At a glanceWednesday, February 20, 2019

Collection Industry News At A Glance - February 20, 2019
Wednesday February 20, 2019
Mid Week Newsletter:
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PayThink Shutdown highlighted need for bank-backed small-dollar loans

A tremendous amount of attention rightfully was given to the financial hardships furloughed employees faced during the monthlong partial shutdown of the federal government. I am proud to say banks proactively stepped up to the plate.

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2019 cyber security: More of the same or worse?

Each new year hails the latest slew of predictions for all sectors of , with  becoming one of the hottest topics around the world as companies of all sizes, operating in an array of sectors, scramble not to be the next headline. Will it be a case of "same old" on the cyber security front? I would say definitely not as cyber criminals appear to be able to come up with new threats and keep pace with emerging technologies that have been developed specifically to keep them out. Interestingly, it is predicted that 2019 will see smaller companies enlisting the same cyber security approaches as deployed by large corporations, which in turn is likely to mean leveraging the benefits of a robust security operations centre.

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NAFCU, FCC discuss TCPA rulemaking efforts

NAFCU on Tuesday met with the Federal Communications Commission's (FCC) Consumer and Governmental Affairs Office, as well as staff from individual commissioners' offices, to discuss policymaking efforts to address issues under the Telephone Consumer Protection Act (TCPA).

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Wendy’s Reaches $50 Million Breach Settlement With Banks

Where's the breach? In 2015 and 2016, it was at Wendy's, when attackers infected 1,025 of its restaurants' point-of-sale systems with malware, leading to the loss of massive quantities of payment card data.

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Directors Elected to Lead Receivables Management Association International in 2019

February 7, 2019 (Sacramento, CA) – Members of Receivables Management Association International (RMAI) elected Directors and Officers to its Board yesterday at the association’s annual conference. Of
the ten-member Board, eight are continuing service from the previous year (some in new roles) and two are serving their first term. The 2019 Directors and Officers are[...]

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WebRecon Stats for Jan 2019: Out of the Gate

Quick analysis: Well, it looks like 2019 begins with a screech out of the gates. In January, all three of the main consumer statutes we track (FDCPA, TCPA, FCRA) were up significantly over December 2018. But only FCRA was also up over January 2018 as well.

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Employer-paid student loan repayment help could be coming

With U.S. student loan debt totaling a staggering $1.5 trillion nationally, it's second only to outstanding home mortgage debt for American households. But one idea that could provide some relief for indebted students is now gaining bipartisan support in both the House and Senate.

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FTC to law violators: Don’t bank on bankruptcy

A recent ruling by a Florida Bankruptcy Judge sheds light on a tenacious team within the FTC’s Bureau of Consumer Protection. But first, let’s set the time machine to 2008 when the FTC entered into a settlement with BlueHippo, a computer financing company that pitched electronics to consumers with “less than perfect credit, bad credit, no credit.”

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US needs an internet data privacy law, GAO tells Congress

The federal government's chief auditor has recommended Congress consider developing legislation to beef up consumers' internet data privacy protections. much like the EU's General Data Protection Regulation. The recommendation was included in a 56-page report (PDF) issued Wednesday by the Government Accountability Office, the government agency that provides auditing, evaluation and investigative services for Congress. The report was prepared at the request two years ago by Rep. Frank Pallone Jr. (D-N.J.), chairman of the House Energy and Commerce Committee, which has scheduled a hearing to discuss the subject for Feb. 26.

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US$588 billion loans to find homes in alternative lending market

Marketplace Lending (MPL) will reach $137 billion annually by 2023, up from less than $30 billion this year, representing growth over the period of 400%, according to Juniper Research. The researcher also estimates P2P/MPL business lending origination value will reach US$116 billion in 2023. Juniper found that a lack of trust by investors is challenging to MPL. Despite using algorithms and non-traditional data to calculate eligibility, the risk of default by underserved customers, MPL’s target audience, is still high. Liquidity is also problematic for new players as few customers have completed a payment cycle. Thus, players have low cashflow due to immediate debt (loan principal) and long-term receivables.

