At a glanceWednesday, April 10, 2019

Collection Industry News At A Glance - April 10, 2019
Wednesday April 10, 2019
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Marco Villarreal of Hyundai Capital America joins our distinguished panel of speakers as a roundtable presenter on Vendor Oversight at Collection and Recovery Solutions 2019.   Collection and Recovery Solutions is an invitation-only event, held annually for senior-level collection and recovery professionals.

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Massachusetts Amends Data Breach Notification Law

Massachusetts Governor Charlie Baker has signed legislation amending the state’s data breach notification law, and the amendments will take effect on April 11, 2019. The new requirements relate to the timing and content of individual and regulator notifications, as well as credit monitoring services offered to affected residents. The key amendments include the following provisions.

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Pressure Mounts On CFPB Over Public Service Loan Forgiveness Program

Launched in 2008 as a provision of the College Cost Reduction and Access Act (CCRAA), the Public Service Loan Forgiveness program’s objectives were pretty straightforward. The idea was to create a mechanism by which those who worked full-time in public service and made a good-faith effort at paying off their loans could discharge those loans after a certain fixed period. Supporters of the PSLF argued that that education is increasingly an expensive burden — and the historically low pay associated with public service work could keep interested but indebted students away from work that needs doing. Creating a financial incentive could help push more of those students into public service work.

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Thoughts on the Future of Financial Services Regulation in the U.S.

Thank you, Todd, for the kind introduction. And thank you to the staff of the Law and Economics Center for the invitation to speak today. I am honored to participate in an event organized by an institution recognized as having a rich and consequential intellectual tradition. I am also grateful to Chris Mufarrige for his invaluable assistance in helping prepare my remarks today.   Before I get started, my legal minders ask that I say the following: “While I am here today as a representative of the CFPB, my remarks do not constitute legal interpretation, guidance, or advice of the CFPB, and any personal opinions or views expressed are my own and may not represent the official views or position of the CFPB.”

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AG Healey Secures $2 Million from National Mortgage Servicer Over Unfair and Unaffordable Loan Modifications

BOSTON — A national mortgage servicing company will pay $2 million and undertake affordable loan modifications for affected Massachusetts homeowners, Attorney General Maura Healey announced today. The settlement resolves allegations that Caliber Homes Loans Inc. (Caliber) failed to help borrowers avoid foreclosure and instead gave homeowners unaffordable loan modifications with ballooning monthly payments they could not afford.

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Mass Attorney General Secures $5.5 Million From Auto Loan Settlement

BOSTON A finance company operating in Massachusetts, Exeter Finance LLC, will pay more than $5.5 million for its role in allegedly financing unfair, subprime auto loans for Massachusetts car buyers, Massachusetts Attorney General Maura Healey announced today, April 8. “This company’s loans put Massachusetts car buyers in economic danger,” Healey said. “Today’s settlement with Exeter provides millions of dollars in relief and repairs damaged credit. Our office will continue to investigate the subprime lenders, financiers, and securitizers, and protect consumers.” This assurance of discontinuance, filed in Suffolk Superior Court, includes $4.675 million that will be available to provide relief to harmed borrowers and an $825,000 payment to the state. Exeter will also waive deficiencies on certain subprime loans and will ask the major credit bureaus to wipe all trade lines for involved subprime loans on consumers’ credit reports.

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Financial Well-Being of Veterans

In late 2016, the Bureau administered the financial well-being scale in a nationwide survey of adults in the United States. The Bureau’s review of the veterans in the survey found that veterans reported higher levels of financial well-being than the average U.S. adult.  An analysis of the veteran survey responses found evidence that financial skills (e.g. making a budget, not overspending, etc.) is positively associated with financial behavior, which is also positively associated with financial situation and higher levels of financial well-being.  This analysis suggests that, for veterans, there is a pathway from financial skill to financial well-being.

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New Law Requires Collection Agencies to Inform Surviving Family Members They Are Not Legally Obligated to Repay Debt of Deceased Debtors

Governor Andrew M. Cuomo today announced a new law limiting debt collections against deceased debtors and their families is now in effect. If an individual dies with an outstanding debt, collection agencies seeking to collect on the debt from next-of-kin or surviving family members must affirmatively inform them that they are not legally obligated to repay the debt. Specifically, no principal creditors and/or debt collection agencies can make any representation that a person is required to pay the debt of a family member in a way that contravenes with established fair debt collection practices.

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To target ‘bad actors,’ CT demands data on student lenders from DeVos

Washington – Connecticut Attorney General William Tong has joined 20 colleagues from other states demanding the U.S. Department of Education once again provide information the states say they need to weed out  ‘bad actors’ among lenders.

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Megabank execs head to the Hill — What to know in the week ahead

This week comes with a handful of events with market-moving potential. Tuesday, Federal Reserve Vice Chairman Rich Clarida will be speaking at the Federal Reserve Bank of Minneapolis Spring 2019 Institute Conference. He will be talking about the Fed’s monetary policy path. “Vice Chair Clarida has represented the more dovish side of the FOMC over the past several months, and he should continue to sound very cautious on the global outlook and stress patience given muted inflation. He may suggest allowing a significant overshoot before hiking again. If asked, he is likely to concede there are rate cut scenarios, but not that likely in his view,” TD Securities wrote in a note on Friday.

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We aren’t prepared for the next wave of cybersecurity risks

The traditional way regulators motivate the financial industry is by seeking consensus among the constituents on best practices, but that is too backward looking. The cyber risk threats of today pale in comparison to the cyber risks to come. Immediate investment is needed even though the payoff is perhaps a decade or more into the future. The collective action problem that always rears its head in the competitive financial industry must stand aside to protect our national treasure — our global financial system — from cyber attacks. Our government must lead the way.

