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In data dispute with Capital One, Plaid stands alone
Plaid Technologies' public effort to blame Capital One after a security upgrade blocked the data aggregator from accessing customer data appears to have backfired. Other data aggregators have distanced themselves from the protest, noting they have been unaffected and even speaking out in defense of Capital One. “CapOne is a leading bank that is highly concerned about its customers’ data,” said Steve Smith, CEO of the data aggregator Finicity. “If they take steps to secure their customers’ data and other aggregators have continued access to that data, then you have to ask yourself what’s really going on there. Aggregators don’t use the same methodology across the board.”
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House Passes Hensarling’s ‘JOBS Act 3.0’
The full House on Tuesday night passed by a 406-4 vote the JOBS and Investor Confidence Act of 2018, also known as House Financial Services Committee Chairman Jeb Hensarling’s “JOBS Act 3.0,” which includes a package of 32 bills, some of which make changes to the Dodd-Frank law.
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Consumer Banking Watchdog Could Take Complaints Database Offline
Taxpayers have until midnight tonight to share concerns about an end to public access of a consumer banking complaint database -- the latest in a series of moves by the Trump Administration to dismantle the Consumer Financial Protection Bureau.
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AB 2825 Will Force Body Shops to Become Debt Collectors
If Assembly Bill 2825 (authored by Assembly member Reginald Byron Jones-Sawyer, Sr., Los Angeles) passes, auto repair shops, including collision repairers, will turn into debt collectors—a job that they’re not suited for, according to Jack Molodanof, head lobbyist for the California Autobody Association. Originally written to deal with towing companies, AB 2825 was amended on June 18 to include any company that repairs vehicles.
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NAFCU to BCFP: Credit unions have paramount interest in resolving member issues
WASHINGTON, DC (July 17, 2018) — National Association of Federally-Insured redit Unions (NAFCU) Regulatory Affairs Counsel Andrew Morris sent a letter to the Bureau of Consumer Financial Protection (BCFP) noting credit unions have a paramount interest in resolving member issues and requested the agency remove its subjective Consumer Complaint Database from its website. The letter is in response to the Bureau’s request for information (RFI) on processes related to collecting and responding to consumer complaints and inquiries.
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CREDIT UNIONS NEW REPORT: New Regs Open New Markets For Credit Unions
The credit union (CU) market has long argued that rules intended for larger, more traditional banks have unjustly been applied to their industry, stifling their growth and pace of innovation. However, recent changes in regulations could open new doors for the credit union market to more efficiently serve its members. The July/August Credit Union Tracker looks at how the credit union market is pushing back against regulation and pursuing new innovation strategies, how regulatory changes are creating opportunities for credit unions to expand into new markets, and how one credit union is stepping up to assist members displaced by a natural disaster.
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Credit Union to Provide $650,000 in Loan Relief and Cash Refunds to Hundreds of Massachusetts Consumers
BOSTON — A Tennessee-based credit union will discharge approximately $450,000 in education-related loan debt and will make available $200,000 in cash refunds to hundreds of affected Massachusetts students in connection with their purchases from The College Network Inc., Attorney General Maura Healey announced today.
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What is a Microloan and Where Can You Get One for Your Small Business?
Microloans are small loans which are issued to businesses by individuals opposed to credit unions or banks. The concept of microcredit originated in the developing world, as a means of helping people in smaller economics have the ability to launch their own business. Microlending subsequently took off around the world, and today, small business microloans are an effective way to lend entrepreneurs and small businesses in the U.S. with the funds they need to start and develop their business.
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Credit Union Group: Payday Lending Bill Raises Consumer Protection
Ohio: Credit unions are disagreeing with claims that they will directly benefit from a new bill that’s written to crack down on the payday lending industry. As the credit unions argue, they’re already operating from a different, tough set of rules. Payday lenders have claimed the Senate’s version of the payday lending crackdown would create an unlevel playing field. But Emily Leite with the Ohio Credit Union League says they’re exempted from the bill because they already work under a different section of code. Leite adds that strong consumer protections create a positive ripple effect.
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Mobile Lending Needs More Regulation, Says New York’s Department Of Financial Services
Online and mobile lending is a comparatively new phenomenon, so much so that rules surrounding said phenomenon are often either incomplete or straight-up nonexistent. Recently, New York’s Governor Andrew M. Cuomo directed the state’s Department of Financial Services (DFS) to study online lending in New York and bring back recommendations accordingly. Those recommendations recently came out, and the word is surprisingly reasonable. Essentially, the DFS found that online lenders should be subject to the same rules, regulations, and investigation that any normal bank would face, as noted by DFS superintendent Maria T. Vullo.
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Latest battle over California lending market: Should grocery stores offer large loans?
LOS ANGELES — Walk into a Northgate supermarket and, along with produce and pan dulce, you can walk out with a small loan from the store’s Prospera financial services stand. Those loans top out at $2,500. Now, a bill working its way through the state Legislature could boost that maximum to $7,500 — enough, the bill’s author said, to pay for an immigration lawyer or a funeral. The loans are marketed by Northgate but actually made by Insikt, a San Francisco firm that argues the change would help working families and small-time entrepreneurs while disrupting California’s increasingly expensive market for personal loans. Lenders commonly charge interest rates higher than 100 percent, while Insikt, if the bill passes, would be able to charge no more than 35 percent, plus fees.
