Meet The Regulators at DCS2019 and Prospective Vendor Meetings Too

Meet The Regulators at DCS2019! Three terrific regulators take the stage 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.  Prospective Vendor meetings also for registered attendees.

Treasury, HUD release housing finance reform plans

The White House Thursday released the Treasury Department's plan to reform the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, proposing to remove them from federal control. Housing finance reform plans from the Department of Housing and Urban Development (HUD) were also released.

Credit union regulator to clarify bank acquisition rules

National Credit Union Administration (NCUA) Chairman Rodney Hood said the regulator will propose a rule clarifying credit unions' responsibilities when acquiring banks. The not-for-profit financial institutions have acquired 21 U.S. banks since 2018, compared with 12 acquisitions in the prior five years, according to data from S&P Global Market Intelligence. A leading trade group's report slams the practice, saying many tax-exempt credit unions are diverging from their mission to serve low-income households.

Citigroup doubles down on credit cards even as U.S. economy softens

NEW YORK (Reuters) - Despite signs that the U.S. economy is slowing, New York-based Citigroup Inc (C.N) is betting big on credit cards. Citigroup, the third-largest U.S. card issuer, according to payments industry publication The Nilson Report, has been among the most aggressive promoters of zero-interest balance transfers. For a small fee, customers can move debt from a rival card onto Citi’s plastic and pay no interest for 21 months. That is currently the longest 0% deal in the industry, according to consumer finance company Bankrate LLC. Rivals offer 15 interest-free months with no fee.

U.S. banking sector reports $62.6 bln in profits for Q2 of 2019

WASHINGTON, Sept 5 (Reuters) - The U.S. banking sector reported $62.6 billion in profits in the second quarter of 2019, an increase in profit levels from the prior year, according to data from the Federal Deposit Insurance Corporation (FDIC). U.S. bank profits increased by $2.5 billion, a 4.1% jump compared with the second quarter of 2018. The FDIC said the profits were driven by higher net interest income. The FDIC also reported that the number of “problem banks” had fallen from 59 to 56 in the second quarter, marking the lowest level of struggling institutions since the first quarter of 2007. (Reporting by Katanga Johnson Editing by Chizu Nomiyama and Jonathan Oatis)

FTC Gives Final Approval to Settlement with Auto Dealer Software Company That Allegedly Failed to Protect Consumers’ Data

Following a public comment period, the Federal Trade Commission approved a final order settling charges against an Iowa-based auto dealer software provider that allegedly failed to take reasonable steps to secure consumers’ data, leading to a breach that exposed the personal information of millions of consumers.

Mobile-first Gen Z doesn’t fear credit cards, debt

As Gen Z starts entering adulthood, financial institutions are beginning to ask what the new generation wants in terms of lending, and how will they choose to access it? For the executives who’ve been busy serving up financial products to millennials, there is an additional question on everyone’s mind — will this new generation be as slow to adopt credit cards and personal loans as millennials, or is it going to be different?

Fed Beige Book reports modest growth during the summer, despite trade uncertainty

The U.S. economy expanded at a modest pace from June through August, despite looming concerns about the U.S.-China trade war, according to the Federal Reserve.'s Beige Book.     Almost all of the Fed’s 12 districts reported modest growth over the past few months, the Fed said in its region-by-region roundup of anecdotal information known as the Beige Book. The report, prepared by the Federal Reserve Bank of St. Louis, was based on information collected through Aug. 23.

CFPB Issues New Reverse Mortgage Natural Disaster Guidance

As parts of the Bahamas and Southeastern U.S. are bearing the brunt of Hurricane Dorian, the Consumer Financial Protection Bureau (CFPB) has released a new guide for borrowers of Home Equity Conversion Mortgages (HECMs) who have been affected by natural disasters.

3 Promising Technologies Making an Impact on Cybersecurity

A few weeks ago, while attending Black Hat 2019, I was invited to participate in a Dark Reading technology panel hosted by editor Tim Wilson. The discussion focused on new types of technologies that can truly improve cybersecurity defenses.

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.  

Bloomfield Financial Group, LLC

(248) 743-1300

FNC Corp

(661) 917-6160

Out of the Darkness Montgomery County MD Walk

American Foundation for Suicide Prevention

2019 CFPB Research Conference

CFPB

Debt Connection Symposium & Expo 2019

Resource Management Services, Inc.

National Creditors Bar Association 2019 Fall Conference

National Creditors Bar Association

RMAi Annual Conference

Third Party Vendor Auditing Workshop

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

Collection and Recovery Solutions 2020

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