New Bankruptcy Cases Fall 2.2 Percent

Bankruptcy filings fell by 2.2 percent for the 12-month period ending September 30, 2018, compared with the year ending September 30, 2017, continuing a series of slight annual declines in new cases.

FTC Announces Hearings on Consumer Privacy and Data Security

On October 26, 2018, the Federal Trade Commission (FTC) announced that it will hold four days of hearings between December of 2018 and February of 2019 to examine the FTC’s authority to deter unfair and deceptive conduct in data security and privacy matters.[1] The two days of December hearings will focus on data security, while the two days of February hearings will focus on consumer privacy. This announcement comes as part of the agencies Hearings on Competition and Consumer Protection in the 21st Century, an initiative that has already scheduled hearings on closely related topics such as Big Data, Privacy, and Competition, and Algorithms, Artificial Intelligence (AI), and Predictive Analytics.

BCFP updates HMDA compliance guide w/ S. 2155 changes

The Bureau of Consumer Financial Protection has updated its small entity compliance guide for the Home Mortgage Disclosure Act (HMDA) to reflect changes in the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) and the bureau’s August interpretive rule. CUNA has urged the bureau to move quickly in implementing the changes required by S. 2155 as well as provide additional regulatory relief to credit unions. S. 2155 exempts insured financial institutions from reporting certain data with respect to:

FTC and New York Attorney General Sue Operators of Debt Collection Scheme

The Federal Trade Commission and the New York Attorney General’s Office have sued a New York-based debt collection operation for tricking people into agreeing to pay more money than what they allegedly owed, according to defendants’ own business records. A federal court temporarily halted the operation’s illegal activity and froze its assets at the request of the FTC and NY AG.

A.G. Underwood Awards Nearly $26 Million To New York Land Banks

NEW YORK – Attorney General Barbara D. Underwood today announced $25.9 million in new funding for all New York State land banks that work to protect homeowners and neighborhoods by acquiring blighted homes and transforming them into community assets. This latest round of funding will be administered by Enterprise Community Partners, Inc. (Enterprise). Since 2013, the Attorney General’s office has provided more than $82 million to land banks from funding it secured through settlements with the nation’s largest banks over misconduct that contributed to the housing crisis. This latest funding was secured through Martin Act securities fraud settlements announced earlier this year with the Royal Bank of Scotland and UBS.

San Francisco CSS IMPACT Financial Cloud Success

SAN FRANCISCO, Nov. 1, 2018 /PRNewswire/ -- The City of San Francisco Office of the Treasurer and Tax Collector (TTX) exactly one year ago launched their first Cloud Financial Ecosystem, "CSS IMPACT! HD™ 2.0". CSS, Inc., the developers of "IMPACT! HD™ 2.0" are the leading provider of Cloud Financial Ecosystem platforms for enterprises & government.

FTC and New York AG miffed by overbiffing

If you aren’t familiar with the word “overbiffing,” there’s no need to add it to your vocabulary. But if you know what overbiffing is and engage in it, a case just filed by the FTC and the New York Attorney General suggests now would be an excellent time to cut it out.   Overbiffing is the practice of debt collectors tricking consumers into paying more than their “Balance In Full,” sometimes abbreviated as BIF. The FTC and the New York AG charge that a related group of Buffalo companies controlled by defendant Robert Heidenreich encourages their collectors to engage in overbiffing. 

Discover Survey Suggests Financial Education Courses Are Helping Americans Become More Confident with Their Finances

RIVERWOODS, Ill.--(BUSINESS WIRE)-- Fifty-nine percent of Americans ages 18-26 who have taken a financial education course believe the lessons will save them more than $10,000 over the course of their lifetimes, according to a new survey from Discover.   Discover released the survey results today in conjunction with Discovery Education as the two companies announced their Pathway to Financial Success in Schools program will be extended to a younger age group: middle school students. 

Federal Reserve unveils proposal to ease regulations for larger banks

WASHINGTON (Reuters) - The Federal Reserve said on Wednesday it wants to ease regulations for U.S. lenders with less than $700 billion in assets, a way to lessen the burden on big commercial lenders that do not have volatile Wall Street businesses.

