Credit Union Assets and Delinquencies Grow in the Fourth Quarter

ALEXANDRIA, Va. (March 12, 2024) – According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions rose by $88 billion, or 4.1 percent, to $2.26 trillion over the year ending in the fourth quarter of 2023. Insured shares and deposits grew $37 billion, or 2.2 percent, to $1.72 trillion. The delinquency rate at federally insured credit unions was 83 basis points in the fourth quarter of 2023, up 21 basis points from one year earlier.

Mastering Call Calibration: Elevating Service Quality and Driving Business Success

Let’s dive into the intricate world of call calibration –  a crucial process within vendor management that ensures the quality and efficacy of collection calls made by third party collection companies. Let’s explore how meticulous attention to detail and alignment with company objectives foster customer satisfaction, maintain brand integrity, and propel overall business success.

Florida Legislature Unanimously Passes Medical Debt Bill

The bill sets a three-year statute of limitations for medical debt collections, among other changes.

Consumer prices rise more than forecast as inflation pressures persist

Inflation pressures remained persistent in February, as prices for shelter and gas rose, according to the latest data from the Bureau of Labor Statistics released Tuesday morning.

Student loans are now easier to discharge in bankruptcy, attorneys say: It’s ‘life changing’

The Biden administration’s new student loan bankruptcy policy is making it easier for borrowers to walk away from their debt in court, attorneys say.

Troutman Pepper Weekly Consumer Financial Services Newsletter – March 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:

Nearly Three-Quarters of Retail Customers Consider Deals When Choosing Merchants

PYMNTS Intelligence’s study last year, “Consumer Inflation Sentiment Report: Higher Prices Fuel a Deal-Seeking Competition,” drew from a survey of more than 2,100 U.S. consumers to better understand how inflation and increased prices of consumer goods affect their shopping habits and relationships with retailers.

Auditing/Oversight of Repossession Agents and Forwarders is Fun for Everyone!

It’s true, oversight of Repo Agents and Forwarders can be fun for everyone.  Auditing is a critical component of oversight; however, oversight is much broader.  Oversight includes collaboration between all parties, including the Creditor, Repo Agent/Forwarder, and Auditor. 

Crow Creek Sioux Tribe d/b/a RiseUp Lending and Inazin Lending – Tribal Loan Company Not Licensed in Washington

The State of Washington Department of Financial Institutions (DFI) has received a complaint from a Washington consumer against Crow Creek Sioux Tribe d/b/a RiseUp Lending and Inazin Lending. The consumer reported that Crow Creek Sioux Tribe d/b/a RiseUp Lending and Inazin Lending was issuing a loan that included excessive fees and interest.

CFPB seeking OMB approval for new consumer complaint surveys

The CFPB recently published a notice in the Federal Register indicating that it is seeking approval from the Office of Management and Budget for two new surveys intended to identify factors that influence a consumer’s decision to file a complaint with the CFPB.  Comments must be received on or before May 6, 2024.

Argus Information & Advisory Services Agrees to Pay $37M to Settle Allegations that it Misused Data Obtained Under Government Contracts

Argus Information & Advisory Services Inc. (Argus) has agreed to pay the United States $37 million to resolve claims under the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), in connection with its access to and use of credit card data obtained pursuant to contracts with various federal regulators, including the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB) and the Consumer Financial Protection Bureau (CFPB).

Big Valley Band of Pomo Indians dba Credit Cube – Tribal Loan Company Not Licensed in Washington

The State of Washington Department of Financial Institutions (DFI) has received a complaint from a Washington consumer against Big Valley Band of Pomo Indians dba Credit Cube. The consumer reported that they obtained a loan from Big Valley Band of Pomo Indians dba Credit Cube that included excessive fees and interest.

FedNow® participants share insights on instant payment use cases

The Federal Reserve’s FedNow® Service launched in July 2023, enabling eligible U.S. depository institutions of various sizes to build and deliver instant payment solutions for the people they serve.

Minnesota AG Bans Tribal Lender from Doing Business within the State

On February 21, the Minnesota Attorney General settled an action against executives of a Montana-based tribal lender for alleged predatory lending practices.

California Coast Credit Union Officially Recognized as a Great Place to Work

San Diego, CA, March 11, 2024 --(PR.com)-- California Coast Credit Union has received official recognition as a Great Place to Work following certification by a national workplace assessment organization.

Sound Credit Union and Washington Business Bank Announce Acquisition Agreement

TACOMA, Wash. & OLYMPIA, Wash., March 11, 2024--(BUSINESS WIRE)--Sound Credit Union, a leading not-for-profit financial institution serving Washington State, and Washington Business Bank (OTCPK: WBZB), a premier commercial bank headquartered in Olympia, Washington, announced today they have entered into a definitive agreement in which Sound Credit Union will acquire Washington Business Bank.

The CFPB is going after ‘junk fees’ mortgage lenders charge at closing. This could get ugly

The Consumer Financial Protection Bureau (CFPB) will be closely scrutinizing what it described as “junk fees” imposed on borrowers when closing a mortgage. Its new priority has provoked strong criticism from the mortgage industry.

US Chamber Sues CFPB to Block Credit Card Late Fee Limits

The U.S. Chamber of Commerce filed a lawsuit against the Consumer Financial Protection Bureau, aiming to stop the agency from implementing its new rule to limit credit card late fees.

Used Vehicle Value Index

By applying statistical analysis to its database of more than 5 million used vehicle transactions annually, Manheim has developed a measurement of used vehicle prices that is independent of underlying shifts in the characteristics of vehicles being sold. 

U.S. Foreclosure Activity Continues to See an Annual Increase

IRVINE, Calif. — March 12, 2024 — ATTOM, a leading curator of land, property, and real estate data, today released its February 2024 U.S. Foreclosure Market Report, which shows there were a total of 32,938 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – down 1 percent from last month but up 8 percent from a year ago.

Third Party Auditing Workshop

Learn to Audit Repossession Vendors and Collection Agencies

Collection and Recovery Solutions 2024

CRS2024

Webinar – Bankruptcy Filings: The New Normal or the Calm Before the Storm?

WEBINAR 2:00 pm - NACTT Academy

RMAI 2024 Executive Summit