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Wednesday January 23, 2019 |
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Lending Express Surpasses $100M in loans matched
Lending Express, a technology company dedicated to creating a better world if funding for SMBs, today announced they’ve surpassed $100 million in financing facilitated between small and medium business owners and online lenders. The announcement comes as Lending Express obtains state permission to open for business in California. The news is indicative of the company’s impressive growth and expansion in response to strong and consistently increasing demand.
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Changes On Deck For The CFPB’s Payday Lending Rule
Could it be that the CFPB, under new Executive Director Kathy Kraninger, will be moving directly to eliminate the more controversial provisions of its payday lending rule? According to sources cited by American Banker, the CFPB will remove the controversial underwriting rules that would have forced lenders to establish a borrower’s ability to repay before offering them a small-dollar, short-term lending product.
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DBO Continues Crackdown on Interest Rate Cap Avoidance Entering Consent Order with California Check Cashing Stores
SACRAMENTO – The California Department of Business Oversight (DBO) today finalized a $900,000 settlement with California Check Cashing Stores, LLC (CCCS), that continues a broader DBO crackdown on lender avoidance of interest rate limits on small-dollar consumer loans. “Steering consumers into higher-cost loans to circumvent statutory interest rate caps is abusive,” said DBO Commissioner Jan Lynn Owen. “Consumers deserve protection and access to lending markets that are fair, transparent and comply with the law.”
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Request for Information on Small-Dollar Lending
We, the undersigned attorneys general, submit this comment in response to the Federal Deposit Insurance Corporation’s (“FDIC”) request for information on small-dollar lending. We welcome the FDIC’s interest in encouraging FDIC-supervised financial institutions such as state-chartered banks to offer prudently structured and responsibly underwritten small-dollar credit products to consumers. As the FDIC’s recent data shows, approximately 8.4 million U.S. households were “unbanked” and approximately 24.2 million U.S. households were underbanked in 2017.
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Judge orders net neutrality lawsuit to go ahead despite shutdown
This week the possibility emerged that the ongoing government shutdown could delay net neutrality’s day in court — but the court was not sympathetic to the FCC’s request that the lawsuit be put off. Oral arguments for this major challenge to the agency’s rollback of 2015’s internet regulations will go ahead as planned on February 1. During a shutdown, federal employees — including government lawyers — must have specific authorization to continue working, since it’s illegal for them to do so without pay. In this case a judge on the case must effectively make that authorization.
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Optimism Declining Among Chief Execs at Community Banks and Credit Unions, New Study Finds
SCOTTSDALE, Ariz., Jan. 21, 2019 /PRNewswire/ -- Chief executive officers at mid-size banks and credit unions are decreasingly optimistic about the year ahead, according to What's Going On In Banking 2019: Is The Party Over?, a new report from Cornerstone Advisors. Cornerstone Advisors surveyed 305 senior executives from community-based banks and credit unions to learn their priorities, fintech plans and state of future-readiness for the year ahead. A number of key study findings left experts at Cornerstone wondering: Is the party over?
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Wyoming Bill Would Clear the Way for Crypto Custody at Banks
Wyoming may soon become the first state in the U.S. to provide clear banking permissions for cryptocurrencies and digital assets. A bipartisan group of state legislators introduced SF0125 to the government on Friday, which, if passed, would classify digital assets as property within existing laws. It would also establish “an opt-in framework for banks to provide custodial services for digital asset property as directed custodians,” determine standards for such services, clarify how Wyoming courts might classify digital assets and more.
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Thune, Markey Reintroduce Bill to Crack Down on Illegal Robocall Scams
Washington — U.S. Sens. John Thune (R-S.D.), a member of the Senate Commerce Committee and chairman of the Subcommittee on Communications, Technology, Innovation, and the Internet, and Ed Markey (D-Mass.), also a member of the Commerce Committee and author of the Telephone Consumer Protection Act, this week reintroduced the Telephone Robocall Abuse Criminal Enforcement and Deterrence (TRACED) Act (S. 151). Amidst ever-increasing numbers of robocall scams, the TRACED Act gives regulators more time to find scammers, increases civil forfeiture penalties for those who are caught, promotes call authentication and blocking adoption, and brings relevant federal agencies and state attorneys general together to address impediments to criminal prosecution of robocallers who intentionally flout laws.
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Fintech Companies Link Up to Fight Fraud — Using Blockchain
Compared with robbing a bank, getting a loan is relatively easy. Robbing banks is dangerous and you’re very likely to get caught. Whereas getting a loan involves paperwork, and if you have the right financial profile, you are likely to get approved. Lenders like to lend, sometimes so much that they will effectively put themselves out of business doing it. There’s a middle ground where lending and stealing meet, which can involve things like banks cooking up phony documentation or people pretending to be someone else, getting a loan and, as soon as the cash arrives, no longer being the person who owes the money.
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AG Josh Shapiro’s legal fight vs Navient, for-profit colleges heats up in Pa. | Debt Valley
Under Trump appointee Mick Mulvaney, the nation’s federal consumer protection agency has backed off its regulatory role. In its place have stepped some state attorneys general, including Pennsylvania’s Josh Shapiro. His lawsuit against Navient is one of about a half dozen around the country against the student-loan servicer. So why is he picking up the mantle of the defanged Consumer Financial Protection Bureau?