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OFR adopts final rule for US repo market

The US Office of Financial Research (OFR) has adopted a final rule to establish a data collection covering centrally cleared funding transactions in the US repurchase agreement (repo) market. According to the OFR, the daily collection will enhance the ability of the Financial Stability Oversight Council to identify and monitor potential risks to US financial stability by closing the data gap related to centrally cleared repo transactions. The collection will also support the calculation of certain reference rates, particularly alternatives to the US dollar London Interbank Offered Rate (LIBOR).

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U.S. Student Debt in ‘Serious Delinquency’ Tops $166 Billion

Student-loan delinquencies surged last year, hitting consecutive records of $166.3 billion in the third quarter and $166.4 billion in the fourth.   Bloomberg calculated the dollar amounts from the Federal Reserve Bank of New York’s quarterly household-debt report, which includes only the total owed and the percentage delinquent at least 90 days or in default.

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What’s the Average U.S. Credit Card Debt by Income and Age in 2019?

Credit card debt is high and getting higher, as Americans are growing more lax about accumulating credit card debt. According to data from, the average individual credit card debt stands at $5,331 in 2019. Additionally, on a monthly basis, most Americans don't pay their credit card balance in full every month - 55% don't regularly pay in full. What Is the Average Credit Card Debt in the U.S? Here's a closer look at how credit card debt stacks up demographically (specifically in age and income) across the U.S. (data from Value Penguin's Average Credit Card Debt in America: February 2019).

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Cybersecurity for small business: Hiring a web host

Your website is the online face of your business. Some companies have the in-house capability to manage their web presence. Others hire a web host to handle it for them. When launching a new business or upgrading their site, savvy business owners comparison shop for web hosting services. At the top of your shopping list should be the security features built into what you’re buying.

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WASHINGTON, February 14, 2019—The Federal Communications Commission today proposed rules banning illegal spoofed text  messages and international calls. The proposed rules would enable the agency to address consumer concerns about unwanted text messages and scam calls from overseas.

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New York Fed puts 7M auto delinquencies in context

NEW YORK - A quartet of analysts took a deep look at the auto finance data after the Federal Reserve Bank of New York’s Center for Microeconomic Data released its Quarterly Report on household debt and credit on Tuesday. At first blush, it might look inflammatory that the New York Fed data fueled by Equifax showed that more than 7 million people had an auto finance contract at least 90 days delinquent by the time 2018 finished. However, the data set also pointed out that more than 89 million people have some form of auto financing — a lease or retail installment contract. That’s the highest figure ever recorded, according to the Fed data from Equifax that goes back to 1999. All told, auto financing surged by $53 billion year-over-year to close 2018 at $1.27 trillion; again the highest figure ever recorded.

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FTC Enforcement Actions Yield More than $2.3 Billion in Refunds to Consumers between July 1, 2017 and June 30, 2018

According to a report issued by the Federal Trade Commission today, between July 1, 2017 and June 30, 2018, the agency’s law enforcement actions yielded more than $2.3 billion in refunds to defrauded consumers, including $122 million mailed directly by the FTC to 2.2 million people.

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Senate Banking panel kicks off talks on data security bill

The leaders of the Senate Banking Committee on Wednesday kicked off a push to write stricter data collection and security standards for financial institutions.   Sen. Mike Crapo (R-Idaho), the panel’s chairman, and Sen. Sherrod Brown(Ohio), the ranking Democrat, on Wednesday asked for input on ways to give consumers more control of personally identifiable information collected by financial firms and regulators.

