BankThink Traditional banks continue to flirt with obsolescence

There are many things retail banks do well: custodial duties, managing customer calls, cultivating relationships, keeping secrets. People need institutions that can reliably manage trust, serve as fiscal caretakers and guide them through challenging financial matters — whether it’s restructuring a business or resetting a PIN.

FTC Names Additional Defendant in Student Loan Debt Relief Case

The Federal Trade Commission has amended its complaint in a student loan debt relief case, naming an additional defendant who allegedly took part in a scam that bilked more than $23 million from thousands of consumers with false claims that it would service and pay down their student loans.

BankThink CFPB should have a say in bank mergers

The Consumer Financial Protection Bureau oversees some of the largest financial institutions in the United States, yet it has no say when those banks expand via merger. The CFPB’s inability to stop banks with poor compliance records from growing exposes consumers to potential harm. Look no further than TCF National Bank, which recently merged with Chemical Bank and thereby nearly doubled in size. Consumers have lodged more complaints about TCF than any other U.S. bank over the past several years, according to one report. Customers alleged, among other things, that TCF regularly charged improper overdraft fees—misconduct for which TCF paid $30 million in penalties last year.

INDUSTRY VETERAN BARBARA SINSLEY JOINS REMITTER USA INC. AS CHIEF LEGAL OFFICER

September 3, 2019.  Industry Veteran Barbara Sinsley has joined Remitter USA Inc as Chief Legal Officer.  A credit and collection industry veteran, litigator, and regulatory attorney, Ms. Sinsley brings a wealth of industry experience and knowledge to Remitter.  Sinsley’s 30 years of experience perfectly aligns with Remitters efforts to provide the credit and receivable management industries with modern means of compliant communications. Prior to joining Remitter, Sinsley was General Counsel for FactorTrust LLC, an alternative credit reporting agency which was sold to TransUnion. She also practiced with Barron & Newburger, where she made a name for herself through intelligent representation of servicers, creditors, debt collectors, and debt buyers; focusing on improving compliance management systems.

Raising the Bar for Loan Forgiveness

In her first significant act as Education Secretary more than two years ago, Betsy DeVos said she planned to overhaul an Obama administration student loan rule designed to protect borrowers defrauded by their college.  The new regulations significantly raise the bar for student borrowers seeking debt forgiveness based on claims they were defrauded by their colleges. They add a new three-year time limit for those borrowers to file claims, and each case will be considered individually, even if there is evidence of widespread misconduct at an institution.

Banks fire up their mortgage machine for a refinancing boom

Lenders thought it was time to shrink their mortgage businesses. Now they’re finding they were wrong. With rates for home loans sinking to their lowest levels since late 2016, Wells Fargo, the biggest mortgage lender in the U.S., has boosted staffing for the business by about 10% this year and plans to keep hiring. Bank of America is hiring in areas including sales, processing and underwriting. The mortgage industry has added almost 5,000 employees since March, a 1.5% gain, according to the Bureau of Labor Statistics. It’s a stark reversal from a year ago, when the Federal Reserve was hiking interest rates and banks were cutting thousands of jobs.

Why debit card use is on the rise—but so is fraud

Debit cards often lack the rewards and spending power of credit cards, and thus do not figure prominently in TV ads or direct mail flyers. Yet despite these limitations debit cards are beloved by millennials and anyone else who wants to avoid credit card debit. They are the power behind Venmo transactions and are now the preferred method for paying at the gas pump. When debit cards rose to popularity in the 1990s and 2000s, banks were able to profitably benefit from rising interchange rates, and at one point commonly offered rewards on them — especially when consumers opted to sign for their transactions instead of using a PIN. 

Student loans: Betsy DeVos rule change means college students must fight for loan forgiveness

WASHINGTON —The U.S. Department of Education issued new rules late Friday could make it more difficult for students to get federal loan forgiveness  if they attended colleges that close suddenly.   The rules, which have been known as "borrower defense," have been the subject of controversy for much of Betsy DeVos’ turn as education secretary. She has long sought to overturn the 2016 rules from former President Barack Obama's administration on the grounds that it was too easy for students to seek loan forgiveness. The new rules would require student borrowers to provide more evidence that they had been misled about the college’s outlook and, as a result, can’t find employment. It also shifts more of the responsibility onto students to vet the colleges they attend. 

