U.S. Department of Education Takes Action to Protect Student Borrowers, Hold Higher Education Institutions Accountable for Deceptive Practices

WASHINGTON—The U.S. Department of Education today proposed a new package of higher education regulations aimed at protecting student borrowers, holding higher education institutions accountable for misrepresentation and fraud and providing financial protections to taxpayers by at-risk institutions. The Institutional Accountability regulations, which were published on the Department's website today, come after months of public hearings and negotiated rulemaking that engaged a wide variety of higher education stakeholders.

DCS2018 Early Bird Rate Ends August 3!

Debt Connection Symposium and Expo 2018 will be held on September 5 – 7, 2018 at the JW Marriott Austin in Austin, Texas.

There is an early bird rate of $1,295 that will end on Friday, August 3, 2018, and on August 4, the rate goes up to $1,395. Register today at
www.debtconnectionsymposium.com to get that early bird rate!

KG Hawes and TCN Partner to Deliver the Full Spectrum of Contact Center Solutions

SPRINGFIELD, Ore. and ST. GEORGE, Utah, July 23, 2018 /PRNewswire-PRWeb/ -- KG Hawes, a technology company specializing in customized software and support services for call centers and financial services, including the VoizTrail® Communication and Compliance Suite, and TCN Inc., a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs and collection agencies worldwide, today announced the formation of their strategic partnership to provide a streamlined, one-step communication solution.

What Ohio’s new payday lending law might mean for your loan

COLUMBUS - One in every 10 Ohioans – roughly 1 million people – have taken out a payday loan at some point. How those loans are doled out and repaid could soon change dramatically. Ohio lawmakers sent a slew of changes to Ohio's payday loans to Gov. John Kasich Tuesday with a 61-24 vote. Proponents of the overhaul say it could become a model for the nation. Opponents fear it will drive payday lenders out of business, leaving customers who already have poor credit with few options.

COMPLIANCE, COLLECTIONS, EFFECTIVENESS ARE ALL PART OF THE AGENDA AT DCS2018

You won’t want to miss Ken Evancic at the last session Friday, September 7 morning – explaining increasing collection results with his proprietary BUMP Collection model. Register online now at: https://lnkd.in/gbxuYWV Also – don’t miss peer groups – Auto Finance Peer Group, Credit Union Peer Group, Millennial Peer Group – check the website at http://www.dcs2018.com for the full schedule.

Deal Struck To Protest Consumers Hurt By Data Breaches

A compromise bill filed Tuesday by a House-Senate conference committee would afford Massachusetts residents a year and a half of free credit monitoring services if their personal data and Social Security number are compromised by a data security breach

National Credit Adjusters settles allegations of unlawful debt collection

WASHINGTON (Legal Newsline) — National Credit Adjusters LLC (NCA) has reached a settlement with the Consumer Financial Protection Bureau (CFPB) over allegations it violated the Consumer Financial Protection Act and the Fair Debt Collection Practices Act. Kansas-based NCA and its former CEO and part owner Bradley Hochstein allegedly used a network of debt collection companies that practiced unlawful debt collection acts, according to the CFPB.

New cybersecurity requirements challenge New York state’s insurers

Carriers that write policies in New York state are facing a key deadline to comply with the state’s strict new cybersecurity requirements.
The regulations, known as 23 NYCRR 500, were originally issued by New York’s Department of Financial Services in March of 2017, but to give institutions time to comply with the new rules, they are being phased in over a two-year period. The next in a series of deadlines is on September 3, when a large and near final set of requirements is due to take effect.

Alliant Credit Union Allocates Nearly Twice as Much On Technology as Banks of the Same Size

Alliant Credit Union’s budget allocation for technology is almost twice as high as the average bank of the same size. Most banks won’t readily share exactly what they spend on innovation, but Alliant Credit Union has offered up that 15% of their expense base is allocated to technology. Although credit unions aren’t required to publicly file quarterly earnings like banks, Alliant told Bank Innovation that their expenses are approximately $150 million a year. At 15% a year the average spend would be around $22.5 million a year.

