Promoting fair, equitable, and nondiscriminatory access to credit: 2017 Fair Lending Report

Access to credit is a key to economic mobility and prosperity for consumers and small businesses alike. Our annual Fair Lending Report to Congress highlights how in 2017 we continued to focus on promoting fair, equitable, and nondiscriminatory access to credit in mortgage lending, continued fair lending supervision of servicing and small business lending, and embarked on new efforts to encourage innovation in expanding credit access.

Attorney General Steve Marshall Announces $6 Million National Settlement with Encore Capital, Midland Credit Management, Midland Funding to Reform Debt Buying and Collection Practices

(MONTGOMERY)--Attorney General Steve Marshall announced today that Alabama has joined 36 states and the District of Columbia in reaching a $6 million settlement with Encore Capital Group Inc. and its subsidiaries Midland Credit Management Inc. and Midland Funding LLC, one of the nation’s largest debt buyers.

Cybersecurity: Simple Tips to Protect Yourself

A few years ago, the world suffered one of the largest cyber-attacks in history. The breaches of Equifax and Target had incredible consequences that we are still feeling to this day. Once this tragedy struck, we all began to understand the importance of cybersecurity. Major breaches are a cause for concern. Our collective faith in these institutions came to be of ill-fated consequence and distaste. We needed answers as to why our privacy was so swiftly stolen and spread for all hackers to witness. In light of this, the term cybersecurity came to the forefront of our minds as the only solution to an imperceivable problem.

$1.3B award upheld against racecar driver over payday loans

SAN FRANCISCO (AP) — A U.S. appeals court on Monday upheld a nearly $1.3 billion award against a pro racecar driver who was sent to prison following a conviction for cheating consumers through his payday loan businesses.

FTC Hearings on Competition and Consumer Protection in the 21st Century Continue With Examination of Acquisitions Involving Ownership Interests in Competing Companies

The Federal Trade Commission will host the eighth session of its Hearings on Competition and Consumer Protection in the 21st Century.  The hearings will feature opening remarks by FTC Commissioner Noah Phillips  and Securities & Exchange Commissioner Robert J. Jackson and mid-day remarks by FTC Commissioner Rohit Chopra, in addition to a distinguished set of panelists.
Thursday, December 6, 8:45 a.m. to 5:35 p.m.

FTC Seeks Comment on Identity Theft Detection Rules

The Federal Trade Commission is seeking comment on whether the agency should make changes to rules requiring that financial institutions and creditors take certain steps to detect signs of identity theft affecting their customers.  As part of the Commission’s periodic review of all its rules and guides,  the FTC is seeking comment on whether any modifications should be made to the Red Flags Rule and the Card Issuers Rule. The Red Flags Rule requires financial institutions and some creditors to implement a written identity theft prevention program designed to detect the “red flags” of identity theft in their day-to-day operations, take steps to prevent it, and mitigate its damage. 

Consumer protection agency name change could cost banks $300 million; report

Changing the name of the regulator created by Dodd-Frank to protect consumers from its well-known moniker- the Consumer Financial Protection Bureau or CFPB-to Bureau of Consumer Financial Protection, or BCFP, could cost the businesses it regulates more than $300 million, The Hill reported on Tuesday, according to an internal agency analysis obtained by them. The name change would also cost the agency between $9 million and $19 million for updating internal materials and its website, according to the analysis.

Banks will be hit with ‘massive disruption’ from fintech in the next five years, Klarna CEO says

Banks will be faced with "massive disruption" in the next five years amid competition from financial technology challengers, the chief executive of Swedish bank Klarna told CNBC on Tuesday. New European legislation that was introduced at the start of the year, called PSD2, requires banks to share their customer data with third-party providers to enable them to create new financial products. Sebastian Siemiatkowski, Klarna's boss, said that this new regulatory framework and the rise of tech-driven banking players are a recipe for significant competitive pressure on traditional lenders.

Can Blockchain Fix Cybersecurity?

The technology holds a lot of promise for security, but there’s still a long way to go before it sees serious enterprise adoption. Blockchain is one of the biggest tech buzzwords of the last few years, and the technology is marketed as a cure for everything that ails you, including cybersecurity. In practice, at least as far as security is concerned, blockchain might actually cause more problems than it solves.

