GE’s Subprime Loan Business Files Chapter 11

General Electric has put its defunct subprime mortgage business into bankruptcy to help resolve remaining legal liabilities over defective loans.   

WMC Mortgage has already settled 13 lawsuits in which investors alleged it misrepresented the quality of the mortgages it sold, agreeing to pay a total of $870 million in compensation.

CFPB makes NAFCU-sought changes to CIDs

The CFPB yesterday announced changes, many of which take into account NAFCU suggestions, to policies regarding Civil Investigative Demands (CIDs). The proposed changes – which better align with requirements set forth under the Dodd-Frank Act – ensure that CIDs provide more information about the potentially wrongful conduct under investigation.

Supreme Court to Weigh Debt Collection Penalties Post-Bankruptcy

The Supreme Court will hear arguments April 24 on whether creditors’ good faith attempts to collect on post-bankruptcy debt can be subject to court penalties for their actions, a case that has triggered debtors’ concern about collection limits in the U.S.

KELLI EDMONDS, OF SANTANDER CONSUMER USA, TO FACILITATE THE AUTO FINANCE PEER GROUP AT COLLECTION AND RECOVERY SOLUTIONS 2019

Announcing Kelli Edmonds, of Santander Consumer USA, as facilitator of the Auto Finance Peer Group at Collection and Recovery Solutions 2019 to be held May 8th – 10th at the Four Seasons in Las Vegas.  The Auto Finance Peer Group will meet on Thursday afternoon from 3:30 p.m. to 5:00 p.m. It is a session of auto finance collection and recovery peers. 

How a Debt Collection Agency Can Preserve Customer Relationships

Traditional debt collection only focuses on the actual process of recovering money. It has nothing to do with customer relationships. But in the modern business era, customer relation is valuable to grow a business and gain a foothold in the industry. This has made hiring a debt collection agency imperative to maintain customer goodwill and ensure them that the company believes in harmony, and not blackmail.

NAFCU’s Morris comments on fintech’s bank charter application

Fintech company Robinhood is applying for a national bank charter with the Office of the Comptroller of the Currency (OCC) months after it falsely marketed a checking and savings service that wasn't insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation.

Convoke Expands Advantages of Legal Data Groups

ARLINGTON, Va., April 24, 2019 /PRNewswire/ -- Convoke, a leader in SaaS solutions for the debt collection market, today announced the most recent software update to its debt collections compliance and management hub.  Each year, Convoke develops and releases several updates to its platform to support its clients' evolving needs.  This release includes updates to Data Groups, complaints, debt settlement functionality, as well as audio file support.

TCPA clarity needed for CUs to communicate with members

Regulations governing how businesses can interact with consumers are not keeping up with technology, leaving both consumers and businesses at risk, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices Thursday. Credit unions are among the businesses that risk legal action when contacting members due to the Telephone Consumer Protection Act (TCPA). The TCPA was enacted in 1991 to protect American households from sales calls. Specifically, CUNA is concerned that a 2015 Omnibus Declaratory Ruling on TCPA creates uncertainty about how credit unions can communicate with members while remaining in compliance with the act.

CFPB Updates Policy For Civil Investigative Demands

The Consumer Financial Protection Bureau (CFPB) has announced changes to policies on Civil Investigative Demands (CIDs), which are investigational subpoenas issued by the CFPB. The Consumer Financial Protection Act of 2010 authorizes the CFPB to issue CIDs when looking into potential violations of the law. As a result of the policy changes, CIDs will now provide more information about the laws that might have been violated, as well as specify the activities subject to the CFPB’s authority. When the extent of the CFPB’s authority is one of the main reasons for the investigation, staff will be able to include that issue in the CID for further transparency.

Senator Elizabeth Warren called for massive student debt relief. Here’s the average student loan debt in every state.

