BCFP: Building a bridge to credit visibility

Join the Bureau of Consumer Financial Protection for a day-long symposium, Building a Bridge to Credit Visibility. This event will explore challenges many consumers face in accessing credit. Sessions also will highlight strategies and innovations to overcome barriers and expand consumer credit access.

PayThink Facebook’s latest data push creates risk for the payments industry

Facebook is again pushing the limits of user’s trust — both in the platform and its “renewed” commitment to privacy protection.  The tech giant has been in discussions with major banks to make the case for a feature in their messaging app that would allow users to view bank account balances and be alerted to fraud — ultimately spending more time on the messaging platform.  While Facebook is clearly desperate to bring new services to users following last month’s historic plummet in market value, they cannot escape criticisms of their invasive advertisements, and data misuse — the latter of which influenced one large U.S. bank to walk away from the offer.

Mulvaney’s long history with key consumer tool puts its future in doubt

Washington (CNN)A fight is heating up over whether millions of consumer complaints against financial institutions should be made public. And consumer advocates are deeply worried about what comes next.

PWCI TO HOLD A PEER GROUP MEETING AT THE DEBT CONNECTION SYMPOSIUM AND EXPO 2018

PWCI – Network of Professional Women in the Collections and Call Centers Industries will hold a peer group meeting, “Three Keys to Developing Your Personal Brand”, on Wednesday – September 5, 2018 from 1:30 p.m. – 3:00 p.m.  The PWCI meeting will feature an discussion on Personal Branding.  This is an excellent opportunity to focus on the impact of your personal brand.  Learn and share strategies to identify, develop and implement your personal brand.
 

America’s banks have never made more money

American banks just had their most profitable quarter ever. Again.
Tax cuts helped drive bank profits to a record $60.2 billion in the second quarter, the FDIC says. That easily topped the $56 billion in profit that banks hauled in during the first quarter. Bank profits jumped 25% in the second quarter from a year earlier. More than half of that increase came from the tax law that President Donald Trump signed late last year, which lowered the corporate rate dramatically.

Kraninger approved by Senate committee as BCFP director

(CUNA Press Release)- Washington, D.C. (August 23, 2018) – The Senate Banking committee voted in favor of Kathy Kraninger to become the permanent director of the Bureau of Consumer Financial Protection (BCFP). Kraninger, who currently serves in the Office of Management and Budget, was nominated by President Donald Trump in June to take the place of Acting Director Mick Mulvaney. 

Fintech Uses Machine Learning for Smarter Debt Collection

A San Francisco-based startup that uses algorithmic machine learning to study consumer behavior is trying to flip a decades-old model that banks and other creditors use for collecting debts.  Machine learning can help banks and other financial services companies preserve their relationships with customers in delinquency rather than sending them to collections and saying goodbye, Ohad Samet, CEO of TrueAccord Corp., said in an interview with Bloomberg Law.

$8B In Bad Credit Card Debt Write-Offs Worry US Banks

With the rate of delinquent credit card holders slowly rising, some banks are scaling back on opening new accounts. Last year, it was reported that credit card debt had surpassed the $1 trillion mark in the U.S., becoming the third consumer lending category that has surpassed $1 trillion in debt in the last few years. Auto loans was the first category first to reach that mark, while student loan debt was second.

More than 1-in-5 consumers had telecommunications-related collections on their consumer report in the past 5 years

This is part of a series of quarterly reports of consumer credit trends produced by the Bureau of Consumer Financial Protection using a longitudinal, nationally representative sample of approximately five million de-identified credit records maintained by one of the three nationwide credit reporting companies. This fourth report explores the reporting of telecommunications debts in consumer credit records.

VERTICAN ANNOUNCES MARK J. CAVIN AS VP OF BUSINESS DEVELOPMENT

August 21, 2018, Fairfield, NJ – Vertican Technologies, Inc. announced today that Mark J. Cavin will be joining the company as VP of Business Development. Cavin has over 35 years of financial industry experience and an extensive background in consumer, student, and commercial loan collections. He has led internal bank operations, collection agency and law firm operations, and debt purchasing and servicing. 

News Media, Tech Firms Clash Over How the FTC Should Approach Regulation

When the FTC announced its plan to host hearings on Competition and Consumer Protection in the 21st Century earlier this year, think tanks and tech firms rushed to meet the August 20 deadline to comment on how they think the FTC should approach various competition and consumer issues, like antitrust regulation, algorithmic decision-making tools, privacy, Big Data, artificial intelligence (AI), predictive analytics, communication technology firms, and social media.

Attorney General Frosh Joins New Brief in Net Neutrality Lawsuit Brief Urges DC Circuit to Vacate and Reverse FCC’s Illegal Rollback of Net Neutrality

BALTIMORE, MD (August 21, 2018) – Maryland Attorney General Brian E. Frosh today joined a new brief in the lawsuit to block the Federal Communications Commission’s (FCC) illegal rollback of net neutrality, urging the U.S. Court of Appeals for the D.C. Circuit to vacate and reverse the FCC’s order. Attorney General Frosh is part of a coalition of 23 Attorneys General that filed suit earlier this year.

