Attorney General Becerra: Weakening Our Equal Credit Opportunity Laws Will Worsen Inequality, Promote Discriminatory Practices

SACRAMENTO – California Attorney General Xavier Becerra today joined a coalition of 14 states expressing serious concern about the Consumer Financial Protection Bureau’s (CFPB) apparent rejection of protections against lending discrimination. Earlier this summer, Acting Director Mick Mulvaney indicated that the CFPB may no longer enforce the Equal Credit Opportunity Act’s (ECOA) protections against disparate impact discrimination. The ECOA makes it unlawful for creditors to discriminate against consumers on the basis of certain characteristics, including race, national origin, sex, marital status, and age.

BUSINESS Colorado’s new consumer data protection law among the most demanding in the country

A new law that took effect on Saturday gives Colorado some of the most demanding standards for consumer data protection in the country. And businesses and government agencies that keep Coloradans’ personal information need to ensure they are ready to comply, experts say. The Protections for Consumer Data Privacy Act was signed into law May 29 after winning unanimous approval during Colorado’s 2018 legislative session.

US Consumers Owe $1.15 Trillion in Car Loans

Whether U.S. consumers are purchasing a new car or a used model, chances are that an auto loan is involved. More than 86% of all new car buyers and nearly 55% of used car buyers financed vehicle purchases in the second quarter of this 2018. The average loan amount to purchase a new vehicle reached $30,958, up $724 (about 2.4%) compared to the same period last year. Loans to purchase a used car averaged $19,536, up $520 (about 2.7%) year over year. Second-quarter used car averages hit a record high, according to data reported last week by Experian Automotive.

Technology is the ‘most profound force bearing down’ on big banks, ex-Barclays boss says

Technology is going to fundamentally transform the banking industry over the coming years, a former Barclays CEO told CNBC on Monday. Antony Jenkins, who led the British bank through a tumultuous period between 2012 and 2015, said regulatory measures imposed in the aftermath of the 2008 financial crisis had made the global financial system safer.

Attorney General Becerra: Secretary DeVos Puts Predatory For-Profit Schools Ahead of Defrauded Students with Proposed Borrower Defense Regulations

SACRAMENTO — California Attorney General Xavier Becerra today criticized the U.S. Department of Education (Department) and Secretary of Education Betsy DeVos for putting the interests of predatory for-profit schools ahead of the students she is sworn to protect. Attorney General Becerra and Massachusetts Attorney General Maura Healey, leading a coalition of 20 attorneys general, submitted a comment letter sharply rebuking the Department’s proposed changes to its borrower defense regulations. If enacted, these rules would make it more difficult for defrauded students to obtain financial relief, while giving unscrupulous and predatory schools unwarranted protections.

Britain’s biggest payday lender Wonga collapses

Aug 30 (Reuters) - Britain's biggest payday lender Wonga Group collapsed on Thursday, saying it had decided to put its UK operations into administration against a backdrop of widespread criticism for high interest rates and marketing tactics used by the industry.

STIRLING CAPITAL ADVISORS ANNOUNCES ITS ACQUISITION OF CMAX FINANCE, LLC

West Palm Beach, FL – September 3, 2018 Stirling Capital Advisors formally announces its acquisition of the NDSE debt-trading platform from CMAX Finance, LLC, formerly known as CreditMax. The NDSE was the ARM Industry’s original, innovative, electronic debt-trading platform, where over 4,000 registered debt buyers could purchase debt instantly and electronically, even on an individual account-level basis.

Android ‘API breaking’ vulnerability leaks device data, allows user tracking

A vulnerability has been discovered in the Google Android operating system which could allow cyberattackers to covertly capture Wi-Fi broadcast data in order to track users. On Wednesday, researchers from Nightwatch Cybersecurity said in a security advisory that the bug, CVE-2018-9489, was discovered in the operating system's communication management programming.

Bureau of Consumer Financial Protection Issues Rule to Implement and Clarify New HMDA Amendments

WASHINGTON, D.C. — Today the Bureau of Consumer Financial Protection (Bureau) issued an interpretive and procedural rule to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), which amended the Home Mortgage Disclosure Act (HMDA). The Bureau also released updates to the Filing Instructions Guide (FIG) for HMDA data collected in 2018 to incorporate the Act as implemented and clarified by the rule issued today.

DCM Services celebrates 20-year milestone

MINNEAPOLIS — August 24, 2018 — DCM Services (DCMS), the industry leader in estate and specialty account recovery solutions, celebrates 20 years as an organization in 2018.

Noble Systems Changes the Collections Game with Gamification and Customer Experience Technologies at DCS 2018

Noble Systems Corporation, a global leader in omnichannel contact center technologies, is bringing its game-changing collections technologies for Gamification and Customer Experience (CX) to Debt Connection Symposium, September 5 - 7 in Austin, Texas. Noble specializes in innovative solutions for Contact Center, Workforce Engagement, and Analytics to improve performance and efficiency and drive revenue for collections centers.

House hopes to tame student loan crisis with financial literacy bill

The House next week will try to fend off a growing pile of student loan debt — now at $1.4 trillion — by passing legislation requiring families to learn more about what it means to borrow tens of thousands of dollars for college.

STILL TIME TO REGISTER FOR DCS2018

There is still time to register for the Debt Connection Symposium and Expo 2018 conference on September 5-7, 2018, in Austin, Texas.  Here’s some highlights: Half-day Skip Session – People Locate and Asset Locate. Auto Finance Peer Group. Millennial Peer Group. Credit Union Peer Group. PWCI. Austin-style – “Meat and Greet” BBQ Poolside Welcome! Ask the Regulators! Great Debate! Best practices in Legal Outsourcing. PowerSports Finance Roundtable. Debt Settlement. Debt Sales Strategies. Prospective Buyer Featured Company Meeting. Machine language and AI’s role in today’s collection operations.

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Debt Connection Symposium & Expo 2018

Produced by Resource Management Services, Inc.

Auto Finance Summit 2018

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LendIt Fintech Europe 2018

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Collection & Recovery Solutions 2019

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