Attorney General Underwood Urges Federal Action To Stop Illegal Robocalls And Spoofing Plaguing Consumers In New York And Across The Country

NEW YORK – Attorney General Barbara D. Underwood – part of a bipartisan coalition of 34 Attorneys General – today called on the Federal Communications Commission to create new rules to allow telephone service providers to block more illegal robocalls being made to unsuspecting consumers in New York and across the country.

The Impact of BCFP on Mortgage Lending

The Bureau of Consumer Financial Protection(BCFP) was formed as part of the Dodd-Frank Act and began operations in July 2011 with the mandate to protect consumer finances and a broad authority over banks and nonbanks. How has the oversight of the bureau affected banks since it began seven years ago? A new research by the Federal Reserve Bank of New York aimed to measure the effects on banks of BCFP's supervision and enforcement activities to answer this question.

The tech-enabled lending revolution

It is no secret that FinTech companies are giving banks a run for their money when it comes to small business lending.  There is roughly $4.7 trillion at risk of disruption by  alternative lenders. According to the US Small Business Administration, 28 million small businesses provide 55% of the jobs in America— these businesses need capital in order to grow. It can be devastating for a business owner to turn to their credit union during times of need only to be shut out.  It can be equally devastating to get stuck in a cycle-of-debt.

It’s all So Clear Now: When Asked a Second Time Court Makes Sure to Clarify that the TCPA Still Applies to Debt Collection Calls

There’s nothing wrong with pushing your luck, in theory. But once in a while luck pushes back.  A few weeks back Ocwen obtained an almost-great ruling in Wilfredo Gonzalez v. Ocwen Loan Servicing, Case No: 5:18-cv-340-Oc-30PRL, Doc. No. 11, (M.D. Fla. Sept. 5, 2018). There the Court held that the 2003 and 2008 Predictive Dialer rulings were overturned by ACA Int’l, but declined to dismiss the case at the pleadings stage because the complaint alleged the plaintiff encountered a pause before a live agent came on the line suggesting the use of a random or sequential number generator, apparently.

How to make your business a big data leader: 5 steps

Effective use and management of data and analytics are necessary to keep companies alive through 2025, according to a Tuesday report from NTT Data and Oxford Economics. The overwhelming majority of the 500 executives surveyed agreed that data is critical to overall financial performance (90%), growth (88%), improving the customer experience (92%), and improving the employee experience (79%). Additionally, 83% agreed that data will be a competitive differentiator for their company moving forward.

CallMiner and Medallia Announce Partnership to Empower Voice of the Customer Insights with Direct and Indirect Feedback

Waltham, MA, Oct. 09, 2018 (GLOBE NEWSWIRE) -- CallMiner, the leading platform provider of award-winning speech and customer engagement analytics, announced today a partnership with Medallia, the leader in Customer Experience Management cloud technology. The new partnership pairs CallMiner’s contact center engagement analytics with those of Medallia’s feedback solutions to provide comprehensive Voice of the Customer (VOC) insight within a cloud-based integrated offering.

Phone dependency feeds robocall epidemic

Every day, all day, we are assaulted by phone calls from con artists trying to take our money or steal our identities. Even if you’re no chump and don’t fall for the scheme to repair your credit from an Aberdeen, Md., number, or accept the very last chance to avoid appearing before a grand jury by speaking to a federal agent and obtaining your case number from an Oxford, Ohio, number, or receive a free medical alert system and the peace of mind that comes with it from a Los Angeles number, an annoying disembodied voice has intruded into your personal space and cluttered your phone.

Consumer credit grows $20.1 billion in August, fastest pace in three months

The numbers: Consumer borrowing picked up in August, according to the Federal Reserve on Friday. Total consumer credit increased $20.1 billion in August to a seasonally adjusted $3.94 trillion. That’s an annual growth rate of 6.2%. Economists had been expecting a $15 billion gain, according to Econoday.

Five cyber security threats to be aware of

DURBAN – October is Cyber Security Month an initiative that was formed and being driven by the EU to promote cyber security as well as create awareness around cyber security threats.  Rian Schoeman, the head of Etion Secure, is sharing his five tips on cyber security.  Phishing emails look like they are from a recognised source and target you into giving them things like your banking details or login credentials to valuable data sources.

Marketplace Lending News Roundup – October 6

During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.  Delinquency/Loss Trends; Yield Curve One Hike from Inversion; Varo withdraws FDIC app from PeerIQ – This week the PeerIQ newsletter has the latest industry news and gives a preview of their MPL Loan Performance Monitor

Bureau of Consumer Financial Protection Settles With Bluestem

WASHINGTON, D.C. — The Bureau of Consumer Financial Protection (Bureau) and Bluestem Brands, Inc.; Bluestem Enterprises, Inc.; and Bluestem Sales, Inc. (the Bluestem companies), have filed an administrative consent order resolving the Bureau’s allegations that after consumers made payments to the Bluestem companies on debts that the companies had already sold, the Bluestem companies substantially delayed sending those payments to the third-party debt buyers.

