At a glanceFriday, October 19, 2018

Collection Industry News At A Glance - October 19, 2018
Friday October 19, 2018
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Proposition 111 could crush payday lending in Colorado

It was a cold October morning and the Rev. Timothy Tyler was preaching from a corner on Denver’s 16th Street Mall.  “It is time for people of conscience to join together to do the right thing, to begin the process of lifting up those who cannot lift up themselves!” said the pastor from Shorter Community AME Church, his booming voice echoing down downtown Denver’s busiest concrete corridor. About 20 people were crowded around him – some dressed for worship, some wearing toothy “loan shark” headdresses – nodding in agreement and chanting “Vote yes on Proposition 111!”

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Navy Federal Announces Change at the Helm

VIENNA, Va.--()--John Lockard, Chairman of the Board of Directors at Navy Federal Credit Union, announced today that the board has selected Mary McDuffie as the new President and CEO of Navy Federal.   McDuffie will assume her new role effective 18 January 2019.  Duffie is a distinguished leader, serving as an executive leader at the credit union since 1999. She currently serves as the Chief Operating Officer for Navy Federal.

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FTC Details Efforts to Protect Older Consumers in Report to Congress

A new report released today by the Federal Trade Commission details the agency’s comprehensive efforts to protect older consumers from fraud, identity theft, and other problems in the marketplace.  The report, Protecting Older Consumers 2017-2018: A Report of the Federal Trade Commission, outlines the FTC’s research, law enforcement, and education efforts aimed at protecting older Americans.

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CBCInnovis and Floify Join Forces to Provide Seamless Credit Reporting at Loan Origination

COLUMBUS, Ohio--()--CBCInnovis, a leading provider of credit and data verification services to the mortgage lending industry, today announced an integration of its services with Floify, a leading point of sale solution to the mortgage industry.

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The Student Loan Debt Crisis Is About to Get Worse

(Bloomberg) -- While Wall Street and U.S. President Donald Trump tout news of a booming stock market and low unemployment, college students may be quick to roll their eyes. The improved economy has yet to mean higher wages for graduates already struggling to pay down massive debt, let alone ease the minds of students staring down the barrel of six-digit loan obligations yet to come.  Federal student loans are the only consumer debt segment with continuous cumulative growth since the Great Recession. As the costs of tuition and borrowing continue to rise, the result is a widening default crisis that even Fed Chairman Jerome Powell labeled as a cause for concern.

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Navient named “Champion of Board Diversity”

WILMINGTON, Del.Oct. 18, 2018 (GLOBE NEWSWIRE) -- Navient (Nasdaq: NAVI), a leading asset management and business processing services company, was among the greater Philadelphia-area companies recognized by the Forum of Executive Women as a “Champion of Board Diversity.” The award was presented yesterday to companies at the Forum’s annual breakfast, attended by more than 600 area female executives.

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FTC Launches National Campaign with Resources to Assist Small Businesses with Cybersecurity

Today, the Federal Trade Commission, along with the Department of Homeland Security (DHS), the National Institute of Standards and Technology (NIST), and the Small Business Administration (SBA), launched a national education campaign to help small business owners understand common cyber threats and how they can help protect their  businesses.  The campaign grew out of a series of roundtable discussions that the FTC held with small business owners last year to discuss cybersecurity challenges they face. The new campaign materials include fact sheets, videos, and quizzes covering a dozen topics, including:

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Elmhurst, Illinois, October 18, 2018—The Medical-Dental-Hospital Business Associates (MDHBA) presented several awards during its Reception, Silent Auction and Dinner on Friday, October 12, during its Annual Conference at The Chase Park Plaza Royal Sonesta.  Then MDHBA President Gina Battershaw, Credit Bureau Services Inc., Norfolk, Nebraska, oversaw the ceremonies. During the program, MDHBA’s new officers were sworn in and Battershaw became Immediate Past President.

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Fall 2018 rulemaking agenda (BCFP)

The Bureau’s general purpose, as specified in section 1021 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), is to implement and enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive. Under the Regulatory Flexibility Act, Federal agencies must publish regulatory agendas twice a year. 

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FTC is Making Consumer Complaint Data More Accessible

The Federal Trade Commission hears from millions of consumers each year about fraud, identity theft, and other problems, allowing us to warn other consumers about scams they should watch out for, while also providing the agency with an important source of information to support our enforcement actions.   Starting today, the FTC will be making this information more accessible by releasing its aggregated consumer complaint data on a quarterly basis in a new interactive online format. Up until now, the FTC has released aggregated consumer complaint data collected through our Consumer Sentinel Network on an annual basis.

