PayPal CEO urges credit unions to re-examine value proposition

ST. LOUIS—According to PayPal CEO Dan Schulman, the financial service industry is likely to change more in the next 10 years than it has in the last 70 years.

Encore Capital Group Teams Up with Habitat for Humanity for Largest-Ever Global Volunteer Day

SAN DIEGO, April 26, 2018 — Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company, today announced it will hold its sixth annual Global Volunteer Day on Saturday, April 28. Activities will take place in 16 locations around the world, including the company’s U.S., India, and Costa Rica locations and, for the first time, its wholly owned subsidiaries, Baycorp, Lucania Gestión and Grove.

Bureau of Consumer Financial Protection Finalizes Amendment to “Know Before You Owe” Mortgage Disclosure Rule

WASHINGTON, D.C. — Today the Bureau of Consumer Financial Protection (Bureau) finalized an amendment to its “Know Before You Owe” mortgage disclosure rule that addresses when mortgage lenders with a valid justification may pass on increased closing costs to consumers and disclose them on a Closing Disclosure. The update is intended to provide greater clarity and certainty to the mortgage industry.

Bob Deter Joins Crown Asset Management, LLC as Director of Business Development.

Duluth, Georgia – Crown Asset Management, LLC a Georgia based purchaser of distressed consumer accounts receivable is pleased to announce that Bob Deter is joining Crown Asset as Director of Business Development. Bob brings 30 years of Accounts Receivables Management experience having served in senior management roles with a credit issuer, with a debt purchaser and with a third-party collection firm. Bob’s experience incorporates 17 years with Discover Card, including his role in managing Discover’s former debt sales program. After leaving Discover, he served as an EVP of Acquisitions and Business Development in the debt purchasing sector and then as the VP of Compliance with a third-party collection agency. “I am very excited to get back into the debt purchasing arena. Brian Williams and the Crown Asset Management team have built a strong and well-respected company that is well positioned for continued strategic growth in a rapidly changing marketplace. CEO

FTC Charges Lending Club with Deceiving Consumers

The Federal Trade Commission has charged the LendingClub Corporation with falsely promising consumers they would receive a loan with “no hidden fees,” when, in actuality, the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans.

Mac Murray & Shuster Selected to National Association of Minority and Women Owned Law Firms

[New Albany, Ohio] — April 23, 2018—Mac Murray & Shuster LLP (M&S), a boutique law firm focusing on consumer protection regulatory compliance and defense, is proud to announce that it has been accepted to the National Association of Minority and WomenOwned Law Firms (NAMWOLF).

NAFCU to IRS, Hatch: Don’t grow CUs’ compliance burden

NAFCU, in a letter to and conversation with the IRS yesterday and in a personal visit to the office of Sen. Orrin Hatch, R-Utah, argued that requiring credit unions to file additional tax forms would "impose increased regulatory burden on the credit union system" and also "contravene directives from President Trump and the U.S. Department of the Treasury to achieve regulatory reform and rollback throughout the financial system."

Acting CFPB chief mulls taking down public complaint database

The acting director of the Consumer Financial Protection Bureau (CFPB) on Tuesday said he might remove a database of complaints to the agency from public view.

La Crosse-based credit union to purchase 10 new branches

LA CROSSE, Wis. (WKBT) - Marine Credit Union has entered into an agreement to acquire 10 branches from Old National Bank, based out of Evansville, Indiana.

Sen. Hatch asks IRS to consider making large credit unions report financial info

Senate Finance Chairman Orrin Hatch (R-UT) is calling on large credit unions to report financial information required of other tax-exempt institutions.

OCC Assesses $500 Million Penalty Against Wells Fargo, Orders Restitution for Unsafe or Unsound Practices

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $500 million civil money penalty against Wells Fargo Bank, N.A., and ordered the bank to make restitution to customers harmed by its unsafe or unsound practices, and develop and implement an effective enterprise-wide compliance risk management program.

A Nebraska federal district court held that collection agencies may seek pre-judgment interest and attorney’s fees for in-house counsel on unpaid medical bills.

The U.S. District Court for the District of Nebraska ruled in favor of the accounts receivable management industry April 20 in the case of Robinson v. Accelerated Receivables Solutions (A.R.S.), Inc. and David W. Brostrom, 17-00056, 2018 WL ------- (D.Neb. April 19, 2018). The key issues in Robinson were:

House plans May vote to repeal auto-lending guidance

The House is aiming to vote to repeal the controversial Consumer Financial Protection Bureau (CFPB) policy on auto-loan financing during the week of May 7. Aides to House Majority Leader Kevin McCarthy (R-Calif.) laid out that plan while discussing the House agenda at a breakfast in Washington this week, according to a source in attendance,.

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