At a glanceWednesday, July 17, 2019

Collection Industry News At A Glance - July 17, 2019
Wednesday July 17, 2019
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FinCEN: Business email scams stole $300M a month in 2018

The Financial Crimes Enforcement Network (FinCEN) highlighted new efforts to combat business email compromise (BEC) scams – one of the most prevalent types of cyberfraud – at a FinCEN Exchange forum Tuesday. Suspicious activity reports (SARs) indicate that BEC scams led to more than $300 million stolen a month in 2018, more than three times what was reported in 2016.

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RMAI Releases New Infographic Demonstrating High Compliance Level of RMAI Certified Businesses.

July 16, 2019 (Sacramento, CA): Today, Receivables Management Association International (RMAI) announced the release of a new infographic demonstrating the low number of complaints filed against Receivables Management Certification Program (RMCP) certified businesses. When looking at the number of accounts RMAI certified businesses collect on, only a small percentage of those accounts receive complaints on the Consumer Financial Protection Bureau’s (CFPB) Consumer Response Portal. It was found that 1 out of 5,000 accounts in collections receive complaints.

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Illinois’ Attorney General Wants to Know About Data Breaches

Possibly adding to the list of states that have updated their privacy and breach notification laws this year, the Illinois legislature passed Senate Bill 1624 which would update the state’s current breach notification law to require most “data collectors,” which includes entities that, for any purpose, handle, collect, disseminate, or otherwise deal with nonpublic personal information, to notify the State’s Attorney General of certain data breaches. The state’s current statute already requires notification of a data breach to the Attorney Generals’ office, but only in the event of data breach affecting state agencies, and only if those breaches affect more than 250 Illinois residents.

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EARLY BIRD RATE FOR THE DEBT CONNECTION SYMPOSIUM AND EXPO 2019 IN LAS VEGAS ENDS THIS FRIDAY JULY 19!

Debt Connection Symposium and Expo 2019 will be held on September 10-12, 2019 at the Red Rock Hotel in Las Vegas, NV.  There is an early bird rate of $1,295 that will end on July 19, 2019, on July 20, 2019 the rate goes up to $1,395.  Register today to get that early bird rate! 

Registration is open to Industry Professionals, both Operational and Marketing, from Creditors, Debt Sellers, Collection Agencies, Collection Attorneys, Debt Buyers, Scoring & Analytics Vendors, Skip/Locate Vendors, Collection/Recovery Software and Hardware Vendors. This conference represents a solid opportunity for substantive interaction between clients and vendors, and a comfortable setting to discuss new opportunities.   Click here to register today
 
https://debtconnectionsymposium.com/registration.html

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OIG report looks at CFPB internal sharing of complaint data

The Office of Inspector General for the CFPB (and the Fed) recently issued a report on its evaluation of the Office of Consumer Response’s sharing of complaint data within the CFPB. As background, the report describes the tools available to Bureau users of complaint data (complaint-sharing tools) to search such data, identify issues, and summarize data, and also describes Consumer Response’s process for approving access to these tools. Based on its analysis of 2017 data, the OIG found that Supervision, Enforcement, and Fair Lending (SEFL) accounted for the largest portion of complaint-sharing tool users and tool activity, consisting of searches and requests for internal complaint reports.

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House Democrats draft bill to keep big tech out of financial services

As Congress gears up to question Facebook about its cryptocurrency project, House Democratic lawmakers are working on a bill that could ban it.   The draft legislation aims to keep big tech companies out of the financial services industry. The discussion draft is a starting point for potential legislation and lawmakers will likely make changes as they continue examining the issue.

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Report: 2/3 of credit cards carry revolving balance

A new report from the CFPB revealed that two-thirds of actively used credit card accounts don't pay off the full balance at the end of the billing cycle. Those accounts that carry a revolving balance do so continuously for 10 months on average; 15 percent revolve continuously for two years or more.

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Former Wells Fargo CEO: ‘This is the time’ for bank acquisitions

The depressed valuations for banks and other financial firms mean “this is the time” for acquisitions and mergers in the industry, a former CEO of Wells Fargo said Monday.   “Anytime you have high regulations in any industry, you get concentration, and banks are cheap,” Richard Kovacevich said on CNBC’s “Closing Bell. ” “So if you’re going to acquire, this is the time to acquire financial institutions.”

