At a glanceWednesday, August 28, 2019

Collection Industry News At A Glance - August 28, 2019
Wednesday August 28, 2019
Mid Week Newsletter:
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Prospective Vendor Meetings At DCS – Still Time to Sign Up

DCS is short for Debt Connection Symposium & Expo, where collection and recovery "connections" are as important as our superior faculty and sessions,  and amazing Expo with the latest in new products and services.  In addition to sessions and networking events, there are several Featured Company meetings looking for prospective vendors.  Specifically, one auto creditor is looking to meet prospective agencies.  One seller is looking for prospective buyers, and another meeting will highlight several portfolios for sale before the year ends.  If you're a buyer or agency, and would like to attend these meetings, sign up to attend Debt Connection Symposium & Expo 2019, September 10 - 12 at the Red Rock in Las Vegas. For details on the prospective vendor meetings, follow instructions at  (For registered DCS2019 attendees only.)

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FCC Joins Meet The Regulators at DCS2019

Meet The Regulators Confirmed at DCS2019!  Announcing that we have confirmed participation of three terrific regulators for our Meet The Regulators panel! Parul Desai of the Federal Communications Commission joins Gandhi Eswaramoorthy of the CFPB and Joe Sciarrotta of the Office of the Arizona Attorney General. Parul is the Deputy Chief, Telecommunications Consumers Division of the Enforcement Bureau of the FCC. Joe Sciarrotta is the Division Chief Counsel - Civil Litigation Division, of the Arizona Attorney General's Office. K. (Gandhi) Eswaramoorthy is the Program Manager for Debt Collections within the Consumer Lending, Reporting and Collections Markets Division for the CFPB. They will each address issues of importance to them, as well as be available for a Q&A session.  Debt Connection Symposium & Expo 2019 will be held September 10 - 12 at the Red Rock in Las Vegas. Still time to register at attend.

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JPMorgan weighs sale of $1 billion AARP credit card portfolio

JPMorgan Chase & Co. is considering selling the credit card portfolio it built through an almost three-decade partnership with the AARP, the nonprofit representing 38 million people, according to people with knowledge of the matter.   The sale would include roughly $1 billion in credit card receivables, the people said, asking not to be identified because the discussions are private. Alliance Data Systems Corp. is among those interested in the portfolio, one of the people said.

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CFPB Releases Report on Consumer Credit Card Market

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today released its fourth biennial report on the state of the credit card market for the period 2017-2018.  In 2009, the Credit Card Accountability Responsibility and Disclosure Act (Act) made substantial changes to the legal requirements applicable to the credit card market, with Section 502 of the Act also requiring that a report be issued every two years with respect to the market.   

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Consumer Financial Protection Bureau Settles with Maxitransfers Corporation

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Maxitransfers Corporation (Maxi), a company that serves consumers looking to send money overseas. This is the Bureau’s first enforcement action based on violations of the Remittance Transfer Rule, which implements the Electronic Fund Transfer Act (EFTA).

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Mortgage Defaults Rise First Time Since Financial Crisis

Defaults are up for the first time since the great financial crisis. But as rates fall, a refi surge will help millions. The Black Knight Mortgage Monitor shows the first annual rise in defaults since the crisis. An estimated 243K borrowers defaulted on first lien mortgages in Q2 2019 While the quarter ending on a Sunday certainly played a factor in the rise in defaults, a noticeable overall slowdown in the decline in default activity has been observed. The national default rate rose by 3% compared to Q2 2018, the first such annual rise since the financial crisis (adjusting for the 2017 hurricane season)

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Operator of Colorado Technical University and American InterContinental University Will Pay $30 Million to Settle FTC Charges it Used Deceptive Lead Generators to Market its Schools

An Illinois-based operator of several post-secondary schools will pay $30 million to settle Federal Trade Commission charges that the operator used sales leads from lead generators that falsely told consumers they were affiliated with the U.S. military, and that used other unlawful tactics to generate leads.   In its complaint against Career Education Corporation (CEC) and its subsidiaries, American InterContinental University, Inc., AIU Online, LLC, Marlin Acquisition Corporation, Colorado Technical University, Inc., and Colorado Tech., Inc. (collectively, CEC), the FTC alleged that CEC used lead generators engaged in illegal conduct to market its schools.