FFIEC Announces Availability of 2018 Data on Mortgage Lending

The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 5,683 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released today are loan-level HMDA data covering 2018 lending activity that were submitted on or before August 7, 2019.  

Congressional leaders urge CFPB director not to delay compliance date for payday rule

Congressional lawmakers are calling on the director of the Consumer Financial Protection Bureau to reconsider the bureau’s decision to delay the compliance date for the payday loan rule.   The compliance date for the 2017 Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule — or payday rule – was supposed to be Aug. 19. The bureau has yet to ask a court to lift a stay the agency requested so that the payment provisions of the rule could be implemented without further delay.

Attorney General James Leads Bipartisan Coalition Fighting For Student Borrowers

NEW YORK – New York Attorney General Letitia James today led a bipartisan coalition of 32 attorneys general from around the country in defending the states’ vital ability to enforce state and federal consumer protection laws against student loan servicers. In an amicus brief filed in the United States Court of Appeals for the Third Circuit, the attorneys general argue that the case brought by the Commonwealth of Pennsylvania against student loan servicer Navient for exploiting student loan borrowers should be permitted to go forward in the federal courts.

New Jersey Passes New Law to Help Student Loan Borrowers: Servicers Should Take Note

New Jersey has enacted a law, P.L. 2019, c. 200 (Act), that is designed to assist potential and existing student loan borrowers in understanding and managing their student loans. Briefly, the Act: 1) authorizes the New Jersey Department of Banking and Insurance (Department) to designate and oversee a Student Loan Ombudsman (Ombudsman), whose job it will be to serve as a resource for such borrowers, and 2) requires the Department to license and regulate student loan servicers.

FTC Revises List of Companies Subject to Broadband Privacy Study

The Federal Trade Commission has revised the list of companies from which it is seeking information as part of its examination of broadband companies’ privacy practices.   In March, the FTC announced it was sending orders seeking information about their privacy practices to AT&T Inc., AT&T Mobility LLC, Comcast Cable Communications doing business as Xfinity, Google Fiber Inc., T-Mobile US Inc., Verizon Communications Inc., and Cellco Partnership doing business as Verizon Wireless

FTC Sending Refund Checks Totaling More Than $11.6 Million to Businesses and Organizations That Paid for Unordered Office and Cleaning Supplies

The Federal Trade Commission is mailing 29,333 refund checks totaling more than $11.6 million to small businesses and other organizations defrauded by a Maryland-based office supply operation that used names such as Midway Industries and Standard Industries. The FTC charged that the operation tricked companies and non-profits into paying for light bulbs and cleaning supplies they never ordered. The average check amount is $397.

58% of millennials have been denied at least one financial product because of their credit score

According to the latest survey from Bankrate, 58 percent of millennials report being denied at least one financial product, such as credit cards and loans, because of their credit score. That’s higher than rates of denial from both Generation X (53 percent) and baby boomers (27 percen

What Happens When You Don’t Pay a Hospital Bill

On March 8, 2011, Joclyn Krevat, an occupational therapist in New York, was sitting at her computer when she received a most unusual LinkedIn request. The wording was the familiar: “I’d like to add you to my professional network.” The sender was familiar, too, but not for the reason Krevat expected. It was from a debt collector.

FinCEN launches new division to combat ‘illicit’ finance threats

FinCEN Wednesday announced its Global Investigations Division (GID), designed to implement targeted investigation strategies related to the Bank Secrecy Act (BSA). Matthew Stiglitz, a former Principal Deputy Chief in the Department of Justice's Criminal Division, is slated to lead the new division.

Consumer Financial Protection Bureau Settles with Asset Recovery Associates

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) announced a settlement with Asset Recovery Associates, Inc. (ARA), a debt-collection company headquartered in Illinois. ARA, also known as Financial Credit Service, Inc., collects debts from consumers throughout the United States.

AG James To Education Secretary Devos: Deliver On The Promise To America’s Public Servants

NEW YORK – Attorney General Letitia James today sent a letter with a coalition of 11 other attorneys general to U.S. Secretary of Education Betsy DeVos urging once again that the U.S. Department of Education (DOE) provide data to help states address the ongoing problems with the Public Service Loan Forgiveness (PSLF) program. In today’s letter, the coalition raises alarms about the ongoing mishandling of the PSLF program, noting that borrowers may be forced to choose between public service careers and being able to repay their student loans. 

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