At a glanceWednesday, December 26, 2018

Collection Industry News At A Glance - December 26, 2018
Wednesday December 26, 2018
Mid Week Newsletter:
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Debt Settlement Market Rising Trends and New Technologies

HTF MI released a new market study on Global Debt Settlement Market with 100+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand detailed analysis. At present, the market is developing its presence. The Research report presents a complete assessment of the Market and contains a future trend, current growth factors, attentive opinions, facts, and industry validated market data. The research study provides estimates for Global Debt Settlement Forecast till 2025*. Some are the key players taken under coverage for this study are National Debt Relief, Freedom Debt Relief, New Era Debt Solutions, Guardian Debt Relief, Pacific Debt Inc., Accredited Debt Relief, CuraDebt, Premier Debt Help & Oak View Law Group.

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United States: FTC And VA To Continue Efforts Jointly Fighting Fraud Directed At Service Members

The FTC and the Department of Veterans Affairs recently signed an updated Memorandum of Agreement to continue their ongoing joint efforts to stop fraudulent and deceptive practices targeting U.S. service members, veterans, and dependents who use military benefits.  This is yet another action that the FTC has taken recently to indicate that combating deceptive practices aimed at individuals in the military is a top priority for the agency. The agreement sets forth a framework for cooperation between the FTC and the VA when investigating and taking action against institutions that target service members with unfair or deceptive advertising or enrollment practices.  It also outlines the terms under which the VA can refer potential violations to the FTC.

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DRN Vehicle Recovery Hotlist Hits All-Time High of 410,000 License Plate Recognition Assignments and is on Pace to Exceed $2.5 Billion in Asset Value for Vehicles Recovered in 2018

FORT WORTH, TX – DECEMBER 21, 2018 – 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 it has reached a critical milestone in its 10-year history as the company’s live hotlist has exceeded 410,000 License Plate Recognition (LPR) assignments, an increase of 33 percent over last year at this time. 

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BankThink Robinhood’s stumble is a wake-up call

For nearly 90 years, U.S. deposit accounts have been the gold standard for security, safety and soundness. Strong regulations to ensure banks have a solid foundation serve as the first line of defense, but the Federal Deposit Insurance Corp. plays an important role as a backstop protecting consumers’ deposits.

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LendingTree Survey Finds More Than Half of Americans Can’t Cover a $1,000 Emergency with Savings

CHARLOTTE, N.C., December 19, 2018 - LendingTree®, the nation’s leading online loan marketplace, today released its survey on how Americans would pay for an emergency expense and how they’ve paid for them in the past. The survey found that more than half of Americans can’t cover a $1,000 emergency with savings.

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GAO issues fintech data use, lending compliance recommendations

The Government Accountability Office (GAO) recently issued recommendations to the Bureau of Consumer Financial Protection (BCFP) and banking regulators regarding fintech underwriting data use and fair lending compliance. While the GAO said fintech, or financial technology, can be useful in connecting lenders and borrowers online, information received from some fintech lenders revealed they use alternative data to help determine borrowers’ creditworthiness. Using alternative data could make loans available to more people, but could also have an unintended impact, such as fintech lenders being unaware of how to use the data and still comply with fair lending laws.

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US senators want regulators to look at Robinhood’s botched bank account rollout

New York (CNN Business)US senators are calling for regulators to inspect whether Robinhood misled customers in launching its new investment accounts. The investing app last week unveiled new checking and savings accounts with a whopping 3% interest rate. Checking rates are barely above zero at many banks. But after the announcement, the Securities Investor Protection Corporation, an industry nonprofit, said the product might not be insured. Robinhood has since pivoted to calling the service a "cash management program." "We are concerned that rebranding Robinhood's original announcement to cash management may simply be a way to circumvent regulatory scrutiny without offering full transparency to its customers," seven Republican and Democratic lawmakers said in a letter dated Thursday.

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Cybersecurity for small business: Vendor security

Not many small businesses do business these days without the services of third-party vendors, some of whom have access to your company’s sensitive information. Even if you run a tight cybersecurity ship, what happens if your accountant loses a laptop or the payroll company that connects to your network experiences a security breach? Your business could be in jeopardy, of course, but that’s not all. Regardless of the circumstances surrounding the vendor’s breach, customers may focus on the fact that they trusted you with the data and now they’re at risk for identity theft.

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FDIC, echoing NAFCU, clarifies Volcker rule requirements

FDIC Board Member Martin Gruenberg this week made clear that relief language in S. 2155 regarding the Volcker rule is intended for community banks – not all banks regardless of asset size as some have argued. Gruenberg's conclusion on the intent of the language supports NAFCU's view, which was shared with the FDIC and other bank regulators earlier this month.

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Financial Stability Oversight Council Releases Annual Report

Washington – The Financial Stability Oversight Council (Council) today published its 2018 annual report. The Council’s annual reports describe significant financial market and regulatory developments, potential emerging threats to U.S. financial stability, recommendations to promote U.S. financial stability, and the activities of the Council, among other things.

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PRA Group Announces New Call Center in Danville, VA

NORFOLK, Va.Dec. 20, 2018 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced its plans to open a new call center in Danville, Virginia.   "We are excited to open this new call center just a few hundred miles away from where we started 22 years ago," said Kevin Stevenson, president and chief executive officer of PRA Group. 

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Navient Plea to Dismiss Pennsylvania Lawsuit Gets Rejected

Navient Corporation 's NAVI plea to dismiss a state lawsuit filed against it for alleged deceptive lending practices in Pennsylvania has been rejected. Following this news, the company's shares declined 2.4%.

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Long live the CFPB: Kraninger kills bureau name change to BCFP

Just one day after Sen. Elizabeth Warren, D-Mass., called for an internal investigation into the Consumer Financial Protection Bureau’s mission to change its name to the Bureau of Consumer Financial Protection, new CFPB Director Kathy Kraninger is putting an end to the whole affair.  In what amounts to Kraninger’s first official act as the CFPB director, she told bureau employees that she is suspending any efforts to change the bureau’s name from the CFPB to the BCFP. “As of December 17, 2018, I have officially halted all ongoing efforts to make changes to existing products and materials related to the name correction initiative,” Kraninger said in an email to bureau employees, which was obtained by HousingWire.

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Judge Says ‘Please Call’ Note About Insurance Coverage Voided Collection Letter, Certifies Class

It was "a close call," the judge said, but a debt collection letter's invitation to "please call" the collector to discuss the possibility of insurance coverage was found to violate the federal Fair Debt Collection Practices Act.   U.S. District Judge Freda Wolfson of the District of New Jersey granted summary judgment to the plaintiff and certified a class of plaintiffs in the decision, where she "declined to impose on the least sophisticated debtor the obligation to draw a narrow legal distinction between 'resolving' and 'disputing' a debt.

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   Debt Seller 

McNeil & Meyers

(504) 733-3103


Industry Events

Receivables Management Association 22nd Annual Conference

Receivables Management Association International (RMAI) 22nd Annual Conference Aria Resort & Casino 3730 Las Vegas Blvd. Las Vegas, NV 89518 February 5-7 2019 916-482-2760

February 05 - 07 , 2019

(916) 482-2760

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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