DCS2019 – Agencies and Debt Buyers Wanted

In addition to a concentration on collection effectiveness and compliance, Debt Connection Symposium & Expo will once again provide multiple opportunities for networking with peers and prospective clients.  Featured Company meetings will include three opportunities for prospective vendors to meet with potential creditors.   Meetings for prospective vendors planned by CRB Auto, Exeter Finance Corp. and Garnet Capital.

These four states have the highest bankruptcy rates in the US

Bankruptcies rose last month nationwide, hitting a total of 64,283. That was up 3% from July of last year. Bankruptcies are on a pace to reach nearly 800,000 in 2019. The highest rates by state were in four states in the South. The American Bankruptcy Institute posted the figures, based on data from the managed technology company Epiq Systems. The organizations separate consumer bankruptcies from commercial ones. Consumer bankruptcies rose 3% to 61,025, while commercial bankruptcies rose 4% to 3,258.

Warren calls for probe into whether FTC ‘misled’ Americans into thinking they’d receive $125 from Equifax settlement

Not everyone is going to receive the $125 they might have expected out of a settlement between Equifax and government regulators over its 2017 security breach — and Massachusetts Sen. Elizabeth Warren is asking why. For the Democratic lawmaker and 2020 presidential candidate, the concern is that the Federal Trade Commission, one of the agencies that probed Equifax, initially offered “misleading public descriptions” about the relief available to the roughly 147 million Americans whose names, addresses and Social Security numbers had been compromised. In response, Warren is asking the agency’s inspector general to probe both the “terms of and FTC’s public description of the settlement."

FTC chief willing to break up Big Tech

The head of the Federal Trade Commission (FTC) said he's prepared to break up big tech companies by undoing past mergers as the agency probes whether the firms are hurting competition. Joe Simons, the FTC chairman who is leading a wide-ranging review of Silicon Valley mainstays like Facebook, said Tuesday that breaking up a corporation can be challenging -- but it could be the right tool to rein in companies that have broken the rules of fair competition.

ITT Reaches $60 Million Settlement With Consumer Agency

ITT Education Services Inc., which owned and operated the defunct for-profit ITT Tech college chain, reached a $60 million legal settlement Monday with the Consumer Financial Protection Bureau. In the lawsuit, CFPB alleged that ITT improperly steered students to take out private loans through the college that they did not understand and could not afford. According to the settlement, CFPB will not seek to collect the $60 million judgment, as there are limited funds available at the company after its 2016 bankruptcy. But ITT is barred from collecting on any of those loans from former students.

CHAIRMAN PAI FORMALLY RECOMMENDS APPROVAL OF T-MOBILE/ SPRINT MERGER

WASHINGTON, August 14, 2019—Federal Communications Commission Chairman Ajit Pai today shared with his colleagues a draft Order that would approve, subject to conditions, the proposed merger between T-Mobile and Sprint.  “After one of the most exhaustive merger reviews in Commission history, the evidence conclusively demonstrates that this transaction will bring fast 5G wireless service to many more Americans and help close the digital divide in rural areas. Moreover, with the conditions included in this draft Order, the merger will promote robust competition in mobile broadband, put critical mid-band spectrum to use, and bring new competition to the fixed broadband market.” said Chairman Pai. “I thank our transaction team for the thorough and careful analysis reflected in this draft Order and hope that my colleagues will vote to approve it.”

Microsoft warns Windows 10 users to update immediately

New York (CNN Business)Microsoft is warning Windows 10 users to update their operating system immediately because of two "critical" vulnerabilities. The company said the vulnerabilities are potentially “wormable,” meaning affected computers could spread viruses and malware without any action on the user’s part.  There are “potentially hundreds of millions of vulnerable computers,” Simon Pope, Microsoft’s director of Incident Response, wrote in a blog post Tuesday.  “It is important that affected systems are patched as quickly as possible because of the elevated risks associated with wormable vulnerabilities like these, and downloads for these can be found in the Microsoft Security Update Guide,” he said.

masterQueue named Finalist for Two FinTech Awards at Finovate; adds former Fujitsu of America CEO

EL DORADO HILLS, Calif., Aug. 14, 2019 /PRNewswire/ -- Intellaegis, DBA masterQueue, a leader in niche debt collection software, was named a finalist in Two FinTech award categories for the upcoming Finovate Fall conference in New York City this September.  Intellaegis is also one of 75 FinTech companies selected as a presenter to showcase the features that generated these nominations during the two days of demos of the newest FinTech products at the world's leading FinTech showcase. This will be a welcome back for Intellaegis as they launched masterQueue at Finovate in 2011.

