At a glanceWednesday, November 21, 2018

Collection Industry News At A Glance - November 21, 2018
Wednesday November 21, 2018
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Bureau of Consumer Financial Protection Settles with Santander Consumer USA Inc.

Washington, D.C. — Today the Bureau of Consumer Financial Protection (Bureau) announced a settlement with Santander Consumer USA Inc., a consumer financial services company based in Dallas, Texas.   As described in the consent order, the Bureau found that Santander violated the Consumer Financial Protection Act of 2010 by not properly describing the benefits and limitations of its S-GUARD GAP product, which it offered as an add-on to its auto loan products. Santander also failed to properly disclose the impact on consumers of obtaining a loan extension, including by not clearly and prominently disclosing that the additional interest accrued during the extension period would be paid before any payments to principal when the consumer resumed making payments.

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WASHINGTON, November 20, 2018—Federal Communications Commission Chairman Ajit Pai today proposed measures to reduce unwanted robocalls and prevent spam text messaging.  First, he is calling on his fellow Commissioners to approve a reassigned number database.   This database would help legitimate callers know whether telephone numbers  have been reassigned to somebody else before calling those numbers so they can direct their calls to parties who asked for them rather than individuals who have subsequently obtained those reassigned numbers. Second, he is proposing to make clear that wireless providers are authorized to take measures to stop unwanted text messaging through robotext-blocking, antispoofing measures, and other anti-spam features.

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Remaining Operators of Student Debt Relief Scheme Settle FTC Charges

The operators of a Los Angeles-based student loan and mortgage debt relief operation have agreed to settle Federal Trade Commission charges that they bilked millions of dollars out of consumers by falsely claiming to be affiliated with the federal government.   The defendants, A1 DocPrep Inc., Steamlined Marketing, and their owner, Homan Ardalan, falsely claimed to be from the Department of Education, and promised to reduce borrowers’ monthly payments or forgive their student loans, according to the FTC’s October 2017 complaint.

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FTC Halts Deceptive Student Debt Relief Scheme that Bilked Consumers out of Millions

The Federal Trade Commission alleged that a California-based student debt relief scheme bilked consumers out of millions of dollars using false promises that they could reduce their monthly payments, or eliminate or reduce their student loan debt.   A federal court temporarily halted the scheme and froze its assets at the request of the FTC, which seeks to end the deceptive practices.

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You Can’t Be Serious: TCPA Data Transfer to Defense Expert Lands DirectTV in Unshakable Privacy Class Action

Data privacy and protection concerns permeate TCPA class actions as consumer lawyers have become increasingly bold about demanding huge sets of private financial records and data from defendants. These demands risk the privacy and financial well being of millions of customers yet–in the greatest of ironies–courts are frequently told that the data is needed to assure that consumer privacy is protected–the TCPA protects privacy, after all.

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NAFCU to meet with BCFP, Fed, HUD

NAFCU's award-winning advocacy team is working hard to advance credit union priorities in Washington. Next week, the association has meetings scheduled with Bureau of Consumer Financial Protection Acting Director Mick Mulvaney, Federal Reserve Vice Chairman of Supervision Randal Quarles and Department of Housing and Urban Development (HUD) Secretary Ben Carson.
Monday, NAFCU's Board of Directors, President and CEO Dan Berger, Executive Vice President of Government Affairs Carrie Hunt and Regulatory Affairs Counsel Kaley Schafer will meet with Mulvaney to discuss the bureau's 2019 priorities and what relief credit unions would like to see.

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FTC’s Comment on the future of privacy

As the only federal agency with a dual mission to protect consumers and promote competition, the FTC is uniquely situated to comment on the future of privacy policymaking in the United States. So we welcomed the opportunity to respond to the Department of Commerce, National Telecommunications and Information Administration (NTIA) Request for Comment on “Developing the Administration’s Approach to Consumer Privacy.”

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NAFCU defends CUs, hits bankers back with truth about CRA

Urging Congress not to listen to the misinformation being spread by bank lobbyists regarding the Community Reinvestment Act (CRA), NAFCU President and CEO Dan Berger reiterated Friday why this law applies to banks and provided valid reasoning – already acknowledged by Congress and regulators – as to why it does not apply to credit unions.