[BERMUDA] Debt Collection Act 2018 Passed In House

The House of Assembly passed the ‘Debt Collection Act 2018′ on Friday which the Government said will “provide a level playing field for both creditors and debtors.” The Ministry said, “The Bill, entitled the ‘Debt Collection Act 2018′ represents the first tranche of proposals to address the Government’s Throne Speech 2017 commitment to ‘introduce regulations for debt collection agencies; regulate payday lenders who lend money at extraordinary interest rates; and bring banking, insurance and other financial service conduct under the umbrella of an updated Consumer Protection Act.’ “Further legislation will be proposed to address consumer services provided by the banking, insurance and other financial service industries after consultation with the public and private sector stakeholder groups as indicated in the 2018 Throne Speech.

Servicing a ‘Bright Spot’ in Mortgage as Production Profits Fall

The average profit per mortgage originated fell to $480 in the third quarter, down from $580 in the second quarter, according to the Mortgage Bankers Association’s (MBA) Quarterly Mortgage Bankers Performance Report.  Average production volume was $474 million per company, down from $531 million per company in the second quarter. Lenders participating the survey originated an average of 1,948 loans per company in the third quarter, down from an average of 2,180 in the second quarter.

Fifth Third’s millennial play: Helping them refinance student loans

For many millennials, student loans aren’t just another monthly bill to pay, but an albatross around the neck.   That was a message Fifth Third Bancorp consistently heard in surveys, focus groups and in-home interviews with its customers. So the Cincinnati bank decided to partner with the fintech lender CommonBond to offer its customers student loan refinancing.

Latest Consumer Protection Data Spotlight Finds Seniors Sending Thousands in Cash to Scammers Claiming to be their Grandchildren

Older consumers who report losing money to fraud are reporting a disturbing trend: Scammers claiming to be a loved one in trouble are getting people 70 and over to send thousands of dollars in cash.   In the second Consumer Protection Data Spotlight, the Federal Trade Commission examined complaints about family and friend imposter scams. These scammers often call seniors claiming to be a grandchild. The FTC is seeing an increase in the number of people ages 70 and over who say they sent cash in response to this particular scam – one in four said they mailed cash in 2018, compared to one in fourteen the prior year. In about half of these types of complaints, the scammer said they were in jail or some other legal trouble and in need of money to get out of trouble.

MARK YOUR CALENDARS! THE DATES FOR DCS2019 HAVE BEEN ANNOUNCED

Debt Connection Symposium and Expo 2019 will be returning to the beautiful Red Rock Hotel in Las Vegas, Nevada on September 10-12, 2019.   Dennis and Judy Hammond present Debt Connection Symposium and Expo 2019.  Whether you are a Creditor, Debt Buyer, Collection Agency, Attorney, or Industry Vendor, DCS2019 provides a high-quality conference experience with a solid line-up of educational and networking opportunities.

Court Eliminates Debt of Former ITT Tech Students

A federal judge approved a settlement Wednesday that erases more than $500 million in student debt held by former ITT Technical Institute students. The settlement also returns $3 million that was paid by students since the company filed for bankruptcy in 2016. The students were represented by the Project on Predatory Student Lending at Harvard University. They alleged that ITT, a since shuttered for-profit institution, violated consumer protection laws, engaged in deceptive recruiting practices and enrolled unqualified students to generate revenue from federal and private student loans.

Is AI The New Debt Collector?

Debt collection may be among the more human and manual labor-intense activities when it comes to managing accounts receivables. Collections departments place calls, scores of them, send emails, and seek to work out payment plans — and very frequently none of the above translates into recovery of monies owed. In fact, that happens only 20 percent of the time, at best. That’s in part tied to legislation that is decades old, such as was passed in 1991, which allows consumers to tell collectors to stop contacting them, and to the traditional methods of collection that are based on phone calls and letters and repetition.

CFPB Ombudsman’s Office 2018 Annual Report

Today my office’s seventh annual report is available on our webpage. At the Ombudsman’s Office, we are an independent, impartial, and confidential resource that assists consumers, financial entities, consumer or trade groups, and others in informally resolving process issues with the Bureau. In short, we advocate for fair process in consumer financial protection.

