At a glanceFriday, January 11, 2019

Collection Industry News At A Glance - January 11, 2019
Friday January 11, 2019
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OCC fights for US fintech charter in court

The US Office of the Comptroller of the Currency (OCC) wants to dismiss the lawsuit that opposes its decision to create a special purpose charter for fintechs. As reported in September 2018, the Conference of State Bank Supervisors (CSBS) said it will renew its litigation efforts against the OCC concerning the charter. That followed on from the OCC accepting applications for national bank charters from non-depository fintech firms. Back in April 2018, John W. Ryan, CSBS president and CEO, said: “The OCC’s action is an unprecedented, unlawful expansion of the chartering authority given to it by Congress for national banks. If Congress had intended it to be used for another purpose, it would have explicitly authorized the OCC to do so.”

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One potential winner from the government shutdown — payday lenders

While the partial government shutdown is largely bad news for U.S. companies, payday lenders look set for a boost. “We’re now getting to the point where federal employees are going to need some kind of short-term loan in some cases,” said federal budget expert Stan Collender.  In cases where these employees can’t turn to family or friends, companies that provide payday loans “are going to benefit a little bit, because there’s going to be a request for funds,” said Collender, known for his Budget Guy blog.  About 800,000 federal employees are furloughed or working without wages thanks to the shutdown, now in its 21st day. They are missing out on paychecks for the first time on Friday, which otherwise generally would have been payday.

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New Massachusetts law requires free ‘security freezes,’ monitoring after data breaches

Consumers will be able to receive free credit monitoring after a data breach and “security freezes” under a new law signed by Massachusetts Gov. Charlie Baker. The law, which takes effect in 90 days, also requires entities that hold consumer data and have been hit with a security breach to offer free credit monitoring in some situations. Identity thieves often seek to open credit accounts with information stolen through data breaches. A “freeze” of credit files is one safeguard available to consumers.

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Should My Employees Receive Cybersecurity Training?

Cybersecurity training has quickly become extremely important for businesses. Employees don’t need to be cybersecurity experts, but they should be practicing healthy cyber habits. New-hire training and regularly scheduled refresher training courses should be established in order to instill the data security culture of your organization. As always, preparedness is the key to preventing most security breaches. It is always best to know how to avoid becoming a victim. Improper or lack of cybersecurity training can cause many problems for your business. We want you and your employees to be prepared so that you don’t become a statistic! What could happen if proper cybersecurity training isn’t implemented?

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Consumer Financial Protection Bureau Publishes Assessments of Ability-to-Repay and Mortgage Servicing Rules

Washington, D.C. — The Consumer Financial Protection Bureau (Bureau) today published a report under section 1022(d) of the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) assessing the effectiveness of the Bureau’s Ability to Repay and Qualified Mortgage Rule and a separate report assessing the effectiveness of the Bureau’s mortgage servicing rule issued under the Real Estate Settlement Procedures Act (RESPA).

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Credit unions respond to CFPB reports on ATR/QM and RESPA Mortgage Servicing Rules

Washington, D.C. (January 10, 2019) – The Consumer Financial Protection Bureau (CFPB) today released assessment reports on its Ability-to-Repay and Qualified Mortgage (ATR/QM) rule and the mortgage servicing rule issued under the Real Estate Settlement Procedures Act (RESPA). Credit Union National Association (CUNA) continues to seek additional guidance and rule amendments in these areas on behalf of credit unions in need of regulatory relief. The trade association plans to provide substantive feedback on necessary modifications to the ATR/QM and RESPA servicing rule.

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1 in 5 millennials with debt expect to die without ever paying it off

The average millennial (aged 18 to 34) had about $32,000 in personal debt, excluding home mortgages, last year, according to Northwestern Mutual’s 2018 Planning & Progress Study. That debt can feel both crushing — and endless.

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Fintechs must compete on a level playing field, says NAFCU

NAFCU's Brad Thaler yesterday reiterated the association's call for lawmakers "to continue to scrutinize the growing fintech sector" to ensure a level playing field between fintechs and regulated financial institutions.

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Consumer credit has second straight big jump in November

The numbers: Consumer borrowing stayed strong for the second straight month in November, according to the Federal Reserve on Tuesday. Total consumer credit increased $22.1 billion in November to a seasonally adjusted $3.98 trillion. That’s down only slightly from a $25 billion gain in October, which was the fastest pace in 11 months. Economists had been expecting a $19 billion gain in credit, according to Econoday.

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LendEDU Releases Study On CFPB Banking Complaints

For the most part, mobile banking works pretty well, and allows us all to carry out our standard banking chores more readily. Yet, sometimes, banks run afoul of certain issues, and the Consumer Financial Protection Bureau (CFPB) helps keep track of these issues and resolve at least some of them. Recently, LendEDU sent word our way about the numbers for the CFPB in 2018, and some of the results might surprise you. LendEDU went through 244,114 complaints the CFPB received in 2018, and reduced this down to a pool of 42,946 complaints from 73 banks found on the S&P Banks Select Industry index. LendEDU even found some banks that didn’t have any complaints against them whatsoever for the entirety of 2018, and featured said banks accordingly.

