BRIAN WINN OF WINN LAW GROUP WILL BE JOINING THE SKIP STRATEGIES & SOLUTIONS SESSIONS AT THE DEBT CONNECTION SYMPOSIUM AND EXPO 2019

The Debt Connection Symposium & Expo will be held September 10 – 12 at the Red Rock Hotel in Las Vegas, NV.  The Skip Strategies & Solutions Sessions is on the schedule for Tuesday, September 10th, from 8:00 a.m. to 12:30 p.m.  Brian Winn will be doing a session, “Dormant Judgment Collections – Post Judgment Asset Water Falls – Tricks and Traps”.   So, you’ve got the judgment, and now are just waiting for money to roll in?  A good strategy and the appropriate use of available tools and resources can make a difference in maximizing collections on dormant judgments.  Learn Tricks and Traps involved with using an Asset Waterfall for dormant judgments.  Hear ideas for measuring success and calculating the ROI of your investment.  Hear concepts to make sure that you don’t get trapped by some easy-to-make, but very expensive mistakes.

Ringleader of Student Loan Debt Relief Scheme Liable for $11 Million in Settlement of FTC Charges

The ringleader of a California-based student loan debt relief scheme has agreed to settle the Federal Trade Commission’s charges that he bilked $11 million from consumers who were trying to reduce their student loan monthly payments or get loan forgiveness. Under the modified court order, recidivist scammer Tuan Duong admits he violated the 2016 order and is now banned from the telemarketing industry.

Fed’s top Wall Street regulator says interest rates not best tool to stop financial panics

The Federal Reserve’s chief overseer of Wall Street says central banks should still focus on low inflation and stable employment when setting interest rates instead of trying to use monetary policy to head off potential threats to the financial system.   Randal Quarles, a Fed board member and vice chairman of supervision, said Thursday that monetary policy is not ideally suited to help prevent a deterioration in the financial system, like the one that struck the U.S. and global economies in 2008.

Wall Street’s sheriff opens investigation of First American data breach

New York’s top financial watchdog, sometimes called “the sheriff of Wall Street,” has turned its attention to First American’s security breach that exposed millions of records to anyone with a web browser.  The New York State Department of Financial Services sent a letter to First American on Tuesday asking for information about the security failure, including what steps are being taken to fix it and how many people in New York State were affected, according to The New York Times. First American blocked access to the application on Friday after cybersecurity expert Brian Krebs revealed the breach that exposed more than 885 million documents, many related to real estate transactions going back to 2003.

FTC Announces Agenda for the 14th and Final Session of Hearings on Competition and Consumer Protection in the 21st Century

The Federal Trade Commission announced the agenda for the 14th session of its Hearings Initiative. This session, at Creighton University in Omaha, Nebraska on June 12, 2019, will conclude the FTC’s Hearings on Competition and Consumer Protection in the 21st Century.   The morning session will include a series of roundtable discussions with State Attorneys General on consumer protection and antitrust enforcement and policy issues. Attorneys General Jeff Landry (Louisiana), Doug Peterson (Nebraska), Jason Ravnsborg (South Dakota), and Herbert Slatery III (Tennessee), and senior staff from the Attorney General Offices of Arizona, the District of Columbia, Iowa, Mississippi, New Jersey, Pennsylvania, Texas, Utah, Virginia, and Washington, will participate. Comments relating to the discussion with the State Attorneys General are due no later than 11:59pm on June 30, 2019 and should be submitted here.

CUNA to FCC: Blocking Automatic Calls Threatens Credit Unions’ Ability to Contact Members

The Federal Communications Commission (FCC) will soon vote on a draft declaratory ruling that would give phone service providers the authority to block legal automatic calls. Credit Union National Association (CUNA) represents nearly 5,500 federal and state credit unions whose members need communication on a host of fronts. Messages are routinely provided to credit union members that contain critical alerts on governance, financial education, and legally-required informational calls. CUNA voiced significant concerns with the FCC’s order on the grounds that it is inconsistent with the requirements of the Telephone Consumer Protection Act (TCPA) and that it increases harm to callers with an established business relationship and those that have a consensual agreement from the consumer for telephone contact. 

New report explores when consumers apply for credit cards as their credit scores change

Today the Consumer Financial Protection Bureau (Bureau) released the latest quarterly consumer credit trends report  which explores the relationship between fluctuations in consumers’ credit scores and the timing of consumers’ applications for credit.    The ability of consumers to access various types of credit can be affected by their credit scores, as many lenders require a minimum credit score before credit will be extended. Given the critical role that credit scores play in determining access to credit, there has been a push in recent years to make credit scores more available to consumers and to educate them on how their scores are used and calculated.

