At a glanceFriday, June 29, 2018

Collection Industry News At A Glance - June 29, 2018
Friday June 29, 2018
This Week Newsletter:
Subscribe for Free - More Information - Advertising


Navient CEO on the California Attorney General lawsuit: Instead of filing lawsuits, here is what states should be doing to address the real issues in higher education and student debt

WILMINGTON, Del., June 28, 2018 (GLOBE NEWSWIRE) -- Jack Remondi, president and CEO of Navient (Nasdaq:NAVI), today issued the following statement on the lawsuit announced by the California Attorney General: The allegations are unfounded, and the lawsuit is another attempt to blame a single servicer for the failures of the higher education system and the federal student loan program to deliver desired outcomes.

Read More
Attorney General Becerra Charges Navient Corporation, Largest Student Loan Servicer, with Deceitful Practices and Debt-Collection Misconduct in Lawsuit

SACRAMENTO -- California Attorney General Xavier Becerra today announced that he will be filing a lawsuit this week against Navient Corporation (Navient) and its subsidiaries, Pioneer and General Revenue Corporation, for misconduct in the servicing and collection of federal student loans. Navient services approximately $300 billion in federal and private student loans held by 12 million borrowers. An estimated 1.5 million Navient borrowers live in California.

Read More

CALIFORNIA LAWMAKERS UNANIMOUSLY passed a new privacy bill on Thursday that would give residents of the state more control over the information businesses collect on them and impose new penalties on businesses that don’t comply. It is the first law of its kind in the United States.

Read More
Governor Cuomo Announces Action to Protect New Yorkers’ Private Information Held by Credit Reporting Companies

Governor Andrew M. Cuomo today announced that the Department of Financial Services has issued a final regulation to protect New Yorkers from the threat of data breaches at credit reporting agencies, such as the Equifax breach that exposed the personal private data of millions of New Yorkers. The new regulation, which incorporates comments received during a public comment period, requires credit reporting agencies with significant operations in New York to register with DFS for the first time and to comply with New York's first-in-the-nation cybersecurity standard.

Read More
Colorado Attorney General Cynthia Coffman Leads Bi-Partisan Effort to Preserve States’ Authority to Fight Abusive Lending Practices

DENVER- Colorado Attorney General Cynthia H. Coffman and Massachusetts Attorney General Maura Healey are leading a bi-partisan effort urging U.S. Congressional leadership to vote against HR 3299 (“Protecting Consumers’ Access to Credit Act of 2017”) and HR 4439 (“Modernizing Credit Opportunities Act”). The coalition of 20 attorneys general sent a letter to leadership in the U.S. Senate expressing their opposition to the proposed legislation which would invalidate the States’ ability to limit interest rates on payday and other high interest loans and undermine the State’s ability to enforce consumer protection laws.

Read More
FTC and Partners Kick off Military Consumer Month 2018

The Federal Trade Commission and its federal, state and local partners announced today that its month-long recognition of military consumers, Military Consumer Month, kicks off on July 1. This year, the agency and its partners will focus on the fight against imposter scams.

Read More
Exactis said to have exposed 340 million records, more than Equifax breach

If you're a US citizen, your personal information -- your phone number, home address, email address, even how many children you have -- may have just become easily available to hackers in an alleged massive data leak.
Florida-based marketing and data aggregation firm Exactis exposed a database containing nearly 340 million individual records on a publicly accessible server, Wired reported. Earlier this month, security researcher Vinny Troia found that nearly 2 terabytes of data was exposed, which seems to include personal information on hundreds of millions of US adults and millions of businesses, the report said.

Read More
Banks, Card Companies Seek Fraud Fix From Social Security Admin.

Cracking down on a growing and sophisticated form of credit card identity fraud could depend on something as simple as a database.
Digital access to the Social Security Administration’s record of valid Social Security numbers (SSNs) would help banks and credit card companies crack down on synthetic identity fraud, according to the industry. The schemes are a type of slow-burn fraud combining real and fake identity data, including SSNs, to simulate real people. The fraud overwhelmingly affects children who aren’t using their SSNs to apply for credit.

Read More
Equifax must boost security under agreement with states, including Maine

Credit reporting firm Equifax Inc. will be required to incorporate stronger data security measures after a breach last year that affected about 147.9 million Americans, according to a consent order reached with the firm and signed by regulators from eight states, including Maine.  In Maine alone, the personal information of more than 524,000 residents was breached.

Read More
8 personnel moves at Millennium Capital and Recovery

HUDSON, Ohio - Nationwide recovery management and skip tracing firm Millennium Capital and Recovery Corp. made a total of eight personnel moves this week as five executives ascended into new positions, and three managers joined the company.

