At a glanceFriday, May 18, 2018

Collection Industry News At A Glance - May 18, 2018
Friday, May 18 2018
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Accounting for Age: The Financial Health of Millennials

Millennials and Generation X were the youngest working generations in 2016 and 2001, respectively. How do their balance sheets compare? Because of fewer assets and more debt, millennial households had an average net worth of about $90,000 in 2016 versus $130,000 for Generation X households in 2001.

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Household Debt Continues Its Increase in the First Quarter of 2018

The CMD’s latest Quarterly Report on Household Debt and Credit reveals that total household debt reached a new peak in the first quarter of 2018, rising $63 billion to reach $13.21 trillion. Balances climbed 0.6 percent on mortgages, 0.7 percent on auto loans, and 2.1 percent on student loans this past quarter, while they declined by 2.3 percent on credit cards.

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Time runs out for Congress to upend payday lending rule

Resolutions in both the Senate and House sought to kill the so-called payday rule, which aims to make sure consumers can afford to pay back these short-term, high-cost loans. In January, the Consumer Financial Protection Bureau said it plans to revisit the rule, whose compliance date is August 2019.

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FCC Chairman Accepts Working Group’s Recommendations for Call Authentication

Federal Communications Commission Chairman Ajit Pai has accepted recommendations for an industry-developed call authentication system intended to stop the use of Caller ID spoofing from the North American Numbering Council (NANC.)

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Attorney General Becerra: We Will Keep Fighting to Protect Retirees Against Financial Advisors Who Put Financial Gain Before Their Client’s Best Interests

SACRAMENTO – In order to continue defending crucial regulations that require retirement investment advisors to put the interests of their clients above their own financial gain, California Attorney General Xavier Becerra, joined by the Attorneys General of New York and Oregon, has asked the Fifth Circuit Court of Appeals to reconsider its decision denying the States’ motion to intervene. The Obama-era regulations, known collectively as the Fiduciary Rule, enshrined into federal law commonsense standards for professionals who give investment advice to people saving for retirement.

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Organizations offer bureau enforcement process feedback

A trio of organizations recently weighed in on the Bureau of Consumer Financial Protection’s (CFB) request for information on the efficiency of the Bureau’s enforcement of federal consumer financial laws. The Financial Services Roundtable (FSR), the Consumer Bankers Association (CBA), and the Consumer Mortgage Coalition (CMC) submitted comments regarding the CFB’s efficacy via joint correspondence.

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FTC Testimony Highlights Agency’s Work to Protect Consumers, Promote Competition

In testimony before the Senate Appropriations Subcommittee on Financial Services and General Government, the Federal Trade Commission described its work to protect consumers and promote competition through vigorous enforcement, education, advocacy, and policy work, and by anticipating and responding to changes in the marketplace.

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NAR: Acting Director Mulvaney, Panelists Discuss Future of the CFPB and Real Estate Regulatory Policy

WASHINGTON, May 15, 2018 /PRNewswire/ -- The Bureau of Consumer Financial Protection plans to eliminate regulation by enforcement and increase regulatory clarity, according to speakers at the Regulatory Issues Forum at the 2018 REALTORS® Legislative Meetings & Trade Expo. The high-profile session, keynoted by CFPB Acting Director Mick Mulvaney, focused on regulatory policy concerns important to the real estate industry. During his remarks, Mulvaney addressed the latest actions out of the CFPB, plans for improved efficiency and effectiveness of agency operations, and his perspectives on issues important to Realtors®.

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LendingTree, Inc. Announces Agreement to Acquire Ovation Credit Services

CHARLOTTE, N.C., May 11, 2018 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE) announced today that it has entered into a definitive agreement to acquire Ovation Credit Services, Inc., a leading provider of credit services with a strong customer service reputation. Ovation Credit Services utilizes a proprietary software application that facilitates the credit repair process and is integrated directly with certain credit bureaus while educating consumers on credit improvement via ongoing outreach with Ovation case advisors.

