At a glanceWednesday, July 10, 2019

Collection Industry News At A Glance - July 10, 2019
Wednesday July 10, 2019
Mid Week Newsletter:
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We’ve kept these short, but meaningful.  All responses are confidential, and can be anonymous.  All participants can receive a copy of the results by providing their contact information to us.  No individual company information or contact information will be provided in the analysis and results.

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You still have time to participate in the Audit Benchmarking Oversight Survey for Creditors and Servicers, which ends July 15.

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Consumer Financial Protection Bureau Settles Lawsuit Against Freedom Debt Relief

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today settled its lawsuit against Freedom Debt Relief, LLC, the nation’s largest debt-settlement services provider. The company agreed to pay $20 million in restitution to affected consumers and a $5 million civil money penalty.

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CoreLogic Reports Lowest Overall Delinquency Rate in More Than 20 Years this April

CoreLogic® (CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally 3.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in April 2019, representing a 0.7 percentage point decline in the overall delinquency rate compared with April 2018, when it was 4.3%. This was the lowest rate for any month in more than 20 years.

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Synthetic Identity Fraud in the U.S. Payment System

The U.S. payment system faces dynamic, persistent and rapidly escalating threats as technological developments in  cybercrime make it easier than ever to commit payments fraud.  Since 2015,  the Federal Reserve has collaborated with a wide array of industry stakeholders to advance U.S. payments security.  This is consistent with the approaches described in our paper,  Strategies for Improving the U.S. Payment System:  Federal Reserve Next Steps in the Payments  Improvement Journey.

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New banks of 2019

De novo activity is strong for the second year in a row. The Federal Deposit Insurance Corp. approved applications for 14 new banks in 2018. Eight banks have opened this year, including Piermont Bank and Trustar Bank in recent days, and seven other organizing groups have submitted paperwork. Regulators, including FDIC Chairman Jelena McWilliams, have sounded more receptive to new-bank formation. “I do not profess to know what the right number of banks in the U.S. is, but I recognize that, like many competitive industries, a dynamic banking sector needs new startups entering the marketplace,” McWilliams recently wrote in a BankThink opinion piece with American Banker.

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Massachusetts legislators take steps to protect student borrowers

A bill before the Massachusetts Legislature, if approved, would create a Student Loan Bill of Rights that includes appointing a state student loan ombudsman in the state Attorney General’s office. Five states so far this year have passed new laws aimed at protecting student loan borrowers. Another three are steps away from doing so and similar bills filed in a handful of others, including Massachusetts, according to a new report.

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CFPB 2019 fair lending report highlights alternative scoring models

The CFPB’s annual fair lending report covering its 2018 activities was published in today’s Federal Register. While most of the report recycles information about which we have previously blogged, it does contain the following noteworthy information: In September 2018, the CFPB held a symposium to address the issue of access to credit for consumers who are “credit invisible” – that is, those without an established credit history with the three national credit reporting agencies – and who therefore cannot be scored by most traditional credit scoring models.

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Utah launching ‘sandbox’ program for fintech innovators

SALT LAKE CITY — The Beehive State is launching an effort to spark innovation in the financial technology space.   The Utah Department of Commerce Tuesday announced the start of the nation’s second regulatory sandbox based on legislation passed by Utah lawmakers. HB378 permits financial technology companies to apply for a special exemption when setting up a business. According to a news release, Utah’s program allows participants to temporarily test new financial services or products on a limited basis without otherwise being licensed or authorized to act under Utah law.

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Consumer bankers urge lawmakers to pass plain-language loan disclosures

The Consumer Bankers Association (CBA) is urging lawmakers to support the Student Loan Disclosure Modernization Act, which would require federal student loans to carry plain-language disclosures on the true cost of the loan. In a letter to the bill’s sponsors, Sens. Tim Scott (R-SC) and Joe Manchin (D-WV), CBA officials point out that private student loans offered by banks already have these disclosures. These disclosures on private loans contribute to a 98 percent repayment rate of private student loans.

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Big banks view consumer trust as an advantage over challengers

As waves of fintech startups rise up to challenge legacy banks, incumbents are finding their high levels of consumer trust to be a chief advantage, CNBC reports. "Customers trust legacy banks to keep their money safe, but they're slightly unsure of fintechs keeping their money safe," Amelia Nicholls, chief of staff at RBS' digital standalone bank Bo told CNBC.

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FTC Returns More than $380,000 to Victims of Business Coaching and Development Services Scam

The Federal Trade Commission is mailing 1,177 checks totaling more than $380,000 to people who paid for purported business coaching services that were marketed as a way to help them earn thousands of dollars a month. The refunds stem from an FTC settlement in which the Commission alleged that the defendants bought contact information for people who were interested in starting an online business and marketed aggressively to them. According to the FTC’s complaint, the defendants promised consumers that they could make thousands of dollars a month online if they bought business coaching and related services, which often cost over $10,000. Most people who bought the defendants’ services did not develop a functioning business, earned little or no money, and often ended up in debt, according to the complaint.

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PayThink Blockchain has lit a fire under payment developers

Cryptocurrencies are the only type of currency to be casually exchanged in every country. Bitcoin may have been what grabbed the attention of the world…however, let’s not forget that it was and still is blockchain technology which holds it all together. By creating a distributed ledger on the blockchain, bitcoin and many other cryptocurrencies were accepted and exchanged all around the world. As of August 2018, there were more than 1,600 different types of cryptocurrencies in circulation. All you need is a computer or mobile device and an internet connection.

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US adds solid 224,000 jobs; Fed rate cut may be less certain

WASHINGTON — U.S. employers sharply stepped up their hiring in June, adding a robust 224,000 jobs, an indication of the economy’s durability after more than a decade of expansion.   The strength of the jobs report the government issued Friday could complicate a decision for the Federal Reserve late this month on whether to cut interest rates to help support the economy. Most investors have anticipated a rate cut in July and perhaps one or two additional Fed cuts later in the year. That scenario may be less likely now.

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Judge lets New York pursue student loan debt relief fraud case

NEW YORK (Reuters) - A federal judge said New York's attorney general may pursue a lawsuit accusing Debt Resolve Inc and nine other defendants of involvement in a scheme to induce thousands of struggling student loan borrowers into paying for debt relief services they could have gotten for free. U.S. District Judge Alison Nathan in Manhattan on Wednesday rejected requests by Debt Resolve, Chief Executive Bruce Bellmare, his predecessor Stanley Freimuth, and the other defendants to dismiss the September 2018 lawsuit. Eric Krejci, a lawyer for Debt Resolve, Bellmare and Freimuth, declined to comment. They had argued that Attorney General Letitia James failed to plead facts "supporting this allegedly 'fraudulent' debt relief scheme with particularity" against them.

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FCC presses for automatic, default blocking of ‘robocalls’

WASHINGTON (Gray DC) -- There's a crack-down on those annoying, incessant calls that never seem to stop from telemarketers and scammers. The FCC is now opening the door for phone companies to automatically block so-called 'robocalls' before ever reaching your number. Washington Correspondent Alana Austin gets to the bottom of this issue disturbing so many consumers. FCC Chair Ajit Pai presses for automatic, default blocking of so-called 'robocalls' by phone providers. Washington Correspondent Alana Austin speaks with the Chair about the new rule. (Source: GrayDC)
"Unbelievable calls all the time," complained Mazen Fares.

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Industry Events

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
San Diego , California
July 14 - 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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