At a glanceFriday, March 15, 2019

Collection Industry News At A Glance - March 15, 2019
Friday March 15, 2019
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FTC Releases 2018 Privacy and Data Security Update

The Federal Trade Commission, the nation’s primary privacy and data security enforcer, released its annual report highlighting its privacy and data security work for 2018.   The FTC’s privacy and security enforcement actions in 2018 included shutting down revenge porn website, approving a settlement with peer-to-peer payment service Venmo over deceptive privacy settings, approving an expanded settlement with Uber Technologies, Inc. to resolve data security and privacy allegations, and approving a privacy and data security settlement with mobile phone maker BLU Products, Inc. The FTC also obtained a $3 million civil penalty against RealPage, Inc., for violating the Fair Credit Reporting Act by failing to ensure the accuracy of tenant screening information.

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The Recovery Management Network will meet on Wednesday, May 8th, from 7:30 a.m. to 2:00 p.m. at the Four Seasons in Las Vegas, as a tie-in to the Collection and Recovery Solutions 2019 event (CRS2019).  This small group peer session is geared for creditor members, and provides an opportunity networking with peers and for peer discussions on “collection and recovery hot topics”, “omnichannel communications”, vendor auditing and much more.

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CFPB calls out reverse mortgage servicing problems

As part of its ongoing effort to keep tabs on loan servicers, the Consumer Financial Protection Bureau released a report this week that highlighted problems with the servicing of reverse mortgages. According to the bureau, a recent examination brought to light the fact that some reverse mortgage servicers have issued misleading statements to the heirs of deceased reverse mortgage borrowers. When a borrower passes away, the servicer is required to contact the heirs to notify them of their right to repay the loan or place the property up for sale. Alternatively, the property moves into foreclosure. In this instance, the Department of Housing and Urban Development allows for up to two 90-day extensions to grant the heirs time to make a decision.

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Lending revolution: fintechs vs banks

Are emerging fintechs levelling the playing field with high street banks in the SME lending market? Alternative lenders understand the hunger for a seamless customer experience and have built credit journeys that align to business expectations. Eight out of ten SME loan applications were approved by banks in the third quarter of 2018, according to the latest figures from trade association UK Finance. While this is a far cry from the days of the global financial crisis, when SME lending all but dried up in part due to regulatory pressures to shore up capital, smaller companies are still citing challenges in according to Stuart Chalmers, commercial banking lead for Accenture UK.

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What Is a Consent Management Platform?

The General Data Protection Regulation (GDPR) has been in effect for almost a year, and as you might imagine, companies have started taking consumer consent far more seriously with regards to data collection, storage and usage. For smaller sites and businesses, habits needed tweaking. For larger sites with high volumes of traffic, a more methodical approach was required to remain GDPR compliant. That’s where a consent management system comes in handy.

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Money keeps flowing to fintechs

Fintech funding reached a record high of $11.9 billion in 2018, and startups have continued to attract millions in investments from venture capital firms, private-equity players and banks this year.    The online challenger bank Chime announced a $200 million funding round at the beginning of March, the largest ever for a savings and lending fintech.

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Loans to members rule adopted as proposed

The NCUA Board on Thursday finalized, largely as proposed, its rule to reform to loans and lines of credit to credit union members. NAFCU offered its support of the rule and believes it will positively impact the industry. The board also received a fourth-quarter update on the National Credit Union Share Insurance Fund (NCUSIF).

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BBVA Compass commits to providing financial education to 10,000 adults in 2019

Full program launch: Following its four-month pilot in 2018, the bank kicked off the full financial education program last week at its annual Financial Education Summit in Houston.    240 attendees including 93 representatives from participating community partners: Fifty nonprofit community partners were represented at this year's Summit, which was the largest in the bank's program history.

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IRS Private Debt Collection Program Brings in $130.6 Million

The Senate Finance Committee released a new quarterly report detailing the progress of the Internal Revenue Service (IRS) Private Debt Collection (PDC) Program – which works to bolster the U.S. Treasury and strengthen the effectiveness of the IRS by providing taxpayers with customized solutions that help them satisfy lingering tax debts in a manageable way.

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PayPal now lets US users instantly transfer funds to bank accounts in seconds

PayPal, a longtime alternative to the direct use of cards, cash and bank transfers to make payments for goods online and in stores, is today adding a new feature to help it tap into a wider range of customers, such as gig economy workers and use cases — in competition not just against banks (and Zelle, a service that they back), but also younger upstarts like Stripe, Square and others chasing the same business. PayPal is launching Instant Transfer to bank, which will let those receiving money via PayPal instantly move that into their bank accounts to access as cash or however else they would like to use it.

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GAO offers CFPB alternative data recommendations

The Government Accountability Office (GAO) has issued the Consumer Financial Protection Bureau (CFPB) a series of recommendations regarding sharing lender alternative data insight. The GAO is recommending the CFPB and federal banking regulators communicate in writing to fintech lenders and banks that partner with fintech lenders, respectively, on the appropriate use of alternative data in the underwriting process. The GAO said the recommendations stem from the CFPB having supervisory authority over some fintech lenders. Fintech lenders that have entered into third-party relationships with banks may also be subject to indirect oversight by federal banking regulators.

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Resource Management Services, Inc. is pleased to announce new roundtable sessions at the Collection and Recovery Solutions 2019 conference at the Four Seasons Hotel, Las Vegas May 8 – 10, 2019.  In addition to the quality speakers in our main conference sessions, the Creditor’s Roundtables on Friday morning give the attendee an opportunity to choose three different roundtable sessions to join. This allows the attendee to discuss and explore issues of importance from a variety of collection and recovery topics with the discussions led by an industry peer with knowledge specific to the topic. Creditor roundtables will be on Friday, May 10 from 10:00 a.m. to 11:40 a.m.  Here are some of the topics that will be discussed this year.