Having announced her bid for candidacy in the 2020 presidential election, Massachusetts Senator Elizabeth Warren has begun rolling out her platform. In a Medium blog post on Monday, Senator Warren proposed a plan to cancel as much as $50,000 in student-loan debt for 42 million Americans.  With American millennials owing more than $1 trillion in debt in 2018, largely from student loans, the proposal could find a lot of support countrywide.

CFPB Announces Policy Change Regarding Bureau Civil Investigative Demands

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (Bureau) announced changes to policies regarding Civil Investigative Demands (CIDs) to ensure they provide more information about the potentially wrongful conduct under investigation.   Consistent with the updated policy, CIDs will provide more information about the potentially applicable provisions of law that may have been violated. CIDs will also typically specify the business activities subject to the Bureau’s authority. In investigations where determining the extent of the Bureau’s authority over the relevant activity is one of the significant purposes of the investigation, staff may specifically include that issue in the CID in the interests of further transparency.  

SEC Updates Data Privacy and Cybersecurity Guidance for Registered Firms

On April 16, 2019, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) issued a risk alert, “Investment Adviser and Broker-Dealer Compliance Issues Relating to Regulation S-P – Privacy Notices and Safeguard Policies,” highlighting its data privacy and cybersecurity observations from recent examinations of registered firms.[1]Regulation S-P. By way of background, Regulation S-P is the SEC’s data privacy regulation that implemented the privacy provisions of the Gramm-Leach-Bliley Act. In particular, this regulation protects the nonpublic personal information of customers,[2] including personally identifiable financial information and consumer lists or descriptions derived from nonpublic information. To protect this information, Regulation S-P requires firms to do two main things.

City Council Considers Rules on Payday Loans

SPRINGFIELD, Mo. New payday loan regulations could be on the way in Springfield. The city council is weighing two measures that would require more transparency regarding the interest rates that people pay. A grassroots group rallied outside city hall in favor of proposed changes for payday lenders. "We have tried for several years to address the exorbitant rates that predatory loans are charging people the really high-interest rates and that hasn't made any progress in the Missouri legislature," said Emily Bowen-Marler, a minister a Brentwood Christian Church, who also works with Faith Voices, "so some communities in Missouri are trying to address it by having these permitting fees, because it will discourage predatory lenders from setting up shop in Springfield."

Fearing Patchwork Privacy Laws, Tech Industry Calls for Federal Regulation

Still reeling from a recent series of devastating consumer data breaches, an unlikely consortium of tech companies is pushing for a uniform federal privacy law to address the growing “techlash” and preempt potentially more onerous regulations or a patchwork of state-by-state rules.  As some states and foreign governments try to implement new limits on what information tech companies can collect and share, once regulation-wary executives are asking for an overarching law — one that they can help write.  “There is a strong willingness to work with the government to determine what is doable and what is feasible,” Kristina Bergman, the founder and CEO of the data privacy firm Integris Software, told Cheddar.

CBA supports Education Department’s student aid recommendations

“For many families and students, a higher education will be one of the most costly investments they make. Colleges and universities have an obligation to set students up for success and the Department of Education should be commended for its recommendations to help ensure students know the true cost of their education. Every student should know how much money they are borrowing and how they will be responsible for repaying. For far too long, it seems some institutions of higher education have tried to mask these key factors by combining grants and scholarships with loans, work-study programs, and parent loans,” CBA President and CEO Richard Hunt said.

FTC Announces Agenda for May Forum on Small Business Financing

The Federal Trade Commission has released the agenda for its May 8 event, Strictly Business: An FTC Forum on Small Business Financing. The forum will explore trends and consumer protection issues in the small business financing marketplace, including the recent proliferation of online loans and alternative financing products.   Commissioner Rohit Chopra will give opening remarks at the forum, followed by three panel discussions. The first panel will provide an overview of the small business financing marketplace. The second panel will examine merchant cash advances. The last panel will explore consumer protection risks, applicable laws, and efforts to better protect consumers. Andrew Smith, Director of the FTC’s Bureau of Consumer Protection, will deliver closing remarks.