OREGON JUDICIAL DEPARTMENT OFFICE OF THE STATE COURT ADMINISTRATOR ADVISES

Uniform Trial Court Rule (UTCR) 5.180 and UTCR 15.030 will go into effect on August 1, 2019.   UTCR 5.180(2) places requirements on debt buyers and debt collectors acting on behalf of debt buyers (collectively referred to in this memo as “Debt Buyers”). UTCR 5.180(3) places requirements on all other debt collection cases. UTCR 15.030 makes those requirements applicable to small claims debt collection cases. This memo outlines each requirement contained within the new UTCRs.

Data Privacy Exposure Hits the Public Sector: Lessons from the OPM Data Breach Class Action, Whistleblower Actions, and the GAO Cybersecurity Report

Data privacy litigation and enforcement actions continue to roil the private sector, most recently with the Federal Trade Commission (FTC)’s announcement of a $425 million settlement with Equifax in the wake of the Equifax data breach. Less discussed is the fact that data privacy and security remains a real threat in the public sector. As we recently reported, the 2019 Verizon Data Breach Investigations Report found that 16% of confirmed data breaches were in the public sector. Three recent developments highlight the breadth and scope of the threat, reflecting that federal agencies and government contractors remain vulnerable to cyberattacks and may be subject to liability for cybersecurity failures.

Regulators and the Fed reportedly looking to roll back Volcker Rule, giving banks leeway on investments

Wall Street banks may be catching a break as regulators rework a rule that restricts their ability to invest their own money, Bloomberg reported Tuesday.
Regulators are trying to make it easier for banks to trade securities using their own funds by reworking the so-called Volcker Rule, a centerpiece of legislation from the post-financial crisis bank crackdown, people familiar with the matter told Bloomberg.

Are CFOs Naive on Cyber Insurance Value?

Most senior finance executives at large companies believe that cyber insurance would cover most or all of the losses their company would incur in a cyberattack, a new study says. But they are wrong, according to commercial property insurer FM Global.   In a study of 105 CFOs and other senior financial executives at companies with revenue of at least $1 billion, commissioned by FM Global and performed by CFO Research, 45% said they expected their insurer will cover “most” related losses from a cybersecurity event, and 26% said they expected the carrier to cover “all” related losses.

WebRecon Stats for July 2019: Forget Doldrums… Summer Pops!

Quick analysis: Everything litigation-related moved up in July for the first time since January. FDCPA, TCPA and FCRA were all up between 11%-16% over the previous month. YTD, all three either increased their percentages over 2018 (FCRA from from +2% to +6.5%) or decreased their negative percentages (FDCPA from -7.5% to -7% and TCPA from -12.7% to -12.4%). Even CFPB complaints, which did decrease from June (-8.6% at the moment, but those numbers are not settled yet) decreased their YTD percentage from -18.1% in June to -16.7% in July.

Finra To Review Rules Protecting Senior Citizens From Financial Abuse

The Financial Industry Regulatory Authority said it is conducting a review of recently adopted rules partly designed to help protect senior investors from financial exploitation. The rules, adopted last year, are designed to protect investors, with particular emphasis on protecting vulnerable investors like seniors, many of whom are living on fixed incomes and budgets without the ability to offset significant losses over time or through other means.

NY Department of Financial Services Issues Proposed Student Loan Servicer Regulations

The New York Department of Financial Services (NYDFS) has issued proposed regulations to implement the legislation enacted in April 2019 that requires servicers of student loans to be licensed, imposes servicing standards, and prohibits certain practices.  On July 31, the NYDFS published a notice of proposed rulemaking in the State Register, triggering a 60-day comment period.

Bill Introduced to Require Data Brokers to Register With FTC

On July 30, 2019, Sens. Peters and McSally introduced S.2342, a bill to provide for requirements for data brokers with respect to the acquisition, use and protection of brokered personal information, and to require that data brokers annually register with the Federal Trade Commission.   Congress should bring more transparency to data broker practices through the FTC, Sens. Gary Peters, D-Mich. and Martha McSally, R-Ariz. have stated.