SmartMetric, Report Reveals More Than 32% of Americans Affected by Credit Card Fraud While United States ID Theft Cost More Than $17 Billion

NEW YORK, July 23, 2018 (GLOBE NEWSWIRE) -- SmartMetric, Inc. (OTCQB:SMME) – According to Javelin Strategy, the number of identity theft victims in the US rose to 16.7 million in 2017. The cost of all of that lost data amounts to over $17 billion.*

First Ringless Voicemail Message TCPA Decision Sides With Plaintiff

A federal judge in Michigan is the first to declare in a published dispositive opinion that a ringless voicemail message (RVM) is a “call” regulated by the Telephone Consumer Protection Act (TCPA). In an opinion issued on July 16, 2018, in Saunders v. Dyck O’Neal, U.S. District Judge Gordon J. Quist of the U.S. District Court, Western District, Michigan, noted Congress’ broad descriptor “any” in prohibiting “any call,” and noted that the Federal Communications Commission (FCC) and the Supreme Court have generally construed the TCPA broadly in ruling that new and emerging telephone technologies are governed by the TCPA, including voicemail messages, text messages and email-initiated text messages.

‘Big Red Flag’: Automakers’ Trade Secrets Exposed in Data Leak

Automakers like Tesla, Toyota and Volkswagen go to great lengths to keep their technical information confidential. Details about assembly line machinery and proprietary robotics are among the industry’s most closely guarded trade secrets. But this month, a security researcher came across tens of thousands of sensitive corporate documents — including many from nearly all of the largest auto manufacturers — on the open internet, unprotected. The trove included material from more than 100 companies that had interacted with a small Canadian company, Level One Robotics and Controls.

WebRecon Stats for June 2018: Summer Slump?

Everything was down in June. FDCPA, FCRA and TCPA (-2.4%, -26.6% and -20.9%, respectively) and CFPB complaints (-11.4%) all plummeted from what had been a strong May for all categories (except CFPB complaints, which were down a hair from April, -.8%)

Payment and lending fintechs gearing up for OCC’s “fintech charter” decision

WASHINGTON -- When Manu Smadja and his partner founded financial technology startup Mpower Financing in 2014, the online lender was only licensed to operate in Washington, D.C., New York and Massachusetts. Like many other nonbank loan originators that aspire to expand their businesses, Mpower wanted to expand but was stymied by the need to apply for licenses in each state in their expansion plan. Mpower, which provides loans to foreign students at U.S. universities, is one of a growing number of financial technology firms that use technology to improve their financial services. Because such firms don’t qualify for national bank charters, they must get charters at the state level.

CFPB to create regulatory sandbox for fintech startups

The US Bureau of Consumer Financial Protection has appointed lawyer Paul Watkins to lead the agency's new office of innovation, with a brief to develop a regulatory sandbox to help fintech startups bypass red tape. The US consumer protection agency is charged with identifying and addressing outdated, unnecessary, or unduly burdensome regulations in consumer finance markets. An initiative sponsored by acting director Mick Mulvaney, the new innovation office has been created to promote competition and consumer access within financial services

Navient Foundation gives $10,000 grant to support college completion programs at University of Delaware

WILMINGTON, Del., July 23, 2018 (GLOBE NEWSWIRE) -- This summer, incoming freshmen enrolled in the University of Delaware’s NUCLEUS Program will take steps to prepare for life and academic success at the university. The Navient Foundation, the company’s philanthropic fund, contributed $10,000 to the program to help cover costs like tuition, fees and books.

How Kathy Kraninger plans to run the Consumer Financial Protection Bureau

Kathy Kraninger, the president's nominee to head the main federal agency tasked with protecting consumers from financial abuse, failed to sway Democrats after a three-hour hearing before the Senate Banking Committee. Under questioning from lawmakers, Kraninger resisted being drawn out on how she planned to run the Consumer Financial Protection Bureau (redubbed the Bureau of Consumer Financial Protection by the Trump administration). Kraninger said in her opening statement that she would strive for transparency and fairness in leading the agency, which since its founding in 2010 has become a symbol of the partisan political divide on government regulation.

