Bank of New York's latest Household Debt and Credit Report.
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Harris & Harris Firm Settles Case with Washington Attorney General
Earlier this month, Washington Attorney General Bob Ferguson and Providence, one of the nation’s largest health care systems, reached an agreement regarding a 2022 charity care practices lawsuit. On Feb. 21, the attorney general also announced an agreement with the one of the collection agencies involved that was hired to collect outstanding debt from those patients.
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Attorney General Tong Submits Testimony Supporting Legislation to Curb Junk Fees
(Hartford, CT) – Attorney General William Tong today submitted testimony in support of legislation to curb hidden “junk” fees. The testimony supports Senate Bill No. 15, An Act Requiring Fee Disclosures, which was proposed.
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Attorney General Bonta Issues Warning to Small Banks and Credit Unions: Surprise Overdraft and Returned Deposited Item Fees Harm Consumers
OAKLAND — California Attorney General Rob Bonta today issued letters to small banks and credit unions warning that overdraft and returned deposited item fees may violate California’s Unfair Competition Law (UCL) and the federal Consumer Financial Protection Act (CFPA). Some financial institutions charge up to $36 or more for each overdraft. California consumers paid an estimated $200 million in overdraft fees in 2022, with the financial burden disproportionately falling on low-income consumers and consumers of color. Today’s letter was sent to banks and credit unions in California with assets under $10 billion.
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Attorney General Ellison secures settlement stopping predatory online lending and collection of illegal interest
February 22, 2024 (SAINT PAUL) – Today Minnesota Attorney General Keith Ellison announced his office has secured a settlement that stops three online lenders from conducting predatory lending and collecting illegal interest. In October 2023, Attorney General Ellison sued three online lenders through their managers — Bright Lending, Green Trust Cash, and Target Cash Now, operating jointly under control of a single entity called the Island Mountain Development Group — for issuing thousands of loans to consumers in Minnesota that charged between 400 and 800 percent annual interest, in violation of Minnesota and federal consumer-lending laws.
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California Privacy Protection Agency to Begin Enforcement Activities
After a successful appeal of a June ruling, the California Privacy Protection Agency (CPPA) is authorized to begin immediate enforcement of privacy regulations developed, and expanded, under the California Privacy Rights Act of 2020 (CPRA). Any company that has been relying on the nine-month enforcement delay is now required to implement the polices and regulations required by the CPRA to avoid penalization by the CPPA.
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FTC Order Will Ban Avast from Selling Browsing Data for Advertising Purposes, Require It to Pay $16.5 Million Over Charges the Firm Sold Browsing Data After Claiming Its Products Would Block Online Tracking
The Federal Trade Commission will require software provider Avast to pay $16.5 million and prohibit the company from selling or licensing any web browsing data for advertising purposes to settle charges that the company and its subsidiaries sold such information to third parties after promising that its products would protect consumers from online tracking.
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AG Ferguson: Providence debt collector Harris & Harris to pay $1 million for failing to inform patients of their medical debt collection rights
SEATTLE — Attorney General Bob Ferguson announced today that debt collection agency Harris & Harris will pay his office $1 million to resolve a lawsuit, which asserted the company unlawfully collected medical payments from more than 160,000 Washington patients without providing them with disclosures about their rights when faced with medical debt. By excluding those disclosures, Harris & Harris created barriers that kept patients from learning about and accessing financial assistance on their hospital bills.
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Credit card interest rate margins at all-time high
By some measures, credit cards have never been this expensive. For cardholders who carry a balance without paying it off in full each month, issuers generally charge interest based on annual percentage rates (APRs). In 2022 alone, major credit card companies charged over $105 billion in interest, the primary cost of credit cards to consumers.
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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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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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