60% of US Shoppers Used Split-Payment Options in the Past Year

Split-payment or installment plans such as buy now, pay later (BNPL) enable consumers to spread the costs of purchases over multiple installments. Consumers appear to prefer these options. PYMNTS Intelligence data revealed that in the 12 months before being surveyed, about 3 in 5 shoppers opted for installment plans when shopping.

Governor Kotek Delivers Remarks at State Government Artificial Intelligence Advisory Council Kickoff

Salem, OR—Today, Governor Tina Kotek delivered remarks at the first meeting of the State Government Artificial Intelligence Advisory Council, established by the Governor’s Executive Order 23-06. Governor Kotek created the State Government Artificial Intelligence Advisory Council in response to the growing role that generative artificial intelligence is playing in society.

A Collector or an Astronaut?

As someone who has been a collector and collection leader since 1987, I have developed a unique perspective on the value of collectors and astronauts. I often pose this question during my training sessions with collectors to gauge their understanding of the value they bring to people’s lives. A collector who excels in their role can profoundly impact individuals and their families. This leads to the intriguing comparison: who adds more value to people, the work of a collector or that of an astronaut? 

NCUA Releases Q4 2023 State-level Credit Union Data Report

ALEXANDRIA, Va. (March 20, 2024) – According to the latest Quarterly U.S. Map Review released today by the National Credit Union Administration, federally insured credit unions experienced growth in loans and the share of credit unions with positive net income increased over the year ending in the fourth quarter of 2023, while delinquencies rose and assets and shares and deposits declined.

State UDAAP Developments

The Consumer Financial Protection Bureau (CFPB) does not have a monopoly when it comes to policing abusive conduct. In 2010, when Congress passed the Consumer Financial Protection Act, it made sure that state attorneys general, state regulators, and certain banking regulators were also empowered to root out harmful corporate misconduct.

AG Ferguson: Judge orders Providence debt collector Optimum Outcomes to pay $827,000 penalty for violating patients’ medical debt collection rights

SEATTLE — The Attorney General’s Office won a trial against debt collection agency Optimum Outcomes. Optimum is the last remaining defendant in Attorney General Bob Ferguson’s charity care lawsuit against Providence Health & Services, one of the nation’s largest health care systems, and its debt collectors.

Texas federal judge hearing trade group lawsuit challenging CFPB final credit card late fee rule questions whether venue is proper and orders expedited briefing

The federal district court judge to whom the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) was reassigned entered an order yesterday questioning whether the Fort Worth Division of the Northern District of Texas is the correct venue to hear the lawsuit.

New Hampshire and New Jersey Consumer Privacy Legislation

New Hampshire.  On March 6, 2024, New Hampshire Governor Chris Sununu signed the state’s first comprehensive consumer privacy bill into law. The New Hampshire Privacy Act (the “NHPA”) is now the fourteenth such law to be passed in the United States, joining likes of California, Oregon, Montana, Iowa, Indiana, and Tennessee, just to name a few.

Federal Trade Commission Warns of Scammers Pretending to be Agency Staff

Agency says scammers are using the names of real FTC employees to steal money from consumers; provides guidance on how to spot, avoid, and report scams.

Americans increasingly upside down on auto loans as used car values fall

Used car prices are starting to edge down after soaring for years after the pandemic hit, and while the trend is a much-welcomed relief for buyers, it is also causing trouble for some consumers who purchased their vehicles at higher prices.

Warren Invites MOHELA CEO to Testify Before Congress About Student Loan Servicing

Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.), Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs’ Subcommittee on Economic Policy, sent a letter to the CEO of the Higher Education Loan Authority of the State of Missouri (MOHELA), Scott Giles, inviting him to testify before Congress to explain MOHELA’s handling of student loan borrowers’ experience with return to repayment and the Public Service Loan Forgiveness (PSLF) program.

CFPB publishes notice and requests comments on “Consumer Complaint Survey”

On March 6, the CFPB published a notice and request for comment in the Federal Register, proposing two new surveys to investigate the factors influencing whether consumers file complaints regarding financial products and services.

House Financial Services Committee holds a hearing to address the “moving target” of CFPB’s recent actions

On March 7, the House Committee on Financial Services held a hearing entitled, “Politicized Financial Regulation and its Impact on Consumer Credit and Community Development” to discuss recent actions and proposals, like mandated fee caps and government price fixing, by federal financial regulatory agencies.

Georgia Senate Moves to Suspend Data Center Tax Breaks

A state Senate committee backed legislation — which has already passed the House — to suspend sales tax breaks on new data centers that lawmakers say aren’t giving the state financial return on its investment.

