Square quietly withdraws bank application

WASHINGTON — The payments processor Square confirmed Thursday that it has withdrawn its application to open a depository bank, although it plans to refile with a top regulator at a later date. The fintech startup first submitted its application to the Federal Deposit Insurance Corp. to create an industrial loan company last September. But Square no longer appears on a public list of pending new bank applications maintained by the agency.

Fed: Letting inflation run too hot could lead to ‘a significant economic downturn’

The Federal Reserve released the minutes for its June meeting on Thursday. Some members expressed “concern that a prolonged period in which the economy operated beyond potential could give rise to heightened inflationary pressures or to financial imbalances that could lead eventually to a significant economic downturn.” Fed business contacts “expressed concern about the possible adverse effects of tariffs and other proposed trade restrictions, both domestically and abroad, on future investment activity.”

TCPA’s Definition of Autodialer Restricted to Equipment’s Current Functions, Second Circuit Holds

In a significant opinion issued last week, the U.S. Court of Appeals for the Second Circuit held that the term "capacity," in the Telephone Consumer Protection Act's (TCPA) definition of "automatic telephone dialing system" (ATDS), is restricted to a device's current functions, absent any potential modifications to the device's hardware or software.

FLOCK LAUNCHES NEW SPECIALTY FINANCE LAB AT KENNESAW STATE UNIVERSITY

ATLANTA, GA – FLOCK Specialty Finance has partnered with Kennesaw State University to create a new research lab that will analyze and interpret traditional and alternative consumer borrowing data to improve customer experience in consumer credit financing and enhance risk modeling in the buying and selling of debt portfolios. 

Maintaining Compliance In A Market Of Bank-FinTech Tie-Ups

With competition heating up from the FinTech firms themselves, banks seek efficient, affordable ways to improve their services without having to entirely scrap decades of legacy infrastructure already in place. Partnerships end up a win-win: Banks remain competitive with leading-edge services while FinTech companies score market reach and the solid reputations of their bank partners. The inner workings of such a relationship are complex, not only as banks ensure that their FinTech partners’ solutions can integrate seamlessly into existing operations and infrastructure, but as banks face increasing regulatory pressures around data security.

Automotive Financing Market Is Set to Grow at a Remarkable Pace in the Coming Year

New York, NY -- (SBWIRE) -- 07/05/2018 -- The automotive financing market has already matured in the industrialized nations, but there are untapped opportunities in the developing countries, where the market has extremely low penetration, Vision gain has identified automotive financing as one of the largest markets for automotive companies and financing companies to exploit. Financing typically includes loans and leasing activities through various sources of finance such as banks, CLFCs, credit unions, and independent financial and leasing companies.  Automotive financing has become more competitive with an increase in the number of car showrooms and used-car outlets. Buyers have easy access to pre-approved credit from direct lenders. 

Russian search engine alerts Google to possible data problem

MOSCOW — Google said Thursday that its document writing tool Google Documents was secure even as Russian internet users discovered scores of files that appeared to be intended for private use.  The Russian internet company Yandex said in a statement that some users contacted the company Wednesday to say that its public search engine was yielding what looked like personal Google Documents files, suggesting there may have been a data breach.

Tennessee License Suspension For Unpaid Debts Ruled Unconstitutionally Unfair to Indigent

A federal judge in the Middle District of Tennessee has ruled that Tennessee’s practice of suspending a driving license to compel the collection of delinquent court debts is unconstitutionally unfair to poor people.  She has ordered Tennessee to stop and to start restoring the licenses of people who simply could not pay, but an appeal is likely. 

Non-banks are the future of banking

AustralianBroker - The future of banking is in the hands of non-banks, says specialist lender Liberty.   Non-banks, by nature, are “active, nimble, innovative and relevant”, allowing them to lead the competition, rather than be threatened by big banks.  Non-banks provide a variety of solutions such as home loans, car loans, personal loans and business loans, as well as custom lending for those that need it.  But as the financial world welcomes more and more technology, and increased regulation drives up costs, it leaves many to wonder how non-banks will respond to these changes.

Swiss Crypto Startups are Promised Full Access to Banking Services

Switzerland wants to become a “Crypto Nation,” but there is a problem: blockchain startups are mostly cut-off from traditional banking services as Swiss banks refuse to operate accounts for them, citing strict anti-money laundering rules and other procedures related to managing clients.  However, the situation may change for the better as Swiss policymakers promise that this fast-growing industry will have full access to banking services in the coming month. The Swiss Finance Ministry is working Swiss Bankers Association (SBA) to remove this major obstacle to the growth of the industry, the Financial Times reports.

New research report on student loan repayment and broader household borrowing

Student loans make up an increasing share of the debt held by borrowers around the country, particularly for younger borrowers. Our previous research has shown that borrowers vary greatly in their ability to pay off their loans, how quickly they can do so, and the potential hurdles they face. Today, we released a new Data Point report providing a closer look at borrowers’ use of credit as they approach and make their final student loan payments, and in the months that follow.

FTC Wins $5.2 Million Judgment against Defendants Who Tricked Consumers with Ads for Non-existent Rental Properties and ‘Free’ Credit Reports

A federal judge has ordered Credit Bureau Center, LLC and its owner, Michael Brown, to pay more than $5.2 million to return to consumers, to resolve FTC charges that they deceived people with fake rental property ads and deceptive promises of “free” credit reports, and then tricked them into enrolling into a costly monthly credit monitoring service.