Read More
House subcommittee reviews domestic, international implications of de-risking

The House Subcommittee on Financial Institutions and Consumer Credit recently examined the nuances of de-risking, which is the process of terminating relationships deemed high risk to minimize compliance risk exposure.

Read More
Robocalls hit an all-time high in May

Robocalls shattered a U.S. record in May, with more than 4 billion calls placed -- a 40 percent increase since January. Over a quarter of those calls were scams.  According to robocall-blocking software developer YouMail and its Robocall Index, the first place trophy for most scam calls placed goes to the Interest Rate Scam, a swindle that offers zero-percent interest rates to trusting consumers in exchange for their personal financial details.

Read More
Manhattan U.S. Attorney Announces Settlements With Two Native American Tribes Involved In Scott Tucker’s Payday Lending Scheme; Also Announces That More Than $500 Million In Forfeited Funds Will Be Returned To Victims Of The Scheme

Geoffrey S. Berman, the United States Attorney for the Southern District of New York, announced non-prosecution agreements (the “Agreements”) with tribal corporations controlled by two Native American tribes: the Modoc Tribe of Oklahoma and the Santee Sioux Tribe of Nebraska. As part of the Agreements, the tribal corporations agreed to forfeit, collectively, $3 million in proceeds from the illegal payday lending enterprise owned and operated by Scott Tucker. As part of the Agreements, the tribal corporations acknowledged, among other things, that Tucker used his agreements with the tribal corporations to evade state usury laws and that representatives of the tribes filed affidavits containing false statements in state enforcement actions against parts of Tucker’s payday lending enterprise.

Read More
A.G. Underwood Announces Joint Lawsuit With Federal Trade Commission To Shut Down Phantom Debt Collection Scheme

BUFFALO – Attorney General Barbara D. Underwood today announced a joint lawsuit with the Federal Trade Commission (FTC) to stop the collection and distribution of “phantom debts” that consumers do not actually owe. The complaint alleges that Hylan Asset Management, LLC and its owner Andrew Shaevel, and Worldwide Processing Group, LLC and its owner Frank Ungaro Jr. violated New York State’s fair debt collection statute and laws prohibiting deceptive acts and practices, as well as the FTC Act. It also alleges that certain defendants violated the Fair Debt Collection Practices Act. The lawsuit seeks to permanently stop this illegal conduct and to obtain money to provide refunds to consumers.

Read More

The Partners at Becket & Lee are proud to announce Alane Becket’s appointment as President-Elect of the American Bankruptcy Institute.  Alane was elected to the position at the ABI’s Annual Spring Meeting, which took place in Washington D.C. this past April.  Effective April 2019, Alane will transition to President.

Read More
California Lawmakers Advance Last-Minute Data Privacy Bill

SACRAMENTO, Calif. (AP) — California state senators advanced a last-minute internet privacy bill Tuesday ahead of a deadline while acknowledging it would need changes if it becomes law. The bill would let consumers ask companies what personal data they collect and opt out of having their data sold, among other privacy provisions.

Read More

NEW “ASK THE REGULATOR” SPEAKER ADDED FOR DCS2018 – SEPTEMBER 5-7, 2018.  Max Weinstein, Chief of the Consumer Protection Division in the Office of Massachusetts Attorney General Maura Healey will be joining our “Ask the Regulators” panel at the Debt Connection Symposium and Expo 2018 conference, at the JW Marriott Austin, in Austin, TX. 

Read More
Chaos atop CFPB could get worse after appeals court ruling

With leadership of the Consumer Financial Protection Bureau already facing plenty of uncertainty, a looming court decision could further upend the calculus of who runs the agency. The U.S. Court of Appeals for the D.C. Circuit has been deliberating since April on whether Mick Mulvaney can continue as acting CFPB director. The three-judge panel appeared skeptical of the claim by Leandra English, the chief of staff under former CFPB Director Richard Cordray, that she is the rightful acting director. But the judges also raised questions about Mulvaney's dual role running the bureau and the Office of Management and Budget.

Read More
Ohio payday lenders off hook — for now at least

COLUMBUS After sailing through the House, changes to Ohio’s payday lending business will have to wait until at least later this summer, maybe longer, to get a Senate vote. Senate Finance Committee Chairman Scott Oelslager said the panel would not vote on the measure either Tuesday or Wednesday. And with the Statehouse essentially shutting down for the summer so lawmakers can campaign for re-election, the bill will be put on hold — although Senate President Larry Obhof has said he could call the Senate back into session as early as July to consider the controversial proposal.

