Need help with your credit card debt? Start with your credit card company!

 If you’re struggling to keep up with credit card bills, you’re not alone. According to a 2017 Bureau report, from 2015 to 2017 overall credit card debt increased by 13 percent, while people with very low credit scores saw their debt rise by 22 percent.    Even if you’ve hit a rough spot, lost your job, are dealing with family illness, or facing emergencies, you still have options. The earlier you act on those options, the better your chances are for avoiding a debt in collections, damage to your credit report, a potential lawsuit or bankruptcy.   

The Importance Of A Timely Data Breach Response

When companies are targeted by cybercriminals, it is essential that they have plans in place in order to deal with this and enable themselves to get back online rapidly. This not only applies to internal systems but also to public perception as well — clients want to know that companies can deal with data breaches effectively. The way that security incidents are dealt with will have a significant impact on companies' reputation and standing within their industry. Yet many businesses struggle to adopt the best strategy for dealing with data theft. Thus, standards put in place by the National Institute for Standards and Technology (NIST) are particularly helpful, as they effectively provide an excellent outline for drafting a suitable response plan for data breaches and cybersecurity problems. NIST's Five Functions provide a basis for crafting a holistic cyber defense program.

How financial institutions are risking customer data through insecure mobile apps

An investigation of mobile apps from 30 financial institutions reveals weak encryption, data leakage, insecure data storage, and other vulnerabilities.  

The report discovered several key security flaws among 30 mobile apps offered by financial institutions. Almost all of the apps researched could easily be reverse engineered, providing access to sensitive source code data, including account credentials, API keys, server file locations, and incorrectly stored health savings account information.  In the report, 97% of the apps tested lacked the proper code protection, opening themselves up to reverse engineering or decompiling. Some 90% of the financial institution (FI) apps shared services with other programs on the device, while 83% insecurely stored data by housing it in the device's file system and external data or by copying content to the clipboard. Such flaws expose the data to use by other apps on the device.

Online lenders put small banks in a bind

The boom in internet lending is taking a toll on traditional commercial banks, especially smaller ones, suggesting that they’re going to have to have to find ways to adjust to the changes wrought by financial technology. New academic research says more than a quarter of the “peer-to-peer” dollars loaned over the internet today would’ve traditionally been handled by small commercial banks before the advent of online lenders. The figures come from a paper presented at Federal Reserve Bank of New York’s fintech conference in March, which found 27 percent of peer-to-peer lending dollars had displaced traditional bank lending.

DEBT SETTLEMENT MINI-SURVEY PRELIMINARY RESULTS RELEASED

Resource Management Services has released preliminary survey results from their Debt Settlement Mini-Survey. The survey consisted up 9 questions, and was responded to by 77 people, representing creditors (48.68%), Debt Settlement Companies (22.37%), Industry Participant Companies, not Debt Settlement (14.47%), Agency/Attorney (22.37%), and Others (6.58%). (It was not directed at consumers, and no “consumers in need” responded or identified themselves.)   There are 9 basic questions, (like defining debt settlement, trust issues, transparency with types of consumers and issues, credit reporting, additional standards and regulatory guidance), and areas for write in regarding future research and comments. 

CFPB Supervisory Highlights recap examinations of ancillary-product rebates

WASHINGTON, D.C. - The Consumer Financial Protection Bureau indicated that it took a deep look at what it called “unfair and deceptive practices” regarding rebates for certain ancillary products after examining the protocols executed by at least one captive finance company. CFPB officials recapped through its latest Supervisory Highlights the vehicle buyers sometimes also finance the purchase of ancillary products such as an extended warranty when they take delivery and enter into a retail installment sales contract. Then as finance companies know, if the contract holder later experiences a total loss or repossession, the servicer or contract holder may cancel such ancillary products in order to obtain pro-rated rebates of the premium amounts for the unused portion of the products.

FDIC Hosts Fintech and the Future of Banking Conference in Arlington, Virginia

The Federal Deposit Insurance Corporation (FDIC) and Duke University's Fuqua School of Business and Innovation and Entrepreneurship Initiative will host the Fintech and the Future of Banking conference on Wednesday, April 24, 2019. FDIC Chairman Jelena McWilliams and Treasury Secretary Steven Mnuchin will open the conference with a conversation about the role of financial technology and innovation in banking, followed by a series of discussions on regulatory innovation; data and technology in lending; the competitive landscape of 2019 and beyond; fintech funding; and financial advice and consumer decision-making.

HMDA Modified Loan Application Registers Released

WASHINGTON, D.C. — Today, the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Registers (LARs) data were published for approximately 5,400 financial institutions. This is the first year in which additional data reported by certain institutions under the 2015 HMDA rule will be available. The Modified LARs contains loan level information for 2018 on individual HMDA filers, modified to protect privacy. For guidance as to how submitted data is modified to protect privacy, please seehttps://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-announces-policy-guidance-disclosure-home-mortgage-data/.

2018 Consumer Response annual report

The Consumer Financial Protection Bureau began consumer response operations on July 21, 2011, and became the first federal agency solely focused on consumer financial protection. The Bureau’s Consumer Response team hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of financial institutions, and assists in addressing their complaints.

State officials launch push for student loan bill of rights

PROVIDENCE, R.I. (AP) — Rhode Island’s treasurer and attorney general want a “student loan bill of rights” to protect borrowers from deceptive lending practices. Treasurer Seth Magaziner and Attorney General Peter Neronha announced a bill Thursday that would provide new protections for borrowers and establish oversight of student loan servicers operating in Rhode Island. The Democratic leaders join a growing movement among states to protect those who take out student loans. A Maine lawmaker is currently making a push to create a state system to oversee student loan services operating there. Oregon’s attorney general wants to regulate student loan services and force them to be licensed under the state. Connecticut’s student loan bill of rights has been picked up by other statehouses nationwide.