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Vote on Kraninger for BCFP director set for week after Thanksgiving

Senate Majority Leader Mitch McConnell (R-Ky.) filed cloture Thursday on several nominations, including Kathy Kraninger to lead the Bureau of Consumer Financial Protection, setting up a Senate vote on confirmation for the week after Thanksgiving. Kraninger was nominated in June by President Donald Trump to serve as the bureau director, where she would replace Acting Director Mick Mulvaney. Mulvaney was appointed in November 2017 after the resignation of the previous director.

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Payday lenders starting to close after voters limit interest rates

DENVER -- Proposition 111, which passed in Colorado during the 2018 midterm election, caps interest rates from Payday lenders at 36 percent.  Currently the average payday lending loan in Colorado has an interest rate in Colorado of 129%.

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Users told to ditch OneDrive and Office 365 to avoid ‘covert’ data harvesting

Microsoft now faces sanctions as investigators claim the policy breaches GDPR. Dutch investigators have put Microsoft on alert over regulatory action after ruling its data collection methods posed a risk to user privacy. Microsoft Office and Windows 10 Enterprise uses a telemetry data collection mechanism that breaches the EU's General Data Protection Regulation (GDPR), according to a 91-page report commissioned by the Dutch government, and conducted by firm Privacy Company.

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Herring Wins $50 Million in Penalties and Debt Relief for Retired Veterans

RICHMOND (November 15, 2018) – Attorney General Mark R. Herring today announced that he has secured more than $50 million in debt relief and ordered civil penalties as a result of his lawsuit against Future Income Payments, LLC; FIP, LLC; and their owner, Scott Kohn (collectively, “FIP”) for making illegal, high-interest loans to more than 1,000 Virginia veterans and retirees in violation of the Virginia Consumer Protection Act.

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Wells Fargo plans 1,000 U.S. job cuts

(Reuters) - Wells Fargo & Co said on Thursday it notified about 1,000 employees in its Consumer Lending and Payments, Virtual Solutions and Innovations groups of plans to eliminate their positions.   The layoffs are consistent with the bank’s previously announced plans to reduce headcount by up to 10 percent by 2020, spokesman Tom Goyda said. Wells Fargo, the No. 4 U.S. bank by assets, had about 262,000 employees as of Sept. 30.

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Maxine Waters says easing banking regulations ‘will come to an end’ when she takes committee chair

Rep. Maxine Waters pledged Wednesday that Trump administration efforts to roll back banking reforms won't stand when the new Congress convenes.  The California Democrat is expected to take over as chair of the House Financial Services Committee.  "Make no mistake, come January, in this committee the days of this committee weakening regulations and putting our economy once again at risk of another financial crisis will come to an end," Waters said during a hearing with Randal Quarles, the Fed's vice chair of banking supervision.

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Location Services, LLC Pays DRN $325,000 After Federal Court Rules in DRN’s Favor

FORT WORTH, TexasNov. 15, 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 Location Services, LLC has paid the company $325,000 on behalf of itself and DigitalDog Auto Recovery to settle all remaining issues in a lawsuit originally brought to contest the validity of a one-year non-competition provision in DRN's contract with DigitalDog, which runs through May 11, 2019.

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Semi-Annual Report of the Bureau of Consumer Financial Protection

Message from  Mick Mulvaney Acting Director
Report to Congress for the period beginning October 1, 2017 and ending March 31, 2018.  I look forward to testifying regarding progress made in achieving the Bureau’s strategic vision of free, innovative, competitive, and  transparent consumer finance markets where the rights of all parties are protectedby the rule of law and where consumers are free to  choose the products and services that best fit their individual needs.

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FTC Issues Agency Financial Report for Fiscal Year 2018

The Federal Trade Commission issued its Fiscal Year 2018 Agency Financial Report, which describes the agency’s strong fiscal management and key program performance of the agency during the past year. The report highlights FTC accomplishments in furtherance of its missions to protect consumers and promote competition, and reaffirms the agency’s commitment to responsible stewardship of resources and sound financial operations.

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6 ways to protect your business from a data breach, right now

In our connected world, cybersecurity and data breach prevention are hot topics for every business owner and manager. A hacked account or device causes more than just a headache: it can bring down the entire network, causing a business to come to a screeching halt.  While statistics show that it may not be possible to prevent a cyberattack, you can take immediate steps to ramp up protection for your business, your employees, your customers, and your data. The key is to take a multi-layered approach, as there is no one-and-done solution to cybersecurity.

