At a glanceWednesday, January 02, 2019

Collection Industry News At A Glance - January 2, 2019
Wednesday January 2, 2019
Mid Week Newsletter:
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Status of FTC Online Services During 2018 Lapse in Funding

December 28, 2018: The FTC is closed as of midnight Friday, December 28, 2018, due to the lapse in government funding. Website information and social media properties will not be updated until the government re-opens. All FTC events are postponed until future notice. Some online services are available, and some are not. The status of online services is listed below.

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WASHINGTON, December 31, 2018—In the event of a continued partial lapse in federal government funding, the Federal Communications Commission will suspend most operations in the middle of the day on Thursday, January 3. At that time, employees will have up to four   hours to complete an orderly shutdown of operations.  However, work required for the protection of life and property will continue, as will any work related to spectrum auctions, which is funded by auction proceeds.

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Home Mortgage Disclosure (Regulation C) Adjustment to Asset-Size Exemption Threshold

The Bureau of Consumer Financial Protection (Bureau) is issuing a final rule amending the official commentary that interprets the requirements of the Bureau's Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). 

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NAFCU offers ways for bureau to improve data collection, protection

Scaling back existing data collections, limiting access to personally identifiable information (PII) and reconsidering which data are made public were among NAFCU's suggestions to the Bureau of Consumer Financial Protection as it reviews its data collection practices.   NAFCU Senior Counsel for Research and Policy Andrew Morris made the suggestions in a letter to the bureau last week; it was in response to a request for information that also included a bureau report on its data sources and uses.

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2018 BCFP Annual Employee Survey Results

More than 72 percent of the Bureau of Consumer Financial Protection (BCFP) employee population responded to the seventh annual employee survey conducted between Aug. 6 and Aug. 31, 2018.   Bureau leaders use feedback from tools like the annual employee survey to develop strategies to better meet employee needs. Survey results are shared across the organization to encourage leaders to actively seek and respond to opportunities to improve the employee work experience. BCFP continues to develop as an organization and is actively leveraging employee feedback to inform organizational goals and activity.

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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.

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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.

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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.

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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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