U.S. Department of Education Moves Forward with Motion to Dismiss Case on Contract Cancellations

The U.S. Department of Education (DOE) is standing by its motion to dismiss a U.S. Court of Federal Claims case protesting contract awards for two student loan servicers, which were canceled in May 2018.

Segment of Population Using Alternative Loans May Perform Well on Traditional Credit Products

Two-thirds of consumers active in the alternative loan market fall in the subprime risk category, the riskiest of all credit tiers. Yet, a new TransUnion (NYSE: TRU) study found that many of these consumers perform well when opening traditional credit products such as credit cards, auto and personal loans.

Board Proposes Second Payday Alternative Loan Option, Seeks Comment on a Third

ALEXANDRIA, Va. (May 24, 2018) – The National Credit Union Administration Board held its fifth open meeting of 2018 at the agency’s headquarters today and unanimously approved two items: A notice of proposed rulemaking seeking comment on the agency’s proposal to provide federal credit unions with additional options for payday alternative loans. A final rule clarifying agency procedures for resolving severance claims arising from involuntary liquidations.

Supreme Judicial Court Announces Amendments to the Mass. Rules of Civil Procedure Regarding Credit Card Debts

BOSTON MA — The Justices of the Supreme Judicial Court today announced two new rules of civil procedure related to civil actions against individuals for money damages arising from credit card debt.

OCC gives banks green light to offer short-term loans

The Office of the Comptroller of the Currency (OCC) on Wednesday pushed U.S. banks to offer short-term loans to customers with troubled credit histories, a practice shunned by the regulator five years ago.

Bureau Acting Director Mulvaney Statement on the OCC Short-Term, Small-Dollar Lending Announcement

WASHINGTON, D.C. – Today, Bureau of Consumer Financial Protection (Bureau) Acting Director Mick Mulvaney issued the following statement in response to a bulletin from the Office of the Comptroller of the Currency (OCC) regarding short-term, small-dollar credit:

Banks are facing a new breed of competitor, BBVA chairman says

Francisco Gonzalez said that it is tech firms, both large and small, that the banking industry should be monitoring – and not other financial institutions. One of the biggest challenges for the banking system is adapting to the fast-changing tech world, with digital currencies and online banking taking center stage.

FTC Gives Final Approval to Settlement with PayPal Related to Allegations Involving its Venmo Peer-to-Peer Payment Service

The Federal Trade Commission has given final approval to a settlement with PayPal, Inc. over allegations that its Venmo peer-to-peer payment service misled consumers about their ability to transfer funds to external bank accounts and control the privacy of their Venmo transactions

FTC Action Halts Deceptive Robocalls Aimed at Small Business Owners

The Federal Trade Commission has charged a Florida-based scheme with deceiving small business owners by falsely claiming to represent Google, falsely threatening businesses with removal from Google search results, and falsely promising first-place or first-page placement in Google search results.

Transworld Systems Inc. Successfully Completes Recapitalization Transaction

LAKE FOREST, Ill., May 23, 2018 /PRNewswire/ -- Transworld Systems Inc. ("TSI" or the "Company") – the nation's leading analytics-driven provider of accounts receivable management, healthcare revenue cycle, and loan servicing solutions – completed a comprehensive financial restructuring of the Company's debt and equity on Tuesday, May 22nd, 2018.

Comptroller Urges Banks to Meet Consumers’ Short-Term, Small-Dollar Credit Needs

WASHINGTON — Comptroller of the Currency Joseph Otting today issued the following statement regarding the release of his agency’s bulletin encouraging national banks and federal savings associations to offer responsible short-term, small-dollar installment loans.

RNN Group Announces New General Counsel and Chief Compliance Officer

ATLANTA, May 23, 2018 /PRNewswire/ -- RNN Group, the leading provider of centralized verified asset procurement and monitoring solutions, today announced the newest member of the RNN Group, Jay Carter.

Mulvaney Vows to Enforce the Law Without Targeting Companies that Operate Legally

Bureau of Consumer Financial Protection Acting Director Mick Mulvaney on Tuesday told ACA International members that while the bureau is serious about enforcing the law and holding bad actors accountable, “we are not going after people who are not breaking the law.”