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Navient seeks partial dismissal of lawsuit over loan forbearance practices
Wilmington-based student loan servicing firm Navient is seeking a partial summary judgment in a case involving its practices with borrowers struggling to make payments.. Gaining the judgment would dismiss some but not all charges in an upcoming case with the Consumer Protection Financial Bureau.
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CFPB seeking compliance authority on military lending
The Consumer Financial Protection Bureau is changing course on its previous decision to stop supervising lending to active duty service members. Kathy Kraninger, the recently confirmed director of the bureau, sent a letter to Congress on Thursday, asking for “clear authority” to supervise for compliance with the Military Lending Act. This turnaround comes several months after Mick Mulvaney, who served as acting director of the CFPB prior to Kraninger’s confirmation, decided that the bureau would stop supervising lending made to active duty service members. Much to the dismay of congressional Democrats, who pushed the CFPB to retain oversight. Under Mulvaney’s changes, the CFPB relied solely on complaints from service members and their families to trigger investigations. Mulvaney had reportedly expressed that the bureau had overstepped its authority by proactively looking into cases against military members without receiving complaints.
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Minnesota federal court decision is warning to lead generators
A Minnesota federal district court recently ruled that lead generators for a payday lender could be liable for punitive damages in a class action filed on behalf of all Minnesota residents who used the lender’s website to obtain a payday loan during a specified time period. An important takeaway from the decision is that a company receiving a letter from a regulator or state attorney general that asserts the company’s conduct violates or may violate state law should consult with outside counsel as to the applicability of such law and whether a response is required or would be beneficial.
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PHIN SOLUTIONS, INC IS PLEASED TO ANNOUNCE THAT VANESSA LEWIS WARD WILL JOIN OUR STAFF
Phin Solutions, Inc is pleased to announce that Vanessa Lewis Ward will join our staff as a Senior Account Executive within Sales. Vanessa brings extensive experience in sales, customer service and project management to the Phin Solutions, Inc. team. She has 14 years of sales experience within the collections industry as well as experience working within the medical and utility industries.
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New Financial Services Chair Plans Robust Oversight of Financial System
Rep. Maxine Waters (D-CA), the new chair of the House Financial Services Committee, recently outlined a full-bodied agenda that seeks to protect consumers, safeguard investors and prevent another financial crisis. In terms of setting the committee’s agenda, Waters, who has served on the committee since 1991, thus sets a sharp deviation from that of the previous chairman, Rep. Jeb Hensarling (R-TX), who retired last year at the end of the term
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Student loan debt is keeping young people from buying homes, Fed study finds
Student loan debt is putting a dent in young people’s pockets that is contributing to a much lower level of home ownership over the past decade. Federal Reserve economists studied the impact that the $1.5 trillion in educated-related loans is having on those aged 24 to 32. They found that while it is not the principal contributor to the decline in housing purchases, it is playing a significant role.
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SHIMMING SHOCKS CHIP-ENABLED CREDIT CARD USERS
LITTLE ROCK – Scammers have found a way to duplicate chip-enabled credit cards, despite the extra safety design associated with the cards. Shimming is a new technique in which scammers insert a paper-thin device into the dip-and-wait slot on card readers. The “shim” is enabled with a microchip and flash storage to copy and save information from the credit or debit card. “Credit and debit cards with the chip protect the user’s identity more than the magnetic strips,” said Arkansas Attorney General Leslie Rutledge. “The chip creates a unique transaction code that cannot be used again. Unfortunately, scammers continue to evolve their tactics and can now use the information they obtain from the shim to create a version of the card featuring a magnetic strip, which is still accepted by many retailers, especially online.”
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$16,036,307.17 Auto Deficiencies
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Receivables Management Association International (RMAI) 22nd Annual Conference
Aria Resort & Casino
3730 Las Vegas Blvd.
Las Vegas, NV 89518
rmassociation.org/AC19
February 5-7 2019
916-482-2760
February 05 -
07 ,
2019 (916) 482-2760
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Federal Trade Commission
CONSTITUTION CENTER
400 7th St SW
Washington , DC
February 12 -
13 ,
2019 (202) 326-2222
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ACA International
The M Resort
12300 S Las Vegas Blvd,
Henderson, NV 89044
March 13 -
15 ,
2019 800- 269-1607
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LendIt Fintech
San Francisco , CA
April 08 -
09 ,
2019 646-930-6366
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NCUCA - National Credit Union Collection Alliance
April 15 -
17 ,
2019 https://www.ncuca.com/contact/
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Resource Management Services, Inc.
Four Seasons Hotel
3960 Las Vegas Blvd South
Las Vegas , NV
May 08 -
10 ,
2019 562-906-1101
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National Creditors Bar Association
Hilton Minneapolis
1001 S. Marquette Avenue
Minneapolis, MN 55403
May 15 -
18 ,
2019 202-861-0706
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Federal Trade Commission
400 7th St., SW
Washington , DC
June 27 -
27 ,
2019 (202) 326-2222
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ACA International
Event Location TBA
July 17 -
16 ,
2019 800-269-1607
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Resource Management Services, Inc.
Red Rock Casino Resort & Spa
11011 W Charleston Blvd
Las Vegas, Nevada
September 10 -
12 ,
2019 (562) 906-1101
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National Creditors Bar Association
Marriott Marquis
Washington, Washington, DC
October 16 -
19 ,
2019 202-861-0706
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