Cars collect massive amounts of driving and personal data

Automakers can collect and share mountains of information now that cars, trucks and SUVs have become more connected. 13 Investigates reviewed privacy policies from 14 car manufacturers and found companies are collecting information about users’ lives inside and outside their vehicle — including intimate details.

Nussle, CFPB’s Chopra talk supervision, regulatory climate

Consumer Financial Protection Bureau Director Rohit Chopra joined CUNA President/CEO Jim Nussle on stage Monday at the CUNA Governmental Affairs Conference (GAC) in Washington, D.C. Chopra visited CUNA GAC just hours after the U.S. Supreme Court agreed to hear a lawsuit challenging its funding mechanism.  

Fewer banks are tightening lending standards, raising hopes for easier loan access ahead

NEW YORK — Fewer banks tightened lending standards as 2023 came to a close, a hopeful sign for businesses that broader loan access is on the horizon.

CFPB to rein in rigged comparison-shopping results for credit cards and other products

The Consumer Financial Protection Bureau (CFPB) is highlighting to law enforcement agencies and regulators how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. Consumers use comparison-shopping tools to evaluate the costs, features, and terms of many financial products. These include credit cards, loans, and bank accounts.

Carmakers are failing the privacy test. Owners have little or no control over data collected

BOSTON (AP) — Most major car manufacturers admit they may be selling your personal information — though they are vague on the buyers, a new study finds, and half say they would share it with the government or law enforcement without a court order.
The proliferation of sensors in automobiles — from telematics to fully digitized control consoles — has made them prodigious data-collection hubs.

CFPB Invokes Supervisory Authority Over Nonbank Financial Firm

The bureau, for the first time, used a procedural rule on its supervisory authority to issue an order against a company based on its potential risk to consumers.

CoreLogic: Mortgage Delinquency Rate Holds Steady At 3.1% In December

In December 2023, the national mortgage delinquency rate in the United States remained at 3.1%, in line with figures reported since the spring of 2022, according to the latest CoreLogic report. 

Attorney General Tong Seeks to Ban Predatory and Deceptive Real Estate Listing Agreements Following Connecticut Investigation

(Hartford, CT) – Following an investigation that uncovered nearly 400 deceptive real estate agreements in Connecticut through the company MV Realty, Attorney General William Tong today urged legislators to pass legislation banning the multi-year predatory listing deals and nullifying all existing unfair contracts.

Credit card delinquency rises above three percent for the first time in over a decade

The Federal Reserve reported earlier this month that in late 2023, credit card delinquency rose above three percent for the first time since 2012. Credit card delinquency is one indicator of economic health and household well-being. Increases in delinquency typically indicate periods of economic hardship.

Legislation to Encourage Financial Service Innovation is Reintroduced

The proposal would allow companies to test products and services for consumers in coordination with regulators that oversee the financial services industry.

Smaller credit unions face hurdles despite NCUA’s fintech rule

Could a new rule help smaller credit unions better compete with behemoths such as Navy Federal Credit Union on technology? If so, smaller institutions might be able to grab a larger share of loans and stanch the recent flow of membership to larger players.

California Credit Union Launches Charitable Foundation to Support Local Community-Based Organizations & Educational

GLENDALE, Calif., Feb. 28, 2024 /PRNewswire/ -- California Credit Union announced today that it has launched the California Credit Union Foundation to lead its community outreach and support programs, which have totaled more than $2.5 million over the last five years. A non-profit charitable corporation, the Foundation will focus on partnering with local grassroots organizations and educational institutions through grants, sponsorships, in-kind support and volunteer participation.

CA and NV Leagues and Utah CU Association Form Alliance

The California and Nevada Credit Union Leagues, together with the Utah Credit Union Association, announced today they have entered into an agreement to form a joint association support services organization.

Survey: Nearly half of Americans expecting a tax refund say they’ll use it to save or pay off debt, instead of as fun money

After filing your taxes, getting a tax refund in the mail or by direct deposit can feel gratifying. Sure, it came out of your annual income — and a refund might suggest you should adjust the amount withheld from your paycheck — but it doesn’t hurt to receive that extra cash.

Florida bill would raise interest rates for borrowers from payday lenders

Florida lawmakers are close to revising rules for consumer finance loans up to $25,000. The changes would allow payday lenders to charge borrowers interest rates up to 36 percent.

CFPB Issues Guidance to Rein in Rigged Comparison-Shopping Results for Credit Cards and Other Financial Products

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks.