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Housing industry pushes Senate to confirm Kathy Kraninger as next CFPB director

Under Mick Mulvaney, the Consumer Financial Protection Bureau (or Bureau of Consumer Financial Protection, depending on who you ask) has taken a much gentler approach towards the financial services industry. That tactic is likely to continue if the Trump administration’s choice as a permanent replacement for departed CFPB Director Richard Cordray, Kathy Kraninger is ever confirmed by the Senate. And that’s just what the housing industry is now loudly calling for. This week, the housing industry’s largest and most prominent trade groups banded together to call on the Senate to confirm Kraninger as the next CFPB director.

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Request for Information on Small-Dollar Lending

The Federal Deposit Insurance Corporation (FDIC) is seeking comments from interested parties on issues related to small-dollar lending, including steps that can be taken to encourage FDIC-supervised institutions to offer small-dollar credit products that are responsive to customers' needs and that are underwritten and structured prudently and responsibly. Specifically, the request for information solicits comments on the consumer demand for small-dollar credit products, the supply of small-dollar credit products currently offered by banks, and what the FDIC can do to better enable banks to offer responsible, prudently underwritten credit products to consumers to meet demand. This request for information will be separately published in the Federal Register. Comments on this request for information must be received no later than 60 days after the date of publication in the Federal Register.

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Portfolios For Sale

$1.6mm Consumer Loans
National Debt Holdings, LLC

(877) 277-5571

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Industry Events

Webinar: Fighting Consumer Fraud and Identity Theft in Ohio

Federal Trade Commission

Webinar - 1:00 p.m.

November 28 - 28 , 2018

800- 700-7784. Access Code: 455945

Webinar: Fighting Consumer Fraud and Identity Theft in Oregon

Federal Trade Commission

Webinar - 10:00 a.m. PST

November 29 - 29 , 2018

800-700-7784. Access Code: 455946

Consumer Protection Economics Symposium

Federal Trade Commission

CONSTITUTION CENTER 400 7th St SW Washington, DC

December 07 - 07 , 2018


Counterclaims – Prevention & Risk Management Strategies for Creditors

American Lawyers Quarterly8

Webinar 1:00 p.m. Eastern

December 06 - 06 , 2018

800 843 4000

FTC Hearing on Competition and Consumer Protection in the 21st Century – December 2018

Federal Trade Commission

Washington , DC
December 11 - 12 , 2018


FTC Hearing on Competition and Consumer Protection in the 21st Century – February 2019

Federal Trade Commission

Washington , DC
February 12 - 13 , 2019

(202) 326-2222

ACA International Spring Forum & Expo 2019

ACA International

The M Resort
12300 S Las Vegas Blvd,
Henderson, NV 89044

March 13 - 15 , 2019

800- 269-1607

NCUCA – National Credit Union Collection Alliance

NCUCA - National Credit Union Collection Alliance

April 15 - 17 , 2019

Collection & Recovery Solutions 2019

Resource Management Services, Inc.

Four Seasons Hotel
3960 Las Vegas Blvd South
Las Vegas , NV
May 08 - 10 , 2019


National Creditors Bar Association 2019 Spring Conference

National Creditors Bar Association

Hilton Minneapolis
1001 S. Marquette Avenue
Minneapolis, MN 55403

May 15 - 18 , 2019


PrivacyCon 2019

Federal Trade Commission

400 7th St., SW
Washington , DC
June 27 - 27 , 2019

(202) 326-2222

ACA International 2019 Annual Convention & Expo

ACA International

Event Location TBA

July 17 - 16 , 2019


Debt Connection Symposium & Expo 2019

Resource Management Services, Inc.

Red Rock Casino Resort & Spa
11011 W Charleston Blvd
Las Vegas, Nevada

September 10 - 12 , 2019

(562) 906-1101

National Creditors Bar Association 2019 Fall Conference

National Creditors Bar Association

Marriott Marquis
Washington, Washington, DC

October 16 - 19 , 2019


More information about Resource Management Services, Inc.
More information about Debt Connection Symposium
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