CRS2019 Special 2 for 1 Offer for Originating Creditors Only Ends January 31, 2019

Collection and Recovery Solutions 2019 conference, will be held at the Four Seasons Hotel, Las Vegas May 8 – 10, 2019.  For originating creditors only, the Special 2 for 1 registration offer ends on January 31, 2019.   We have a great schedule lined up so far, and are hoping to announce some very special additions in the near future.  Highlights include:  Auto Finance Peer Group, Credit Union Peer Group, Millennial Peer Group, FinTech Collections Lender Peer Group and more.  Hear about regulations, compliance, collection operations and so much more.

Consumer Bankers Association weighs in on small-dollar lending

The Consumer Bankers Association (CBA) maintains actions by federal regulators unfavorably impact small-dollar lending consumers by forcing them to payday lenders and other less regulated sources when in need.   CBA officials said the input stems from the Federal Deposit Insurance Corporation’s (FDIC) request for information on its 2013 small-dollar guidance.

House advances three bills to improve financial oversight

The U.S. House of Representatives advanced three bills that seek to foster better financial oversight of potential bad actors and illegal activities. One of the bills is the Promoting Transparent Standards for Corporate Insiders Act (H.R. 624), sponsored by House Financial Services Chair Rep. Maxine Waters (D-CA) and Ranking Member Rep. Patrick McHenry (R-NC). This bill would protect ‘Mom and Pop’ investors from illegal insider trading and helps the Securities and Exchange Commission (SEC) better understand how to prevent illicit activity.

Point Loma Credit Union Named National City’s Business of the Year

SAN DIEGO, Jan. 29, 2019 /PRNewswire/ -- Last week the National City Chamber of Commerce awarded Point Loma Credit Union 2018 Business of the Year at their 109 [th] Annual Installation Award Ceremony. Point Loma Credit Union's roots in National City date back to the 1950s.  The credit union gives back to the National City community by holding financial seminars in both English and Spanish, hosting numerous chamber events, and volunteering for charities.

Complaint snapshot: Mortgage

One of the primary functions of the Bureau of Consumer Financial Protection (“Bureau”) is collecting, investigating, and responding to consumer complaints. Created as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), the Office of Consumer Response (“Consumer Response”) hears directly from consumers about the challenges they face in the marketplace, answers their inquiries about consumer financial products and services, brings their concerns to the attention of companies, and assists in addressing their complaints.

AG Healey Secures Loan Relief for Students Misled by Online Education Company

BOSTON — Attorney General Maura Healey announced today that MSW Capital, LLC, a Florida-based debt buyer, will discharge thousands of dollars of loans made to Massachusetts students to finance expensive and ineffective online study materials and educational services.

How to Protect Yourself on Data Privacy Day

Do you use social media? Have you made an online purchase? Have you clicked the “I agree” button without reading the fine print of a website’s Terms of Service? If so, there is a good chance that your personal information has been compromised.   “The websites and apps we use every day collect, store, process and share all kinds of personal information about us,” said Attorney General Ellen Rosenblum. “If that data gets in the wrong hands, bad things can happen. We need to be aware of what information is being collected and educate ourselves on how to protect that information.”

Shared National Credit Review Finds Some Improvement in Credit Quality, Risk Remains Elevated in Leveraged Loans

Federal banking agencies find that risk in the portfolio of large syndicated bank loans has declined, due to improving conditions in most sectors. Despite the improvement, the dollar volume of loans rated below “pass,” as a percentage of total loans, remains elevated compared with levels experienced in prior economic cycles, according to the Shared National Credit (SNC) Program Review.

Hey Nineteen: Nine FTC developments that could impact your business in 2019

Steely Dan may be one of the best duos of the rock era. (Sorry, Donnie and Marie fans.) Their song “Hey Nineteen” reminds us to mention some FTC consumer protection developments that could be of interest to your company or clients in 2019. As “Any Major Dude Will Tell You,” when you’re “Reelin’ in the Years” – or at least recapping the past one – consider this non-exhaustive and in-no-particular-order case compilation.