Silicon Valley Company Settles Fraud Charge for Misstating Returns to Investors

Washington D.C., April 19, 2019 —

Fintech Lending Market to Witness Robust Expansion by 2025 | Affirm, Avant, Borro, C2FO, Credit Karma, Fundbox, GoRefi, Kabbage, Lending Club, Orchard

Fintech Lending market research report defines and briefs readers about its products, applications, and specifications. The research lists key companies operating in the global market and also highlights the key changing trends adopted by the companies to maintain their dominance. By using SWOT analysis and Porter’s five force analysis tools, the strengths, weaknesses, opportunities, and threats of key companies are all mentioned in the report. All leading players in this global market are profiled with details such as product types, business overview, sales, manufacturing base, competitors, applications, and specifications. Fintech lending, sometimes referred to as online marketplace lending, is lending through digital platforms that often collect and base lending decisions on nontraditional data sources. The paper documents expectations through large-scale surveys and interviews of various stakeholders in the fintech lending market.

T-Mobile gets into banking, offering 4% interest and no fees on its free checking account

T-Mobile is jumping into the banking business with a splash.   The wireless carrier on Thursday introduced a mobile checking account that offers an interest rate thousands of times higher than the national average.   Called T-Mobile Money, the new service has no minimum balance requirements and no monthly, overdraft, transfer or late-payment fees. It also offers a potential 4% interest rate on balances up to $3,000 – compared with the industry average of 0.06%. After that, the rate is 1%.

CREDIT UNION, MILLENNIAL, FINTECH LENDERS AND AUTO FINANCE PEER GROUPS TO MEET AT COLLECTION AND RECOVERY SOLUTIONS 2019 MAY 8 -9 IN LAS VEGAS

It’s not too late to register for the Collection and Recovery Solutions 2019 and attend a peer group session.  The Collection and Recovery Solutions events began in 2002, when creditors specifically requested an event for senior level collection executives, where they could learn about compliance and collections, effectiveness and efficiencies, in an environment where they were not inundated by salespeople and vendors.  At this invitation only conference for creditors, we have peer groups that get together to network and discuss what is happening in the industry today.

“Text me $$$”: Debt collectors may soon be able to text and email consumers

Debt collecting is an age-old business but it may soon receive a 21st-century revamp when the Consumer Financial Protection Bureau, an agency created in the wake of the financial crisis to protect consumers, proposes new rules for the industry. Among the changes may be whether debt collectors can text and email borrowers as they pursue overdue funds. 

UDAAP first in CFPB symposia series

Following comments Wednesday from CFPB Director Kathy Kraninger, the bureau has officially announced its symposia series "exploring consumer protections in today's dynamic financial services marketplace." The first symposium will be focused on clarifying "abusive" under unfair, deceptive or abusive acts or practices (UDAAP).

Here is the FDIC Small Business Lending Report All Fintech Lenders are Reading

Recently, the Federal Deposit Insurance Corporation (FDIC) published its Small Business Lending Survey for 2018. Included within the report was an ongoing discussion of “non-bank lenders” or online lending platforms including direct and marketplace lenders. First, the FDIC acknowledges the profound importance of small business and their survival being tied to access to capital. IF SMEs cannot access credit they do not grow or survive. Small businesses are the foundation of the US economy driving the majority of job creation and wealth.

CFPB may allow debt collectors to send you texts, emails

The Consumer Financial Protection Bureau will unveil new debt collection rules in a few weeks, the agency’s director said Wednesday, potentially unleashing a battle over the industry’s tactics and consumers’ rights. The proposal, which would be the first update to the Federal Debt Collection Practices Act in more than 40 years, will address how often debt collectors can call someone and the industry’s use of emails or text messages, said CFPB Director Kathy Kraninger. The CFPB will “modernize the legal regime for debt collection,” Kraninger said in her first major speech since becoming the bureau’s director in December.

