At a glanceFriday, February 22, 2019

Collection Industry News At A Glance - February 22, 2019
Friday February 22, 2019
This Week's Newsletter:
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LendIt Fintech is excited to be back in San Francisco, a concentrated fintech hub for some of the most innovative and fastest growing fintech companies in the world.  They are expecting about 5,000+ attendees and will have some exciting names to announce as speakers in the coming weeks. There will also be 2,000+ fintech-focused companies looking to network and do business with you.  LendIt Fintech attracts thousands of fintech decision makers from the world’s most influential companies.  LendIt Fintech USA 2019 will be held at the Moscone West, San Francisco, April 8-9. is a media sponsor for LendIt Fintech USA2019.  Register for LendIt Fintech 2019 using DC15% at

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Cybersecurity for small business: Secure remote access

Punching a time clock in and out isn’t how small businesses run these days. Employees are on the road, others are working from home, vendors are accessing your data at off hours – and you’re generating ideas 24/7. How do you maintain high security standards when employees and others may need to connect to your network remotely from a variety of devices? When we met with small business owners across the country, that question came up a lot. As part of our Cybersecurity for Small Business campaign, we have a fact sheet of things to consider in securing remote access to your network.

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What is cryptojacking? The silent hack that should concern cyber insurers

When we think of cyber-attacks, we don’t tend to picture the quiet mining of cryptocurrency – but that’s exactly what’s involved in cryptojacking. The 2017 WannaCry, Petya and NotPetya attacks unveiled just how formidable the reach of hackers has grown, but a cyber-attack doesn’t have to cause widespread damage to be deadly. Cryptojacking – also known as a cryptomining attack – is the most common cyber threat to businesses and, unlike in the 2017 attacks, victims might not even realise they’re infected. A 2018 report from Cyber Security company Webroot showed that cryptojacking had replaced ransomware as the most common cyber-attack.

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U.S. banks record $59.1 billion in profits in fourth-quarter of 2018

WASHINGTON (Reuters) - The U.S. banking sector recorded $59.1 billion in profits in the fourth quarter of 2018, down slightly from the third quarter’s record level but still up significantly from the prior year, according to data from the Federal Deposit Insurance Corporation.

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Fintechs help boost US personal loan surge to a record $138 billion

Americans are turning to up-and-coming fintech firms instead of traditional banking options to pile on debt. The unsecured personal loan market hit an all-time high last year, surging 17 percent year over year to $138 billion, according to data from TransUnion released Thursday. Digital-first financial technology companies were largely responsible for that momentum. “The rapid growth in consumer loans sits squarely on the shoulders of fintechs,” said Jason Laky, senior vice president and leader of TransUnion’s consumer lending line of business. “They continue to be the main driver.”

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How will CFPB’s payday rule changes affect CUs?

The CFPB has issued two proposals related to its 2017 payday lending rule: One to remove mandatory underwriting requirements – including ability-to-repay (ATR) provisions – and one to delay the rule's implementation date by 15 months, to Nov. 19, 2020. NAFCU is seeking credit unions' feedback on how these changes would impact the industry and what other revisions the bureau should consider.

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40 million Americans expect to miss a credit card payment in 2019, says new survey

40 million Americans say they'll miss at least one credit card payment in 2019, according to a new survey by Wallethub.    Wallethub, a personal finance site, conducted the survey to examine the realities of credit card debt on Americans across demographics. 16% of respondents said that they will likely miss a payment this year, a figure that works out to about 40 million people. 

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FinTechs Continue to Drive Personal Loan Growth

The FinTech revolution has propelled unsecured personal loans to another record-breaking quarter. TransUnion’s (NYSE: TRU) Q4 2018 Industry Insights Report found that personal loan balances increased $21 billion in the last year to close 2018 at a record high of $138 billion. Much of this growth was driven by online loans originated by FinTechs.

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Attorney General Becerra and Assemblymember Levine Unveil Legislation to Strengthen Data Breach Notification Law

SACRAMENTO – California Attorney General Xavier Becerra and Assemblymember Marc Levine (D-San Rafael) today unveiled AB 1130, legislation to strengthen California’s data breach notification law to protect consumers. The bill closes a loophole in the state’s existing data breach notification law by requiring businesses to notify consumers of compromised passport numbers and biometric information.

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Forget Phishing and Ransomware. Formjacking Is the New Favorite Hack of Cyber Crooks

Every month, thousands of retail websites are targeted by cyber criminals, who insert a small piece of malicious code that allows them to snatch customers’ credit card information. The hacking technique is called formjacking, and it’s the virtual equivalent of putting a device on an ATM to skim debit card numbers.

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CallMiner and Morae Global Announce Partnership to Deliver Conversational Behavioral Analytics for Financial Services Risk Mitigation and Regulatory Compliance

WALTHAM, MA – February 21, 2019 – CallMiner, the leading provider of award-winning speech and customer engagement analytics platform CallMiner Eureka, announced today a partnership with Morae Global Corporation, a full-service, technology-enabled, integrated solution provider for the legal and compliance function. The new partnership combines CallMiner’s speech analytics for behavioral insight with Morae Global’s unique expertise in legal risk and compliance for financial services to spotlight threats that model-based solutions are incapable of capturing.

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FCC Proposes New Rules to Target Caller ID Spoofing and Issues Report on the Fight Against Illegal Robocalls

While the FCC continues to tread carefully in evaluating the thorny issue of how broadly to interpret  the TCPA’s definition of “automated telephone dialing system,” particularly as it confronts proposed legislation that, if adopted, would ultimately expand the reach of the TPCA, the Commission has decided to move forward with some less controversial issues.  In particular, the Commission’s leadership took two actions last week as part of an effort to address mounting concerns about the influx of unwanted and illegal robocalls, particularly including the prevalent use of fake caller ID information to dupe consumers into answering the phone when a telemarketer calls or, even worse, providing sensitive information based on a false impression that they are speaking to a reputable company or government agency. 

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States, consumer groups blast CFPB’s fintech protections

State attorneys general, consumer advocates, community activists, and banking regulators are criticizing proposed legal protections for banks and technology firms that develop “innovative” financial products. The protections would come from the Consumer Financial Protection Bureau, which in December unveiled what it calls a “regulatory sandbox” that will allow firms to develop untested fintech products and services without fear of reprisals from regulators. While the criticism rolls in, financial industry groups are rallying behind the plan, even asking the CFPB to expand the legal safe havens.

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Receivables Management Association International Honors Outstanding Members

February 7, 2019 (Sacramento, CA) – Leaders from Receivables Management Association International (RMAI) honored outstanding members this week at the association’s 22nd Annual Conference—in Las Vegas, Nevada.

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TrueAccord Chooses Lenexa, Kansas, for Operations Center

TrueAccord, a San Francisco-based fintech company, will invest $1.34 million in a new shared services operation in Lenexa, Kansas.   According to Kansas City Area Development Council, TrueAccord will create more than 150 jobs in a 12,000-sq.-ft. office space at 16011 College Boulevard in Lenexa.

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Second Circuit Upholds Personal Liability of Individual Owner for Payday Debt Collection Companies’ FTCA and FDCPA Violations

The Second Circuit recently upheld a decision finding two individual co-owners personally liable for nearly $11 million for their companies’ violations of the Federal Trade Commission Act (FTCA) and Fair Debt Collection Practices Act (FDCPA). The companies’ business consisted largely of collecting payday loan debts they had purchased.

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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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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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