FDIC-Insured Institutions Report $56 Billion in Net Income in First Quarter 2018 Community Bank Net Income Increases to $6.1 Billion

“The banking industry reported another positive quarter. However, the interest-rate environment and competitive lending conditions continue to pose challenges for many institutions. The industry must manage risks carefully to continue to grow on a long-run, sustainable path.” -- FDIC Chairman Martin J. Gruenberg

Attorney General Becerra Slams Vote by House of Representatives to Repeal Parts of Dodd-Frank Act

SACRAMENTO – California Attorney General Xavier Becerra today issued the following statement in response to the 258-159 vote by the U.S. House of Representatives to repeal parts of the Dodd-Frank Act. The measure was passed by the U.S. Senate in March:

Comptroller of the Currency Congratulates House on Passage of Important Regulatory Reforms

WASHINGTON—Comptroller of the Currency Joseph M. Otting issued the following statement upon passage by the U.S. House of Representatives of Senate Bill 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act.”

Congress nears dismantling of post-crisis bank rules

WASHINGTON (AP) — Congress was taking a final step Tuesday toward dismantling a chunk of the rules framework for banks installed to prevent a recurrence of the 2008 financial crisis that brought millions of lost jobs and foreclosed homes.

REVSPRING WELCOMES ROBERT HORWITZ AS GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER

LIVONIA, Mich. (May 18, 2018) – Compliance serves as a foundational pillar in the progress and future offerings of RevSpring. As a result, we are pleased to announce the appointment of Rob Horwitz as General Counsel and Chief Compliance Officer. In this role, Horwitz is responsible for managing the company’s legal services and compliance functions including leading the company’s compliance and ethics program, which encompasses all regulatory requirements and other recognized compliance program elements.

Federal Court Imposes Sanctions Against Gary L. Klopp for Civil Contempt

BALTIMORE, MD (May 21, 2018) – Maryland Attorney General Brian E. Frosh announced today that United States District Judge Richard Bennett, as a sanction for civil contempt, ordered Gary L. Klopp to pay more than $525,000 and barred him from engaging in the mortgage industry for two years.

AG FERGUSON SUES COMPANY FOR SCAMMING FORECLOSED HOMEOWNERS

OLYMPIA — Attorney General Bob Ferguson filed a consumer protection lawsuit against Kirkland- and Portland-based Real Estate Investment Network, LLC (REIN), accusing the company of scamming foreclosed homeowners out of equity in the form of surplus funds from the sale. These surplus funds can amount to tens of thousands of dollars from each homeowner.

Statement of the Bureau of Consumer Financial Protection on enactment of S.J. Res. 57

Today the President signed into law a bipartisan Congressional resolution disapproving a rule that was in the form of guidance issued by the Bureau of Consumer Financial Protection (Bureau) about indirect auto lender compliance with the Equal Credit Opportunity Act (ECOA) and its implementing regulation.

Trump signs repeal of auto-loan policy that targeted racial bias

President Trump has repealed auto-lending guidance from the Consumer Financial Protection Bureau (CFPB), revoking a rule that was put in place to protect minority customers from predatory practices.

AG Paxton Reminds Texans of May 31 Deadline to Claim Western Union Refunds

Attorney General Ken Paxton today reminded Texans of the May 31 deadline to submit claims in a $586 million settlement with Western Union affecting consumers who were deceived into sending payments to scam artists using the company’s wire transfer service. As many as 39,000 Texans are eligible for refunds.

TransUnion Expands Healthcare Solutions with Agreement to Acquire Healthcare Payment Specialists

TransUnion (NYSE: TRU) is boosting its healthcare solutions with the purchase of Healthcare Payment Specialists (HPS), a leader in helping healthcare providers optimize Medicare reimbursement.

Student Loan Servicers Continue Opposition to U.S. Department of Education’s Contract Decisions

The U.S. Department of Education (DOE) is seeking to dismiss a U.S. Court of Federal Claims case protesting its contract awards for Performant Recovery Inc. and Windham Professionals Inc., now that it canceled those contracts effective May 7.

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