Why Aren’t Millennials Spending? They’re Poorer Than Previous Generations, Fed Says

Since millennials first started entering the workforce, their spending habits have been blamed for killing off industries ranging from casual restaurant dining to starter houses. However, a new study by the Federal Reserve suggests it might be less about how they are spending their money and more about not having any to spend.   A study published this month by Christopher Kurz, Geng Li and Daniel J. Vine found millennials are less financially well-off than members of earlier generations when they were the same ages, with "lower earnings, fewer assets and less wealth."

Senate moves closer to final vote on Kraninger BCFP nomination

The Senate voted 50-49 to end debate on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection Thursday, setting up a final vote on the nomination in the coming days. Kraninger was nominated to replace Acting Director Mick Mulvaney, and was approved by the Senate Banking Committee in August.  “We thank the Senate for moving closer to confirming a permanent director to lead the Bureau of Consumer Financial Protection, as financial institutions and credit unions deserve consistency at this important agency,” said CUNA President/CEO Jim Nussle.

Neustar Adds Caller Authentication, Fraud Prevention with TrustID Acquisition

nformation services provider Neustar is acquiring TrustID, a provider of caller authentication and fraud prevention systems for contact centers.   Neustar said the acquisition enhances its risk portfolio by adding more inbound call engagement services to its outbound call-engagement products and solutions. The deal is expected to close next month and the financial details weren’t disclosed.

Amendments to data breach notification law in Colorado impact HIPAA-regulated entities

Passed during the 2018 state legislative session, House Bill 18-1128 went into effect on Sept. 1, changing Colorado’s law on the protection of personally identifying information and the procedure businesses must follow when that information is breached.  Although the changes to the law are relatively extensive, HIPAA-regulated entities are exempted from most of these changes.  The new law contains a “deemed compliance” provision stating that most HIPAA-regulated entities who comply with HIPAA’s rules and regulations are deemed also to be in compliance with the state law, with two important exceptions:

Ohio will let businesses pay their taxes with Bitcoin

Starting this week, Ohio businesses will have a new way to pay their taxes: Bitcoin. The Wall Street Journal reports (via TechCrunch) that the state of Ohio has opened a cryptocurrency portal, ohiocrypto.com, which will allow businesses to pay with the digital currency. The WSJ says that Ohio appears to be the first state to allow people to pay with a cryptocurrency, and that the idea originated with State Treasurer Josh Mandel. The site’s FAQ cites the state’s track record with innovation and says that paying via Bitcoin is instantaneous, secure, and transparent. It also lists 23 different taxes that businesses can pay with Bitcoin, ranging from cigarette and tobacco taxes to fuel and sales taxes.

United States: TCPA Law – FCC Eliminates Opt-Out Notice Requirement For Solicited Faxes

On November 14, 2018, the Federal Communications Commission ("FCC") issued an order ("2018 Order") formally eliminating the requirement that opt-out notices must be included on faxes sent with the recipients' prior consent pursuant to the Telephone Consumer Protection Act ("TCPA"). The FCC's new TCPA law guidance appears to be in direct response to the decision from the D.C. Circuit Court of Appeals in Bais Yaakov of Spring Valley, et al. v. FCC, which held that the FCC lacked the power to issue a ruling purporting to dictate the content of solicited—as opposed to unsolicited—faxes. On that basis, the D.C. Circuit struck down certain portions of the FCC's 2006 Junk Fax Rule as invalid.

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Winter 2018 BCFP Advisory Committee conference call

BCFP

Consumer Protection Economics Symposium

Federal Trade Commission

Counterclaims – Prevention & Risk Management Strategies for Creditors

American Lawyers Quarterly8

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

Federal Trade Commission

Receivables Management Association 22nd Annual Conference

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

Federal Trade Commission

ACA International Spring Forum & Expo 2019

ACA International

NCUCA – National Credit Union Collection Alliance

NCUCA - National Credit Union Collection Alliance

Collection & Recovery Solutions 2019

Resource Management Services, Inc.

National Creditors Bar Association 2019 Spring Conference

National Creditors Bar Association

PrivacyCon 2019

Federal Trade Commission

ACA International 2019 Annual Convention & Expo

ACA International

Debt Connection Symposium & Expo 2019

Resource Management Services, Inc.

National Creditors Bar Association 2019 Fall Conference

National Creditors Bar Association