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Home Equity Borrowing Poised to Soar

A surge in home equity borrowing may soon be on the horizon. A new TransUnion (NYSE: TRU) study found that several dynamics are creating a market ripe for home equity origination growth, but a better understanding of how consumers use these loans may impact their interest in securing one. The findings from the study were released today at the Mortgage Bankers Association Annual Convention & Expo.   A major reason for expected growth in home equity borrowing is the fact that household home equity, currently nearing $15 trillion, has surpassed its prior “housing bubble” peak in Q1 2006 by over $1 trillion. Home equity is the difference between a home’s fair market value and the outstanding balance of all liens on the property.

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Judge unblocks Obama rule on student debt relief after delays by DeVos

(CNN)An Obama-era rule designed to help students cheated by for-profit colleges get relief on their education debt finally took effect Tuesday after efforts by the Trump administration to block it.  A federal judge ordered immediate implementation of the rule, delayed last year by Education Secretary Betsy DeVos, while a challenge from the for-profit college industry proceeds.  The Department of Education said Friday that it will not seek a new delay. Attorneys general from 18 states and the District of Columbia successfully sued DeVos last year over her decision to block the rule, known as Borrower Defense to Repayment, from taking effect. The judge sided with the states last month, but implementation of the debt-relief rule was delayed pending Tuesday's decision in the separate lawsuit brought by an industry group.

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S&P/Experian Consumer Credit Default Indices Show Lowest Composite Default Rate Of Year In September 2018

NEW YORK, Oct. 16, 2018 /PRNewswire/ -- S&P Dow Jones Indices and Experian released today data through September 2018 for the S&P/Experian Consumer Credit Default Indices. The indices represent a comprehensive measure of changes in consumer credit defaults and show that the composite rate was five basis points lower than last month, at 0.82%. The bank card default rate dropped 38 basis points to 3.14%. The auto loan default rate decreased eight basis points to 0.89%. The first mortgage default rate was down two basis points, to 0.63%.

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America’s $1.5 trillion student-loan industry is a ‘failed social experiment’

Ask economists and policy makers to what extent we should be worried about 20 and 30-somethings’ historically high levels of student debt and you’ll get a broad spectrum of answers. After all, this group is also the most educated ever and higher education is becoming increasingly necessary to guarantee a decent standard of living in the U.S.  But ask many borrowers in this generation whether they worry about how the loans will affect their future and you’ll get a slew of bleak replies: It’s stopped them from getting their car fixed, switching jobs, buying a home and having children. Even a tax credit aimed at helping working low- and moderate-income Americans can be seized to repay defaulted student loans.

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Hoover places moratorium on new licenses for payday lenders, vape shops and others

Hoover is taking steps to limit vape shops, pawn shops, check cashing stores, and car title or payday loan businesses. The Hoover City Council passed a temporary moratorium on licenses for these businesses at its Oct. 15 meeting, reports the Hoover Sun. The moratorium is expected to remain in effect while the city rewrites a zoning ordinance or subdivision regulations for these businesses. The council is scheduled to vote Nov. 5 on regulations that would limit these businesses to C-2 commercial districts. If that measure passes, the moratorium may be rescinded.

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TCN Wins 2018 Contact Center Technology Award from CUSTOMER Magazine

Over the last year, TCN has enhanced its customer service technology by integrating new features, such as speech analytics and omnichannel offerings, to its robust cloud-based, contact center platform. With TCN Speech Analytics, contact centers can ensure quality customer service. With the ability to monitor and analyze 100 percent of customer calls – tracking keywords and phrases expressing content, dissatisfaction, potential litigation and empathy – customer support managers can now provide timely and appropriate service recovery, resulting in more positive customer outcomes. Additionally, contacting customers on their preferred communication channel continues to be a challenge for the industry. TCN equips contact centers with a range of omnichannel features, such as voicemail drop (VocalDirect), text messaging (AgentSMS) and email, to instantly connect customers with agents around the world.

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One in six businesses unprepared for a data breach

A significant portion of organisations are ill-prepared for the event of a cyber attack, and four in ten have gone through such an event in the last 12 months.
This is according to a new report by BSI's Cybersecurity and Information Resiliance division.  The report states that a vast majority of organisations are worried about security (73 per cent) and that they are looking for solutions. However, one in six have no plan in place. A third conduct no type of cyber security testing. Almost two-thirds (59 per cent) are engaged in some form of end-user security awareness programs.

