At a glanceWednesday, April 17, 2019

Collection Industry News At A Glance - April 17, 2019
Wednesday April 17, 2019
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CRS2019 is not just Compliance – it’s collection and recovery success strategies too! Hear Ken Evancic discuss training methodology for maximizing collection performance – with Compliance, Coaching and Accountability.

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TCPA FCC Petitions Tracker April 2019

Kelley Drye’s Communications Practice Group presents this tracker of active Telephone Consumer Protection Act (“TCPA”) petitions before the Federal Communications Commission (“FCC”).  With the recent increase in litigation regarding alleged violations of the TCPA, many issues relating to the interpretation of the statute have been presented to the FCC by impacted parties.  These petitions can be primary jurisdiction referrals or be presented directly by a litigant in a TCPA action.  The FCC currently has a number of petitions pending related to TCPA interpretation.  The tracker below briefly summarizes each petition and the issues presented in them.

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Kaspersky: 70 percent of attacks now target Office vulnerabilities

Microsoft Office products are today's top target for hackers, according to attack and exploitation data gathered by Kaspersky Lab. In a presentation at its security conference --the Security Analyst Summit-- the company said that around 70 percent of the attacks its products have detected in Q4 2018 are trying to abuse a Microsoft Office vulnerability. That's more than four times the percentage the company was seeing two years before, in Q4 2016, when Office vulnerabilities had accounted for a meager 16 percent.

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Study: Health care industry worst at protecting consumer data, federal government is best

The federal government is best at protecting consumer data and the health care sector is the worst, according to a new study by the not-for-profit Internet Society’s Online Trust Alliance.   The 10th annual Online Trust Audit and Honor Roll analyzed more than 1,200 consumer-facing websites to determine which industry values security and privacy the most.

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April 15, 2019 (Sacramento, CA) – The RMAI Certification Council announces the adoption of version 7.0 of the Receivables Management Certification Program (RMCP) after a nine-month development and review process. The most significant enhancement to the RMCP in version 7.0 is the addition of vendor certification.  “With the launch of vendor certification, RMAI continues to secure its position of maintaining the most comprehensive receivables management certification standards in the nation,” said Marian Sangalang, President of the Receivables Management Association International (RMAI). “Offering the industry a single compliance footprint that sets high-level professional standards from the point of account origination through account conclusion is not only good for the industry but also the consumers we serve.”

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OLYMPIA — Today, with a bipartisan vote of 31-17 in the Washington State Senate, state legislators passed a bill prohibiting “pocket service” debt collection practices, which allow debt collectors to blindside consumers with default judgments in order to seize wages, bank account funds, or other assets. Attorney General Bob Ferguson requested the legislation, House Bill 1066, sponsored by Rep. Christine Kilduff, D-University Place. The House of Representatives passed the bill with a bipartisan vote of 59-37 on Feb. 14. Pocket service allows debt collectors to send a court summons and complaint to Washingtonians before filing them with the superior court. The individual receives these documents with no case number or court date. These individuals do not realize that the 20-day deadline to respond starts when they receive the documents, regardless of whether the collection agency filed the complaint with the court.

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LIVONIA, Mich. (April 16, 2019) – RevSpring is pleased to announce the addition of Paul Lowry as Director of Business Development, focused on the southeast region. Lowry brings extensive consumer communication and technology sales expertise as well as a track record for creating comprehensive, results-oriented solutions

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Attorney General Frosh Charges Company with Making Predatory Loans

BALTIMORE, MD (April 11, 2019) – Maryland Attorney General Brian E. Frosh announced today that his Consumer Protection Division has filed charges against Cash-N-Go, Inc., Brent M. Jackson, and related businesses owned and operated by Jackson under the “Cash-N-Go” name for allegedly making unlicensed and usurious consumer loans, referred to as “title loans” or  “title pawns,” which put vulnerable Maryland consumers at risk of losing their motor vehicles.