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PenFed Launches Major Sponsorship of Washington Nationals

TYSONS, Va., May 15, 2018 /PRNewswire/ -- PenFed Credit Union, the nation's second largest federal credit union, today announced it has signed a unique and expansive sponsorship deal with the Washington Nationals Major League Baseball team. The new three-year agreement will expand upon a previous sponsorship and will designate a new, special area as "PenFed Military Appreciation Section" at Nationals Park.

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One thing you can do to take control of the homebuying process and save on your new home—in any housing market

Homebuying season is in full swing. If you’re a homebuyer or prospective homebuyer, it can feel like a bit of a rollercoaster at times, especially in the current market of rising home prices and a low inventory of homes for sale. But, there’s one thing you can do to put yourself more in the driver’s seat—and it has the potential to save you real money on your home purchase: Shop for your mortgage.

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FTC Action Halts Deceptive Business Coaching Scheme

The Federal Trade Commission has charged two Utah individuals and their telemarketing operation with deceptively claiming their business coaching services can help consumers start home-based businesses that earn thousands of dollars a month.

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With this Public Notice, we seek comment on several issues related to interpretation and implementation of the Telephone Consumer Protection Act (TCPA),1 following the recent decision of the U.S. Court of Appeals for the District of Columbia in ACA International v. FCC.2

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Convoke Adds Complaints Management Feature to its Platform

ARLINGTON, Va., May 14, 2018 /PRNewswire/ -- Convoke, a leader in SaaS solutions for the debt collection market, today announced the most recent software update to its debt collections compliance and management hub. Each year, Convoke develops and releases several updates to its platform to support its clients' evolving needs. This latest major release includes the introduction of Convoke's consumer complaints management feature, and the expansion of its auto repossession functionality.

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CFPB: What to know if you are facing foreclosure after a natural disaster

Many people are still suffering the consequences of natural disasters. For example, in 2017 there was Hurricane María in Puerto Rico, Hurricane Harvey in Texas, Hurricane Irma in Florida, and the devastating wildfires in California. Even after immediate needs like shelter and food are met, financial hardships from a disaster can last for months and even years. It’s important for people to know the federal government programs and services available to them, especially housing-related assistance, as they work to rebuild.

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Cadence agrees to buy State Bank in $1.4 billion all-stock deal

Cadence Bancorp said on Sunday it had agreed to buy State Bank Financial in an all-stock deal valued at about $1.4 billion, signaling a potential rise in regional bank consolidation in the United States. The agreement, approved by the boards of both banks, will create an entity with $16 billion in assets and about 100 branches in Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas, the banks said in a press release.

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Attorney General Frosh Settles with Nationstar Mortgage LLC, the Largest Non-Bank Mortgage Servicer

BALTIMORE, MD (May 14, 2018) - Maryland Attorney General Brian E. Frosh announced today that his Consumer Protection Division and the Commissioner of Financial Regulation entered into settlement agreements with Nationstar Mortgage LLC to resolve allegations that it charged homeowners illegal inspection fees.

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CallMiner Eureka Named Best Speech Analytics Solution and a Top 10 Contact Center Technology

Waltham, MA, May 14, 2018 (GLOBE NEWSWIRE) -- CallMiner, the award-winning platform provider of speech and customer engagement analytics, announced today that Eureka 10, the post-contact interaction analytics suite, has been recognized as Best Speech Analytics Solution in the Top 10 Contact Centre Technologies of 2018. The awards, run annually by Call Centre Helper, recognize the best contact center technologies available globally. The Top 10 is created by customer votes, making these the most impartial of all the contact center technology awards. Eureka 10 was recognized for being intuitive and user-friendly with the intent of making customers more self-sufficient and less reliant on professional services to drive their own analytics success.

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Portfolios For Sale

$6,876,319 Credit Cards
BDO Financial LLC

(469) 337-1427

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$4,303,337.87 Auto Deficiencies
National Debt Holdings, LLC

(877) 277-5571

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$992,555.95 Payday Loans
Sea Side Management, LLC

(800) 917-7183

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Debt Buyer

Dyck-O’Neal, Inc.

(469) 930-1370

Debt Seller

North Star Acquisitions Group, Co

(678) 672-0109

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(919) 526-2968