Colorado foreclosure system under the microscope in U.S. Supreme Court case

Colorado's century-old public-trustee foreclosure system, the only one of its kind in the country, could be gutted if a Pueblo man wins his case before the U.S. Supreme Court, legal experts say.  The court this month took up the case of Dennis Obduskey, 63, who says lawyers representing banks in the foreclosure process are little different than debt collectors who pester consumers to pay up on an overdue credit card or other unpaid bills.

About Data Privacy Day

Data Privacy Day began in the United States and Canada in January 2008 as an extension of the Data Protection Day celebration in Europe. Data Protection Day commemorates the Jan. 28, 1981, signing of Convention 108, the first legally binding international treaty dealing with privacy and data protection. Data Privacy Day is observed annually on Jan. 28.  The National Cyber Security Alliance (NCSA) officially leads the Data Privacy Day campaign and is advised by a distinguished advisory committee of privacy professionals to help the campaign align with the most current privacy issues in a thoughtful and meaningful way.

Data: How older shoppers use fintech

Americans 50 and older are a sizable portion of the U.S. population — 115 million individuals in 2018 and growing to 132 million in 2030, according to Census Bureau data and AARP estimates. While these consumers may not be the first to use mobile P2P apps such as Venmo or Zelle, they represent a big payment opportunity because of their economic purchasing power. According to estimates from AARP, for each dollar spent in the U.S., 51 cents are spent by people over the age of 50. This group will spend upward of $84 billion annually on technology products by 2030, many of which are payment-enabled.

Office of Servicemember Affairs – Annual Report

The Office of Servicemember Affairs at the Bureau monitors and analyzes complaints from servicemembers, veterans, and their families (collectively referred to as “servicemembers” in this report). Complaints submitted by servicemembers serve as a key initial indicator of emerging issues and continuing trends in the financial marketplace. This report provides data and analysis around the most common complaints submitted by servicemembers to the Bureau. This report also highlights emerging issues and continuing trends facing servicemembers in the financial marketplace such as:

CFPB Announces Changes to Senior Leadership

Washington, D.C. — Consumer Financial Protection Bureau Director Kathleen L. Kraninger today announced leadership changes within the Bureau. The positions being announced today are:    Policy Associate Director for External Affairs; West Regional Director; Acting Chief Communications Officer; Deputy Associate Director for External Affairs; and the Director for the Office of Minority and Women Inclusion.

Consumer Financial Protection Bureau Reaches Settlement with Enova International, Inc.

Washington, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Enova International, Inc., an online lender that extends unsecured payday and installment loans, and lines of credit based in Chicago, Illinois.   As described in the consent order, the Bureau found that Enova violated the Consumer Financial Protection Act of 2010 by debiting consumers’ bank accounts without authorization. While consumers authorized Enova to deduct payments from certain accounts, the company in many instances debited different accounts that the consumers had not authorized it to use. The Bureau found also that Enova failed to honor loan extensions it granted to consumers.

BankThink Fed should open the payments system to fintechs

The Federal Reserve operates a financial infrastructure that allows banks to efficiently transfer money, facilitating secure consumer payments and helping to maintain a stable American financial system. An increasingly important group of next-generation, nonbank fintech firms such as PayPal or Amazon (and, importantly, whatever new firms rise to challenge them), could benefit from accessing the same cost-effective system as their more traditional competitors. More important, American consumers stand to benefit.

AG Tong, Banking Commissioner Perez Caution Federal Workers to Beware of Predatory Online Payday Lenders during Ongoing Federal Shutdown

While many Connecticut financial institutions are stepping up to the plate to provide no-interest, low-interest loans and other financial assistance to furloughed federal workers during the ongoing government shutdown, Attorney General William Tong and Department of Banking Commissioner Jorge Perez today cautioned workers to avoid predatory online payday lenders who may seek to exploit struggling workers with unaffordable and potentially illegal payday loans or disguise themselves as participants in Governor Lamont’s zero-percent public-private loan program passed by the legislature yesterday. 