OCC: Mortgage Performance Improved in Fourth Quarter

The share of current and performing first-lien mortgages in the fourth quarter of 2018 was 95.8 percent, up slightly from 94.5 percent a year ago, according to the Mortgage Metrics Report released today by the OCC. The report is generated from data from seven large national banks representing 31 percent of all outstanding residential mortgages. Foreclosure activity increased 3.5 percent from the previous quarter, with 29,515 new foreclosures initiated, and was down 14.5 percent from a year ago. Mortgages that were considered seriously delinquent held steady at 1.8 percent in the fourth quarter. Loans that were 30 to 59 days delinquent fell to 2 percent, down from 2.3 percent in the third quarter.

FCC Reportedly Collected Only 0.003% of Robocall Fines Since 2015

As late as last month, FCC Chairman Ajit Pai was on the Fox News Channel boasting about having imposed on robocalls some of the “biggest fines in the FCC’s history.” Documents obtained this week by reporters at the Wall Street Journal, however, put the agency’s milquetoast enforcement in a more authentic light. As the paper reported:

Consumer Bankers Association favors CFPB reform initiatives

In advance of the Consumers First Act markup, the Consumer Bankers Association (CBA) forwarded a series of Consumer Financial Protection Bureau (CFPB) reform measures to the House Financial Services Committee.

THERE IS STILL LIMITED SPACE AVAILABLE FOR THE THIRD PARTY VENDOR AUDITING WORKSHOP, MAY 6 – 7, 2019

Third Party Vendor Auditing Workshop is a two-day session scheduled May 6 – 7 in Las Vegas, NV at the Four Season Hotel, right before the Collection and Recovery Solutions 2019 conference.  Auditing Third Party Vendors is a case in point. Without a solid, practical and insightful audit program, you may not be getting what you expect from your third party vendors.  At the Third Party Vendor Auditing Workshop, learn skills and techniques to audit your third party vendors to comply with CFPB requirements, to validate consumer protection and to verify that your own vendor contract requirements are being met.

Equifax and FICO introduce strategic partnership to deliver the Data Decisions Cloud

ATLANTA, March 27, 2019 /PRNewswire/ -- To increase velocity for deploying predictive models, FICO and Equifax are introducing the Data Decisions Cloud. The new Data Decisions Cloud is an end-to-end data and analytics suite that addresses key needs across risk, marketing, and fraud to enable financial institutions to meet the needs of consumers faster and more precisely than ever before. 

In The Age Of AI, The Human Factor Still Matters For Cybersecurity

It’s no secret that both the public and private sector are turning to AI and automation in their fight against cyber-attacks. However, while it’s important to use every tool in the arsenal to be effective, this strategy must not be at the expense of people – rather, it must be blended with them.  

CUNA to Congress: Data Security is a National Security Issue

Credit Union National Association (CUNA) is urging Congress to recognize data security as an issue of national security. The trade organization advocating for America’s 115 million credit union members today sent letters for the record ahead of two data privacy hearings on Capitol Hill.  

FTC shuts down four groups responsible for billions of illegal robocalls

Four companies that made billions of illegal robocalls have been caught and fined. The Federal Trade Commission on Tuesday said the agency reached settlements with four operations responsible for billions of illegal robocalls pitching debt-relief services, home security systems, fake charities, auto warranties and Google search results services. The companies were charged with violating the FTC Act, as well as the agency's Telemarketing Sales Rule and its Do Not Call provisions. "We have brought dozens of cases targeting illegal robocalls, and fighting unwanted calls remains one of our highest priorities," said Andrew Smith, director of the Bureau of Consumer Protection at the FTC, in a release. "We also have great advice on call-blocking services and how to reduce unwanted calls at [our website.]"

Executive Order on Education Addresses Federal Student Lending

The White House last week issued an executive order entitled “Executive Order on Improving Free Inquiry, Transparency, and Accountability at Colleges and Universities.”  In addition to pronouncements regarding free speech in the higher education context, the Executive Order makes several policy statements involving federal student lending and directs the Department of Education to take certain steps to implement specific action items that could affect both schools and federal student loan servicers.

A Closer Look at FinTech for Mortgage Professionals

National Mortgage Professional Magazine recently had a chance to sit down to speak with Alok Datta, President of Dallas-based SLK Global America, a technology, business consulting and outsourcing provider to some of the largest Fortune 500 companies.  Alok has more than 20 years of experience in the banking and financial services industry and in business consulting. He has managed large operations across banking, mortgage lending, title insurance and other sectors within the financial services industry, including as head of mortgage operations at a leading U.S. bank.

Auto Lending Trends in an Uber World

Financial institutions have to maintain perspective as the relationship between Americans and their wheels evolves — or they’ll react too soon to coming hot trends while missing practical challenges that are right in front of them.

EOS USA NAMES TOD DILLON CEO

EOS USA, a leader in the accounts receivable management (ARM) and business process outsourcing industry, has announced the appointment of Tod Dillon as Chief Executive Officer.   Most recently, Mr. Dillon served as the Company’s Chief Financial Officer and Chief Administrative Officer, and has been with EOS USA since 2010. Previously, he held a variety of senior financial and operational management positions with Fidelity Investments, American Management Systems and Chubb. He received his B.A, magna cum laude, in Economics and Government from Bowdoin College and an MBA from the D’Amore-McKim School of Business at Northeastern University.  In addition to his nearly 30 years of financial services industry experience, Mr. Dillon has been a member of the EOS USA Board of Directors since 2013.

Frank Caligiuri

(267) 391-5031

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

NACTT 54th Annual Seminar Registration Open

NACTT

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