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Friday May 11, 2018
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FCC ISSUES $120 MILLION FINE FOR SPOOFED ROBOCALLS
WASHINGTON, May 10, 2018—The Federal Communications Commission today fined
Adrian Abramovich $120 million for malicious spoofing that was part of his massive
robocalling operation aimed at selling timeshares and other travel packages. The caller ID
spoofing operation made almost 100 million spoofed robocalls over three months. The Truth
in Caller ID Act prohibits callers from deliberately falsifying caller ID information with the
intent to harm or defraud consumers or unlawfully obtain something of value.
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BCFP Reorganizes Student Loan Division
The Bureau of Consumer Financial Protection announced May 9 that it is combining its student loan office with the financial education division. It also released its Spring 2018 Unified Agenda of Regulatory and Deregulatory Actions without mention of student loan servicing initiatives.
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LendingTree’s Consumer Debt Outlook Finds Americans On Pace to Amass a Collective $4 Trillion in Consumer Debt by the End of 2018
CHARLOTTE, N.C., May 10, 2018 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, today released its first Consumer Debt Outlook for May 2018. LendingTree's analysis of the latest Federal Reserve data found that despite a recent pause in credit card balance increases, Americans are on pace to amass a collective $4 trillion in consumer debt by the end of 2018. Collectively, Americans owe more than 26 percent of their income on consumer debt, up from 22 percent in 2010.
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New York State Cracks Down on Reverse Mortgage Foreclosures
The state of New York this month enacted a law that requires reverse mortgage lenders to provide more detailed warnings to borrowers potentially facing foreclosure. Under the new regulation, which Gov. Andrew Cuomo signed in April, lenders must alert Home Equity Conversion Mortgage borrowers 90 days before they intend to start a legal foreclosure action.
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Nationwide Skip Experts Make Monumental Partnership with masterQueue powered by Intellaegis
Dallas, Texas - Nationwide Skip Experts (NSE) recently deployed masterQueue, an enterprise level skip tracing software, across their organization. Since deployment of the software, NSE has seen a dramatic increase in productivity and bottom line results. NSE has already seen record breaking statistics and expects to continue raising the bar with exceptional customer service and performance.
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PRA Group Reports First Quarter 2018 Results
NORFOLK, Va., May 09, 2018 (GLOBE NEWSWIRE) -- PRA Group (Nasdaq:PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the first quarter of 2018. The Company reported diluted earnings per share of $0.47 compared to $1.03 in the first quarter of 2017. The first quarter of 2017 included a net, after-tax gain of approximately $27 million on the sale of the Government Services business.
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Federal Reserve Consumer Credit Report
Consumer credit increased at a seasonally adjusted annual rate of 4-1/4 percent during the first quarter. Revolving credit decreased at an annual rate of 1 percent, while nonrevolving credit increased at an annual rate of 6 percent. In March, consumer credit increased at an annual rate of 3-1/2 percent.
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CFPB Spring 2018 Community Bank Advisory Council meeting in Washington, D.C.
Join us for a Community Bank Advisory Council (CBAC) meeting in Washington, D.C., about the Home Mortgage Disclosure Act (HMDA) and several of the Bureau's Requests for Information (RFI).
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Jury issues decision in lawsuit brought by federal government against Cleveland debt collection firm
CLEVELAND, Ohio -- A jury issued a verdict Friday in a lawsuit brought by the Consumer Financial Protection Bureau against a Cleveland debt collection firm, though the judge said he will make the financial decision.
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House Votes to Repeal Harmful BCFP Auto Lending Guidance
WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX), issued the following statement on the floor just before the House voted 234-175 to pass S.J. Res. 57, which uses Congressional Review Act (CRA) authority to repeal the Bureau of Consumer Financial Protection’s (Bureau) controversial 2013 indirect auto lending guidance.
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Debt Collection Outfit Fined $350,000 and Ordered to Forfeit $946,770 for Paying Bribes to Arizona Official in Exchange for Non-Public Info
LOS ANGELES – A now-defunct debt collection company that was based in Culver City was sentenced today for its role in a scheme that paid bribes to a public official in Arizona in exchange for confidential information that helped the company collect nearly $1 million in outstanding debts.
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FTC Obtains Preliminary Injunction Against Mortgage Relief Operation That Deceived Homeowners
The Federal Trade Commission has charged a mortgage relief operation with deceiving distressed homeowners by falsely promising to make their mortgages more affordable and prevent foreclosure. A federal court temporarily halted the scheme and froze the defendants’ assets at the FTC’s request.