GAO report on private student loan rehabilitation programs calls on CFPB to provide clarification

A new report issued by the Government Accountability Office titled, “Private Student Loans: Clarification from CFPB Could Help Ensure More Consistent opportunities and Treatment for Borrowers,” calls on the CFPB to provide clarification to nonbank private student loan lenders regarding private student loan rehabilitation programs. The Economic Growth, Regulatory Relief, and Consumer Protection Act (Economic Growth Act) passed by Congress last year amended Section 623 of the Fair Credit Reporting Act to allow a “financial institution” to honor a consumer’s request to have a reported default regarding a private education loan removed from the consumer’s credit report without the information being considered inaccurate when the consumer successfully meets the terms of a private student loan rehabilitation program offered by the financial institution.  The amendment also provides that if a financial institution is supervised by a federal banking agency, it must obtain the agency’s approval of the loan rehabilitation program.  

California inches closer to unprecedented ‘Student Borrower Bill Of Rights’

Future student loan borrowers in the Golden State may be getting their own bill of rights.  On Tuesday, the California assembly passed the “Student Borrower Bill of Rights,” or AB376, aimed at creating the first detailed set of rules protecting those holding student debt in the U.S.  The legislation passed with an initial vote of 59 to 15 and now awaits passage through Senate committees and eventually a floor vote.  Mike Pierce, Policy Director and Managing Counsel at the Student Borrower Protection Center (SBPC), which co-sponsored the bill with others, told Yahoo Finance that "the full Senate must pass the bill no later than September [13]" to make it to California Governor Gavin Newsom's desk for his final signature before the end of the year.

Consumer Financial Protection Bureau Settles with BSI Financial Services

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced a settlement with BSI Financial Services (BSI), a mortgage servicer headquartered in Irving, Texas. BSI Financial Services is the operating name for Servis One, Inc.   The Bureau found that BSI violated the Consumer Financial Protection Act of 2010, the Real Estate Settlement Procedures Act, or the Truth in Lending Act by:   Handling mortgage servicing transfers with incomplete or inaccurate loss mitigation information. This resulted in failures to recognize transferred mortgage loans with pending loss mitigation applications, in-process loan modifications, and permanent loan modifications;

THE AUDIT BENCHMARKING OVERSIGHT SURVEY FOR CREDITORS AND SERVICERS IS NOW AVAILABLE

Resource Management Services, Inc. supports the concepts of benchmarking and best practices through our continued education and research projects.  At the Collection and Recovery Solutions 2019, we had the survey for creditors and servicers available at the Debt Connection Lounge.  Since our kickoff, Anthony and team have worked to fine-tune an audit oversight survey for creditors and debt buyers, and an audit oversight survey for agencies, attorneys and specialty vendors as well. 

To participate in the Creditor Audit Oversight Survey, please use the link below https://www.surveymonkey.com/r/2019CreditSurvey

To participate in the Agency Audit Oversight for agencies, attorneys and specialty vendors Survey, please use the link below: https://www.surveymonkey.com/r/2019ServicerSurvey

Stranded in State Court: Supreme Court Holds that Third-Party Counterclaim Defendants Cannot Remove Class-Action Counterclaims to Federal Court

As Congress appreciated when it enacted the Class Action Fairness Act of 2005 (CAFA), large, multistate class actions are better suited for federal courts, not state ones. Following that logic, the Supreme Court has since recognized (repeatedly) that CAFA is designed to encourage federal jurisdiction over certain class actions in order to avoid unfairness to defendants in state courts. As a result, the Court has shown a degree of solicitude toward pro-removal interpretations of the federal jurisdictional statutes when the interpretation of those statutes was in doubt.

The Unlikely Partnership Between Community Banks And Fintech That’s Changing The Financial World

Fintech’s role as a disruptor in the financial space often aligns it with other technologies that have fundamentally altered the industries to which they were introduced. Just as streaming effectively drove video rental to digital-only, the promise of fintech is often portrayed as the displacement of stodgy brick-and-mortar banks in favor of primarily online banking. While that’s certainly a component of fintech’s influence on the financial industry, the way in which it is playing out in lending—arguably the largest aspect of fintech’s disruption in finance—reveals a far more complex relationship between big banks, community banks and their fintech counterparts,

ANNOUNCING THE RETURN OF SKIP STRATEGIES AND SOLUTIONS SESSION – A HALF-DAY EVENT ON TUESDAY, SEPTEMBER 10TH AT DEBT CONNECTION SYMPOSIUM & EXPO 2019

Learn the latest methods for Locating People and Assets – including how technology changes have forever changed how we skip.  Learn how to, when to, who to, and the ROI.  Plus, where is this industry heading – and preparing for the future.

Michael Goins of TD Bank, will return as the Moderator for this event.  Mike will preside over this comprehensive skip session – with 4 different panels.  From people locate, to solution options, to asset locate (both for dormant judgment and collateral) and through vendor oversight – this half-day session has the information and strategies you need to most effectively manage your collection and recovery operations in today’s world.  Learn what’s new and what’s changed in skip tracing solutions.