TEC Services Group, Inc. Announces Scholarship Recipients

TEC Services Group, Inc. announced today the recipient of the 2018 Scholarship Program. TEC offers the Scholarship Program each year to employees of the ARM industry and their dependents attending a four-year accredited college or university. Each applicant was required to meet academic, attendance and citizenship standard requirements for their State. In addition, applicants were required to submit an essay describing what leadership means to them and to provide a real-world example of leadership. TEC would like to thank all who participated in the program.

Here’s how much debt Americans have at every age

Credit cards, student loans, mortgages, car loans, personal loans: Most Americans have a combination of these sources of debt. And despite their best intentions, Americans are digging themselves deeper into a hole each year.  The average American now has about $38,000 in personal debt, excluding home mortgages. That's up $1,000 from a year ago, according to Northwestern Mutual's 2018 Planning & Progress Study, which also reports that "fewer people said they carry 'no debt' this year compared to 2017 (23 percent vs. 27 percent)."

Comfortably numb: Americans are less worried about online security

Americans are actually less concerned about online security and privacy risks than they were in 2015, according to new Census Bureau data released today by the technology policy arm of the Commerce Department. Why it matters: These findings are surprising in light of the constant news of security breaches and privacy scandals, and suggest that consumers are becoming numb to the growing threats to their personal data. By the numbers: The proportion of online households reporting privacy and security concerns fell from 84% in 2015 to 73% in the fall of 2017, per the data released today.

Big banks are getting ready for an uncertain future

For people of my generation, smartphone banking comes naturally. Visiting the bank, standing in long lines, meeting your relationship manager is not something I have ever done in my 33 years of existence. And why should I when I can transfer money with the touch of my finger and make investments through an app.  So, when my parents, who live in India, tell me that they have to go to the bank — a place that has become their second home over the years — to make an investment, it baffles me.

The bright future of machine learning

A decade ago, just three of the 2,500 students enrolled in leadership and organizational change professor Brian Uzzi’s classes knew about machine learning. Five years ago, three became 10%, and now, this topic is “the number one thing all students want to learn about,” Uzzi says. Machine learning is definitely a hot topic these days, and both Uzzi and management and organizations professor Adam Pah (left), who together have been studying machine learning for more than two decades, have some ideas about its benefits, pitfalls and vast potential.

Student Loans Are Starting to Bite the Economy

Student loans are now the second-largest category of household debt in America, topping $1.4 trillion and trailing only mortgages at $9 trillion. And while Korn Ferry puts the average starting salary for a 2018 college graduate at $50,390, up 2.8 percent from 2017, the just-released July Consumer Price Index report shows the inflation rate rose 2.9 percent over the last 12 months. Does the phrase “treading water” come to mind?

Americans take on more debt

More than half of Americans said "reducing debt" was their top financial priority for 2018; however, average personal debt increased $1,000 from last year to $38,000. The survey from Northwestern Mutual also revealed that credit card debt is the main source of debt for 25 percent of respondents – tied with mortgages.

WARNO: New security clearance guidelines make it more important than ever for servicemembers to monitor their credit

The federal government recently implemented new security clearance guidelines that make it more important than ever for servicemembers to stay on top of their bills and monitor their credit histories.

The Week Ahead: Focus on BCFP Director Nom

On Thursday, the Senate Banking Committee will convene at 10 a.m. ET to vote on the nomination of Kathy Kraninger as the new director of the Bureau of Consumer Financial Protection (BCFP). The committee's vote will decide whether Kraninger's nomination will move to the Senate for a vote to confirm her as the Director of the Bureau. Kraninger, who is currently an Associate Director at the Office of Management and Budget (OMB) was nominated by President Trump in June.

$16,147,400.12 Credit Cards

BAL Financial LLC

(617) 595-5794

$9,044,727.88 Other

BAL Financial LLC

(617) 595-5794

$28,921,093.11 Credit Cards

BAL Financial LLC

(617) 595-5794

$489,136.02 Payday Loans

Bayview Solutions LLC

(866) 546-9088

$1,268,978.75 Checks

Bayview Solutions LLC

(866) 546-9088

$ 69,322,436.15 Credit Cards

Bayview Solutions LLC

(866) 546-9088

$746,875.79 Credit Cards

Bayview Solutions LLC

(866) 546-9088

$79,898,988.05 Credit Cards

Bayview Solutions LLC

(866) 546-9088

$122,072,646.35 Credit Cards

Bayview Solutions LLC

(866) 546-9088

$788,475.26 Payday Loans

Bayview Solutions LLC

(866) 546-9088

$2,755,033.74 Payday Loans

Bayview Solutions LLC

(866) 546-9088

$1,902,144.87 Payday Loans

Bayview Solutions LLC

(866) 546-9088

$4,594,113.51 Consumer Loans

Bayview Solutions LLC

(866) 546-9088

$112,021.002 Credit Cards

Definitive Consulting Services

(800) 405-1876

Debt Connection Symposium & Expo 2018

Produced by Resource Management Services, Inc.

Auto Finance Summit 2018

Auto Finance News

LendIt Fintech Europe 2018

LendIt Conference LLC.

Collection & Recovery Solutions 2019

Resource Management Services, Inc.