CFPB Associate Director Chris D’Angelo Reported to be Joining New York Attorney General

According to an American Banker report, Chris D’Angelo, the CFPB’s Associate Director of Supervision, Enforcement and Fair Lending, has announced that he is leaving the Bureau to serve in the Office of the New York Attorney General as Chief Deputy Attorney General for Economic Justice.   The current New York Attorney General is Letitia James, who was elected in November 2018.  Ms. James is expected to continue the aggressive pro-consumer approach of former NY AG Eric Schneiderman.

NAFCU elevates CU issues at CFPB roundtable with Kraninger

NAFCU on Thursday elevated several credit union issues – including payday alternative loans, data collection related to the Home Mortgage Disclosure Act (HMDA) and small business lending, and remittances – to Bureau of Consumer Financial Protection Director Kathy Kraninger during a financial services industry roundtable. NAFCU has shared credit unions' concerns and priorities with Kraninger since she was confirmed as director in December.

North Carolina Reintroduces Strict Data Breach Notification Law

January 22, 2019 - North Carolina Attorney General Josh Stein and Rep. Jason Saine reintroduced data privacy legislation that would give organizations just 30 days to report a breach. For healthcare providers in the state, the law would effectively cut in half the notification time outlined in HIPAA, which mandates breach notifications occur within 60 days of discovery. According to the proposal, the tighter notification will “allow people to freeze their credit across all major credit reporting agencies and take other measures to prevent identity theft before it occurs.” Further, the bill would redefine a breach to include ransomware attacks, where the personal information is accessed and potentially not acquired. This is also particularly notable for healthcare organizations, as hackers continue to target the sector with ransomware attacks.

Synchrony and Sam’s Club Extend Strategic Partnership

January 23, 2019 - STAMFORD, Conn. -- Synchrony (NYSE: SYF) today announced an extension of its strategic partnership with Sam’s Club, a segment of Walmart, Inc. (NYSE: WMT), to continue offering Club members enhanced financing options through the Sam’s Club-branded credit cards. As part of the extension, Synchrony will continue to manage and service the credit card programs for Sam’s Club members across the retailer’s nearly 600 clubs.

Here’s How to Find Out if Your Email Was One of the 773 Million Exposed in Massive Data Breach

It may be time to change your passwords again. Security experts have discovered what very well could be one of the largest data breach of all time, a collection of 772,904,991 unique emails and 21,222,975 unique passwords. Called “Collection #1,” the breach was initially reported by Troy Hunt and seemingly comes from many different sources, not a single corporate entity. And it’s an especially dangerous one as he says it creates 1.16 billion “unique combinations of email addresses and passwords”. People can check to see if their accounts and passwords were compromised at Hunt’s “Have I Been pwned?” Website.

Consumer Financial Protection Bureau Settles with Broker of High-interest Credit Offers

Washington, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Mark Corbett, a broker of contracts offering high-interest credit to veterans.   As described in the consent order, the Bureau found that Corbett violated the Consumer Financial Protection Act of 2010 by misrepresenting to consumers that the contracts he facilitates are valid and enforceable when, in fact, the contracts are void because veterans’ pension payments are unassignable under federal law; misrepresenting to consumers that the offered product is a purchase of payments and not a high-interest credit offer; misrepresenting to consumers when they will receive their funds; and failing to disclose to consumers the applicable interest rate on the credit offer. 

WebRecon Stats for Dec 2018: 2018 Ends With A Whimper

Quick analysis: Well, 2018 ended pretty much along the trajectory it spent much of the year on. FDCPA and TCPA complaints dropped (-7.8% and -13.2% respectively), and FCRA, BBB and CFPB complaints all increased (+4.3%, +11.5% and +5.9% respectively)

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$5,708,919.62 Credit Cards

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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

LendIt Fintech USA 2019

LendIt Fintech

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