At a glanceWednesday, August 08, 2018

Collection Induustry News At A Glance - August 8, 2018
Wednesday August 8, 2018
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Cybersecurity pros share countermeasures for protecting against insider threats

Active training via simulated phishing, progressive disciplinary measures, disabling hyperlinks and document execution from emails are among the suggestions. Several years back, Memorial Healthcare System in Florida was attacked from within. Two employees accessed the protected health information of more than 115,000 patients, stealing the patient data. That breach led Memorial to completely revamp its security procedures to guard against future insider threats. It still ended up paying a $5.5 million HIPAA settlement as a result of the breach.

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OSHA Plans to Propose Rule to Better Protect Personally Identifiable Information

The Department of Labor’s Occupational Safety and Health Administration (OSHA) plans to issue a Notice of Proposed Rulemaking (NPRM) to better protect personally identifiable information or data that could be re-identified with a particular individual by removing provisions of the "Improve Tracking of Workplace Injuries and Illnesses" rule.

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Toyota Financial Taps Insider as Next Chief Executive

A leadership change at Toyota Financial Services will have long-time executive Mark Templin take the reins as president and chief executive, the captive announced in a press release. Templin will serve as the successor to Mike Groff, who is set to retire at the end of the month. Templin first joined Toyota in 1990 and has served as chairman of the board of directors of Toyota Motor Credit Corp. since May 2016.

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BCFP Collaborates With Regulators Around The World To Create Global Financial Innovation Network

WASHINGTON, D.C. – The Bureau of Consumer Financial Protection (BCFP), working in collaboration with 11 financial regulators and related organizations, is announcing an initiative to create the Global Financial Innovation Network (GFIN).

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NAFCU pushes CFPB for more exceptions to payday lending rule

Back in October last year, the Consumer Financial Protection Bureau announced its new 1,690-page-long payday lending rule that included several exceptions for credit unions. The rule, while setting limits on payday lending, does provide several exceptions. The final rule exempts loans issued by credit unions in conformance with the National Credit Union Administration for payday alternative loans.

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Consumer protections hit snag on Beacon Hill

BOSTON — Gov. Charlie Baker has put the brakes on a measure to protect consumers' financial information from cyber breaches, saying the proposal shields too much information from courts and state agencies. Baker said he supports beefed-up consumer protections — which include requiring someone’s written consent to obtain their credit report — but the proposed changes could have "unintended consequences" for child support investigations and state agencies that rely on access to that information. Courts and agencies that are legally required to review credit information “should not be restricted” by a consent requirement, Baker wrote to lawmakers.

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Healthcare cybersecurity is in a rut, and hackers keep swinging

Tied down by staffing and budget issues, while the industry is still debating the best way to fix healthcare’s security woes, hackers are only getting smarter and continuing to shell the industry in full force. The number of breached patient records has declined from 100 million in 2015 to just 5 million in 2017, according to a recent Symantec report. But don’t take that at as good news: 10 percent more organizations reported a breach in 2017 than the previous year.

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FTC Seeks Greater Data Security, Privacy Authority

The Federal Trade Commission (FTC) is seeking more power to protect consumers and promote competition. In testimony before Congress, the FTC chair and the associate director for the Division of Privacy and Identity Protection discussed the agency’s enforcement efforts and assured lawmakers that data security and privacy remain top priorities for the agency.

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The dreaded IT audit: How to get through it and what to avoid

An IT audit can be a daunting prospect for businesses – but it doesn’t need to be that way. Do you know what's on your office computers? Perhaps more to the point, how do you know? Such questions might seem rather pointed, especially when they're being asked by a nitpicking professional such as an insurer or an accountant. But they're ones that you, as an IT manager, should be asking yourself – rather than waiting for circumstance to expose any gaps in your knowledge.

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Wells Fargo: Error contributed to hundreds of foreclosures

Wells Fargo says a company mistake contributed to hundreds of foreclosures because it miscalculated customers' eligibility for mortgage modifications. The bank said in a filing Friday the error caused about 625 customers to be denied, or not offered, loan modifications they otherwise qualified for. Foreclosures were completed in about 400 of the cases. The customers had been using federal programs that helped families at risk of losing homes. Spokesman Tom Goyda says there's no breakdown of where the foreclosures occurred.

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Court of Appeals Addresses Debt Collector License Requirements

Last year, the Maryland real estate industry was rocked by a trial court decision that found that the state’s debt collector statutes also applied to investors and statutory trusts that held mortgages. On Thursday, a Maryland Court of Appeals finally issued their decision, overruling the lower court and providing new guidance into the application of the Maryland Collection Agency Licensing Act (MCALA).

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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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Portfolios For Sale

$1,006,348 Payday Loans
Liberty Credit Management

(714) 865-0383

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$2,299,000 Payday Loans
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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