Credit Unions’ Product Innovations Pay off With New Members

An increasing number of former bank customers are transitioning away from those institutions in favor of becoming credit union members. These newly minted members are migrating to credit unions due to the appeal of competitive interest rates, lower fees and the accessibility of staffers, The Wall Street Journal reported Tuesday (March 5)

Bump It Up! Boost Your Collections Success – Goes Virtual

The BUMP IT UP! collection class has transitioned from strictly an onsite classroom into the virtual realm! Now, from the comfort of your own office, and with your own team, collection professionals can finetune their collection skills and performance. The BUMP Call Monitoring Program reinforces the BUMP Call Model and provides a Bump Scorecard tool that collection managers and supervisors can use to evaluate how well each collector is executing their calls.

CFPB ISSUES ORDER ESTABLISHING SUPERVISORY AUTHORITY OVER NONBANKS

On February 23, 2024, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) published an order establishing supervisory authority over a small-loan consumer finance company, using a Dodd-Frank Act provision that allows the Bureau to supervise certain nonbanks that it has reasonable cause to determine pose risks to consumers (the “Order”). The Order represents the CFPB’s first publicized use of this authority in a contested case.

Navigating Minnesota Debt Collection Laws: Essential Auditing Practices for Compliance

In the realm of debt collection, adherence to regulations isn’t just a suggestion—it’s a legal obligation.  Recently, Minnesota has adjusted the dates that collection agency’s licenses must be renewed.  This change sparked ideas on how to potentially audit your Minnesota collection agencies to adhere to the new adjustment as well as verifying that already implemented laws are being followed.

Our auto finance data pilot

The auto finance market has seen significant change over the past two years. Car prices have risen substantially, leading to larger loan amounts and higher monthly payments. These more expensive loans are beginning to have an impact on consumer and household financial stability.

Assistant Attorney General Kristen Clarke Delivers Remarks at America’s Credit Union’s Governmental Affairs Conference

Good afternoon. I am Kristen Clarke, Assistant Attorney General for Civil Rights at the U.S. Department of Justice. I am delighted to be here today to address America’s credit unions. Credit unions are a cornerstone of a strong economy, and an economy that is equally accessible to all people.

American Bar Association Moves to Dismiss Class Action Complaint Amid Rising Tide of Data Breach Litigation

The number of data breaches in the United States has increased significantly in the past ten years.  According to an IBM study, more than 4 out of 5 companies have experienced a data breach at least once. 

New CFPB rule caps banks’ credit card late fees at $8

The new rule, long expected after an initial proposal was floated early last year, comes after the agency said it reviewed market data related to the 2009 Card Act. Regulations tied to that law granted card issuers the ability to charge ever-increasing amounts of late fees.

McHenry Criticizes CFPB Final Rule on Credit Card Late Fees

Comments from U.S. Rep. Patrick McHenry, chairman of the House Financial Services Committee, highlight how the bureau’s new rule on credit card late fees raises the cost of borrowing for all consumers and is politically motivated. 

US Fed’s progress against inflation ‘not assured’: Powell

The US Federal Reserve's progress in bringing down inflation is "not assured," the chair of the country's central bank told lawmakers in Washington Wednesday, on the first of two days of hearings in Congress.

FTC to Host Annual PrivacyCon Event Virtually on March 6

The Federal Trade Commission is hosting its annual PrivacyCon event virtually. It will feature presentations on health privacy, privacy enhancing technologies, artificial intelligence, mobile device security and other topics.

Consumers Like Open Banking Features, Now Banks and FinTechs Need to Deliver

Last month, a top financial industry regulator voiced concerns that banking and FinTech collaborations might be “blurring the lines” between banking and commerce. According to Michael Hsu, CEO of the Office of the Comptroller of the Currency (OCC), such “blurring” can undermine public confidence in the financial services industry, just as it did in the months leading up to the 2008 global financial meltdown.

Rise in Healthcare Data Breaches & the Impact for Healthcare Providers in 2024

The healthcare sector is increasingly facing cyber-threats with ransomware and hacking at the forefront. In the last five years, there has been a staggering 256% rise in significant hacking-related breaches and a 264% surge in ransomware incidents reported to the U.S. Department of Health and Human Services (HHS) Office for Civil Rights (OCR). Hacking alone was responsible for 79% of the major breaches reported to OCR in 2023.