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What to Expect in Fintech for 2019

Fintech Predictions for 2019. Financial innovation continues to evolve at a rapid pace. Startups launch and shutdown with regularity. Traditional financial firms experiment and partner with more agile firms. It’s all about the digitization of finance where services are ubiquitous and instantaneous – all available on your smartphone. Sophisticated services previously only available to the posh class are filtering down to the more plebeian types. Underbanked demographics now have access to services which were once inaccessible or simply too expensive

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CFPB Announces Ceiling on Charges for FCRA Disclosures Increased in 2019

On December 31, 2018, the Consumer Financial Protection Bureau (CFPB) – the agency responsible for consumer protection in the financial sector – announced the ceiling on allowable charges for disclosures under the federal Fair Credit Reporting Act (FCRA) had increased from $12.00 to $12.50, effective for 2019. CFPB Announces Charges for FCRA Disclosures Increased
Section 612(f)(1)(A) of the FCRA – a federal law that governs background checks for employment purposes in America – provides that a consumer reporting agency (CRA) may charge a consumer a reasonable amount for making a disclosure to the consumer pursuant to section 609 of the FCRA. FCRA Section 612(f)(1)(A) further provides that, where a CRA is permitted to impose a reasonable charge on a consumer for making a disclosure to the consumer pursuant to section 609 of the FCRA, the charge shall not exceed $8.00 and shall be indicated to the consumer before making the disclosure.

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Supreme Court debates the meaning of the term ‘debt collector’ in a foreclosure protections case dating back to the financial crisis

The Supreme Court on Monday heard arguments in a case that dates back to the financial crisis a decade ago.  The justices, missing Justice Ruth Bader Ginsburg, attempted to resolve a legal question that could have broad ramifications on hundreds of thousands of Americans who are foreclosed on without a judicial process each year.  A key issue in the matter is who or what can be considered a "debt collector."

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Convoke Releases Expanded Data Groups and Debt Settlement Functionality

ARLINGTON, Va.Jan. 8, 2019 /PRNewswire/ -- Convoke, a leader in SaaS solutions for the debt collection market, today announced the most recent software update to its debt collections compliance and management hub.  Each year, Convoke develops and releases several updates to its platform to support its clients' evolving needs.  Among the many value-added features included in this latest major release is the introduction of functionality for insurance companies' auto lending workflow, thereby adding a new channel to support credit issuers.

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Government shutdown won’t delay tax refunds

WASHINGTON (AP) — Taxpayers who are owed refunds will be paid on time, despite the government shutdown that has closed many federal agencies, a Trump administration official said Monday as concern mounted over the risk that the payments could be delayed.  The acting director of the White House budget office, Russell Vought, said customary rules will be changed to make the payments possible. He told reporters that an “indefinite appropriation” was available for the refunds, which would go out as normal.

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Motorola Solutions Acquires VaaS International Holdings, Leader in Data and Image Analytics for Vehicle Location

CHICAGO, LIVERMORE, CALIFORNIA and FORT WORTH, TEXAS – Jan. 7, 2018 – Motorola Solutions, Inc. (NYSE: MSI) today announced it has acquired VaaS International Holdings, Inc., (VaaS) a data and image analytics company based in Livermore, California and Fort Worth, Texas. Motorola Solutions paid a purchase price of $445 million in a combination of cash and equity.


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Former for-profit college students will have nearly $500 million in student debt wiped away

Nearly 180,000 students who attended for-profit colleges accused of scamming students will have $493.7 million in student debt wiped away. That’s part of an agreement Career Education Corporation CECO, -0.25% — a for-profit college company whose empire once included brands like Sanford-Brown and Le Cordon Bleu — made with attorneys general from 48 states and the District of Columbia to settle allegations of deceptive practices. The state of New York already reached its own settlement with the company in 2013. California remains in negotiations with the company to reach an appropriate resolution for the state.

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Robocalls jumped 60 percent in the U.S. last year and scammers are finding more ways to make money

It's not your imagination. You are getting bombarded with robocalls. Robocalling, a practice where marketers send automated voice messages to thousands of phones at once, surged 60 percent in the U.S. last year to 48 billion calls, according to preliminary year-end data from YouMail, a robocall management company that tracks the volume of calls. "Scam calls have been increasing very steadily, and it's driving people to not answer their phone," said YouMail CEO Alex Quilici. "It's driving people to not answer their phone and it's kind of created this death spiral of phone calls as the robocallers ramp up their efforts, and the legitimate roboccalls try harder to get through."

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LA Sues Weather Channel For Illegally Selling Private Data Of Mobile App Users

LOS ANGELES (CBSLA) – The Los Angeles city attorney’s office announced Friday that it has sued the parent company of the Weather Channel, alleging that for years it has misleadingly and unlawfully collected and sold the private data of its mobile app users.   In its lawsuit against Time Warner Cable, filed in L.A. County Superior Court, the city attorney’s office claims that the company tracks the exact location of its Weather Channel app users, and then sells that private information to advertisers without its users’ knowledge.

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Arkansas students to receive $1.8 million in debt relief

Press Release) - (1/4/19) Arkansas Attorney General Leslie Rutledge announced the for-profit education company, Career Education Corp. (CEC) has agreed to change its recruiting and enrollment practices and forgo collecting more than $493.7 million in debts owed by 179,529 students nationally. In the settlement with Arkansas and 48 other attorneys general, affected Arkansas students will receive $1.8 million in debt relief through student loan forgiveness, and the State of Arkansas will receive a payment of $75,000.

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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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