FTC Seeks Comment on Proposed Rule Implementing Law Providing Free Credit Monitoring for Active Duty Military Consumers

The Economic Growth, Regulatory Relief, and Consumer Protection Act, passed earlier this year, mandated that the FTC issue a rule regarding certain requirements of the law. The FTC’s Notice of Proposed Rulemaking (NPRM) proposes a rule that would require the nationwide consumer reporting agencies (CRAs) to provide a free electronic credit monitoring service that would notify active duty military members within 24 hours of any “material” additions or modifications to their credit files. It states that contact information, appropriate proof that the consumer is an active duty member of the military, and proof of the consumer’s identity may be required to take advantage of this service.

Technology is shaking up the financial industry and big banks are struggling to adapt

Pedigrees, some stretching back centuries, are of little use to global banks unless they aggressively adapt to new financial technologies.   That's long been true, but the pace of innovation means financial juggernauts now face what one top executive likened to a mass extinction event.

How new tax policies affect student loan forgiveness

Did you know that about 44 million Americans owe more than $1.5 trillion in student loans? Student loans are by far some of the most widespread types of loans that plague people into their adult life. For the most part, people struggle to pay these loans off for their entire adult existence. It is no wonder that so many people allow these loans to default – it seems hopeless to get them paid off.  One way to get student loans forgiven was to claim that the school you attended defrauded you in some way or had some sort of academic misconduct. 

DA Reaches $9 Million Settlement with Debt Collection Company over Harassing Phone Calls

San Diego County District Attorney Summer Stephan announced today that her office, along with the  District Attorneys of Los Angeles, Riverside and Santa Clara Counties, have reached $9 million settlement that cracks down on illegal phone-calling practices at one of the world’s biggest third party debt collection companies. The civil settlement, which is believed to be one of the largest of its kind, sets strict phone call parameters for Allied Interstate LLC, along with its parent company iQor Holdings Inc. and affiliated firms, over the next five years.

Capital One, Discover clamp down on lending

Petal CEO Jason Gross on how the company’s no-fee credit card helps millennials boost their credit score.   Credit card companies are tightening the lending standards for charge cards, a surprising move given the improving state of the global economy and record low unemployment in the U.S.    Capital One and Discover are among the major companies tightening their credit card requirements, saying they want to “become more cautious” in handling credit limits. While they are not concerned with consumers’ ability to pay their debts, they do question how much longer the economic recovery will last, as first reported by The Wall Street Journal.

10 reasons you might want to consider debt management

Are you swimming in debt and not sure how to handle it? Mike Sullivan, personal finance consultant at Take Charge America says two of the most popular strategies for people to get out of debt are debt management and debt settlement. While they sound similar, there are key differences.     “Debt management is a process whereby a consumer pays off his or her accumulated debt over a period of years, in conjunction with agreements with the credit card companies,” he says. “It is a long-term process that helps you get out of debt by working with creditors. Debt settlement, on the other hand, is a hugely somewhat shorter process to get out of debt by confronting the creditors and refusing to make payments until they agree to settle for less.”

FTC Announces Agenda for the Seventh Session of its Hearings on Competition and Consumer Protection in the 21st Century; Session at Howard University to Focus on Algorithms, Artificial Intelligence, and Predictive Analytics

The Federal Trade Commission announced the agenda for the seventh session of its Hearings Initiative, with a two-day hearing at the Howard University Law School in Washington, D.C., on November 13-14, 2018. Howard University is a co-sponsor of the event.   The hearing will examine competition and consumer protection issues associated with the use of algorithms, artificial intelligence, and predictive analytics in business decisions and conduct. See detailed agenda.

Grassley-backed IRS Private Debt Collection Program Continues to Produce Results

WASHINGTON – The Internal Revenue Service (IRS) recently released data showing that the Private Debt Collection (PDC) program, a public/private partnership that works to bolster the U.S. Treasury, strengthen the effectiveness of the IRS and ensure fairness in the federal tax system, continues to demonstrate that it can more than pay for itself with revenues returned to the Treasury.

