NEW REGULATOR ROUNDTABLE ADDED FOR DCS2018 AND THE DCS2018 ROOM BLOCK ENDS TODAY!

Debt Connection Symposium and Expo is pleased to announce a new FCC roundtable session added to the schedule at the Debt Connection Symposium and Expo 2018 conference, at the JW Marriott Austin in Austin, TX.  Also, the DCS2018 room block ends today, so book your rooms now.   In addition to the “Ask the Regulators” session, Kristi Thompson of the Federal Communications Commission will host a roundtable for a face to face conversation about concerns or questions related to the TCPA and the FCC.

Big Data, Business Analytics Revenue to hit $260 Billion in 2022

SAN FRANCISCO: Worldwide revenues for Big Data and Business Analytics (BDA) solutions will reach $260 billion in 2022 with a compound annual growth rate (CAGR) of 11.9 per cent over the 2017-2022 period, according to a new forecast from International Data Corporation (IDC).   BDA revenues are expected to total $166 billion this year, an increase of 11.7 per cent over last year, showed the updated "Worldwide Semiannual Big Data and Analytics Spending Guide" from IDC on Wednesday.

The state of cybersecurity at small organizations

ESG recently completed a research survey of 400 cybersecurity and IT professionals working at small organizations (i.e. 50 to 499 employees) in North America. As you can imagine, these firms tend to have a small staff responsible for cybersecurity and IT, reporting to business management rather than CIOs or CISOs. (Note: I am an employee of ESG.)  How are these firms doing with cybersecurity? Not so good. 

FBI warns of potential ATM bank heist that could steal millions globally

The FBI has warned banks that ATMs will likely face a global attack by criminals in the “coming days.” The FBI was tipped off that these cybercriminals would hack payment card processors or banks and use ATMs all over the world to withdraw millions of dollars over the course of a few hours, as reported by cybersecurity blog Krebs on Security.  Krebs on Security says that the FBI shared a confidential alert with banks last Friday, stating, “The FBI has obtained unspecified reporting indicating cyber criminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days.

Soaring bankruptcy rates signal a ‘coming storm of broke elderly,’ study finds

Older Americans are filing for bankruptcy at more than double the rate of just 25 years ago, a sign of a "coming storm of broke elderly," a new study finds. The rate of people 65 and over filing for bankruptcy grew nearly 204 percent from 1991 to 2016, a study published by the Social Science Research Network found, and the percentage of seniors among all U.S. bankruptcy filers increased by nearly five times over the same period.

Banks Are Eyeing $1.5 Trillion in Credit Card Secrets

Few people can get inside your head—or at least the part of your brain that makes spending decisions—quite like Scott Grimes and Lynne Laube. The co-founders of Cardlytics Inc. deal in some of the most valuable and revealing personal data on the planet: how people use their debit and credit cards. They’re quietly helping some of the largest banks in the U.S. to mine what’s known in the trade as purchase data and use it to encourage customers to buy more things with their plastic.

Credit Card Debt Surges 7% in Q2 2018, Experian Reports

U.S. credit card balances grew 6.6 percent in the second quarter of 2018, compared to the same period in 2017, according to new Experian data. The total balances for credit cards increased to $782 billion in the second quarter, up from $734 billion in Q2 2017. South Dakota, North Carolina and Kentucky saw the greatest year-over-year growth in the first quarter in the number of new credit card accounts. Every state saw the number of new credit card account grow in the second quarter of 2018, compared to last year.

CBCInnovis® Announces Credit Integration with Laser Credit Access®

CBCInnovis, a leading provider of mortgage credit and data verification services to the mortgage lending industry, today announced an integration of its services with LASER Accuracy LLC, a Salesforce AppExchange Partner, and developer of the Salesforce App LASER Credit Access. The agreement allows CBCInnovis customers to automatically access credit report data within their Salesforce environment.