Bureau of Consumer Financial Protection Settles With TCF National Bank

WASHINGTON, D.C. — Today the Bureau of Consumer Financial Protection (Bureau) filed in federal district court a proposed settlement with TCF National Bank regarding its marketing and sale of overdraft services. TCF National Bank is headquartered in Wayzata, Minn., and operates approximately 318 retail branches across Minnesota, Wisconsin, Illinois, Michigan, Colorado, Arizona, and South Dakota.

Identity Thieves Still Successful Despite Credit Freezes

Credit freezes are one of the most powerful tools you have against fraudulent use of your identity. Unlike a fraud alert, which just requires that creditors take reasonable steps to verify your identity when a credit request is made in your name, a credit freeze stops creditors from accessing your report at all. If a creditor can't access your file, they're unlikely to extend credit to you. You must freeze your credit file with each of the three major credit bureaus (Equifax, Experian, and TransUnion) individually. Each bureau will give you a PIN to use for future thawing and re-freezing of your credit. You may want to also freeze your credit at the lesser-known credit bureau Innovis, as it's still a potential avenue for enterprising thieves to get your info.

Governor Larry Hogan Announces College Affordability & Student Debt Relief Initiatives

ANNAPOLIS, MD – Governor Larry Hogan today announced a comprehensive series of initiatives to make a college education more affordable and provide relief to Marylanders burdened by student debt. Governor Hogan made the announcement at the Universities at Shady Grove campus in Rockville, Md.

House passes reg relief for credit unions

In a Thursday vote, the House approved H.R. 6147, the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019. CUNA supports the legislation as it continues to build upon CUNA’s Campaign for Common-Sense Regulation. The bill would delay the effective date of National Credit Union Administration's (NCUA) risk-based capital rule to January 2021 and provide funding for the Treasury's Community Development Financial Institutions (CDFI) Fund, which is used for grants and awards to foster growth, achieve sustainability and revitalize communities.

White Papers Arizona’s Top Cop Talks Tech: Arizona AG Mark Brnovich on Technology, Law Enforcement and the Growing Challenge Posed by Rampant Cybercrime

Back in the early-1990s, when Arizona Attorney General Mark Brnovich started his legal career, the internet barely existed, no one knew what a “web page” was, phones were not smart, and people could not commit many crimes using a computer keyboard. Times have changed. And now, as Arizona AG and chairman of the Conference of Western Attorneys General (CWAG), Brnovich is in a perfect position to analyze and comment upon the many ways in which technology has impacted the job of Attorneys General everywhere. Among Brnovich’s top concerns these days is figuring out how to combat the escalating scourge of cybercrime while also respecting people’s right to privacy in the digital realm. As AG, Brnovich is also mindful that government overreach can stifle business innovation, so he tries to use his office to create a level playing field for all.

Bureau of Consumer Financial Protection Settles with Triton Management Group

WASHINGTON, D.C. — The Bureau of Consumer Financial Protection (Bureau) today announced a settlement with Triton Management Group, Inc., a small-dollar lender that operates in Alabama, Mississippi, and South Carolina under several names including "Always Money" and "Quik Pawn Shop."

Hyundai debuts digital showroom on Amazon.com

FOUNTAIN VALLEY, Calif. - In April, Amazon made a move to allow owners of certain General Motors and Volvo vehicles to have packages delivered inside their vehicles. Its move Wednesday could deliver ready-to-buy shoppers to Hyundai dealership lots. Hyundai has launched a digital showroom on Amazon.com that lets consumers check out pricing and reviews, set up test drives, view dealer inventories and utilize other Shopper Assurance perks. All this can be done directly through Amazon Vehicles. “This collaboration with Amazon provides customers with the ability to learn about Hyundai vehicles in a way that matches their expectations for nearly every other type of purchase,” said Tim Maxwell, Hyundai Motor America’s senior group manager for digital marketing, in a news release.

U.S. Bank Looks to Impact One Million People This Summer Through Community Possible Work Hard/Play Hard Initiatives

MINNEAPOLIS--(BUSINESS WIRE)--Jul. 19, 2018-- This summer, U.S. Bank and its 74,000 employees are making work and play possible for one million people by helping young people learn how to start their own businesses, refurbishing play spaces and providing $6 million in Play grants to nonprofit organizations across the country (Work grants to be announced this fall). It’s part of U.S. Bank’s corporate social responsibility work focused on economic development, which comes to life through Community Possible, the company’s giving and engagement platform that closes the gap between people and possibility in the areas of Work, Home and Play.