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FTC Announces March 2019 Session on International Engagement as Part of its Hearings on Competition and Consumer Protection in the 21st Century

The 11th session of the Federal Trade Commission’s Hearings Initiative, “The FTC’s Role in a Changing World,” will focus on the agency’s international work. The hearing will take place in Washington, D.C. on March 25-26, 2019.  The session will explore the FTC’s international role in light of globalization, technological change, and the increasing number of competition, consumer protection, and privacy laws and enforcement agencies around the world. Speakers will address the implications of international developments on the FTC’s work on behalf of American consumers. The session will be held at the FTC’s headquarters building at 600 Pennsylvania Ave., NW, Washington, DC in room 432.

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Trump Admin Allows Faster Fed, OCC Bank Merger Approvals

Banks are finding it easier to merge since Donald Trump took office, and since federal regulators have revised policies to make the approval process faster to complete. According to The Wall Street Journal (WSJ), the Federal Reserve revealed that the average merger review time — with opposition from community groups — fell to 3.8 months in the first half of 2018 from 5.6 months in the first half of 2017, and seven months in 2015. At the Office of the Comptroller of the Currency (OCC), the average time decreased to 1.9 months in 2018 from 2.6 months in 2016.

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2018 Was Second-Most Active Year for Data Breaches

Hacking by external actors caused most breaches, but Web intrusions and exposures compromised more records, according to Risk Based Security.
More than 6,500 data breaches were reported in 2018, a new report from Risk Based Security shows. The breaches, both big and small, were reported through Dec. 31, 2018 — marking a 3.2% decline from the 6,728 breaches reported in 2017 and making it the second-most active year for data breaches on record. Some 5 billion records were exposed, or about 36% less than the nearly 8 billion records exposed in breaches in 2017. In addition, more records were compromised last year than in any previous year than 2017 and 2005.

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FCC threatens carriers with ‘regulatory intervention’ over robocalls

Ajit Pai, the chairman of the Federal Communications Commission (FCC), warned phone service providers that if they don't crack down on fraudulent caller IDs from robocallers his agency will step in with regulation. Pai sent letters to major wireless carriers in November demanding that they adopt industry-wide frameworks to crack down on the practice of "spoofing," where robocallers mask a call's origin with a fraudulent number on their caller ID. On Wednesday, the FCC chair followed up with another demand that they implement caller authentication systems this year and a threat over the repercussions if they don't comply.

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FTC says it collected $2.3 billion in consumer refunds in a 13-month period

The Internal Revenue Service (IRS) is a government agency that collects money from consumers. The Federal Trade Commission (FTC) says it’s the agency that sends money back to consumers. In its second annual report, the FTC’s Office of Claims and Refunds says it collected more than $2.3 billion in consumer fraud enforcement actions between June 1, 2017 and June 30, 2018. The agency says $122 million of that total has already been distributed to consumers in the form of refund checks. A total of 2.2 million consumers are said to be eligible for a refund.

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Attorney General Becerra Announces Sentencing in $4 Million Southern California Mortgage Fraud Scheme

SAN DIEGO – California Attorney General Xavier Becerra today announced the sentencing of Prakashumar ("Kash") Bhakta for operating a mortgage fraud scheme throughout Southern California and the Inland Empire that preyed on homeowners facing foreclosure. Today, Mr. Bhakta was sentenced to seven years and eight months in state prison. Restitution will be ordered in the amount of $256,000. Co-defendants Jacob Orona, Aide Orona, John Contreras, Marcus Robinson, and David Boyd previously pled guilty. They were sentenced to state prison terms ranging from four years to seven years and four months.

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Portfolios For Sale

5,870,348 Credit Cards
Sea Side Management, LLC

(800) 917-7183

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$8,470,506 Credit Cards
Sea Side Management, LLC

(800) 917-7183

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   Contact Solutions / Dialers 

Arbeit Software

(716) 751-5500

   Debt Buyer 

Terminus Holdings Group, LLC

(404) 583-1225


Industry Events

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

LendIt Fintech USA 2019

LendIt Fintech

San Francisco , CA
April 08 - 09 , 2019


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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More information about Debt Connection Symposium
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