At a glanceFriday, August 10, 2018

Collection Industry News At A Glance - August 10, 2018
Friday August 10, 2018
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Bureau of Consumer Financial Protection Updates Regulation P To Implement Legislation Amending Gramm-Leach-Bliley Act

WASHINGTON, D.C. – The Bureau of Consumer Financial Protection (Bureau) today finalized amendments to implement legislation that allows financial institutions that meet certain requirements to be exempt from sending annual privacy notices to their customers.

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If you haven’t reserved your room at the JW Marriott Austin, you should do it now. The room block ends August 17, 2018 and rooms are going fast for the Debt Connection Symposium and Expo 2018 conference on September 5-7, 2018, in Austin, Texas.  The conference group room rate is $239.00. Reservations can be made online at or call: (512) 474-4777 and use reservations code: DCS2018.  Based on first come, first served. The hotel block is for registered DCS attendees only.

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California Privacy Bill’s Big Implications for US Businesses – Part II

We recently provided background on the new rules and obligations of the California Consumer Privacy Act of 2018 (Privacy Act), which was adopted on June 28, 2018 and will go into effect on January 1, 2020. The bill provides California citizens with new rights and protections, while also requiring new obligations for business in California and beyond.

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U.S. Department of Education Proposes Overhaul of Gainful Employment Regulations

WASHINGTON—The U.S. Department of Education today announced a Notice of Proposed Rulemaking (NPRM) that proposes to rescind Gainful Employment (GE) regulations in order to provide useful, transparent higher education data to students and treat all institutions of higher education fairly.

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Goldman Sachs Will Beat Out Fintechs To Champion The Consumer Lending Boom

Since the collapse of our economy under a decade ago, banks have gotten tighter with their lending. They no longer give out significant amounts of unsecured personal loans, many of which were considered subprime. While the banks became less likely to make these loans, this opened the door for other lenders to step in. Taking this role of providing highly lucrative, but highly risky loans, is the burgeoning fintech industry.

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As Auto Shopping Season Heats Up, it’s Clear that Some Consumers Refinance Their Loans within Days of Purchase

Late summer usually means big business for auto dealerships. In fact, TransUnion (NYSE: TRU) found that auto loan originations between 2015 and 2017 spiked 5.5% in the third quarter compared to the yearly quarterly average. A new analysis by the TransUnion auto business found that many consumers actually refinance their initial auto loans just a few days after securing them, often resulting in a lower monthly payment.

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BillingTree appoints Jason Hiland VP Sales and Business Development for ARM and Financial Services

Phoenix, Ariz. – August 9, 2018 BillingTree®, the leading payment technology provider, today announced Jason Hiland has been appointed Vice President of Sales and Business Development for ARM and Financial Services. In this newly created position he oversees sales operations and initiatives to expand electronic payment and technology adoption to a broader audience of Banks and Credit Unions of all sizes, Auto Financers and the Accounts Receivables Management (ARM) market.

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NAFCU at bureau today on fintech, importance of level playing field

NAFCU today will meet with the newly selected Bureau of Consumer Financial Protection's (formally the CFPB) Office of Innovation Director Paul Watkins for an introduction to the bureau's new office and its focus on helping fintech firms develop new products and services.

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Life’s a breach – the harsh cost of a data breach for professional services firms

Data breaches are an unavoidable fact of life for all organisations, including professional services firms. It’s not a matter of ‘if’ a firm might be breached, but ‘when’. The cyber threat to the global professional services sector is significant and the number of reported incidents has increased significantly over recent years. With data breaches on the rise, cyber security should be high on the agenda of all firms. The risks should not be underestimated.  Data breaches and phishing are among the most significant cyber threats to professional services firms.

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How to Improve the California Consumer Privacy Act of 2018

On June 28, California enacted the Consumer Privacy Act (A.B. 375), a well-intentioned but flawed new law that seeks to protect the data privacy of technology users and others by imposing new rules on companies that gather, use, and share personal data. There's a lot to like about the Act, but there is substantial room for improvement. Most significantly:

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Federal judge rules Wyoming ban on robocalls unconstitutional

A federal judge in Wyoming has deemed a state law against the use of automated phone calls – commonly known as “robocalls”— by political operatives as unconstitutional, capping off more than a year of litigation in federal court.  In a judgement handed down Monday in U.S. District Court in Cheyenne, Judge Alan Johnson ruled that Grand Rapids, Michigan-based polling firm Victory Processing LLC was justified by gathering information and polling by way of robocalling. Johnson concluded the state’s ban was “over inclusive” in that it “completely prohibits political speech through robocalls while allowing commercial speech under certain circumstances.”

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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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Debt Buyers Are Debt Collectors Too, Third Circuit Says

Judge Thomas Ambro opened the court's opinion in the spirit of the character Wimpy from the Popeye cartoon: "Many would gladly pay Tuesday for a hamburger today. Of course, not all of those who fall into debt make payments timely, and debt collection has become a professional trade."  Companies that purchase debts from debt collectors are debt collectors themselves, a federal appeals court has ruled, and are subject to enforcement of the Fair Debt Collection Practices Act.

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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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CFPB’s regulatory sandbox isn’t just about helping fintechs

The Consumer Financial Protection Bureau is moving quickly on a fintech sandbox to remove the regulatory cloud from new firms, but the effort is about more than just fostering innovation.  It's not just startups that need a testing ground, observers say. For it to be successful, a CFPB sandbox must also help the agency correct an obvious flaw: Fintech is moving forward without an adequate regulatory regime to monitor risks.

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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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Senate Dems propose new crackdown on overdraft fees

WASHINGTON — A major source of credit union revenue could take a hit from a new bill before Congress.  Two Democratic senators are introducing legislation that would ban overdraft fees on debit card transactions and ATM withdrawals.  The bill, sponsored by Sens. Cory Booker, D-N.J., and Sherrod Brown, D-Ohio, would also require financial institutions to post transactions in a manner that minimizes overdraft and insufficient fund fees.

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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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   Debt Buyer 

Mungo financial group

(888) 275-5411

Phillips & Cohen Associates, LTD.

(866) 347-8732

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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