Consumer Financial Protection Bureau Settles Lawsuit Against ITT Educational Services

Washington, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced a proposed settlement with ITT Educational Services, Inc. to resolve the Bureau’s lawsuit, which alleges that ITT engaged in unfair and abusive practices in connection with its private loan program in violation of the Consumer Financial Protection Act of 2010.

U.S. regulator settles lawsuit against ITT Educational, will not collect $60 million

(Reuters) - The U.S. Consumer Financial Protection Bureau (CFPB) said on Monday it had reached a settlement with ITT Educational Services Inc over predatory lending practices, but does not plan to collect any of a $60 million judgment from the bankrupt for-profit college.   The proposed settlement stipulates that the bureau will not seek any funds through bankruptcy proceedings from ITT, citing the limited amount available to be distributed to former students. The settlement, filed in the U.S. District Court for the Southern District of Indiana also bars ITT, which filed for bankruptcy in September 2016, from providing student loans in the future.

Bankruptcy filings rising across the country and it could get worse

Bankruptcies are back — flashing warnings that more Americans are knee-deep in debt in big cities like New York.   While total bankruptcy petitions nationwide by consumers and businesses are still well below Great Recession levels, analysts say there is an unmistakable trend upward.

CFPB study shows alternative credit models lead to more loans, cheaper loans

Over the last several years, there’s been a serious push to get Fannie Mae and Freddie Mac to use newer credit scoring models that consider factors such as a person’s bank account history, work history, or utility payments as part of the formula to determine a borrower’s creditworthiness. That movement grinded to a halt last year, when the Federal Housing Finance Agency announced that it will not be authorizing the use of any new credit scoring model for several years, but a newly released study from the Consumer Financial Protection Bureau shows that using alternative credit models will not only lead to more borrowers getting loans, the loans they get will be cheaper too.

America’s debt-burdened Millennials are delaying homeownership by 7 years

America’s young adults are sitting on at least $1.5 trillion worth of student loan debt. With such an outstanding balance, it’s no surprise that many are struggling to become first-time home buyers. A recent survey from Clever, an online real estate marketplace, indicates that although 84% of Millennials believe homeownership is part of the “American Dream,” a whopping 48% of undergraduates are putting off buying a home because of their loans.

‘Flabbergasted’: Chase Bank forgives all credit card debt for Canadian customers

Canadians who had credit cards with Chase Bank can breathe a sigh of relief as the company says it will "forgive" all outstanding debt. Chase Bank, part of the New York based JPMorgan Chase & Co., closed all credit card accounts in the country in March 2018, the company said. Originally, customers were told to continue paying their debt, Reuters reported, but the company confirmed Friday to USA TODAY the debt was now cancelled.

Looking for answers at Black Hat 2019: 5 important cybersecurity issues

Judging by last week’s Capital One breach and Equifax settlement, cybersecurity remains a topical, if not ugly, subject. The timing couldn’t be better for these unfortunate events. Why? Because the cybersecurity community gets together this week in Las Vegas for Black Hat and DEF CON to discuss how to better deal with security vulnerabilities and improve threat prevention, detection, and response. 

United States: CFPB Highlights Analysis On The Use Of Non-Traditional Data In Credit Process

The CFPB highlighted the results of an analysis comparing the uses of traditional and non-traditional sources of information by consumers in the credit process. In 2017, the CFPB granted no-action relief from certain Regulation B requirements to Upstart Network, Inc. ("Upstart Network") to use alternative data (such as education and employment history) and machine learning for the purpose of an underwriting and pricing model. The no-action letter was contingent on Upstart Network providing the CFPB with information about compared results between (i) its credit underwriting and pricing model (a tested model) and (ii) a more standard model. Upstart Network was tasked with answering:

Robocall blocking apps caught sending your private data without permission

Robocall-blocking apps promise to rid your life of spoofed and spam phone calls. But are they as trustworthy as they claim to be? One security researcher said many of these apps can violate your privacy as soon as they are opened. Dan Hastings, a senior security consultant cybersecurity firm NCC Group, analyzed some of the most popular robocall-blocking apps — including TrapCall, Truecaller, and Hiya — and found egregious privacy violations.