PREFERRED COLLECTION AND MANAGEMENT SERVICES, INC. INITIATES PARTNERSHIP OF TWO TECH VENDORS, REPAY AND TCN, INC.

ATLANTA, Ga., ST. GEORGE, Utah and TAMPA, Fla., August 16, 2018 /PRNewswire/ — When it comes to creating efficiencies and elevating the customer experience, Preferred Collection and Management Services, Inc. (Tampa) understands the recipe for success. Preferred CMS initiated a dynamic partnership between its payment processing provider, REPAY Realtime Electronic Payments (Atlanta), and its contact center technology provider, TCN (St. George), that promises to deliver an enjoyable and frictionless payment experience for Preferred CMS customers.

States Take Action on Bitcoin Online Lending

State regulators are keeping a close eye on cryptocurrency and digital lending activities, with a cease and desist order involving bitcoin and a new law targeting online lenders.  The moves come in the wake of the Office of the Comptroller of the Currency’s (OCC) announcement that it will begin accepting applications for special purpose national bank charters geared toward fintech companies, a move that likely will encroach upon state regulation and oversight of fintech companies.

How blockchain’s structure encourages accountability

PayThink: Blockchain, the technology behind cryptocurrencies like bitcoin, is our best chance of promoting collaboration and the fair use of each other’s services. It provides a solution for aligning all parties’ interests.
In blockchain, a dispersed network of stakeholders takes over the previous owners of such services. These providers and users not only own but maintain the services that are powered by the blockchain. They also get to share the profits that are produced by the services.

Americans now have more debt than ever before as mortgage debt hits highest level in 9 years

The data comes courtesy of the Federal Reserve Bank of New York’s Center for Microeconomic Data, which just released its latest Quarterly Report on Household Debt and Credit.  The latest report, which covers the second quarter of 2018, shows that total household debt in the U.S. increased by $82 billion in the second quarter, meaning Americans now collectively carry $13.29 trillion in debt. According to the Fed report, the second quarter was the 16th consecutive quarter that saw an increase in overall household debt (as seen in the chart below). Overall debt is also now $618 billion higher than the previous peak of $12.68 trillion, which happened in the third quarter of 2008.

Heres why you credit score may suddenly be on the rise

New York Fed: 11-point increase in average credit score
Our nation’s consumers have been witnessing a steady stream of changes over the past year that have bumped their scores up little by little, in many cases.  We told you how Equifax, Experian and TransUnion removed most tax liens and civil judgments from consumer credit files in July 2017. Then in April of this year, the three main credit bureaus took it a step further and decided to remove all tax liens.

NEW REPORT: US Bank On Fraud-Fighting AI

RNN Announces Two Executive Hires to Growing SaaS Data Company

RNN today announced the two newest members of the executive team: Marie McManus to lead government contracts and acquisitions, and Dennis Guetterman as Executive Vice President of Sales.

AI in cybersecurity: what works and what doesn’t

Let's start by dispelling the most common misconception: There is very little if any true artificial intelligence (AI) being incorporated within enterprise security software. The fact that the term comes up frequently is largely to do with marketing, and very little to do with the technology. Pure AI is about reproducing cognitive abilities.  That said, machine learning (ML), one of many subsets of artificial intelligence, is being baked into some security software. But even the term machine learning may be employed somewhat optimistically. 

U.S. Household Debt Jumps to $13.3 Trillion While Student Loan Delinquencies Dip

U.S. household debt continued to increase in the second quarter, propelled by an advance in mortgage borrowing, according to a Federal Reserve Bank of New York report that also noted a decline in seriously delinquent student loans.  Total household debt rose 3.5 percent from a year earlier in the April-to-June period to a record $13.3 trillion, while mortgage debt rose 3.5 percent to $9 trillion. The majority of newly originated mortgages continued to go to borrowers with the highest credit scores, extending the pattern of most of the current economic expansion -- 58 percent of new mortgage loans were taken by those with scores of 760 or higher.