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Debt, Homeownership Driving Participants to Withdraw Retirement Funds

Approximately 52% of respondents admit to tapping their retirement savings account early for a purpose other than retiring, according to a survey by MagnifyMoney. The MagnifyMoney survey was fielded among 1,029 Americans. The Investment Company Institute’s (ICI’s) larger database shows around 1% of participants taking withdrawals quarterly and around 15% taking loans quarterly. The percentage can be higher or lower depending on the quarter.

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Here is a list of the largest banks in the United States by assets

The Federal Reserve has rolled out a list of top US banks by assets, and we've broken down exactly how these banking giants manage to stay ahead of the competition. For decades banks have been merging, partnering, and expanding — so much so that the top four banks now account for 50% of all US banking assets.

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Settlement with operator of post-secondary schools offers an education about lead generation

Colleges are known for team sports, but it’s an unfortunate fact that consumer deception can be a team sport, too. A proposed FTC settlement with Career Education Corporation, American InterContinental University, Colorado Technical University, and related defendants alleges they used illegal game plans to lure consumers to their post-secondary and vocational schools. MVP “teammates” in the deceptive venture were lead generators who duped consumers into divulging personal information under false pretenses.

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Qualcomm Gets Wall Street Journal’s Support in Antitrust Battle with FTC

Qualcomm‘s battle with the Federal Trade Commission picked up strong support in The Wall Street Journal Monday as the antitrust case headed for federal appeals court. The editorial board of the leading U.S. business newspaper wrote that the San Diego-based wireless pioneer faced “irreparable harm” from a lower court order and FTC attorneys “running wild” on the case. “The FTC should drop the case before it loses on the merits,” the newspaper said in the editorial.

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Powell: Fed ‘working to sustain’ favorable economy

Federal Reserve Chair Jerome Powell, during a speech at the Federal Open Market Committee's annual retreat in Jackson Hole, Wyo., Friday, described the U.S. economy as being "in a favorable place" and said the Fed is "working to sustain these conditions in the face of significant risks."   Powell noted strong economic growth, a falling unemployment rate and rising labor force participation as positive aspects of the current situation, but also highlighted concerns about global economic growth due to trade and tariff uncertainty.

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US FTC Settles With Alleged Crypto Pyramid Scheme for $500,000

According to an official statement on Aug. 22, the regulator permanently banned the defendants from multi-level marketing and misrepresenting investment opportunities — and charged a total of more than $500,000 as part of the settlement. In March 2018, the FTC first obtained a court order against Thomas Dluca, Eric Pinkston, Louis Gatto and Scott Chandler that stopped their misleading marketing practices and froze their assets. At the time, the commission alleged that the individuals violated the FTC Act through the “advertising, marketing, and promotion of purported money-making schemes.”

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Elizabeth Warren Slams Student Loan Watchdog Appointment As ‘Outrageous’

The federal Consumer Financial Protection Bureau has a new student loan watchdog, and his appointment is raising questions about who is safeguarding the interests of student borrowers. Massachusetts senator and Democratic presidential hopeful Elizabeth Warren, who helped create the CFPB, sent a scathing letter on Thursday to the bureau's current director. In documents obtained by NPR, Warren called the appointment of Robert Cameron "an outrageous slap in the face to student loan borrowers across the country." Warren also sent letters to Treasury Secretary Steven Mnuchin and directly to Cameron, writing, "your employment history presents an irresolvable conflict of interest that will prevent you from being able to serve as an effective Student Loan Ombudsman."