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U.S. consumer watchdog fines debt collector, drops customer payouts
WASHINGTON, July 13 (Reuters) - U.S. consumer watchdog chief Mick Mulvaney ordered that a debt collector and its former chief executive be fined $800,000 for harassing customers, but he dropped $60 million in customer payouts that his Obama-era predecessor had sought, according to three people familiar with the decision.
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Bureau Settles With National Credit Adjusters, LLC and Bradley Hochstein
WASHINGTON, D.C. — Today the Bureau of Consumer Financial Protection (Bureau) announced a settlement with National Credit Adjusters, LLC (NCA), a privately-held company headquartered in Hutchinson, Kansas, and its former CEO and part-owner, Bradley Hochstein.
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Schuette Releases New Consumer Alert to Warn Residents About New Text Messaging Scams called “Smishing”
LANSING – Michigan Attorney General Bill Schuette announced his Consumer Protection team has released a new consumer alert on “Smishing.” Smishing is when a scammer sends text messages to consumers appearing to be from a trusted source. Smishing scams are like phishing scams for emails except they arrive as text messages. The scammer’s goal is for consumers to respond to the texts with personal information or to click on links that install malware.
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SKIP STRATEGIES AND SOLUTIONS SESSIONS – SEPTEMBER 5TH AT DCS2018
Are You Satisfied with your Skip Tracing Solutions and Strategies? Join us at the Skip Strategies and Solutions Session at DCS2018. Hear from the experts in this half-day special event with 4 Distinctly Different Skip Panels. Moderated by Mike Goins of TD Bank. A half-day of strategies and techniques from the expert creditor panels, and a Special Solutions Provider Hour – with 20 top solution providers: Hear the 3 minute elevator pitches from: Carfax, Central Research, Del Mar, DRN, Experian, Innovis, LexisNexis, LocateSmarter, masterQueue, Primeritus, RNN, TransUnion, VeriFacts.
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CFPB says the Education Department is obstructing its student loan lawsuit
(CNN)The Consumer Financial Protection Bureau says the Department of Education is blocking access to documents it needs for its lawsuit against Navient, one of the nation's biggest student loan servicers.
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BCFP is prioritizing supervision of credit bureaus
The Bureau of Consumer Financial Protection (BCFP) is prioritizing supervision over the credit reporting agencies, said a bureau representative during testimony Thursday before the Senate Banking Committee. NAFCU has stressed that the credit bureaus should be examined for data security compliance and held accountable when negligent.
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Bureau joins task force on market integrity and consumer fraud
Scammers are constantly finding new ways to steal money from their victims, and anyone can potentially be a target. The Bureau is part of a new Task Force on Market Integrity and Consumer Fraud, created by the President pursuant to an Executive Order. The Task Force will provide guidance for the investigation and prosecution of cases involving fraud on the government, the financial markets, and consumers, including cyber-fraud and other fraud targeting the elderly, service members, and veterans.
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Your license plate data from these 3 shopping centers can be shared with police, not ICE, says Irvine Co.
IRVINE — For nearly two years, the Irvine Co. has been quietly sharing information from automated license plate readers at three Orange County shopping centers with a surveillance technology vendor that sells data to Immigration & Customs Enforcement, raising privacy concerns from civil libertarians.
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As Senate examines credit bureaus, NAFCU stresses need for data security
Ahead of today's Senate Banking Committee hearing to examine credit bureaus and the Fair Credit Reporting Act (FCRA), NAFCU's Carrie Hunt wrote in support of "a strong, robust and secure credit bureau system." However, in the wake of the data breach at Equifax, Hunt stressed that the credit bureaus should be examined for data security compliance and held accountable when negligent.
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FTC Testifies Before Senate Banking Committee on Fair Credit Reporting Act
The Federal Trade Commission testified today before the Senate Banking, Housing and Urban Affairs Committee that enforcement of the Fair Credit Reporting Act (FCRA) remains a top priority, and outlined the agency’s efforts to educate consumers and businesses about the law’s requirements.
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DFS ISSUES ONLINE LENDING REPORT
Financial Services Superintendent Maria T. Vullo today announced the release of a report on online lenders. The report is the result of a bill signed by Governor Andrew M. Cuomo on June 1, 2017, requiring DFS to study online lending in New York State and submit a report of its findings. The bill requires that the report include, among other things, an analysis of online lenders operating in New York, including their methods of operations, lending practices, including interest rates and costs charged, the risks and benefits of the products offered by the online lenders, the primary differences with products offered by traditional lending institutions, and complaints and investigations relating to online lenders.
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Capital Collection Management LLC
(315) 256-9744
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Ms Financial Recovery Agency
(662) 614-3811
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ACA International
Omni Nashville Hotel
250 5th Ave S
Nashville , TN
July 23 -
25 ,
2018 (952) 926-6547
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Receivables Management Association International (RMA)
Cliff House Maine
591 Shore Rd
Cape Neddick , ME
July 31 -
August 02 ,
2018 (916) 482-2462
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Produced by Resource Management Services, Inc.
JW Marriott
Austin , TX
September 05 -
07 ,
2018 562-906-1101
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Auto Finance News
Wynn Las Vegas
3131 S Las Vegas Blvd
Las Vegas , NV
October 24 -
26 ,
2018 (212) 564-8972 Option 4
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LendIt Conference LLC.
Business Design Centre
52 Upper Street
Ilsington London , England
November 19 -
20 ,
2018 (646) 930-6366
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Resource Management Services, Inc.
10440 Pioneer Bl;vd. #2
Santa Fe Springs , CA
May 08 -
10 ,
2019 562-906-1101
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