At a glanceFriday, June 08, 2018

Collection Industry News At A Glance - June 8, 2018
Friday June 8, 2018
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Mulvaney Terminates Proceeding that Sparked Debate on BCFP Constitutionality

The long-running case against mortgage lender PHH Corporation came to an end Thursday following a recommendation from attorneys on both sides seeking dismissal of the case that resulted in a landmark $109 million penalty under Richard Cordray, former Bureau of Consumer Financial Protection Director.

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Quarterly consumer credit trends: End-of-year credit card borrowing

This is part of a series of quarterly reports of consumer credit trends produced by the Bureau of Consumer Financial Protection using a longitudinal, nationally-representative sample of approximately five million de-identified credit records maintained by one of the three nationwide credit reporting companies. This third report analyzes how credit card borrowing patterns evolve during and after the annual peak in consumer spending in November and December each year.

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Mortgage Relief Defendant Banned from Debt Relief Business in Settlement with FTC

Benjamin R. Horton is banned from the debt relief business under a settlement with the Federal Trade Commission for his role in a mortgage relief scheme that falsely promised financially distressed homeowners foreclosure prevention and more affordable mortgage payments.

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Mulvaney guts consumer bureau’s advisory board

Consumer Financial Protection Bureau acting Director Mick Mulvaney has dismissed the members of the agency’s Consumer Advisory Board after drawing complaints that he had canceled two meetings with the panel with little notice. The decision is the latest in a series of moves Mulvaney has made in his six-month tenure to more closely align the bureau with business interests — a stark change from the hard-charging, pro-enforcement stance taken by his predecessor, Richard Cordray. Just last week, the CFPB joined a payday lenders association in a motion to stay litigation the group brought to challenge a 2013 rule reining in small-dollar lenders. Mulvaney said in January the agency would reconsider the rule.

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Ohio House Passes the Long-Delayed Payday Lending Overhaul

The Ohio House has passed a controversial payday-loan bill meant to close loopholes those lenders use to charge high interest rates. The vote occured as a reported probe into activities involving the former Speaker and payday lending lobbyists continues.

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You’re Fired: Mick Mulvaney Fires Entire CFPB Advisory Board

Acting director Mick Mulvaney has just fired the entire 25-member advisory board, which was starting to criticize the front office. Last night, Mulvaney told its members that they were being replaced. You’re fired, as Trump would say.

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NAFCU to House panel: CUs should be exempt from CFPB authority

NAFCU, ahead of a House Financial Services subcommittee hearing today on ways to improve transparency and accountability at the Bureau of Consumer Financial Protection, reiterated its opposition to the bureau's authority over credit unions out of concern for overregulation, and also encouraged lawmakers to support legislation to reform the bureau's leadership structure.

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Attorney General Becerra Calls on Trump Administration to Abandon Any Proposal to Shut Down Important Consumer Complaint Database

SACRAMENTO – California Attorney General Xavier Becerra joined a coalition of 14 Attorneys General in submitting a comment letter to the Consumer Financial Protection Bureau (CFPB) in support of preserving the CFPB’s public consumer complaint database. The database helps the public and law enforcement better understand which companies are receiving the most complaints and provides transparency as to actions taken against companies. The Attorneys General sent the letter following reports that the Trump Administration intends to shut down the database.

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FTC Sues to Stop Two Operations Responsible for Making Billions of Illegal Robocalls

The Federal Trade Commission has filed a complaint in federal district court seeking to stop two related operations and their principals who allegedly facilitated billions of illegal robocalls to consumers nationwide, pitching everything from auto warranties to home security systems and supposed debt-relief services.

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Phantom Debt Collectors Settle FTC Charges of Deceiving Consumers

A North Carolina debt collection operation, Lombardo, Daniels & Moss, and its principals, Dion Barron and Charles R. Montgomery III, will be banned from the debt collection business under settlements resolving Federal Trade Commission charges that they used false threats to get people to pay for debts they did not owe.

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NorState donates over $24,000 to ending hunger efforts

Aroostook County – NorState Federal Credit Union proudly supports local community food pantries through the efforts of the Maine credit unions’ Ending Hunger Campaign. Throughout the year, staff and volunteers of NorState participate in fundraising efforts that bring awareness to hunger in Maine, and work hard to raise much needed monies to be donated directly to local food pantries.

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Portfolios For Sale

$5,876,318 Credit Cards
BDO Financial LLC

(469) 337-1427

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$179,105,818 Medical
BDO Financial LLC

(469) 337-1427

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Industry Events

ACA International Convention & Expo 2018

ACA International

Omni Nashville Hotel 250 5th Ave S
Nashville , TN
July 23 - 25 , 2018

(952) 926-6547

National Association of Chapter 13 Trustees Annual Seminar

National Association of Chapter 13 Trustees

Fontainebleau Miami Beach 4441 Collins Ave,
Miami , FL
June 27 - 30 , 2018

(800) 445-8629

RMA’s Executive Summit

Receivables Management Association International (RMA)

Cliff House Maine 591 Shore Rd
Cape Neddick , ME
July 31 - August 02 , 2018

(916) 482-2462

Debt Connection Symposium & Expo 2018

Produced by Resource Management Services, Inc.

JW Marriott
Austin , TX
September 05 - 07 , 2018


Auto Finance Summit 2018

Auto Finance News

Wynn Las Vegas 3131 S Las Vegas Blvd
Las Vegas , NV
October 24 - 26 , 2018

(212) 564-8972 Option 4

LendIt Fintech Europe 2018

LendIt Conference LLC.

Business Design Centre 52 Upper Street
Ilsington London , England
November 19 - 20 , 2018

(646) 930-6366

Collection & Recovery Solutions 2019

Resource Management Services, Inc.

10440 Pioneer Bl;vd. #2
Santa Fe Springs , CA
May 08 - 10 , 2019



Resource Management Services, Inc.
PO Box 2587
Santa Fe Springs, CA 90670

(562) 906-1101