Attorney General Frosh Announces $575 Million Settlement with Wells Fargo

BALTIMORE, MD (December 28, 2018) – Maryland Attorney General Brian E. Frosh today announced a multistate settlement with Wells Fargo Bank N.A. (Wells Fargo) resolving claims that the bank violated state consumer protection laws by:  1) Opening millions of unauthorized accounts  and enrolling customers into online banking  services without their knowledge or consent;  2) Improperly referring customers for enrollment in third-party renters and life insurance  policies;  3) Improperly charging auto loan customers for force-placed and unnecessary collateral  protection insurance;   4) Failing to ensure that customers received refunds of unearned premiums on certain  optional auto finance products; and  5) Incorrectly charging customers for mortgage rate lock extension fees.

Credit card debt rises in Alabama

Credit card debt in the U.S., including Alabama, has increased over the last five years. That’s according to the latest data from Experian that looked at the current state of credit cards and debt approaching the holiday season, when debt is expected to increase even more. According to the credit reporting agency, U.S. credit card debt in the U.S. has increased by 33 percent over the last five years, reaching $799 billion. Every state saw an increase in total debt compared to the previous year. Contributing to that is Alabama’s average credit card debt of $9,161 in 2018, which was up 5.4 percent compared to $8,688 in 2017.

2019 Outlook: CFPB Innovation Policies May Face State Challenges

The Consumer Financial Protection Bureau is aiming to launch the first federal sandbox in the new year and roll out other policies to encourage financial services innovation. The goal of the “regulatory sandbox” and no-action letter policies is to spur innovation in lending and payments by exempting participating companies from some consumer finance laws. In exchange, the CFPB would ease up on enforcement actions against companies for potential violations of consumer finance laws. For some fintech proponents, the CFPB’s sandbox is a critical initiative to help regulators learn more about innovative products. The proposals are expected to be finalized in the first half of 2019, after which companies could apply for enforcement exemptions.

Attorney General’s Office Issues Guidance on Data Broker Regulations

The Vermont Attorney General’s Office has released a guidance to assist Data Brokers in complying with Vermont’s new Data Broker Regulations, Act 171 of 2018. These regulations go into effect on January 1, 2019.   The new law requires Data Brokers to register with the Secretary of State annually and maintain certain minimum data security standards. The deadline for registering is January 31, 2019, and, starting in January registration can be completed on the Secretary of State’s website. A copy of the registration form is also attached to the guidance and may be completed and delivered by mail or in person to: the Vermont Secretary of State, Corporations Division, 128 State Street, Montpelier, VT 05633-1104.

I Can See Clearly Now: Court Holds It’s “Abundantly Clear” That the TCPA Requires “Sender” of Fax to Either Physically Transmit or Cause It to Be Sent

Back in May 2017, Garner Properties & Management, LLC (“Plaintiff”) filed a class action against Defendants Marblecast of Michigan, Inc. (“Marblecast”) and American Woodmark Corporation (“American Woodmark”) in the Eastern District of Michigan alleging that the Defendants violated the TCPA by sending unsolicited fax advertisements (the “Fax”).  This week, the claims against American Woodmark were dismissed with prejudice because the Court found it “abundantly clear” that American Woodmark did not send or cause the Fax to be sent.

United States: New FTC Provides Insights Into Its Plan For A Balanced Approach To Data Privacy And Security

This year brought unprecedented focus on consumer privacy – the rollout of the European Union General Data Protection Regulation (GDPR), the Cambridge Analytica controversy and Congressional hearings, a GDPR-light law coming out of California, more and bigger security incidents, and multiple proposals for an omnibus federal data protection law. The Federal Trade Commission (FTC or Commission) under the Obama Administration was active in calling for, and advancing, greater privacy protection for consumers, as well as authority for itself, and late in its tenure went so far as to push its unfairness authority into the realm of privacy. We have been anxiously waiting for the newly reshaped Commission to articulate its worldview on consumer privacy and data security

Servicers’ status for 2019? It’s complicated

Mortgage servicers should expect reliable profits in 2019, but origination challenges may spill over into their sector in the form of operational complexities and higher costs. Servicing portfolio runoff could decrease and mortgage servicing rights valuations could increase in 2019 in ways that bode well for servicers, but continuing constraints on originations also could make their work more complex and expensive.

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.

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.

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. 

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.

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.

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.

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.

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