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CFPB to spell out ‘abusive’ practices by financial-service companies

WASHINGTON — A federal regulator plans to explain what it considers to be “abusive” practices by companies selling financial services, a move aimed at giving a clearer idea of what behavior would get companies into trouble under relatively new government enforcement powers.  Mick Mulvaney, the Consumer Financial Protection Bureau’s acting director, said Monday the bureau is working on a regulation defining how it views unfair, deceptive or abusive acts or practices, known as Udaap. Most of the CFPB’s enforcement actions involve such claims and the 2010 Dodd-Frank financial law, which created the CFPB and gave it broad enforcement powers.

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FTC tackles antitrust in labor markets

It’s Day 2 in the latest set of Federal Trade Commission hearings on consumer protections and antitrust, with government officials, scholars and industry insiders today set to discuss possible anticompetitive behavior in labor markets. On deck to testify are Renata Hesse, a former Justice Department antitrust chief, and Tim Wu, the Columbia University Law school professor who coined the term “net neutrality,” among others. The session comes on the heels of a spirited round of panels on Monday in which several well-known industry figures called for antitrust officials to step up their enforcement efforts in the event of regulatory failure.

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Revitalized program combines continuous monitoring of data with years of skip tracing expertise to get clients first to the finish line.   VeriFacts Inc. (VFI) has announced the debut of Stride, a systematic verification program designed to consolidate efforts, keeping costs down while providing new information as it becomes available.  This program has streamlined the locate process, focusing efforts and labor to maximize return without breaking the bank. 

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Antitrust on tap for FTC

ANTITRUST ON TAP FOR FTC The Federal Trade Commission this week kicks off its third set of competition hearings, focusing today on the potential for problematic behavior on multi-sided platforms — companies that bring buyers and sellers together, like Amazon or Airbnb. Democratic FTC Commissioner Rohit Chopra will give opening remarks at George Mason University in Arlington before panelists discuss the characteristics of the companies and how the agency should evaluate conduct like predatory pricing and actions to undermine rivals who depend on their infrastructure.

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Big banks reveal challenges in consumer credit, mortgages

The largest U.S. banks hinted at declining quality in credit card lending and tight competition in the mortgage space, showing that consumer credit is becoming a harder business to compete in.   In third-quarter earnings, JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC) and Bank of America (BAC) all posted higher income on interest-bearing assets despite pressures from the Fed’s rate hikes. The big banks relied on larger loan books to collect more revenue on higher interest rates.

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LIVONIA, Mich. (Oct 16, 2018) – Learn how data cleansing and analytics can help your organization maximize opportunities and improve overall effectiveness. RevSpring experts will share best practices for data cleansing and analytics during a webinar on October 24 at 2 p.m. EDT.
Poor data quality on average costs $15 million annually, according to a Gartner 2017 study. Clean data is the start to creating meaningful connections with consumers. Consumer data changes often, requiring ongoing data cleansing and analytics, and using data cleansing tools regularly ensures consumers are receiving the right message at the right time.

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As per new study on Residential Mortgage Service Market : Economic Performance Evaluation, Business Competition & CAGR

This report studies the global Residential Mortgage Service market size, industry status and forecast, competition landscape and growth opportunity. The report has been processed on the basis of a comprehensive analysis with inputs from industry experts. The report presents the market scenario and its potential growth prospects during the forecast period. In addition, the report consists of the list of the leading players operating in the market.

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Data breaches compromised 4.5 bln records in Q1/Q2, 2018

Gemalto released the latest findings of the Breach Level Index, a global database of public data breaches, revealing 945 data breaches led to 4.5 billion data records being compromised worldwide in the first half of 2018. Compared to the same period in 2017, the number of lost, stolen or compromised records increased by a staggering 133 per cent, though the total number of breaches slightly decreased over the same period, signaling an increase in the severity of each incident.

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Federal Judge Rules in Favor of Digital Recognition Network (DRN)

FORT WORTH, TexasOct. 12, 2018 /PRNewswire/ -- Digital Recognition Network (DRN), an AI and data analytics company that provides vehicle location data and analytics to auto lenders, insurance carriers and other commercial verticals, today announced that on October 5, 2018, a U.S. District Court Judge in the Northern District of Texas ruled on three key findings: that DRN's one-year, non-competition contract provision is valid and enforceable; that Bay Cities Recovery, Inc. D/B/A DigitalDog Auto Recovery breached its contract with DRN; and that Location Services, LLC tortiously interfered with the contract by participating with DigitalDog Auto Recovery to breach its agreement with DRN.

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Cornerstone Support, Inc.

(866) 750-6922

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   Contact Solutions / Dialers 

T-Max Dialer & Communications

(620) 607-0249


Industry Events

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


Debt Connection Symposium & Expo 2019

Resource Management Services, Inc.

10440 Pioneer Blvd., Suite 2
Las Vegas , Nevada
September 10 - 12 , 2019

(562) 906-1101

More information about Resource Management Services, Inc.
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