At a glanceFriday, August 03, 2018

Collection Industry News At A Glance - August 3, 2018
Friday August 3, 2018
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DCS2018 Adds Debt Settlement Round Table Session – Early Bird Rate Ends Today

Happy to Announce our newest Roundtable addition to Debt Connection Symposium & Expo 2018.  Carly Pennell from Marlette Funding, LLC will discuss the very timely Debt Settlement topic.  Roundtables are held Thursday, September 6th, from 3:30 p.m. to 5:00 p.m.  Three one-half hour sessions will be held, at round tables.  Join us for these small group discussions at DCS2018!  Check it out at

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Why GenX and Baby Boomers are the most cybersecure employees

While employees understand the concept of insider threats, the business security risk posed by accidental or negligent behavior continues to mount, according to a new report from ObserveIT.  Of the 1,000-plus full-time employees from organizations with more than 500 workers, 64% agreed that careless employees or contractors were the most common cause of insider threats. This directly corresponds with a recent Ponemon Institute report, which found negligent insider actions caused 64% of all insider threat incidents in the past year.

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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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Citizens Financial Group, Inc. Completes Previously Announced Franklin American Mortgage Company Transaction

Citizens Financial Group, Inc. today announced that its wholly-owned subsidiary, Citizens Bank, National Association (“CBNA”), has completed the acquisition of certain net assets of Franklin American Mortgage Company (“Franklin American Mortgage”), including a sizable mortgage servicing portfolio. Franklin American Mortgage Company is a highly-regarded national mortgage servicing and origination firm with a leading position among private, non-bank mortgage companies.

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Senate postpones vote for next CFPB director

The Senate Banking Committee was set to vote Thursday on the confirmation of the next director of the Consumer Financial Protection Bureau, but announced suddenly that it would postpone its vote.  The committee planned its vote for the nomination of Kathy Kraninger as the next director of the CFPB, along with other nomination votes. However, Wednesday night, the Banking Committee announced the postponement of its vote. The new date for the vote is still to be determined.

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Sen. Brown critical of online lender charter plan

Sen. Sherrod Brown (D-OH) recently expressed criticism over an administrative plan to grant national charters to online lenders. Brown, ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, said the effort effectively repeals state efforts to regulate or supervise predatory lending.

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REGULATION Bipartisan Policy Center Report Urges Small Business Financial Reforms

A new report by the Bipartisan Policy Center recommended several reforms that would help the U.S. financial system improve the ability of small businesses (SMBs) to get financing, driven in part by a decline in startup formation in recent decades.

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Wells Fargo to pay $2.09 billion fine in mortgage settlement

Wells Fargo has agreed to pay a $2.09 billion fine for issuing mortgage loans it knew contained incorrect income information, the Justice Department announced Wednesday.

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Bank regulator will now offer national approvals to financial tech firms

The Office of the Comptroller of the Currency (OCC) announced Tuesday that it would now consider bank charter applications from financial technology companies seeking approval to operate nationwide.

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Treasury calls for sweeping changes in fintech, end to payday-lending rule

The Treasury Department on Tuesday released its blueprint for regulating financial technology, a sweeping document that could influence policy in the emerging industry for years to come.  The recommendations include the endorsement of so-called regulatory sandboxes, which would allow companies to experiment with new services that push the boundaries of current law.

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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  to get that early bird rate!

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OCC Begins Accepting National Bank Charter Applications From Financial Technology Companies

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced it will begin accepting applications for national bank charters from nondepository financial technology (fintech) companies engaged in the business of banking.

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FTC Action Halts Phony Grants Operation

At the Federal Trade Commission’s request, a federal court has halted a telemarketing scheme that took at least $3 million from consumers, including elderly and disabled persons, who sought help with paying personal expenses, such as credit card debts, medical bills, and home repairs.

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Callers Beware: Direct Drop Voicemails Fall Within the Purview of TCPA Liability Says District Court

Direct drop voicemails – voicemails that hit your phone without it even ringing – are a hot topic these days. They were one of the main subjects of consumer complaints to the FCC in response to the May Public Notice seeking comment on the interpretation and implementation of the Telephone Consumer Protection Act (“TCPA”) on remand from the D.C. Circuit’s March ruling in ACA Int’l. Is a direct drop voicemail a “call” under the TCPA, as compared to a text message, which we know does constitute a call? While the FCC has yet to weigh in, in the first judicial opinion on the subject, a federal court in the Western District of Michigan found they were in Saunders v. Dyck O’Neal, 17-cv-335, 2018 U.S. Dist. LEXIS 121076 (W.D. Mich. July 16, 2018).

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Gov. John Kasich signs payday lending bill

COLUMBUS, Ohio - Gov. John Kasich signed a bill Monday that promises to save Ohio consumers millions in payday loan interest rates and fees.  House Bill 123 will go into effect in late October.  The Fairness in Lending Act will close a loophole that payday lenders have been using to skirt the state's 28 percent APR on loans. The Pew Charitable Trusts says Ohio's average rate is 591 percent, a figure the industry disputes.