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AFCC Fall Conference Highlights Benefits of Debt Settlement Industry on the US Economy

Just one of the presenters at the AFCC Fall conference will be Mr. John Dunham.  The AFCC commissioned John Dunham & associates to perform an Economic Impact Study, examining the overall benefits the Debt Settlement Industry provides to the US.  Attend the AFCC event to hear him and other great presenters, as well as to hear the  results of this important study.  

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Wells Fargo is paying the Navajo Nation $6.5 million to settle allegations of shady sales tactics

New York (CNN Business)Wells Fargo is paying the Navajo Nation $6.5 million to settle allegations the bank preyed on the Native American tribe by using shady sales tactics.   The agreement puts to rest a 2017 lawsuit brought by the Navajo Nation that accused scandal-ridden Wells Fargo (WFC) of "predatory" practices, including opening fake accounts and pressuring elderly citizens who did not speak English to enroll in services they didn't need.  "Wells Fargo's predatory actions defrauded and harmed the Nation," said Navajo Nation President Jonathan Nez said in a statement on Thursday announcing the settlement. "This puts other companies on notice that harmful business practices against the Navajo people will not be tolerated."

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Most Telemarketer Fees to Access the FTC’s National Do Not Call Registry to Increase in FY 2020

The Federal Trade Commission has announced FY 2020 fees for telemarketers accessing phone numbers on the National Do Not Call (DNC) Registry. Most of the annual fees will increase slightly from FY 2019, and are set forth in a Federal Register notice.   All telemarketers calling consumers in the United States are required to download the numbers on the National DNC Registry to ensure they do not call consumers who have registered their phone numbers. The first five area codes are free to download, and organizations that are exempt, such as some charitable organizations, may obtain the entire list for free. Telemarketers must subscribe each year for access to the Registry numbers.

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Out of the Darkness Walks

In an effort to raise funding and awareness for suicide prevention, Mike Ginsberg and his wife Tammi are co-chairing the American Foundation for Suicide Prevention’s (AFSP) Montgomery County Walk. If you are interested in making a financial contribution to this campaign please click on this link. Money raised through the campaign will allow the AFSP to invest in new research, create educational programs, advocate for public policy, and support survivors of suicide loss. To find a walk in your region, please click here. Please contact Mike at if you have any questions.

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2019 CFPB Research Conference

On December 12–13, 2019, the CFPB will host its fourth research conference on consumer finance. The goal of the conference is to connect the core community of researchers and policymakers with the best research being conducted across a wide range of disciplines and approaches that can inform the topic of consumer finance. 

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Attorney General Frosh Announces New Effort to Halt Illegal Robocalls

BALTIMORE, MD (August 22, 2019) – Maryland Attorney General Brian E. Frosh today announced that as a result of a bipartisan, public/private coalition of 51 attorneys general and 12 phone companies, the phone companies have agreed to adopt eight principles to fight illegal robocalls. This agreement will help protect phone users from illegal robocalls and make it easier for attorneys general to investigate and prosecute bad actors.

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Minutes show divided FOMC; NAFCU’s Long predicts another rate cut

Members of the Federal Open Market Committee (FOMC) – the Federal Reserve's monetary policy-setting arm – were divided ahead of committee's recent rate cut, according to minutes from the committee's July meeting released Wednesday. In addition, the committee begins its annual retreat today in Jackson Hole, Wyo., with Chairman Jerome Powell expected to speak Friday.

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United States: CFPB Proposes Settlement In Connection With High-Interest Credit Offers

The CFPB and the State of Arkansas proposed a settlement in the United States District Court, Eastern District of Arkansas, against brokers for violations of the Consumer Financial Protection Act of 2010 and the Arkansas Deceptive Trade Practices Act. The violations were related to misrepresentations of high-interest credit offers. According to the CFPB, Andrew Gamber, and several entities he operated, made high-interest offers on credit to consumers and, in particular, to disabled veterans. The CFPB found that Mr. Gamber falsely claimed that (i) the offered product was a sale of payments when it was actually a high-interest credit offer, and (ii) consumers would receive funds during a specified timeframe. In addition, the CFPB stated that Mr. Gamber did not inform consumers of the interest rate on the credit offer.