Read More
Statement by FTC Chairman Simons on DOJ’s Remitting more than $500 Million to FTC for Consumers Deceived in Payday Lending Scheme

Federal Trade Commission Chairman Joseph Simons issued the following statement regarding the Justice Department’s plan to remit more than $500 million to the FTC for consumers who were harmed by a massive payday lending scheme: "We are very pleased that the Justice Department was able to recover this money in connection with its criminal and civil cases, and that we can help by returning it to consumers,” Simons said.

Read More
New opinion – DEBRA ARMATA vs. TARGET CORPORATION & another.

New opinion - DEBRA ARMATA vs. TARGET CORPORATION & another. Massachusetts - See the most recent published opinions and unpublished decisions of the Supreme Judicial Court and the Appeals Court.  Read the opinion at this link

Read More
Democratic Senators Call on FCC to Establish Protections for Consumers from Unwanted, Harassing Robocalls

Washington (June 26, 2018) – Senator Edward J. Markey (D-Mass.), House author of the Telephone Consumer Protection Act (TCPA), today led a group of 14 Senators in calling for the Federal Communications Commission (FCC) to establish protections for consumers from unwanted and harassing robocalls and robotexts.

Read More
SJC rules to limit debt-collection robocalls

Creditors can not harass customers behind in their bill payments with prerecorded or hang-up calls more than twice in one week, even if the person they're trying to reach refuses to answer, the state's highest court ruled today.

Read More
New York imposes new consumer protection regulations on credit reporting agencies

New York announced today that it is requiring credit reporting agencies with significant operations in the state to register with its Department of Financial Services and comply with its cybersecurity standards, the first ever in the states.  The new regulation mandates annual reporting and provides the NYDFS superintendent with the authority to deny, suspend or revoke a consumer credit reporting agency’s authorization to do business in the state.

Read More
CFPB Supports Reconsideration Of Payday Rule

The Consumer Financial Protection Bureau (CFPB) has filed a response supporting reconsideration of the agency’s payday rule. According to The National Law Review, the motion requested that a Texas federal court reconsider its June 12 order that the effective date of the rules not be delayed.

Read More

LEGAL STRATEGIES SESSION ANNOUNCEMENT:  Legal Outsourcing: Best Practices in Building a Successful Legal Strategy.  Collections – Compliance – Effectiveness.  From building a legal strategy, to making it work effectively and compliantly, hear ideas and strategies that just may work in your organization. Learn the art and discipline of outsourcing legal. Hear about areas to watch out for, and to watch for.  Our extremely knowledgeable panel includes:  Manuel Newburger of Barron & Newburger, P.C., Brian Winn of Winn Law Group, David Snyder of Midland Credit Management, Inc. and Elisabeth Lovett of Wells Fargo Bank. 

Read More
FinTech Catches Regulatory Gaze In The US

Regulators turned their collective gaze toward FinTech firms this past week. Specifically, the Treasury Department is slated to release (sometime over the next few weeks) recommendations that would tie into regulating financial services. Those regulations would serve as a nod to the advantages of FinTech efforts and sandboxes that encourage innovation.

Read More
Google unveils new security, privacy features for Android

Google on Thursday rolled out new Google Account features for Android users designed to bolster security and make it easier for users to manage their privacy settings.

Read More
The Credit Union Peer Group to meet at Debt Connection Symposium & Expo 2018

The Credit Union Peer Group will meet at Debt Connection Symposium & Expo 2018, with a tie-in meeting on September 5th, from 3:00 p.m. to 4:30 p.m., moderated by Andrew Britton of Hughes Federal Credit Union.  

Read More
BillingTree acquires iPayX expanding Healthcare and B2B portfolio offerings

PHOENIX, June 21, 2018 /PRNewswire/ -- BillingTree®, the leading payment technology and services provider, today announced it has completed the integration of additional digital payment solutions into its suite following the acquisition of Toledo-based electronic payment firm, Internet Payment Exchange (iPayX). iPayX's XprsPay and CareView payment platforms are now fully supported BillingTree offerings aimed to help organizations in the B2B, and healthcare sectors to drive revenue through a flexible, easily manageable digital platform handling invoicing, bill presentment, customer communications and multi-channel payment acceptance.

Read More

Portfolios For Sale

$3,098,413.85 Consumer Loans
Read More
$283,726 Payday Loans
DSP Holdings, Inc., dba Debt Sales Partners

(330) 686-6700

Read More
$306,801 Payday Loans
DSP Holdings, Inc., dba Debt Sales Partners

(330) 686-6700

Read More
$497,289 Payday Loans
DSP Holdings, Inc., dba Debt Sales Partners

(330) 686-6700

Read More




One-Step Solution Services Inc

(716) 525-7189

   Debt Seller 


(850) 933-4139

Read More

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