Here are 5 things the CFPB will focus on in 2019

The Consumer Financial Protection Bureau recently published its spring 2019 rulemaking agenda, showing the regulatory matters it reasonably anticipates having under consideration during the period of May 1, 2019 to April 30, 2020. The CFPB explained that the new permanent Director Kathy Kraninger is now ready to begin rulemaking activities after having recently completed a listening tour. “A permanent director of the Bureau took office in December 2018,” the CFPB said in a statement. “The director recently completed a listening tour to engage with bureau stakeholders, employees and outside experts, building on feedback submitted through more than 88,000 public comments in response to the Bureau’s 2018 Call for Evidence initiative.” “The bureau expects to communicate further information about future planning and priorities in the coming months,” the bureau continued.

Reading between the lines of CFPB’s regulatory to-do list

The biggest news about the Consumer Financial Protection Bureau's rulemaking to-do list may not be the items topping the agenda — but what was left off of it. The agency's recent spring rulemaking agenda includes significant items, including a new process for collecting small-business lending data as well as plans to update underwriting rules for loans backed by Fannie Mae and Freddie Mac. But a year and a half after the Trump administration assumed leadership of the bureau, heralding a series of regulatory relief changes, some in the industry might have been expecting more from the latest report.

Millions of mortgage records leaked due to website flaw

Hundreds of millions of documents and personally identifiable information related to mortgage deals from First American Financial Corp. were leaked online due to a website vulnerability.   According to a report by KrebsOnSecurity, digitized records including bank account numbers and statements, mortgage and tax records, Social Security numbers, wire transaction receipts, and driver's license images were available – without authentication – to anyone with access to a web browser. records, Social Security numbers, wire transaction receipts, and driver's license images were available – without authentication – to anyone with access to a web browser.

Global Payments and TSYS agree $21.5 billion merger, CEO says more software deals could follow

The financial-technology merger frenzy continued on Tuesday, as Global Payments Inc. officially announced a $21.5 billion all-stock deal for Total System Services Inc.   The deal is the third such combination to be announced in the payments industry this year that is focused on creating a two-party platform that can serve both financial institutions and merchants. Fiserv Inc. announced plans to acquire First Data Corp. in January, while Fidelity National Information Services Inc. said it planned to combine with Worldpay Inc. in March.

FTC Launches Merchant Cash Advance Probe

The Federal Trade Commission has launched an investigation into the merchant cash advance industry just days after FTC Commissioner Rohit Chopra called on the watchdog to tackle unfair small business lending practices. The Washington Post reported late last week that the FTC has opened an investigation into potentially unfair contract terms imposed on small business borrowers by merchant cash advance companies and other small to medium-sized business (SMB) lending companies. The district attorney of Manhattan has also launched a criminal investigation into the industry, while the New York State attorney general’s office is in the midst of a civil probe into the matter that revealed last year, reports said.

Mortgage-specific provisions in the CFPB’s proposed debt collection rules

Continuing our coverage of the CFPB’s proposed debt collection rules, this blog post will focus on a few provisions that pertain specifically to mortgage servicers. In part, the proposal continues the CFPB’s efforts to harmonize mortgage servicing regulation (which generally promotes communication with consumers) and debt collection regulation (which generally restricts communication with consumers).  The CFPB structured its mortgage servicing rules in a way that is intended to enable servicers to make a host of required communications without running afoul of the federal Fair Debt Collection Practices Act (FDCPA).  To accomplish this, the CFPB incorporated a variety of exceptions and alterations to the mortgage servicing rules to avoid FDCPA risk.

51 attorneys general call on Betsy DeVos to cancel up to 42,000 disabled veterans’ student debts

WASHINGTON — In a letter sent to Education Secretary Betsy DeVos on Friday evening, 51 attorneys general called on the Education Secretary to automatically cancel disabled veterans' student debt, something that is not currently done by the Department of Education.    "We write to...urge the Department of Education to take prompt action to satisfy its statutory mandate to discharge the student loans of veterans who are permanently and totally disabled or otherwise unemployable," wrote the attorneys general. "As a nation, we have a moral obligation to assist those who have put their lives on the line to defend us." 

$497,990.24 Other

Bayview Solutions LLC

(866) 546-9088

$498,731.46 Consumer Loans

Bayview Solutions LLC

(866) 546-9088

$3,449,116.00 Retail

Bayview Solutions LLC

(866) 546-9088

$858,193.59 Other

Bayview Solutions LLC

(866) 546-9088

$ ,973,760.93 Other

Bayview Solutions LLC

(866) 546-9088

$516,103.36 Retail

Bayview Solutions LLC

(866) 546-9088

$115,614.26 Other

Bayview Solutions LLC

(866) 546-9088

$4,428,557.02 Consumer Loans

Bayview Solutions LLC

(866) 546-9088

$5,597,123.82 Other

Sea Side Management, LLC

(800) 917-7183

$207,973 Other

Sea Side Management, LLC

(800) 917-7183

373,568.62 Payday Loans

Sea Side Management, LLC

(800) 917-7183

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