CFPB Director Rohit Chopra Releases a Statement in Response to President Biden’s Executive Order To Protect Americans’ Sensitive Personal Data

WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau Director Rohit Chopra issued the following statement in response to President Biden’s Executive Order to protect Americans’ sensitive personal data from exploitation by countries of concern. The order focuses on rules to prevent the sale of bulk data to certain foreign entities and encourages the CFPB to consider taking steps to protect Americans from data brokers that are illegally assembling and selling extremely sensitive data, including that of U.S. military personnel.

Unlawful fees in the mortgage market

Mortgage fees and other costs have risen significantly in recent years. The Consumer Financial Protection Bureau is focused on how these costs affect the affordability of home ownership as well as household balance sheets. And costs for homeowners are driven up if companies in the mortgage industry can pad their profits with illegal junk fees. The CFPB is working to combat the proliferation of junk fees in consumer financial markets and to ensure that mortgage companies don’t tack on unlawful fees.

WEBRECON JAN 2024 STATS: 2024 STARTS WITH A ROAR

We can’t remember the last time consumer complaints and litigation had such a strong month across the board. Everything in January was up double digit percentages over Dec 2023: TCPA +78.6%(!), FDCPA +24.1%, FCRA +23.8%. And everything was also up double digit percentages YTD against last year: TCPA +50.4%, FDCPA +30.5%, FCRA +19.6%. CFPB complaints were similarly up +14.8% for the month and +14.3% YTD.

A Closer Look at the CFPB’s “Enhanced” Supervisory Appeals Process

On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) announced what it heralded as a significant update to its Supervisory Appeals Process. The first of its kind since 2015, this revision introduced a seemingly more inclusive and flexible approach to how financial entities can contest supervisory findings.

Average auto loan debt grew 5.2% in 2023. How will it affect car buyers in 2024?

Drivers owed $1.51 trillion on cars, motorcycles and other personal vehicles as of the third quarter (Q3) of 2023, according to Experian data, an increase of $108 billion over 2022. The increase is attributable to a combination of factors:

Federal Ownership Information Reporting Requirement in Effect

The Corporate Transparency Act is now in effect, requiring companies established in the U.S. to identify and report owners in a new form for the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

Attorney General James Secures More Than $650,000 from Debt Collection Law Firm for Preying on New Yorkers

NEW YORK – New York Attorney General Letitia James today announced that her office secured more than $650,000 from a debt collection law firm, Tromberg, Morris, & Poulin, LLC (TMP), and its subsidiary, Stephen Einstein & Associates, P.C. (SEA), for filing frivolous lawsuits and harming vulnerable New Yorkers.

Client Alert: New Jersey Privacy Law

On January 16, 2024, New Jersey became the fourteenth state to enact comprehensive privacy legislation after the passage of the New Jersey Data Privacy Act (“NJDPA”), adding to the growing national focus on consumer personal data protections, albeit at the state level. 

FTC Action Leads to Ban for Owners of Automators AI E-Commerce Money-Making Scheme

The owners of a money-making scheme that claimed to use artificial intelligence to boost earnings for consumers’ e-commerce storefronts have agreed to surrender millions in assets to settle the FTC’s case against them.

Unlawful fees in the mortgage market

Mortgage fees and other costs have risen significantly in recent years. The Consumer Financial Protection Bureau is focused on how these costs affect the affordability of home ownership as well as household balance sheets. And costs for homeowners are driven up if companies in the mortgage industry can pad their profits with illegal junk fees. 

Minnesota Debt Fairness Act to Help Consumers Struggling with Medical Debt

Katy Drahos, access to justice director at the Minnesota State Bar Association (MSBA), spoke at a February 9th press conference about the Bar’s Consumer Debt Litigation Report alongside Governor Tim Walz, Attorney General Keith Ellison, legislators, and Minnesotans affected by the burden of unfair medical debt.

PrivacyCon looks at latest research into AI, mobile device security, health privacy, deepfakes, and more

If there were a bingo board that included just about every privacy and data security issue on the minds of consumers, academics, businesses, and government agencies, the FTC’s eight annual PrivacyCon would be a winner.

Governor Walz, Lieutenant Governor Flanagan Announce Support for Proposals to Ease Burden of Medical Debt

Minnesota Debt Fairness Act developed by Attorney General Ellison includes provisions to ban medical debt from affecting someone’s credit score and cut interest on medical debt

CFPB Issues First Report on Results of Its Updated Terms of Credit Card Plans Survey

Recently, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its first report on the results of its updated Terms of Credit Card Plans survey. The report found that for the first half of 2023, small banks and credit unions often offered lower interest rates than the largest 25 credit card companies across all credit score tiers

U.S. Department of Education Announces Updates and Additional Preparation Support for 2024–25 FAFSA Implementation

The U.S. Department of Education today announced updates on its progress on the 2024–25 Better FAFSA® implementation. “We are putting all hands on deck and using every lever we have to make sure we can achieve the transformational potential of the Better FAFSA to make higher education possible for many more of our nation’s students,” said U.S. Secretary of Education Miguel Cardona.