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Treasury Releases Report on Nonbank Financials, Fintech, and Innovation

Washington –The U.S. Department of the Treasury today released a report identifying improvements to the regulatory landscape that will better support nonbank financial institutions, embrace financial technology, and foster innovation.

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SEC proposes rule changes to disclosure requirements for debt offerings

The Securities and Exchange Commission (SEC) proposed last week amendments to streamline the financial disclosure requirements for debt offerings for guarantors and issuers of guaranteed securities.  Specifically, the amendments are to Rules 3-10 and 3-16 of Regulation S-X. The idea is to focus disclosures on information that is material to investors, make them easier to understand and reduce the costs and burdens for registrants. The SEC says the amendments should encourage issuers to register debt offerings while providing investors with protections that are not present in unregistered offerings.

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Pennsylvania AG Files Loan Mod Fraud Lawsuit

Pennsylvania Attorney General Josh Shapiro has filed a lawsuit against five mortgage foreclosure companies within the state and two company owners for loan modification fraud that resulted in some homeowners losing their properties.

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Experian Invests $28M In FinTech Lender C88

C88 Financial Technologies (C88) announced that it has received an over-subscribed $28 million in a Series C investment from Experian.  Other investors in the round include responsAbility Investments, DEG, InterVest, FengHe Fund Management, Pelago Capital and Fuchsia Venture Capital, as well as existing investors Monk’s Hill Ventures, Telstra Ventures, Kickstart Ventures and Kejora Ventures.  C88 operates Indonesia’s and Philippines’s — both are their respective country’s top financial marketplaces. 

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TCPA Update – Predictive Dialer Held Not To Be An ATDS

This Stroock Special Bulletin provides an update with respect to litigation involving the Telephone Consumer Protection Act (“TCPA”). Recently, a district court held that a predictive dialing system, a system commonly used and often the subject of TCPA litigation, does not fall within the scope of the TCPA.

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FCC Names Chief Economist

FCC chair Ajit Pai has named Babette Boliek FCC chief economist. Boliek is a law professor and the associate dean of faculty research at Pepperdine University School of Law. Boliek succeeds Jerry Ellig, who is heading back to academia. Her writings include several law journal articles challenging the FCC's 2015 Open Internet Order, which the Pai FCC has rolled back using some similar arguments.

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Local resident receives Navient’s quarterly leadership award

Presented by President and CEO Jack Remondi, the award is given to one company leader who demonstrates excellence in business, people, results and personal leadership. “Cathy is a well-respected manager and colleague who values opinions, challenges the status-quo and taps into employee strengths to make things happen,” said Remondi. Despite her 26-year tenure, Wotring never says, "That is how we've always done it.” Instead, she encourages her colleagues to engage in innovative thinking when considering the best solution.

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Will the CFPB Consumer Complaint Database Survive? Stakeholders Weigh In

The Dodd-Frank Wall Street Reform and Consumer Protection Act created the Bureau and required it to establish a database to collect and monitor complaints regarding consumer financial products and services. While Dodd-Frank does not specifically state that the complaints must be made public, former CFPB director Richard Cordray took the position that the database should be publicly available. Since 2011, more than one million complaints have been submitted

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Senators Urge FCC to Issue New TCPA Rules

Seven members of the Senate Commerce Committee — including Chairman John Thune (R-S.D.) — this week urged the Federal Communications Commission to issue new rules to ensure that consumers can receive important communications from their banks and other businesses.  The letter was submitted as the FCC considers issuing new Telephone Consumer Protection Act rules after a federal appellate court in March struck down two key aspects of the FCC’s prior rules.  “The FCC must make it more workable for legitimate businesses to stay in communication with consumers in a timely and effective manner,” the senators wrote. 

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What You Need to Know about GDPR and the 72-Hour Breach Notification

Most GDPR news stories over the past year highlighted the potential €20,000,000 fines and the new 72-hour breach notification requirement. Yes, those are provocative highlights that generate clicks and views, but they don’t provide much guidance for organizations, security compliance officers, and IT security professionals who need to develop a GDPR data breach response plan.  As stated in a previous blog (What GDPR Compliance means to the IT Security Professional), most of the GDPR concerns organizational measures related to processes, policy, and documentation—not IT Security. But certainly, we can agree that detecting breaches and promptly alerting authorities and individuals falls on the lap of the IT Security professional, right? Nope. Not exactly.

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Seven contenders to become next FHFA chief

WASHINGTON — If you want to predict the future for the mortgage giants Fannie Mae and Freddie Mac, you need to first start with who President Trump will nominate to serve as the next head of the Federal Housing Finance Agency.  The next director of the FHFA is still a mystery, but whoever succeeds current Director Mel Watt once his term ends in January will have a front-and-center role in efforts to reform the government-sponsored enterprises.

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Portfolios For Sale

$1,006,348 Payday Loans
Liberty Credit Management

(714) 865-0383

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$2,299,000 Payday Loans
Liberty Credit Management

(714) 865-0383

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High Mountain Collections LLC

(973) 304-1799

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Gateway Recovery Solutions LLC

(909) 550-0040

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High Mountain Funding Inc.

(973) 304-1799


DAKCS Software Systems

(800) 873-2527


Industry Events

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