Consumer Financial Protection Bureau Announces Symposia Series

Washington, D.C. — Consumer Financial Protection Bureau Director Kathleen L. Kraninger announced a symposia series exploring consumer protections in today’s dynamic financial services marketplace. The series is aimed at stimulating a proactive and transparent dialogue to assist the Bureau in its policy development process, including possible future rulemakings. During each symposium, the Bureau will host a discussion panel of experts with a variety of viewpoints on the topic.

CFPB’s Kraninger Signals Next Steps on Clarifying ‘Abusive’ Standard in UDAAP

The Consumer Financial Protection Bureau will take the next step in its effort to clarify the meaning of “abusive acts or practices” under Section 1031 of the Dodd-Frank Act, CFPB Director Kathy Kraninger said today in her first public remarks. Plans to provide clarity—long sought by ABA and other industry participants—have been signaled for months; Kraninger said the bureau would hold a public symposium in the coming months to solicit stakeholder feedback on the abusive standard, which is much less defined and understood than the unfair or deceptive acts or practices standard.

Kraninger broadly outlined her vision for the bureau under her leadership, emphasizing that “supervision is the heart of this agency.” Kraninger noted that she intends to focus the bureau’s work on the prevention of harm and ensuring the consistent applications of the CFPB’s supervisory tools.

How to clarify ‘abusive acts’ is first topic for coming CFPB symposia, Kraninger says

A symposia series planned in the coming year by the Consumer Financial Protection Bureau (CFPB) will focus on topics related to the bureau’s mission, beginning with a look at clarifying the meaning of “abusive acts or practices” under Section 1031 of the bureau’s enabling statute, the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), agency Director Kathleen Kraninger said in a speech Wednesday.

Payday lending reform started in Springfield goes into effect this month

A law restricting payday lending in Ohio that was co-sponsored by a Springfield representative is about to take effect. House Bill 123 was passed and signed into law last year. Rep. Kyle Koehler, R-Springfield, and co-sponsor Rep. Michael Ashford, D-Toledo, introduced the bill to close loopholes and clarify statutes regulating the payday lending industry, including the Short-Term Loan Act, to ensure payday lenders are operating under intended guidelines.The law, which goes into effect April 27, prohibits borrowers from owing more than $2,500 in outstanding principal at a time from multiple payday lenders while continuing to protect them from unscrupulous lending practices. The law limits monthly maintenance fees to either 10 percent of the principal or $30, whichever is less, and caps the overall fees for a loan at 60 percent of the principal, according to a news release from Koehler’s office.

CFPB to focus on protecting consumers, not enforcing laws on financial institutions

In her first public speech as director of the Consumer Financial Protection Bureau, Kathy Kraninger said the agency would focus on supervising and working with financial institutions on protecting consumers, rather than enforcing laws against them.   Kraninger announced Wednesday that the CFPB would soon propose rules to update one of the nation’s older consumer protection statutes, which prohibits abusive practices from debt collectors. One proposal would be a clear limit on the number of phone calls per week debt collectors could make.

Speech at the Bipartisan Policy Center By Kathleen L. Kraninger, Director, Consumer Financial Protection Burea

Thank you to our hosts for the invitation, and to all of you for coming today. I’m particularly honored to be at a forum focused on bringing people together from across the political spectrum to forge commonsense solutions for the pressing issues facing our Nation. That’s the approach I am taking to advance consumer protection and mature the Bureau to meet that mission. I want to specifically thank Jason Grumet, President of the Bipartisan Policy Center as well as BPC staff Shai Akabas, and John Soroushian. BPC has supported dialogue on myriad issues, including the CFPB mission.

Treasury yields fall as Fed Beige Book shows a tight labor market and a growing economy

U.S. government debt prices rose on Wednesday as the Federal Reserve said the economic activity grew at a slight-to-moderate pace in March and early April.    The Fed’s Beige Book report, a region-by-region assessment of the U.S. economy based on anecdotal information collected by the 12 regional Fed banks, found that the U.S. economy continues to grow and labor markets remains tight across the country.

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May 2019 Open Commission Meeting

Federal Communications Commission

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