US regulators suggests banks and credit unions share resources to fight financial crime

The federal depository institutions regulators and the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) today issued a statement to address instances in which certain banks and credit unions may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act (BSA) and anti-money laundering (AML) obligations more efficiently and effectively.

Waters Introduces Bill to Reset CFPB Structure

Rep. Maxine Waters (D-CA), the ranking member of the House Financial Services Committee, has introduced a bill that is designed to address changes made by the Trump Administration to the internal operations of the Consumer Financial Protection Bureau (CFPB).  Waters’ HR 6972, the Consumers First Act, is somewhat unusual in its harsh denunciation of Acting CFPB Mick Mulvaney and his interim leadership of the agency—the bill makes no mention of Kathy Kraninger, who is awaiting Senate confirmation to become the agency’s new Director.

TransUnion Receives Outstanding Company Culture Award

TransUnion (NYSE: TRU) announced today that the company was awarded the 19th Annual ITA (Illinois Technology Association) CityLIGHTS Award for “Outstanding Company Culture.” The 19th Annual ITA CityLIGHTS Awards is the premier annual event in the region that elevates and honors achievements from the local technology community.

Following NAFCU comments, FCC seeks further input on TCPA

After NAFCU sent a letter to the Federal Communications Commission (FCC) Tuesday urging it to clear up confusion surrounding the definition of an automatic telephone dialing system (ATDS) in light of mixed court decisions on the matter, the FCC is now requesting further comments on the subject. NAFCU will again reiterate credit unions' concerns with the Telephone Consumer Protection Act (TCPA) to the FCC during this comment period, which is open until Oct. 17.

Fear of FinTech: 5 misconceptions keeping you from the future of finance

The world of finance and the technology that supports it is constantly evolving. As early as 1866, the first transatlantic cable was laid, providing an infrastructure for financial globalization. A century later, the ATM/ABM was introduced, and by 1998, banks established the first transactional websites for Internet banking. That commitment to innovation continues to drive the finance technology or “FinTech” industry at a rapid pace, as evidenced by the more recent arrival of mobile banking and smartphone payments.

FCC issues call for public input on definition of autodialer

The Federal Communications Commission (FCC) has issued a proposal seeking further comment on the definition of an autodialer under the Telephone Consumer Protection Act (TCPA). CUNA has called on the FCC to clarify the definition of autodialer in a May petition to the FCC.  The FCC revised the TCPA in 2015, creating several concerns for credit unions seeking to contact members with important information while remaining in compliance with the TCPA. The public notice issued Wednesday comes after a 9^th Circuit Court decision. Specifically, the FCC seeks comment on what constitutes an “automated telephone dialing system” (ATDS).

Eleventh Annual Federal Trade Commission Microeconomics Conference

The Federal Trade Commission's Bureau of Economics will host a two-day conference to bring together scholars working in areas related to the FTC’s antitrust, consumer protection, and public policy missions. Those fields include industrial organization, quantitative marketing, information economics, health policy, and behavioral economics. Examples of potentially relevant topics include healthcare provider competition, vertical contracting, advertising, merger policy, innovation, privacy, intellectual property, nonlinear contracting, bargaining, collusion, e-commerce, demand estimation, pharmaceutical markets, appropriate statistical standards for inference, and consumer decision-making.

In The Battle Between Online Lenders And Banks, Data Wins

Online lenders arrived on scene at the perfect time for Silicon Valley. Coming out of the 2008 financial crisis, banks – the traditional lenders – were slow to understand the way that consumers wanted to access credit and were (understandably) reluctant to take on risk. Rather than focusing on consumers’ needs and demands, banks were focused on other issues: regulatory challenges, capital constraints, and core technology built in the 1960s – inadvertently opening themselves up to the rise of online lenders.

Debt Collection May Change for Student Loan Borrowers

TSI Announces Jim Tarantino as New Chief Revenue Officer

Lake Forest, IL – October 2, 2018: TSI (www.tsico.com) announced this week that Jim Tarantino has joined the leadership team as Chief Revenue Officer. Jim will be responsible for driving revenue growth and will lead the sales, client management, marketing, and small- and mid-sized enterprise teams.

KAULKIN GINSBERG AND COLLECTION QUOTIENT CONSULTING ANNOUNCE THE LAUNCH OF FED DEBT OPPS©

Germantown, MD. – Kaulkin Ginsberg Company (KGC) and Collection Quotient Consulting (CoQc) are pleased to announce the launch of Fed Debt Opps,a joint venture designed to help collection agencies and related service providers enter, or expand within, the burgeoning $400+ billion Federal Government debt collection and call center marketplace.

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