Over 146 billion records to be stolen over next five years

The figure represents an increase of 175% over the 12 billion records expected to be compromised in 2018, resulting in cumulative losses of more than 146 billion records over the next five years, according to research by Juniper Research. However, average levels of cyber security expenditure will remain relatively static. Spending by small businesses in 2018 will only make up 13% of the overall cyber security market in 2018, despite more than 99% of all companies being small businesses. In addition, the cost of breaches can exceed millions of dollars, dwarfing the turnover of such businesses.

How AI, Blockchain Combine to Fuel Healthcare Big Data Analytics

Every healthcare organization across the care continuum is currently racing to gain an edge over their peers by using big data analytics to provide the best solution to the puzzle of the Triple Aim.  There are countless impactful strategies to help organizations reduce costs and improve outcomes by leveraging data, but the past few months have seen two intriguing concepts rise above the rest.  Artificial intelligence and blockchain have quickly become the tools of choice for developers, providers, and payers looking to bulk up their health IT infrastructure with innovative, effective data management capabilities.

Report examines auditing agility, innovation

The Institute of American Auditors (IAA) has released a report examining the need to bolster industry agility and innovation.  Officials said the examination addresses both topics on multiple fronts, discussing everything from the shift in mindset to the mix of talent and technology that is necessary to complete the job.  “The path toward agility and innovation may be challenging, with pitfalls, dead ends, and false starts blocking the road ahead,” the report said. “Regardless, the alternative to an agile, innovative audit function is one that remains slow and traditional — and that function just won’t last in the world that’s coming.”

Why Your Approach to Cybersecurity Needs to Be Proactive Rather Than Reactive

In formulating a cybersecurity strategy, there are two principal approaches a business can take – a proactive approach or reactive approach.  A reactive approach involves responding to attacks after (or if) they happen. A proactive approach attempts to prevent incidents from taking place before they can happen, anticipating the potential risks and weaknesses within a system, and fixing them before they can be exploited.  Some businesses rely on a reactive approach to best manage cybersecurity, worrying that trying to anticipate attacks will be too expensive and mostly unnecessary. However, this is flawed thinking.

More than 1 million people default on their student loans each year

More than 1 million student loan borrowers each year go into default. Outstanding education debt in the U.S. has tripled over the last decade and now exceeds $1.5 trillion, posing a greater burden to Americans than auto or credit card debt.

CFPB Relaxes Supervision Of Military Lenders

In a move that has surprised military families, the Consumer Financial Protection Bureau (CFPB) is planning to suspend routine examinations of lenders for violations of the Military Lending Act, which was designed to protect military service members and their families from financial fraud, predatory loans and credit card gouging.

Bureau Of Consumer Financial Protection Settles With Defendants In Hydra Group Payday Lending Case

WASHINGTON, D.C. — Today a federal district court in the Western District of Missouri entered an Order effectuating a settlement between the Bureau of Consumer Financial Protection (Bureau) and Richard Moseley, Sr., Richard Moseley, Jr., and 20 interrelated corporate entities controlled by Moseley, Sr. and Moseley, Jr., in the Bureau’s lawsuit regarding the unlawful origination and servicing of short-term, small-dollar online loans to consumers nationwide.

Bureau adopts NAFCU-backed privacy notice changes

The Bureau of Consumer Financial Protection (formally the CFPB) on Friday finalized rule changes to codify 2015 Gramm-Leach-Bliley Act (GLBA) revisions on private notice requirements. Accepting many of NAFCU's recommendations, the final rule is a win for the credit union industry.

New IL Supreme Court credit card collection pleading rules have ‘potential’ to lengthen process

CHICAGO -- The Illinois Supreme Court has adopted new pleading requirements for credit card and debt collection cases, which will result in additional protection for debtors, but also has the potential to lengthen the process, according to one Chicago attorney.

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Debt Connection Symposium & Expo 2018

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