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Capital One Announces Sale of Approximately $17 billion of Mortgages to DLJ Mortgage Capital, Inc., a subsidiary of Credit Suisse AG
MCLEAN, Va., May 8, 2018 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced the sale of approximately $17 Billion of first and second lien mortgages to DLJ Mortgage Capital, Inc., a subsidiary of Credit Suisse AG. The company expects to complete the transaction and record a gain in the second quarter of 2018. The company had previously announced that it ceased new originations of residential mortgages and home equity loan products.
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Encore Capital Group Announces First Quarter 2018 Financial Results
SAN DIEGO, May 08, 2018 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (NASDAQ:ECPG), an international specialty finance company providing debt recovery solutions for consumers across a broad range of assets, today reported consolidated financial results for the first quarter ended March 31, 2018.
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Empereon-Constar Named St. Mary’s Hunger Hero
Phoenix, Arizona (May 8, 2018) – Empereon-Constar, a leading provider of end-to-end customer engagement and customer management solutions, was named a St. Mary’s Food Bank Alliance 2017 Hunger Hero, a community service award. The Hunger Hero award is given annually to recognize the significant contributions made by St. Mary’s community partners who make a profound impact on hunger relief in Arizona through their contributions.
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Mortgage delinquency keeps falling, drops for 19th straight quarter
The mortgage market performed well in the first quarter of 2018, seeing the 19th consecutive decrease iThe serious mortgage delinquency rate, or those at least 60 days or more past due, decreased to 1.74% in the first quarter. This is down from 2.07% in the first quarter of 2017, marking the 19th straight annual drop since the third quarter of 2013.n annual mortgage delinquencies, according to the Q1 2018 Industry Insights Report from TransUnion.
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Credit Card Usage at All-Time Highs, But Delinquency Rates Still Remain in Check
With more than 416 million credit cards and nearly 175 million consumers with access to them, credit card usage continued its upward trajectory in Q1 2018. The latest TransUnion (NYSE: TRU) Q1 2018 Industry Insights Report, powered by PramaSM analytics and released during Card Forum 2018, features data and insights on consumer credit trends including reasons why credit cards are still performing relatively well despite the continued rise in serious delinquency rates.
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PayPal CEO Says Credit Cards On The Path To Extinction
PayPal’s CEO believes that in 20 years, credit cards will no longer exist. Dan Schulman said that as the popularity of PayPal and its mobile payments platform Venmo grow, traditional methods of payment will be replaced by digital alternatives. “Twenty years from now, there will be no more credit cards, really,” Schulman said at TheStreet’s Investor Boot Camp conference in New York. “Why have them when you can have a QR code or NCR tablet?”
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FFIEC Announces Availability of 2017 Data on Mortgage Lending
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 5,852 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released today are loan-level HMDA data that cover 2017 lending activity submitted by financial institutions on or before April 18, 2018.
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ATTORNEY GENERAL HERRING ALLEGES ILLEGAL PREDATORY LOANS IN SUIT AGAINST ONE OF VIRGINIA’S LARGEST ONLINE LENDERS
RICHMOND, VA (May 4, 2018) - Attorney General Mark R. Herring announced today that his Predatory Lending Unit has filed a lawsuit against Net Credit, one of the largest online lenders operating in Virginia, for lending and collections practices that allegedly violate the Virginia Consumer Protection Act. The lawsuit alleges that Chicago-based Net Credit issued loans of $1,000 to $10,000 to more than 47,000 Virginia borrowers between 2012 and 2018 with interest rates from 34% to 155%. In one loan cited in the complaint, a Virginia borrower was responsible for more than $6,000 in repayments for just $2,000 borrowed.
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Education Department Cancels Debt Collection Contracts with Two Firms
Due to a substantial change in its needs, the Department of Education said in a May 3 court filing that it would cancel debt collection contracts with Windham Professionals and Performant Financial Corp. According to the Court of Federal Claims notice, “The solicitation will be cancelled due to substantial change in the requirements to perform collection and administrative resolution activities on defaulted Federal student loan debts. In the future, ED plans to significantly enhance its engagement at the 90-day delinquency mark in an effort to help borrowers more effectively manage their Federal student loan debts.”
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Mortgage firm drops major challenge to consumer bureau structure
A New Jersey-based mortgage company declined this week to appeal a federal ruling in its watershed suit against the Consumer Financial Protection Bureau (CFPB). A spokesman for PHH Corp. on Thursday told The Hill that the mortgage firm did not appeal a January ruling in its suit against the CFPB to the Supreme Court by the May deadline to do so.
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Velocity Medical Receivables Solutions
(888) 242-4012
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PaymentVision
(800) 345-7243
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LocateSmarter
(888) 254-5501
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Resource Management Services, Inc.
Four Seasons Hotel Las Vegas
3960 S Las Vegas Blvd.
Las Vegas , NV
May 09 -
11 ,
2018
562-906-1101
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