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CFPB should conduct ‘regular, robust’ reviews of regs

CUNA supports the Consumer Financial Protection Bureau (CFPB) conducting regular, robust reviews of its regulations with an eye toward reducing burden, it wrote to the CFPB Monday in response to the agency’s review plan as required by the Regulatory Flexibility Act. The act requires agencies to conduct a review of a rule ten years after final action, focusing on the rule’s economic impact on small entities. According to the CFPB’s plan, it intends to initiate its review approximately one year before the 10-year deadline, and although not required by statute, the CFPB will also solicit feedback from stakeholders via public comment on the rule under review.

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BankThink State regulators are critical to fintech oversight

Fintech regulation is getting a lot of scrutiny lately, especially as large, well-known entities want to enter the emerging industry. Just a couple of weeks ago, I testified before a House Financial Services Committee task force as chair of the Conference of State Bank Supervisors (CSBS) committee to discuss the role of state regulators in fintech oversight. While Congress and others may know how we supervise the 79% of the nation’s banks which are state-chartered, there have been a lot of questions about how we license and enforce compliance for fintech companies. That is because the current intersection between financial services and technology has accelerated change in the industry.

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FCC commissioner blasts carriers for failure to fight robocalls

Carriers have been slow to address the growing robocall problem, but the Federal Communications Commission may be about to force their hand. In a letter to fourteen US carriers, FCC Commissioner Geoffrey Starks today called out the confusing and often ineffective options available to consumers for fighting automated spam calls, and threatened regulatory action if the carriers do not improve. “Despite historically clamoring for new tools, it does not appear that all providers have acted with haste to deploy opt-out robocall blocking services,” Starks told the carriers. “The Commission spoke clearly: we expect opt-out call blocking services to be offered to consumers for free. Reviewing the substance of these responses, by and large, carriers’ plans for these services are far from clear.”

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Petitions for payday loan cap, minimum wage hike, tobacco tax meet deadline to get on ballot

This article first appeared in the St. Louis Beacon, May 6, 2012 - Activists involved in two initiative-petition drives – to cap payday loan rates and to increase Missouri’s minimum wage – submitted more than 350,000 signatures to the secretary of state’s office shortly before Sunday’s 5 p.m. deadline. The two groups were “Missourians for Responsible Lending” and “Give Missourians a Raise,” which had similar coalitions of community groups, religious leaders and some unions. Each proposal needs certified signatures from 91,818 to 99,600 registered voters to get on the November ballot. The signatures must include a required minimum from at least six of the state’s nine congressional districts, with the exact overall number needed depending on which six were chosen.

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Opportunity for organizations that serve economically vulnerable populations to receive support

For the past five years, the Bureau’s Office of Community Affairs has supported organizations committed to helping people manage their money and work toward their goals using a suite of financial empowerment tools called Your Money, Your Goals. If your organization serves economically vulnerable populations and you are interested in gaining more intensive support, such as training and technical assistance for your consumer financial empowerment efforts, you can apply for the Your Money, Your Goals 2020 cohort.

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DCS2019 Session: Where Technology Meets Collections

No, it’s not all about an Alien species.  DCS2019 highlights some of the best educational sessions available.  On Thursday, September 12th, hear from technology and operational experts on topics such as: Understanding the role of AI and machine learning in your organization, Key elements in implementing AI in the collection process, key risks with technology, leveraging new technologies, innovations in identity intelligence, optimizing right party contacts and decreasing operational costs!  Joining our panel to start are: Dan Fox, SmartAction, Abhishek Goel, Dasceq, Matthew Wolk, Neustar, Gregory Allen, Pairity and more to be announced!  Mark your calendars and don’t miss this special session at Debt Connection Symposium & Expo, to be held September 10th – 12th at the Red Rock in Las Vegas.  Still time to register at the Early Bird Pricing, check it out at https://debtconnectionsymposium.com/

 

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BankThink The case for market-based CRA reform

The Community Reinvestment Act was enacted in 1977 to hold banks accountable for “meeting the credit needs” of their local communities in a safe and sound manner. Yet if the CRA was not in place today, would stakeholders want to enact it? Many people may be inclined to answer affirmatively simply based on the CRA’s statutory goal. Furthermore, when it became law, many low-income and minority communities found mortgage and small-business lending hard to come by. At the time, the CRA sought to address persistent and institutionalized credit discrimination going back to the 1930s, when the government-sponsored Home Owners’ Loan Corporation discouraged banks from providing credit to “hazardous” areas, colored red on HOLC-issued maps. Such “redlining” prevailed for decades.