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Mark Calabria takes over as FHFA director, begins push for housing finance reform

After being confirmed by the Senate earlier this month, Mark Calabria officially took over Monday as the director of the Federal Housing Finance Agency, the federal agency charged with overseeing Fannie Mae, Freddie Mac, and much of the U.S. housing finance system. Calabria was sworn in Monday as director of the FHFA, replacing Comptroller of the Currency Joseph Otting, who was picked by President Donald Trump to serve as acting director of the FHFA while Calabria awaited Senate confirmation. Calabria received confirmation from the Senate two weeks ago, when the Senate voted to confirm him as FHFA director by a 52-44 margin. Now, Calabria, who previously served as Vice President Mike Pence’s chief economist, will take the reins at the FHFA.

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Online Lending Company Agrees to Settle FTC Charges It Engaged in Deceptive and Unfair Loan Servicing Practices

Avant, LLC, an online lending company, has agreed to settle the Federal Trade Commission’s charges that it engaged in deceptive and unfair loan servicing practices, such as imposing unauthorized charges on consumers’ accounts and unlawfully requiring consumers to consent to automatic payments from their bank accounts.

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Controversial payday lending bill dies in House without vote

A controversial bill regulating payday and subprime loans is dead this legislative session.  On the last day for bills to pass out of the Indiana House, the sponsor for Senate Bill 613—Rep. Matt Lehman, R-Berne—declined to call it for a vote.  “After a long discussion, there was some determination that it still needed some additional work, and we’re just out of time,” Lehman said.  The latest version of the bill would have increased allowable interest rates on traditional loans to 36 percent, plus a $150 prepaid finance charge, and created two other loan products that would have been exempt from the state’s loan-sharking rate cap of 72 percent. The installment loans that would have been created by the legislation would have been for six to 12 months and ranged from $605 to $1,500 with interest rates of up to 192 percent. 

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Worried a recession is coming, U.S. online lenders reduce risk

NEW YORK (Reuters) - U.S. online lenders such as LendingClub Corp, Kabbage Inc and Avant LLC are scrutinizing loan quality, securing long-term financing and cutting costs, as executives prepare for what they fear could be the sector’s first economic downturn.

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Compliance: CFPB Supervisory Highlights note UDAAP violations

The Consumer Financial Protection Bureau (CFPB) released its Winter 2019 Supervisory Highlights recently, detailing issues currently on the bureau’s radar, as well as enforcement trends credit unions should be mindful of. A recent CUNA CompBlog post delves into the report’s details. The newsletter contains lots of discussion around Unfair, Deceptive or Abusive Acts or Practices (UDAAP), most notable in auto loan servicing mortgage servicing and deposits.

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WebRecon Stats for Mar 2019: ​Upside Down & Inside Out

So, when is the last time FDCPA and TCPA lawsuits were up while FCRA lawsuits were down? (spoiler alert… you have to go back a full year, to March 2018). Defying all trends for the last couple of years, March 2019 did just that… with robust gains in FDCPA (+9.4%) and TCPA (+7.9%) and a significant drop in FCRA (-9.3%).

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General Electric agrees to pay $1.5 billion penalty for allegations related to subprime lending unit

General Electric agreed to pay the Department of Justice a $1.5 billion penalty for alleged accounting misrepresentations stemming from the company’s now defunct subprime mortgage business WMC.

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Still Time To Register for the Collection and Recovery Solutions 2019 Conference – May 8-9 in Las Vegas

It's Not Just Another Conference

Senior-level creditors involved in collection, recovery operations, compliance, risk, and strategy are invited to attend this exclusive meeting. Registrations will be accepted on a first-come, first-served basis. Space is limited, but still available for originating creditors.  Contact for info.   Entirely creditor-focused, with exciting presentations by leading creditors. Round table sessions for in-depth peer networking and best practices discussions are just part of an exciting agenda.  For more information please visit:

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Shadow banking is a $52 trillion industry posing a big risk to the financial system

Nonbank lending, an industry that played a central role in the financial crisis, has been expanding rapidly and is still posing risks should credit conditions deteriorate.   Often called "shadow banking" — a term the industry does not embrace — these institutions helped fuel the crisis by providing lending to underqualified borrowers and by financing some of the exotic investment instruments that collapsed when subprime mortgages fell apart.