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AG Pax­ton Urges 5th Cir­cuit to Rule That the Con­sumer Finan­cial Pro­tec­tion Bureau’s Struc­ture is Unconstitutional

Attorney General Ken Paxton expressed his hope that the U.S. Court of Appeals for the 5th Circuit will strike down the structure of the federal Consumer Financial Protection Bureau (CFPB) as unconstitutional after hearing arguments today in the case. Last July, he filed a friend-of-the-court briefwith the 5th Circuit as the leader of a 14-state coalition challenging the CFPB’s constitutionality.

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CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for December Since at Least 2000

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that, nationally, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in December 2018, representing a 1.2 percentage point decline in the overall delinquency rate compared with December 2017, when it was 5.3 percent.

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Berger calls on Congress to better regulate fintech in op-ed

In an op-ed published in American Banker, NAFCU President and CEO Dan Berger called on lawmakers to ensure fintech firms are subject to the same data security and consumer protection standards as credit unions.

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Alaska USA Federal Credit Union employees donate $70,000 to United Way

Anchorage, Alaska – In celebration of their 70th anniversary, Alaska USA Federal Credit Union has donated $70,000 to the United Way.    The credit union partnered with United Way to solicit donations from employees through several fundraising events. 

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IBM Cuts Credit Unions Deal For Blockchain Services In $1.7 Trillion Industry

IBM and Denver-based credit union service organization CULedger, have struck a collaboration deal by which new blockchain-based services will be pioneered to help credit unions provide their members with greater efficiencies and an enhanced user experience. CULedger focuses on delivering “innovative applications” to credit unions via its cross-border global distributed ledger platform.

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Consumer Financial Protection Bureau Announces 18th Edition of Supervisory Highlights

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) today released its 18th edition of Supervisory Highlights. The report covers Bureau supervision activities generally completed between June 2018 and November 2018, and includes examination findings in the areas of automobile loan servicing, deposits, mortgage servicing, and remittances.

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Bill expanding payday lending sees opposition in Indiana House

INDIANAPOLIS (WTHR) - A payday lending bill is getting a lot of opposition at the Indiana Statehouse. The State Senate already passed the bill that would expand payday lending interest rates to as high as 192 percent and eliminate the 72 percent cap currently in place. Several civic groups and representatives of military agencies spoke out against the bill Monday, including Steven Bramer. Bramer is a Purple Heart recipient from Hammond who admitted he's now caught up in the vicious cycle of trying to pay back a payday loan.

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CFPB does not seek lifting of stay of compliance date for payday loan rule’s payment provisions in new status report filed in trade groups’ lawsuit

The CFPB and the two industry trade groups that filed a lawsuit in a Texas federal district court challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) filed a new status report with the court on March 8 to follow up on their March 1 status report.

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Remarks by Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation at the Institute of International Bankers Annual Washington Conference; Washington, D.C.

Thank you for the invitation to speak here this afternoon. The list of topics and speakers at today's event is rather impressive, and I welcome the opportunity to engage and share my views.  To say that the financial system is interconnected on a global scale would be an understatement. The largest U.S. banks operate in well over a hundred countries, while many foreign banks operate in the United States, often through regulated, FDIC-insured depository institutions. These foreign banking organizations provide financial services across a range of business lines and products in the U.S., from consumer lending to small business lending to financing infrastructure projects. While this extensive cross-border activity presents certain challenges, especially when it comes to potential resolutions, it also provides meaningful benefits to U.S. consumers and businesses and to the broader U.S. economy. Our regulatory framework should be responsive to this reality.

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Trio of New York Bills Would Extinguish Debt, Require Licensing and Impose Additional Requirements in Collection Litigation

A trio of bills currently pending in the New York State Senate would extinguish debt, require licensing and impose additional requirements in collection litigation.   New York Senate Bill 691 and Senate Bill 2239 would completely extinguish the right to collect debt arising from a consumer credit transaction upon expiration of the statute of limitations.

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Consumers bankers call on CFPB, Education Department to improve student loan disclosures

The Consumer Bankers Association (CBA) is asking the Consumer Financial Protection Bureau (CFPB) and the Department of Education to improve federal student loan disclosures. CBA president and CEO Richard Hunt said federal student loan disclosures do not currently offer a clear, personalized overview of key loan terms specific to each borrower. These specific disclosures are common for all private consumer loans, including bank-offered student loans.

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Could personal loans from fintech firms give credit cards a run for their money?

Startups have spent the past decade trying to reinvent everything from taxis (so far so good) to squeezing juice out of fruit and vegetables (facepalm). Lately, entrepreneurs have been giving consumer debt a digital makeover. Fintech upstarts have turbocharged personal loans, now the fastest growing category of consumer debt, according to Experian. This type of lending was once mainly used by riskier borrowers without access to credit cards or home-equity loans. Now, whizzy smartphone apps, using a wider range of of data inputs, can extend loans to people who might not qualify based on traditional credit scores alone.

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Portfolios For Sale

$7,856,393.06 Auto Deficiencies
Capital Asset Management, Inc.

(317) 633-6633

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Prober and Raphael, ALC

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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

NACTT 54th Annual Seminar Registration Open


JW Marriott Indianapolis 10 S. West Street Indianapolis, IN 46204
Indianapolis , IN
July 16 - 19 , 2019

800-445-8629 | 803-765-0860

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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