California AG Warns State-Chartered Banks and Credit Unions on Fees

On February 22, California Attorney General Rob Bonta sent letters to 197 state-charted banks and credit unions warning them that certain fees they charge may constitute “unfair” business practices under California’s Unfair Competition Law and the federal Consumer Financial Protection Act. Bonta encouraged the financial institutions to review their policies and procedures to ensure consumers were not being assessed these fees.

Attorney General James Sues Large-Scale Predatory Lending Operation Targeting Small Businesses

NEW YORK – New York Attorney General Letitia James today filed a lawsuit against a major operation of over 30 companies and individuals for exploiting small businesses through fraudulent loans at sky-high interest rates disguised as merchant cash advances. The companies and individuals sued by Attorney General James include Yellowstone Capital and its founder David Glass, Delta Bridge Funding, and several other individuals who negotiated and serviced the illegal loans.

Governor Hobbs Launches Affordable Arizona: Tackling Medical Debt for Working Families

Phoenix, AZ - Today, Governor Katie Hobbs announced that she is partnering with non-profit RIP Medical Debt to launch Affordable Arizona: Tackling Medical Debt for Working Families. The program will forgive medical debt for up to one million working class Arizonans.       

Vermont AG marks Consumer Protection Week with top ten consumer complaints of 2023

Vermont Business Magazine In recognition of National Consumer Protection Week, Attorney General Charity Clark announced the top 10 consumer complaints received by her office’s Consumer Assistance Program (CAP) in 2023. Claiming the list’s top spots are consumer complaints involving vehicles, home improvement, and retail, which collectively represent 43 percent of all complaints filed in 2023.

During National Consumer Protection Week, AG Campbell Announces $800,000 Grant Program To Expand Access To Legal Services For Consumers Facing Unlawful Debt Collection

BOSTON — During National Consumer Protection Week, Attorney General Andrea Joy Campbell announced a new grant that will provide up to $800,000 in funding to nonprofit legal services organizations offering legal assistance to low-income consumers who are vulnerable to unlawful asset and income seizures by debt collectors and creditors.

West Virginia Proposes Mini-TCPA Law

In late January, the West Virginia Legislature introduced two bills aiming to regulate and expand the telemarketing laws in West Virginia.

CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers. The rule will curb fees that cost American families more than $14 billion a year. The CFPB estimates that American families will save more than $10 billion in late fees annually once the final rule goes into effect by reducing the typical fee from $32 to $8. This will be an average savings of $220 per year for the more than 45 million people who are charged late fees.

District Court Denies Stay of Lawsuit Pending Supreme Court’s Decision on the CFPB’s Funding Structure

The U.S. District Court for the Western District of New York has denied United Holding Group’s motion to stay a case on alleged violations of the Fair Debt Collection Practices Act until the Supreme Court issues a decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America Limited (CFSA).

NCUA Charters New Jersey State PBA Federal Credit Union

ALEXANDRIA, Va. (March 4, 2024) – The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to New Jersey State PBA Federal Credit Union in Woodbridge, New Jersey

Attorney General Kris Mayes Kicks Off Consumer Protection Week 2024

PHOENIX – Attorney General Kris Mayes is kicking off Consumer Protection Week by releasing a list of the 2023 Top Consumer Fraud Complaint trends and providing tips to avoid falling victim to scams. National Consumer Protection Week is an annual opportunity for government agencies, consumer protection groups, and the public to work together to help everyone understand their consumer rights and help prevent fraud before it happens.   

Attorney General James Releases Top 10 Consumer Complaints of 2023

NEW YORK – New York Attorney General Letitia James kicked off National Consumer Protection Week by releasing a list of the top 10 consumer complaints received by the Office of the Attorney General (OAG) in 2023. The top complaints range from price gouging of essential goods and services to housing issues, online banking fraud, and travel related issues. Attorney General James also provides a variety of tips on how consumers can avoid common scams. 

Statement of CFPB Director Rohit Chopra on the Final Rule to Close the Credit Card Late Fee Loophole

WASHINGTON, D.C. — The Consumer Financial Protection Bureau is taking action to rein in junk fees on credit cards, increase competition, and put billions of dollars back in the pockets of American families. We are finalizing a rule that will lower the typical late fees charged by big credit card issuers from an average of $32 down to $8 in most cases.