CFPB Executes on Promise to Utilize ‘Dormant’ Authority to Supervise High-Risk Nonbanks

On February 23, 2024, the Consumer Financial Protection Bureau (CFPB) made public an order establishing supervisory authority over a nonbank installment lender on the basis the institution poses risks to consumers. The order gives insight into the procedural aspects of the CFPB’s exercise of this never-before-used authority – and the standards it might use to assess whether an institution poses risk to consumers, and therefore warrants ongoing supervision. 

Third Circuit Finds Pennsylvania’s Consumer Discount Company Act Does Not Apply to Debt Collectors

In representing fintech companies and other lenders, we increasingly confront claims against debt buyers or entities with bank partner relationships brought under Pennsylvania’s Consumer Discount Company Act (CDCA) and the Loan Interest and Protection Law (LIPL).

CFPB Establishes Supervisory Authority Over World Acceptance

The Consumer Financial Protection Bureau (CFPB) has taken action to establish supervisory authority over installment lender World Acceptance Corp., saying it aims to ensure compliance with federal consumer financial protection laws.

PURDUE FEDERAL CREDIT UNION CELEBRATES 55 YEARS OF SERVICE

Founded in 1969, Purdue Federal Credit Union has been supporting its members for the last 55 years. A local credit union that was created by members, Purdue Federal has achieved this important milestone through trusted relationships and a thriving culture.

The ABC’s of Collection Agency Management

Don’t ever let anyone tell you that agency management, or communicating with your agencies, is as simple as “ABC.”  Managing your agencies for maximum return takes knowledge, dedication, perseverance, patience and consistent effort.

91% of banks are endorsing Generative AI at board level

The comprehensive global banking research report, entitled “The Digital Horizon: Banking’s Shift from Mainframe to AI-Driven Cloud Infrastructure”, surveyed 650 global banking decision-makers, and revealed that generative AI is gaining widespread support at the board level, with 91% of respondents reporting endorsement of AI and cloud initiatives by the board.

Paycheck-to-Paycheck Consumers Could Benefit From Capital One/Discover Deal

But it is not just Capital One and Discover shareholders that stand to benefit from the deal. As PYMNTS: wrote, “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.”

Third Circuit Finds Pennsylvania’s Consumer Discount Company Act Does Not Apply to Debt Collectors

In representing fintech companies and other lenders, we increasingly confront claims against debt buyers or entities with bank partner relationships brought under Pennsylvania’s Consumer Discount Company Act (CDCA) and the Loan Interest and Protection Law (LIPL).

CFPB Orders Federal Supervision for Installment Lender Following Contested Designation

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an order establishing supervisory authority over installment lender World Acceptance.

Tlaib Introduces Bill to Address Youth Homelessness 

DETROIT —Today, Congresswoman Rashida Tlaib (MI-12) introduced the Youth Homelessness Guaranteed Income Pilot Program Act. This bill establishes a new way to address youth homelessness in our country.

Congress Continues to Pressure Zelle and Other Payment Apps to Change Their Fraud Policies

On February 15, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams.

Navy Federal Credit Union named in class-action lawsuit alleging racial discrimination

ALEXANDRIA, Va. (WAVY) — A team of attorneys, including nationally-known civil rights advocate Ben Crump, claims Navy Federal Credit Union — the world’s largest credit union — used racially-motivated lending practices.

Credit card interest rates are at record highs. Cards have ‘never been this expensive,’ CFPB says

Credit card interest rates have ballooned to record highs in recent years — and the growing portion of the formula that generates profit for card issuers is partly to blame, according to a new analysis by the Consumer Financial Protection Bureau.

Daily Decision Recap: Mortgage Statements, Identity Theft, 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.

FTC Takes Action Against Tax Prep Company H&R Block For Wiping Consumers’ Data, Deceptively Marketing ‘Free’ Online Filing

The Federal Trade Commission is taking action against tax preparation company H&R Block for unfairly deleting consumers’ tax data and requiring them to contact customer service when they downgrade to more affordable online products, and deceptively marketing their products as “free” when they were not free for many consumers.

NFCC Financial Stress Forecast℠ Predicts Growing Consumer Discomfort in First Quarter of 2024

WASHINGTON — Despite an easing of inflation and reports of improved consumer confidence, the NFCC Financial Stress Forecast℠ indicates that American families are feeling their budgets stressed even more during the first quarter of 2024 than at any time in the last three years.

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