CFPB releases consumer advisory for student borrowers notifying them of April deadline to cancel

On March 11, the CFPB published a consumer advisory notifying student loan borrowers that they may have an opportunity to cancel or receive credits toward the cancellation of their student loans but some borrowers will need to consolidate their loans by April 30 in order to obtain the benefit.

New York Attorney General sues over 25 lenders for predatory lending operation

On March 5, New York Attorney General Letitia James released a verified petition against 27 lenders accusing them of a “large-scale, predatory lending” operation in which they allegedly misrepresented themselves in order to issue small businesses short-term loans at “sky-high interest rates” in violation of New York Executive Law §63(12).

VALLEY HEALTH SYSTEM LLC v. MURRAY (2024)

LaQuinta Whitley-Murray passed away at Centennial Hills Hospital Medical Center during a sickle cell crisis. Respondent, on behalf of LaQuinta's estate and heirs, filed a negligence action against appellant Valley Health Systems, which operates Centennial Hills. A jury awarded respondent over $48 million in compensatory and punitive damages combined. Concluding respondent had prevailed under a theory of breach of fiduciary duty, the district court upheld the awards and declined to apply NRS Chapter 41A's statutory caps on damages in professional negligence actions.

CFPB Announces Effective Date for Credit Card Fee Rule Amid Legal Challenges

The rule taking effect in two months is the subject of a U.S. Chamber of Commerce lawsuit against the CFPB’s authority to enact the rule.

Submission of CFPB Director Rohit Chopra to the Appraisal Subcommittee Regarding Oversight of the Appraisal Foundation

A well-functioning mortgage market depends on accurate appraisals. Federal regulation of appraisals is very peculiar, involving two obscure entities that are not well-known to the public: 

ASC hearing addresses appraisal bias, highlights deficiencies with The Appraisal Foundation

Homeownership can be a powerful tool for building intergenerational wealth, and a well-functioning mortgage market depends on accurate appraisals.

Small business people are among those getting $100 million back due to FTC action challenging Benefytt Technologies’ sham health plans

Finding healthcare coverage can be a challenge for many Americans, including gig workers, the self-employed, and people at small businesses.

New Report Shows Federal Home Loan Banks Received $7.3 Billion in Subsidies, but Offered Little Public Benefits in Return

Washington, DC – A new report by the Congressional Budget Office (CBO) has brought to light significant concerns regarding the balance between the public subsidies received by Federal Home Loan Banks (FHLBanks) and the public benefits they claim to offer.

Private Equity Wants Your Credit Card Debt. And Car Loan. And Mortgage.

Private fund managers such as Apollo, Ares, Blackstone and KKR have grown to dominate corporate finance over the past decade. Now they are targeting the biggest prize in the global economy: the U.S. consumer.

Breakdown in the “Fast Lane”: FTC challenges Womply’s promise to get small businesses PPP loans fast

Tick. Tick. Tick. For small business owners, gig workers, and freelancers fighting for survival during the pandemic, every day that passed without essential capital put their futures at risk. So when Womply – also known as Oto Analytics, Inc. – and CEO Toby Scammell claimed to offer a “PPP Fast Lane” to get them speedy access to funds through the Paycheck Protection Program, it sounded like time was finally on their side.

How Open Banking Can Help Crack the SMB Lending Puzzle

SMBs need fast, flexible and digital-first solutions that help rather than hinder growth. However, their needs have been traditionally underserved by banking incumbents who view them as too small to warrant the tailored services afforded to corporates, yet too diverse to be addressed in a scalable way like retail banking clients.

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.

Payday lending reform passes Michigan Senate

The Michigan Senate voted Thursday to cap annual interest rates on payday loans at 36%. That sends the legislation to the House. Current law allows for borrowers to take out payday loans, referred to in the legislation as “deferred presentment service transactions,” for amounts up to $600.

Time lapse? $33 million FTC damages settlement with Biz2Credit addresses deceptive claims to small businesses about average processing time for loans

For small businesses struggling to stay afloat during COVID, time was of the essence. When help materialized in the form of the emergency Paycheck Protection Program (PPP) administered by the Small Business Administration, businesses owners knew they had to move fast to apply for first-come-first-served funds necessary to keep their doors open and their people employed.

CFPB’s latest overreach threatens to nationalize consumer finance – Experts4money

The notion {that a} authorities company can extra successfully decide the monetary merchandise that greatest serve customers than the free market itself is radically misguided, writes  Patrick M. Brenner.

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