‘An important step forward’: New Chase research reveals true weight of student debt

report from JPMorgan Chase Institute." data-reactid="15" style="margin: 0px 0px 1em; color: #26282a; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-style: initial; text-decoration-color: initial;">Student loan borrowers — particularly those who are younger and from lower-income families — are spending up to 17% of their annual income on repayments, sometimes putting off basic needs to meet them, according to a comprehensive new report from JPMorgan Chase Institute.  The research — which used data from 4.9 million Chase checking accounts from 2012 and 2018 that made at least one student loan payment — presented a more nuanced picture about just how much debt borrowers have as well as how exactly borrowers are repaying their loans.

Attorney General James Holds Lender Responsible For Ripping Off Student Borrowers

NEW YORK – Attorney General Letitia James today held financing company Equitable Acceptance Corporation responsible for violating consumer protection laws and the unlawful financing of student loan debt relief services.“Higher education is supposed to be a gateway to prosperity, not a trapdoor to financial ruin,” said Attorney General Letitia James. “Equitable scammed students by offering worthless services that were available at no cost. No longer will Equitable be able to prey on New Yorkers, and they will, instead, be forced to wipe the slate clean and forgive the loans of those it victimized.

Researchers discover troubling new security flaw in all modern Intel processors

Researchers from BitDefender have uncovered a concerning security vulnerability present in all modern Intel processors. If executed, the flaw could permit an adversary to access the computer’s kernel memory, which could potentially result in them gaining access to sensitive information, like passwords, tokens, and private conversations. The flaw affects all machines using Intel processors that support the SWAPGS system call, which allows the processor to swap between the kernel mode and user mode memory rings. This feature is part of the speculative execution features present in most modern processors, which allow the CPU to predictively execute tasks in anticipation of them being required.

When it comes to student debt, it is time to talk solutions

Student loan debt has more than doubled in the last decade and 92 percent of that debt is held by the federal government. Loan forgiveness or free college have been the topic du jour from many presidential candidates. And, while they might make for good campaign rhetoric, these proposals are unlikely to become law. Luckily, Sens. Tim Scott (R-S.C.) and Joe Manchin (D-W.Va.) introduced legislation, the Student Loan Disclosure Modernization Act, to help student loan borrowers – and has the added benefit of actually being able to become law.

Operator of Email Management Service Settles FTC Allegations that it Deceived Consumers About How it Accesses and Uses Emails

An email management company will be required to delete personal information it collected from consumers as part of a settlement with the Federal Trade Commission over allegations that the company deceived some consumers about how it accesses and uses their personal emails.  In a complaint, the FTC alleges that Unrollme Inc., falsely told consumers that it would not “touch” their personal emails, when in fact it was sharing the users’ email receipts (e-receipts) with its parent company, Slice Technologies, Inc.

CFPB: Alternative Data Could Increase Availability, Lower Cost of Credit

The use of alternative data in credit decisions could make a significant difference in the cost and availability of credit for consumers, according to a new blog post published yesterday on the CFPB’s website. The blog post highlights data submitted to the bureau regarding outcomes generated by using an underwriting and pricing model incorporating alternative data—such as information about borrowers’ education and employment history—created by the Upstart Network. Upstart has been operating under a no-action letter from the CFPB to develop and test the model since 2017.

Housing sentiment hits record high, as bidding wars vanish

Falling mortgage rates and strong employment drove consumer confidence in housing to a record high in July, according to a monthly index from Fannie Mae. At the same time, bidding wars eased thanks to lower demand in some of the hottest markets. Of the index’s five components, “confidence about not losing job” and “mortgage rates will go down” rose the most. The gains come despite a very low supply of homes for sale and affordability challenges. Mortgage rates dropped dramatically this spring, down from a high of around 4.5% at the start of this year to 3.85% at the end of July, according to Mortgage News Daily.

SNAAC to wind down operations, liquidate portfolio

CINCINNATI - 

A little more than three years after announcing an aggressive growth plan based on a strategy to add a significant number of dealership customers throughout the United States, Security National Automotive Acceptance Company (SNAAC) is departing the auto-finance business.

FCC BANS MALICIOUS CALLER ID SPOOFING OF TEXT MESSAGES & FOREIGN ROBOCALLS

WASHINGTON, August 1, 2019—The Federal Communications Commission today adopted new rules banning malicious caller ID spoofing of text messages and foreign calls. These new rules will close a loophole in the law that prevented the agency from pursuing scammers sending spoofed text messages and international fraudsters making spoofed calls to Americans.

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Debt Connection Symposium & Expo 2019

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National Creditors Bar Association 2019 Fall Conference

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