At a glanceFriday, November 23, 2018

Collection Industry News At A Glance - November 23, 2018
Friday November 23, 2018
This Week's Newsletter:
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Credit Card Companies Are Suffering: How Fintech Companies Are Helping Them

The days of getting a credit card to prove your financial independence are far gone. The number of people getting credit cards has dropped as these cards can be associated with unmanageable debt. Most people without credit cards might have declined to get one as they know that they spending habits are not healthy. Those people that lack self-control can find themselves in debt quite quickly with it taking years to pay certain credit cards off. Fintech or financial technology has done a great job of helping out the credit card sector in a variety of ways. The following are just a few of the many ways that Fintech companies are helping the credit card industry.

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Winter 2018 BCFP Advisory Committee conference call

Join us for BCFP Advisory Committee meeting via conference call about artificial intelligence in consumer financial services and consumer access to financial records.   The meeting will feature remarks from Bureau staff and discussion with committee members.

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The FCC has a new plan to combat unwanted robocalls and spammy texts

The U.S. government said Tuesday that it plans to take aim at the scourge of unwelcome phone calls and spam text messages plaguing millions of consumers - but one of its proposals drew sharp rebukes, with critics concerned that it could enable telecom giants to censor legitimate communications. The first measure, announced by the Federal Communications Commission, aims to create a national database containing information about phone numbers that have recently been disconnected and reassigned to someone else. The effort aims to help businesses, such as banks and pharmacies, avoid dialing the wrong customers repeatedly.

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Agencies Announce Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions

WASHINGTON, D.C.  The Federal Reserve Board and the Bureau of Consumer Financial Protection (Bureau) today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2019. These thresholds are set pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amendments to the Truth in Lending Act and the Consumer Leasing Act that require adjusting these thresholds annually based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

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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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Industry Events

Winter 2018 BCFP Advisory Committee conference call


Conference call @ 01:00 PM EST

December 06 - 06 , 2018

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


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More information about Debt Connection Symposium
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