FTC Cracks Down on Mass Data Collectors: A Closer Look at Avast, X-Mode, and InMarket

Three recent FTC enforcement actions reflect a heightened focus on pervasive extraction and mishandling of consumers’ sensitive personal data.

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.

Show Me the Money: AG Bonta Warns California Small Banks and Credit Unions Against Surprise Fees

California AG Rob Bonta issued letters to small banks and credit unions warning that overdraft and returned deposited item fees likely violate the state’s Unfair Competition Law and the federal Consumer Financial Protection Act.

Blue Federal Credit Union’s Merger with Aventa Credit Union Is Official

Cheyenne, Wyoming, March 01, 2024 (GLOBE NEWSWIRE) -- Aventa Credit Union, based in Colorado Springs, has fully merged with Blue Federal Credit Union, based in Cheyenne, Wyoming. The merger was approved by Aventa members on February 26, 2024, and officially takes effect on March 1.

Appellate court upholds $21 million judgment against for-profit college regarding unfair competition and false advertising claims

Appellate court upholds $21 million judgment against for-profit college regarding unfair competition and false advertising claims

AG Ferguson request bill to help more than 35,000 Washington veterans access state benefits passes legislature unanimously

OLYMPIA — Today, the Washington state Legislature unanimously passed Attorney General request legislation sponsored by Rep. Mike Volz, R-Spokane, that will expand state benefits to more than 35,000 Washington veterans. It now heads to the governor’s desk to be signed into law.

U.S. Commercial Foreclosures Increase in January 2024

IRVINE, Calif. — February 22, 2024 — 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.

Telephone and Texting Compliance News: Regulatory Update — FCC Confirms TCPA Bars AI-Generated Voices, Adopts New Consent Revocation Rights Rules for Texts, Cuts 13 Entities from Robocall Mitigation Database

Following up on January’s update, the Federal Communications Commission (FCC) issued a Declaratory Ruling that confirms that the prohibitions in the Telephone Consumer Protection Act (TCPA) covering prerecorded or artificial voice calls apply to real voices generated by artificial intelligence (AI).

With medical debt burdening millions, a financial regulator steps in to help

Since then, the CFPB has done its share of policing mortgage brokers, student loan companies, and banks. But as the U.S. health care system turns tens of millions of Americans into debtors, this financial watchdog is increasingly working to protect beleaguered patients, adding hospitals, nursing homes, and patient financing companies to the list of institutions that regulators are probing.

Unmasking Digital Deception: CFPB Targets Unfair Practices Among Comparison-Shopping Tools

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) just fired a shot across the bow of companies operating comparison-shopping tools. Often accused of manipulating consumer choices, these corporations are now under the eagle-eyed scrutiny of the CFPB. The agency recently issued a detailed circular to law enforcement agencies and regulators, shedding light on how these companies might find themselves on the wrong side of the law when they steer consumers to certain products or lenders due to elusive kickbacks.

6.1 Million Americans Did This to Prevent Identity Theft Last Tax Season

Letting someone else file your tax return sounds like a pretty sweet deal -- unless that person is an identity thief after your refund. It happens more often than you'd think. Last year, the IRS flagged 1.1 million tax returns with refunds totaling $6.3 billion for additional review due to suspected identity theft. More than 12,000 of these were confirmed as of March 2, 2023.

Transparency Matters: The Value of Open Communication in Oversight

In the world of collection agency oversight, transparency is not just a buzzword – it’s a fundamental principle that underpins trust, accountability, and effective collaboration. Transparent communication is the cornerstone of successful relationships between businesses and collection agencies, fostering mutual understanding, alignment of goals, and proactive problem-solving. Let’s delve deeper into why transparent communication is crucial in the realm of collection agency oversight and how it can drive positive outcomes for all parties involved.

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.

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.

$50,000,000 Other

Capital Debt Solutions, LLC

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$1,000,000,000 Credit Cards

Capital Debt Solutions, LLC

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Third Party Auditing Workshop

Learn to Audit Repossession Vendors and Collection Agencies

Collection and Recovery Solutions 2024

CRS2024

RMAI 2024 Executive Summit

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