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2020 Democrats want to overhaul a student-loan forgiveness program for public servants

If a Democrat wins the White House in 2020, a revamp of the beleaguered student-loan forgiveness for public servants could be on the table. Many of the leading candidates are backing a plan that would expand the loan and repayment types eligible for the Public Service Loan Forgiveness program (PSLF) and allow borrowers to have part of their loan balance forgiven after five years, instead of waiting for 10 years to qualify for a full loan discharge.

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Payday loan reform advocates will try again on ’30-days-to-pay’ bill

Payday lending reform advocates will make another attempt to try to rein in the triple-digit interest rates lenders can charge customers. A bipartisan group of legislators said they would put forward legislation that would extend the period to pay off the short-term loans to 30 days, which could cut the annual percentage rate on the products from 456 percent to about 200 percent. Sen. Arthur Orr, R-Decatur, who has carried similar legislation for the past several years, said at a press conference Thursday morning that the bill was not looking to drive the industry out of the state.

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Bill may help millions qualify for popular Public Service Loan Forgiveness Program

A dozen Democratic senators introduced a bill on Thursday to overhaul the popular but challenged Public Service Loan Forgiveness Program.   The legislation, the What You Can Do for Your Country Act,would dramatically expand the pool of student loan borrowers who are eligible to have their debt canceled.

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New York State Budget Includes Increase to OCA Statewide Criminal History Record Search Fee

On April 1, 2019, the New York Legislature approved the State Fiscal Year (SFY) 2019-2020 budget that includes a $30 increase to the fee charged by the Office of Court Administration (OCA) for the statewide Criminal History Record Search (CHRS) that raises the cost for the New York OCA search from $65 up to $95.   The purpose of the increased fee for an OCA statewide criminal history record search from $65 to $95 – which will take effect when the budget is signed by New York Governor Andrew M. Cuomo – is to use the entirety of the additional $30 of the fee to fund indigent defense programs in New York state.

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Here’s what Jamie Dimon and other bank CEOs said are the biggest risks to the economy right now

The leaders of the biggest U.S. banks have a message for Congress: take a closer look at the ballooning markets for student and corporate loans.  Rep. Jim Himes, D-Conn., asked a panel of seven CEOs, brought together Wednesday for a House Financial Services Committee hearing what they thought were the products or markets that could threaten the U.S. financial system. 

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Military personnel caught in crossfire over lending law

The first major standoff between Democratic lawmakers and the Trump-appointed director of the Consumer Financial Protection Bureau is threatening to put military servicemembers at risk. CFPB Director Kathy Kraninger and her congressional critics are clashing over a law meant to protect military personnel from predatory lenders, who can charge interest rates of as much as 400 percent. Kraninger says the bureau lacks the power to monitor violations of the statute — even though the CFPB did just that during the Obama administration — while Democrats insist that it can.

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PayThink Generation Z’s taste for digital payments makes open banking vital

Generation Z, whose older members are already entering the workforce, is using digital technology more than any other age group — including millennials. Gen Z’s preferred digital technologies include P2P and B2C digital payments, as opposed to more traditional payment methods. And further, one-third of the Gen Z consumers polled in the survey have never even used a paper check. This group sends and receives money digitally, uses digital apps to manage their budgets and financial accounts, and rarely steps foot inside a brick-and-mortar branch.

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New York passes sweeping legislation impacting student loan servicers

On April 1, 2019, New York enacted Article 14-A, governing servicers of student loans owed by New York residents, in connection with New York’s fiscal year 2020 budget. Though sweeping legislation has been anticipated for some time, awareness of the extensive provisions of the new legislation are critical for student loan servicers nationwide.

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‘All options’ on the table for cracking down on Wells Fargo – CFPB

Wells Fargo may be headed for yet more regulatory trouble, with the Consumer Financial Protection Bureau telling Congress that “all options” are “on the table” for enforcing a consent order against the bank. The scandal-plagued bank is operating under consent orders that require it to remediate customers harmed by its wrongdoing and institute reforms. Recently, Sen. Elizabeth Warren (D-Mass.) and Sen. Sherrod Brown (D-Ohio) sent inquiries to several regulators asking about Wells Fargo’s progress in satisfying the orders.

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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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(800) 298-0032


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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