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Teachers union sues Betsy DeVos over loan forgiveness program

Washington (CNN)The American Federation of Teachers union sued Education Secretary Betsy DeVos Thursday, alleging that the department has mismanaged a federal program that grants teachers and other public service workers loan forgiveness after they make 10 years of payments.   About 1% of the more than 73,000 borrowers who have applied for the Public Service Loan Forgiveness program have been granted relief since the program was created in 2007, according to department data.

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JPMorgan Chase credit card customers have a month to opt out of binding arbitration

JPMorgan Chase is trying to make it harder for its credit card customers to sue the bank in court by requiring them to go into private arbitration to settle disputes.   The opportunity for JPMorgan Chase credit cardholders to opt out of binding arbitration expires in a month.  The bank notified customers in May that their right to sue over grievances connected to their Chase credit cards will go away unless they take some action by the first week in August.

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IRS Staffs Up As a Result of Disputed Private Debt Collection Program

In its latest congressionally-mandated report on contracting out collection of recalcitrant tax debts, the Internal Revenue Service said it is hiring 100 specialist staffers this fall and plans to bring on another 100 in a year The revival of an earlier program required by Congress in 2015 contracts with four private companies which, under specified rules, go after delinquent taxpayers the IRS has been unable to collect from. Critics—including the just-departed National Taxpayer Advocate Nina Olson—blast the public-private partnership for superseding an IRS core function and for deploying company bill collectors who are not always sensitive to the challenges of low-income taxpayers.

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Trump blasts Bitcoin, Facebook’s Libra, demands they face banking regulations

WASHINGTON (Reuters) - U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook’s proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to “become a bank.”

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How Nevada Plans to Solve the Marijuana Banking Problem

Nevada hopes to be the first state to create its own banking system for the booming marijuana industry, which has generated more than $150 million in tax revenue since 2017, according to Nevada Treasurer Zach Conine’s office. Since the drug is still illegal under federal law, most banks won’t accept cannabis businesses as clients. As a result, the multimillion-dollar industry is mainly a cash business -- at least for now

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6th Cir. Rejects FCRA ‘Credit File Disclosure’ Claim for Lack of Spokeo Standing

The U.S. Court of Appeals for the Sixth Circuit recently held that a plaintiff lacked Article III standing to sue a consumer reporting agency under the federal Fair Credit Reporting Act (FCRA) for allegedly failing to disclose all information in his file.

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Good News In Bad Reyes: Southern District of Florida Stays Case Pending FCC Rulemaking

Everyone in TCPAWorld is familiar with the two Reyes cases. In Good Reyes, the Second Circuit held that contractual consent cannot be revoked unilaterally. Which makes sense, because contracts are binding, and you can’t back out of contractual promises at will. But in Bad Reyes, the Southern District of Florida became one of the first courts to hold that the FCC’s 2003 and 2008 ATDS orders survived ACA International. See Reyes v. BCA Fin. Servs., Inc., 2018 U.S. Dist. LEXIS 80690 (S.D. Fla. May 14, 2018). So the name “Reyes” took on a whole new meaning in TCPAWorld.

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Broken Promises: Teachers Sue U.S. Over Student Loans That Weren’t Forgiven

Debbie Baker thought she qualified for a federal program that helps teachers such as her, as well as nurses, police officers, librarians and others. The Department of Education program forgives their federal student loans if they make their payments for 10 years and work in public service. For 10 years, Baker, who was a public school teacher in Tulsa, Okla., checked in with loan servicing companies and was told she was on track. "I said, 'I'm qualifying for public service loan forgiveness,' and they said, 'OK, great,' " she says.

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FTC Stops Student Loan Debt Relief Scheme, Charges Operators with Misleading Consumers

The Federal Trade Commission has stopped a student loan debt relief scheme, alleging it bilked more than $23 million from thousands of consumers with false claims that it would service and pay down their student loans. After the FTC filed a complaint seeking to end the deceptive practices, a federal court temporarily halted the scheme and froze its assets.

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$1,026,000 Retail
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Profiles

 

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Brian Turner

(717) 443-6310

 

Industry Events

 
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

202-861-0706

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More information about Debt Connection Symposium
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