Attorney General Becerra Leads a Multistate Coalition to Demand Secretary DeVos Begin Granting Relief for Tens of Thousands of Eligible Borrowers

SACRAMENTO – California Attorney General Xavier Becerra and Massachusetts Attorney General Maura Healey, leading a coalition of 21 attorneys general, today called on the U.S. Department of Education to immediately discharge the student loans of eligible borrowers who attended schools that closed down while they were enrolled mid-program. Many of those schools were predatory, for-profit colleges. In the letter, the coalition urges Education Secretary Betsy DeVos to fulfill her obligation under federal law to provide immediate and automatic loan relief to borrowers who attended a school when it closed on or after November 1, 2013, and who did not subsequently re-enroll in an eligible program within three years from the date the school closed. 

SIMM ASSOCIATES DONATES TO THE RONALD MCDONALD HOUSE ADOPT A FAMILY PROGRAM

Newark, Delaware – October 30, 2018 – SIMM Associates is proud to announce their support to the Ronald McDonald House of Delaware’s Adopt A Family Program. The Adopt A Family program provides donors with an opportunity to fund the expenses associated with a family’s stay. It helps provide all the care and comfort needed for families to focus their energy on their sick child. Donations directly impact the families who call the Ronald McDonald House “home” while their child receives medical treatment. This year’s annual event raised over $220,000 for the Delaware House.  

PRA Group Donates Over $31,000 to Red Cross Disaster Relief

NORFOLK, Va., Oct. 30, 2018 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced that the company and its employees have donated over $31,000 to the American Red Cross in support of its ongoing disaster relief efforts.

A.G. Underwood Announces Lawsuit Against Harris Jewelry For Targeting Military Servicemembers With Illegal Business Practices

WATERTOWN – Attorney General Barbara D. Underwood today announced a lawsuit against Harris Jewelry – a jewelry retailer headquartered in New York, with dozens of locations across the country including one near Fort Drum in New York – for engaging in false and deceptive acts and illegal lending in the financing of jewelry sales to active-duty servicemembers. This lawsuit is the result of an ongoing multistate investigation co-led by New York and Tennessee. Harris Jewelry is the trade name of Harris Originals of NY, Inc., as well as numerous other eponymous corporations, all named in the complaint.

FTC warns lenders: Do not lie in loan refinancing ads

In the wake of taking action against SoFi for allegedly lying in its ads about how much borrowers can save by refinancing their student loans with the online lender, the Federal Trade Commission is also warning other lenders to not engage in similar activity.  On Monday, the FTC accused SoFi of using its television, print, and online ads to mislead consumers about the effectiveness of the lender’s loan refinancing programs, claiming that SoFi deceptively inflated how much borrowers can save by as much as 200% in some cases.

CFPB releases assessment report on remittance rule

The CFPB has released a “Remittance Rule Assessment Report.”  The report was issued pursuant to Section 1022(d) of the Dodd-Frank Act which requires the CFPB to conduct a review of a significant rule and publish an assessment report within five years of the rule’s effective date.  The remittance report represents the first assessment report issued by the CFPB pursuant to Section 1022(d).  The remittance rule took effect on October 28, 2013, and gives certain protections to consumers that send remittance transfers from the United States to another country.  It imposes three principal requirements on remittance transfer providers.  Such requirements concern:

Convoke Introduces Debt Settlement Feature to its Platform

ARLINGTON, Va., Oct. 29, 2018 /PRNewswire/ -- Convoke, a leader in SaaS solutions for the debt collection market, today announced the most recent software update to its debt collections compliance and management hub.  Each year, Convoke develops and releases several updates to its platform to support its clients' evolving needs.  This latest major release includes the introduction of Convoke's debt settlement feature, the addition of single sign-on (SSO) capabilities, the use of APIs for auto repossession, as well as new Data Groups.