Bureau of Consumer Financial Protection Issues Statement on the Implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act Amendments to the Home Mortgage Disclosure Act

WASHINGTON, D.C. — Today the Bureau of Consumer Financial Protection (Bureau) issued the following statement: On May 24, 2018, the President signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), a section of which amends the Home Mortgage Disclosure Act (HMDA). [1] The Act provides partial exemptions for some insured depository institutions and insured credit unions from certain HMDA requirements. [2] The partial exemptions are generally available to insured depository institutions and insured credit unions:

Synchrony closes on 10-figure deal with PayPal

Consumer financial-services firm Synchrony Financial announced Tuesday it had closed on the approximately $7 billion acquisition of online payments giant PayPal’s consumer credit portfolio.  With the deal, Synchrony and PayPal have extended their 14-year co-branded credit card program agreement. Stamford-based Synchrony will serve as the exclusive U.S issuer of PayPal Credit’s online consumer-financing program through 2028, advancing the company’s goal of becoming a major digital-payments player.

Digital debt collector AsiaCollect raises US$4.5m in funding

SINGAPORE - AsiaCollect, an AI-driven, digital debt collection startup that provides integrated credit management services (CMS) in South-east Asia, has raised about US$4.5 million (S$6.14 million) in funding, it said on Thursday (July 5).  The investment round was led by global technology investor SIG Asia Investments, with co-investor Dymon Asia Ventures, the venture capital arm of Singapore-based alternative investment manager, Dymon Asia Capital.   AsiaCollect aids bank and non-bank lenders recover their non-performing loans (NPLs) by reaching out to customers through automated SMSes, interactive voice recordings and predictive dialling systems.

Tech industry fights against euro-style California privacy law forcing websites to tell consumers what information it has on them

DAILY MAIL/UK - The tech industry is fighting back against a new California privacy law that requires websites to tell consumers what information has been collected on them. Tech giants including Google and Facebook have criticized the California Consumer Privacy Act, saying that it contains vague and confusing language that will invite unintended consequences when it goes into effect in 2020.    Under the law, also called AB375, all companies would be required to reveal exactly what data they have on a consumer and what they it for, should that consumer ask.

The dark web is a fraudster’s bargain-hunting paradise

That $1,000 in your checking account could be scooped out by someone else for a mere $90.  Here’s how little your precious information goes for, and steps you can take to protect your identity.  The building blocks for identify theft are for sale on the dark web, a hidden part of the internet that people access through special browsers such as Tor, I2p and Freenet.  Once there, scammers find their way to anonymous message boards, and markets for drugs, stolen financial data and other personal valuable information.

48% Say America Will Be Out of Cash by 2023

One in five Americans thinks their payments will be completely cash-free in their lifetime, according to a new study from GATE (Global Acceptance Transaction Engine) conducted with third-party research firm YouGov.  With Apple Pay, Google Pay, Venmo, Square, credit cards, Bitcoin and many other options to pay digitally, a cashless society can seem imminent. More surprising is that 48% or roughly half of those people think it would happen in the next five years.

Primeritus Financial Services Acquires Capital Recovery Group, LLC; Name Changes to Find Track Locate, Inc.

We are very selective when considering potential acquisition targets, evaluating many different aspects of the company," said Scott Peters, President, and CEO of Primeritus. "We were very impressed when we talked to the team at CRG and knew right away that this would be a great addition to the Primeritus Family of Companies."

TCPA Behind the Numbers: Overall TCPA Filings are Down, But is that the Whole Story?

TCPA filings are down significantly YTD for the second year in a row. So why doesn’t it feel that way? Read on to learn our theory below.  First, the numbers. According to data available from Webrecon.com–which notably departs quite a bit from our daily counts–   TCPA filings through the end of May, 2018 are down a whopping 17.7% with 1,696 cases filed so far this year compared to 2,062 cases through May 2017. That sounds pretty good.

The GDPR introduces new notification rules for personal data breaches: What you need to know

Credit union serving LMPD officers shut down, liquidated during federal fraud investigation

LOUISVILLE, KY (WAVE) - The Louisville Metro Police Officers Credit Union has been shut down amidst a federal fraud investigation. All $20 million in assets were liquidated by the National Credit Union Administration (NCUA). The 3,349 members of the credit union are now members of the Commonwealth Credit Union, which also took over all shares, loans, and other assets. Members shouldn't experience any pause in their bank service.

The $6.3 trillion debt binge: American companies have never owed this much

US companies, encouraged by a decade of unbelievably low borrowing costs, are sitting on $6.3 trillion of debt, according to S&P Global Ratings. That sum, which excludes banks, is more than before the Great Recession — or any other time in history. Companies have used that debt to invest in the future, make splashy acquisitions and reward shareholders with a bonanza of stock buybacks.

Australia: ‘It’s a mess’: credit ratings lottery revealed

The national system to determine personal credit scores is a "mess", with consumers potentially being denied loans or charged wildly different rates based on which credit agency the lender uses.  Lenders seeking information about a borrower's creditworthiness can go to one of four main credit agencies in Australia: Equifax, Experian, Dun & Bradstreet or Tasmanian Collection Service in Tasmania. But consumers’ credit scores vary enormously depending on which credit agency the lender uses, according to data obtained exclusively for Fairfax Media.

$3,098,413.85 Consumer Loans

Argonaut Financial, LLC

(951) 239-1261

$12,199,685.93 Credit Cards

BAL Financial LLC

(617) 595-5794

Equality Debt Solutions Corp.

(866) 893-0644

Argonaut Financial, LLC

(951) 239-1261

ACA International Convention & Expo 2018

ACA International

RMA’s Executive Summit

Receivables Management Association International (RMA)

Debt Connection Symposium & Expo 2018

Produced by Resource Management Services, Inc.

Auto Finance Summit 2018

Auto Finance News

LendIt Fintech Europe 2018

LendIt Conference LLC.

Collection & Recovery Solutions 2019

Resource Management Services, Inc.