Check your mailbox: Veterans with severe disabilities and student loans should keep an eye out for this

The Departments of Education and Veterans Affairs (VA) have teamed up to notify veterans with severe disabilities that they may be eligible to have their federal student loans discharged tax-free.

Fed plans quick action to give regulatory relief for regional banks

Federal Reserve officials are planning to move quickly to ease regulatory burdens on regional banks by implementing the bipartisan legislation signed by President Trump in May. The law gives regulators an 18-month deadline for putting the regulatory relief measures in place, but “we can and will move much more rapidly than this,” Fed Vice Chairman for Supervision Randal Quarles said Wednesday in a speech at an American Bankers Association event in Salt Lake City. The law eases a number of regulations that apply to regional banks — banks that are larger in size than community banks, but much smaller and less complex than Wall Street megabanks like JPMorgan Chase and Goldman Sachs.

FTC and States Combat Fraudulent Charities That Falsely Claim to Help Veterans and Servicemembers

The Federal Trade Commission, along with law enforcement officials and charity regulators from 70 offices in every state, the District of Columbia, American Samoa, Guam and Puerto Rico, announced more than 100 actions and a consumer education initiative in “Operation Donate with Honor,” a crackdown on fraudulent charities that con consumers by falsely promising their donations will help veterans and servicemembers.

Should banks let people buy bitcoin with credit cards?

The fintech startup Abra's decision to let customers use credit cards to buy cryptocurrency — a move at odds with recent actions by Bank of America, JPMorgan Chase, Citigroup, Capital One and Discover — is again raising the question of whether the practice is too risky for financial institutions to allow. The big banks made their move in February after a precipitous drop in the value of bitcoin, Ethereum, Ripple and Bitcoin Cash, worried that crypto buyers, some of them highly leveraged, would buy high and balk when the credit card bill came due and their currency was worth far less than its purchase price.

Georgia Credit Unions Reaching More People, Lending More Money

ATLANTA, July 18, 2018 /PRNewswire/ -- As more Georgia consumers take advantage of the service-driven culture of credit unions, credit unions are experiencing significant and consistent loan growth.

CFPB advisory board 2.0: Far fewer members

Just as Mick Mulvaney fired members of a board that advises the Consumer Financial Protection Bureau on consumer issues last month, the agency's acting director was also taking steps to re-form the panel with less than a quarter of its sitting members. On June 5, Mulvaney signed an amended charter to reconstitute the consumer advisory board with only six members, according to a copy of the charter obtained by American Banker. A day later, the board's 25 volunteer members were fired along with roughly 35 members of two other advisory boards. The board's new amended charter states that the board "will have no formal decision-making role and no access to confidential supervisory or other confidential information."

Bureau of Consumer Financial Protection Announces Director for the Office of Innovation

WASHINGTON, D.C. — Bureau of Consumer Financial Protection (Bureau) Acting Director Mick Mulvaney today announced he has selected Paul Watkins to lead the Bureau’s new Office of Innovation.

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.

Thousands of U.S. Voter Personal Records Leaked by Robocall Firm

Researchers have discovered yet another misconfigured repository bucket – this time leaking the information of U.S. voters. The information was exposed on a public Amazon S3 bucket by a Virginia-based political campaign and robocalling company called Robocent.

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.”

ACCOUNT CONTROL TECHNOLOGY FOUNDATION ANNOUNCES 2018 SCHOLARSHIP RECIPIENTS

Twenty-Five Students From Around the U.S. Received $1,000 Towards Their Education

WOODLAND HILLS, Calif. – July 18, 2018 –Account Control Technology Foundation (herein ACT Foundation), is honored to announce the 2018 recipients of the ACT Foundation scholarships. The two categories are: The ACT Foundation Second-Year Scholarship for first-year college students nationwide who will enroll as sophomores in the upcoming fall semester and the ACT Cares Community Scholarship allocated for graduating high school seniors from select communities surrounding Account Control Technology Holdings, Inc.’s (ACT Holdings) 18 office locations.