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As U.S. watchdog retreats, mortgage firms reprise cozy marketing arrangements

WASHINGTON (Reuters) - U.S. mortgage firms are getting back into joint marketing and advertising arrangements, reviving a controversial practice that was effectively banned in the aftermath of the 2007-2008 subprime mortgage crisis.

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Debt Collectors Keep Credit Market Flowing

Debt collecting is a profession that gets little love, but given the social good done by debt collectors who operate ethically and follow the rules, maybe it’s time that we show them some affection. If not that, we should at least give them reasonable rules to play by—rules that would also benefit consumers and entrepreneurs who participate in the credit market.  This is the message my former colleague Daniel Press and I sent to the Consumer Financial Protection Bureau in our comments on its proposed debt collection rule.

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Last summer, data researchers published an open-access paper on their “white hat” hacking—they were trying to see how easy it is to “de-anonymize” data that we think is anonymous. It was disturbingly easy, according to study co-author Carlo Ratti:  First, they combined two anonymized datasets of people in Singapore, one of mobile phone logs and the other of transit trips, each containing “location stamps” detailing just the time and place of each data point. Then they used an algorithm to match users whose data overlapped closely between each set–in other words, they had phone logs and transit logs with similar time and location stamps–and tracked how closely those stamps matched up over time, eliminating false positives as they went. In the end, it took a week to match up 17% of the users and 11 weeks to get to a 95% rate of accuracy. (With the added GPS data from smartphones, it took less than a week to hit that number.)  

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When Disaster Strikes, Digital ID Is Front And Center

Hurricanes, wildfires, tornados, earthquakes and floods — disasters of all types tend to bring out the best and the worst in people. Generous donations. Ripped-off funds. Faulty grant applications and truckloads of supplies sent to the impacted areas. Whatever the angle — honest or fraudulent — the rise of the digital economy can amplify the actions of both good and bad actors in the aftermath of tragedy.  Dealing with the online aspect of disaster relief requires a new, tighter approach to ID verification and authentication. That was the main message from a fresh PYMNTS discussion with Zac Cohen, general manager at Trulioo. 

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Portfolios For Sale

$32,463,257 Commercial
Capital Debt Solutions, LLC

(866) 305-5102

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$156,073,180 Payday Loans
Capital Debt Solutions, LLC

(866) 305-5102

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$11,574,871 Medical
Capital Debt Solutions, LLC

(866) 305-5102

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$16,060,127 Medical
Capital Debt Solutions, LLC

(866) 305-5102

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$5,474,967 Checks
Capital Debt Solutions, LLC

(866) 305-5102

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GC Services

(713) 202-7097

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Collection Advocates Incorporated

(858) 259-7765

   Scoring / Scrubbing / Analytics 

Amvive LLC

(805) 626-8483


Industry Events

2019 CFPB Research Conference


December 12 - 13 , 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


RMAi Annual Conference

February 04 - 06 , 2020

Questions about registration or sponsorship? Contact Sylvia Done at or 916-482-2462

Third Party Vendor Auditing Workshop

HOW, WHAT, WHERE, WHEN AND WHY - from Resource Management Services, Inc.

Learn practical skills and tactics to review: • When to audit, and incorporating remote and onsite • What to audit - work effort, payment, compliance, financials and more • Sampling techniques to increase your effectiveness • How to develop an effective call monitoring scorecard • Audit bias and how to avoid it • What many audit teams miss and how to address • how to use the audit to improve compliance and performance • Remediation techniques and tools Course taught by experienced auditors and consultants: Bev Evancic and Ken Evancic

May 04 - 05 , 2020

562-906-1101 or

Collection and Recovery Solutions 2020

Collection & Recovery Solutions - produced by Resource Management Services, Inc.

10440 Pioneer Blvd #2
Santa Fe Springs , CA
May 06 - 08 , 2020


More information about Resource Management Services, Inc.
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