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Payday lending and school funding among top issues awaiting action in General Assembly

INDIANAPOLIS (Statehouse File) — As the Indiana legislature approaches the end of the 2019 session, bills covering everything from student safety, school funding and payday lending have yet to be resolved.

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Financial Sector Study Shows Deep Concern About Third-Party Cyberrisks

The financial services industry’s heavy reliance on third-parties poses a potential cyberdefense vulnerability if the risks are not actively managed to protect personally identifiable information and other sensitive data.   Those are among the findings of a joint survey “Third-Party Cyber Risk for Financial Services: Blind Spots, Emerging Issues & Best Practices” by Boston-based BitSight, and the Center for Financial Professionals.

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Federal authorities warn of fake bank supposedly operating in Minneapolis

Anyone who has received any kind of notice from First National Bank in Minneapolis, Minnesota, take note: the bank does not actually exist.  The Office of the Comptroller of the Currency sent a notice Thursday to the chief executive officers of all national banks and federal savings associations; all state banking authorities; the chair of the board of governors of the Federal Reserve System; the chair of the Federal Deposit Insurance Corporation; the Conference of State Bank Supervisors; and other entities, warning them that there is an entity misrepresenting itself as a national bank.

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Jamie Dimon: Cybersecurity threats may be the ‘biggest threat to the U.S. financial system’

JPM) CEO Jamie Dimon has singled out cybersecurity as the “biggest threat” to the financial services industry." data-reactid="15" style="margin: 0px 0px 1em; color: #26282a; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-style: initial; text-decoration-color: initial;">JPMorgan Chase (JPM) CEO Jamie Dimon has singled out cybersecurity as the “biggest threat” to the financial services industry.  In his widely read annual letter, Dimon noted that JPMorgan Chase spends nearly $600 million each year on cybersecurity and employs 3,000 people dedicated toward these efforts.  Dimon isn’t alone with his concerns. Cybersecurity poses a threat to critical infrastructure and the economy, playing a large role in everything from transportation to financial services.

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Attorney General Frosh Joins Coalition Opposing Education Department’s Refusal to Release Student Loan Information

BALTIMORE, MD (April 5, 2019) – Maryland Attorney General Brian E. Frosh today joined a coalition of 21 state attorneys general sending a letter to Department of Education Secretary Betsy DeVos renewing their request that the Department reverse limitations placed on the routine disclosure of student loan information to state law enforcement agencies.

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Senators To Consumer Watchdog: Prove You’re Protecting Student Borrowers

Six Democratic senators, including two presidential candidates, sent a letter to the head of the Consumer Financial Protection Bureau on Wednesday demanding that the agency prove it is policing the companies, known as servicers, that the government pays to manage its trillion-dollar, federal student loan portfolio. "We are concerned," the letter reads, "that CFPB leadership has abandoned its supervision and enforcement activities related to federal student loan servicers. This suggests a shocking disregard for the financial well-being of our nation's public servants, including teachers, first responders, and members of the military."

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Bill targeting illegal robocalls moves to Senate

The Senate Commerce Committee Wednesday reported favorably a bill that would enhance the Federal Communications Commission's (FCC) enforcement authority over violations of the Telephone Consumer Protection Act (TCPA) and require voice service providers to authenticate and block illegal robocalls.

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Primeritus Financial Services Acquires Consolidated Asset Recovery Systems

NASHVILLE, Tenn., April 3, 2019 /PRNewswire/ -- Primeritus Financial Services, Inc., the leading service provider of recovery management, skip tracing, and remarketing services to the auto finance industry, today, announced the acquisition of Consolidated Asset Recovery Systems (CARS)."The addition of CARS to the Primeritus Family of Companies demonstrates our ongoing efforts to grow our business while further diversifying our brands.  We are very excited to grow in size and scale and we will continue to invest in technology and operational capabilities which add value.  As we continue this journey we will always embrace great people, great processes, and great solutions," said Mike Thomas, Primeritus Chief Executive Office

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Florida Credit Union Completes Second Bank Acquisition

The $1.1 billion IBM Southeast Employees’ Credit Union in Delray Beach, Fla. said Wednesday it completed the acquisition of the $361 million Oculina Bank in Vero Beach, Fla., its second bank purchase.   The conversion phase is scheduled to be completed in the fourth quarter.

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OCC taps new head of Large Bank Supervision

The Office of the Comptroller of the Currency has tapped Maryann Kennedy as senior deputy comptroller of Large Bank Supervision. As such, the OCC said Kennedy will oversee the nearly 800 staff members who supervise the nation’s largest banks and federal branches and agencies, which hold more than $10 trillion in total consolidated assets. Kennedy, who will also serve as a member of the agency’s executive committee, is taking over for Morris Morgan, former head of Large Bank Supervision who was promoted earlier this year to CEO.

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PayThink Smaller institutions should embrace, not oppose, fintechs

Recently, community bank and credit union groups have initiated efforts to use their lobbying influence in Washington to restrict the growth and aspirations of innovative fintech firms. Their arguments, however, amount to the old regulatory Catch-22.   On the one hand, they claim that fintech firms are currently getting a lighter touch from regulators. This is just not true — the consumer protection laws and regulation that apply to bank or credit union loans also govern fintech loans.

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Portfolios For Sale

$12,721,779.89 Credit Cards
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$25,512,268 Credit Cards
Capital Debt Solutions, LLC

(866) 305-5102

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Industry Events

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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