FTC Releases FY 2018 National Do Not Call Registry Data Book and Mini Site

The Federal Trade Commission today issued the National Do Not Call Registry Data Book for Fiscal Year 2018. The FTC’s National Do Not Call (DNC) Registry lets consumers choose not to receive most legal telemarketing calls. The data show that the number of active registrations on the DNC Registry has increased significantly over the past year, while the total number of consumer complaints decreased for the first time in five years.

AG Healey Announces Bipartisan Working Group to Combat Illegal Robocalls

BOSTON — Attorney General Maura Healey today announced her office is part of a bipartisan group of 39 state attorneys general partnering to stop annoying and harmful robocalls by working with major telecommunications companies to implement new technology to combat illegal robocalls.

THE WIRED GUIDE TO DATA BREACHES

Another week, another massive new corporate security breach that exposes your personal data. Names, email addresses, passwords, Social Security numbers, dates of birth, credit card numbers, banking data, passport numbers, phone numbers, home addresses, driver’s license numbers, medical records—they all get swept up by shadowy, amorphous hackers for fraud, identity theft, and worse. Sometimes the affected company will send you an email suggesting that you change a password or credit card number, but for the most part, these incidents are invisible—until they aren’t.

Senate confirms Kathy Kraninger as BCFP director

The Senate voted today to confirm Kathy Kraninger as the next director of the Bureau of Consumer Financial Protection. Kraninger replaces Acting Director Mick Mulvaney, and will serve a five-year term as director. “We’re pleased to have a new permanent director leading the BCFP, as credit unions and other parts of the financial services marketplace need stability at the bureau,” said CUNA President/CEO Jim Nussle. “We look forward to working with Ms. Kraninger and her staff on ways to help credit unions serve members better.”

Bureau of Consumer Financial Protection Files Complaint and Proposed Settlement with Village Capital & Investment LLC

WASHINGTON, D.C. — The Bureau of Consumer Financial Protection (Bureau) has filed a complaint in federal court in the District of Nevada alleging a claim of deception against Village Capital & Investment LLC, a non-bank mortgage company headquartered in Henderson, Nev. The Bureau and Village Capital also filed a proposed stipulated final judgment and order to resolve the claim. Documents were filed on Tuesday, Dec. 4.

Florida Attorney General sues Marlin Financial over loan practices

Florida Attorney General Pam Bondi's office is suing online auto lender Marlin Financial for what it says are unfair and deceptive trade practices. In a civil lawsuit filed in Hillsborough County in late November, the state's legal arm alleged that an add-on the lender said was optional "was in fact a mandatory feature of loans made to consumers." That add-on, known as a "debt cancellation product," was marketed to customers as an insurance-like product that would wipe out a customer's remaining debt if their car was totaled. Instead it dramatically increased the cost of the loans.

The FCC Steps Up Efforts to Restrict “Robocalls”

Intrusive, unwanted calls are the Federal Communications Commission’s top consumer complaint. As part of its efforts to combat robocalls, the FCC has released two draft orders that are slated to be approved at its next open meeting on Dec. 12.

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.

FTC Returns More Than $3.5 Million to Consumers Subjected to Deceptive and Unfair Sales and Financing Tactics by Los Angeles-Area’s Sage Auto Group

The Federal Trade Commission is mailing 43,456 checks totaling more than $3.5 million to consumers subjected to deceptive and unfair sales and financing tactics by the Sage Auto Group and its owners between 2014 and 2016. Affected consumers will receive their checks soon, with the average refund amount totaling $81.76.

Wells Fargo reform plans fail to satisfy Fed after scandals: sources

WASHINGTON (Reuters) - The Federal Reserve has rejected Wells Fargo & Co’s plans to prevent further consumer abuses and told the scandal-plagued lender it needs stronger checks on management, according to three people with knowledge of the discussions.

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.

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Consumer Protection Economics Symposium

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