TrueAccord Named To The 2018 CB Insights Fintech 250 List Of Fastest-Growing Fintech Startups

SAN FRANCISCO, Oct. 26, 2018 /PRNewswire/ -- TrueAccord (www.TrueAccord.com), the first-of-its-kind tech platform that transforms the antiquated debt recovery industry, announced today that the company was named to the coveted CB Insights second annual Fintech 250 list of emerging private companies working on groundbreaking financial technology.  This announcement comes on the heels of the company also being recognized as one of Gartner's "Cool Vendors" in Banking.

First Small Business Truth-in-Lending Act Passed in California

If we told you a new law now requires lenders to tell small business loan applicants the annualized rate they’d pay for financing, you might be surprised that it wasn’t already standard practice.  That new law came from a bill known as CA SB 1235 which received overwhelming bipartisan support. Aimed at adding transparency in the small business loan market, the new law will doubtless be followed by lawmakers and small business owners outside California as it is rolled out.  In an email interview, LendingClub’s director of public policy, Louis Caditz-Peck provided Small Business Trends with a summary of the bill’s origins and objectives.

Public Statement Regarding Payday Rule Reconsideration and Delay of Compliance Date

The Bureau expects to issue proposed rules in January 2019 that will reconsider the Bureau's rule regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans and address the rule's compliance date. The Bureau will make final decisions regarding the scope of the proposal closer to the issuance of the proposed rules. However, the Bureau is currently planning to propose revisiting only the ability-to-repay provisions and not the payments provisions, in significant part because the ability-to-repay provisions have much greater consequences for both consumers and industry than the payment provisions. The proposals will be published as quickly as practicable consistent with the Administrative Procedure Act and other applicable law.

Wells Fargo hit with lawsuit over robocalls to wrong numbers

(Reuters) - A proposed class action lawsuit in San Francisco federal court accuses Wells Fargo of making tens of thousands of automatically dialed, or “robo,” calls to cell phones without consumers’ consent.   Filed on Thursday on behalf of a nationwide class, the lawsuit accuses Wells Fargo of calling wrong numbers with auto-dialing equipment and failing to honor requests to stop. The complaint seeks triple damages under the U.S. Telephone Consumer Protection Act, or up to $1,500 for each call.

Owners of Business Coaching and Development Service Scam Are Banned

The owners of four companies that allegedly bilked consumers trying to start online businesses from home have been banned from selling purported business coaching or development services under court-approved settlements with the Federal Trade Commission. The settlements, which resolve an FTC case brought in the District of Utah, also require the corporate defendants to turn over the remaining funds in their bank accounts to the FTC.

Bureau releases its assessment report of the Remittance Rule

The Bureau’s 2013 Remittance Rule was intended to bring new consumer protections to international money transfers. The Remittance Rule requires remittance transfer providers to give consumers disclosures showing costs, fees and other information before they pay for a remittance transfer and to provide cancellation and refund rights. The Remittance Rule also requires remittance transfer providers to investigate disputes and remedy certain errors. 

Digital Recognition Network Marks Key Milestone: More Than 20,000 Live LPR Recoveries in One Month Facilitated by Its Technology and Data

FORT WORTH, Texas, Oct. 26, 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 the company has reached a key milestone, facilitating the recovery of 20,122 live vehicle pick-ups, enabled by license plate recognition (LPR), in the month of August 2018 – an all-time company high for a given month.

Department of Veterans Affairs Official Pleads Guilty to Bribery, Fraud, and Obstruction in $2 Million Scheme Involving Program for Disabled Military Veterans

A former U.S. Department of Veterans Affairs (VA) official pleaded guilty to demanding and receiving bribes from three for-profit schools in exchange for enrolling disabled military veterans in those schools and facilitating over $2 million in payments from the VA using the veterans’ federal benefits. 

The State of Personal Loans in 2018

This past decade has seen the personal loan industry grow from a fledgling, high-risk business to a booming space occupied by numerous lenders and prime borrowers.   According to the most recent consumer data from TransUnion, the national personal loan debt stood at $107 billion in Q2 of 2017. This represents a 10.80 percent increase from the same quarter in 2016 and a 132 percent increase from 2012. 

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