At a glanceFriday, November 15, 2019

Collection Industry News At A Glance - November 15, 2019
Friday November 15, 2019
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Articles

 
New phishing email campaign impersonates US postal service to deliver malware

A new phishing campaign that's been touring Europe has now been hitting the United States with the goal of spreading a trojan onto computers, as detailed in a report released on Thursday by Proofpoint. Phishing emails are one of the trickiest tactics employed by cybercriminals to try to lure potential victims into taking their bait. Masquerading as legitimate emails from actual organizations, such messages can often easily dupe people into clicking on the wrong link or opening the wrong file attachment, thereby being infected by malware.

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Americans now have a record $14 trillion in debt

New York (CNN Business)US households are now sitting on a record $14 trillion in mortgages, credit cards, student loans and other forms of debt.   Household debt ticked up 0.7% during the third quarter, the New York Federal Reserve said on Wednesday, continuing a five-year climb encouraged by low unemployment, strong consumer confidence and cheap borrowing costs.

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Why payments fraud is turning into a rise of the machines

Fraud attacks and their avenue of entry are generally regarded as mysteries to most of the companies that suffer from them.   The victims generally don’t know who is on the other side trying to get in and what they are going after, whether its money, privileged access to a network or information such as account numbers. It’s also an issue of determining whether the attacker is man or machine since that can influence the primary defensive strategy employed in response to an attack.

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Compliance Blog tackles CCPA requirements for CUs

NAFCU Senior Regulatory Compliance Counsel Elizabeth LaBerge details the requirements and proposed regulations of the California Consumer Privacy Act (CCPA) in a new post on the Compliance Blog. The CCPA, which was enacted in 2018, is set to take effect Jan. 1, 2020.

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Industry and advocacy groups respond to proposed changes to FDIC’s securitization safe harbor rule

In July, the Federal Deposit Insurance Corporation (the “FDIC”) proposed a change (discussed here and here) to certain provisions of its securitization safe harbor rule (the “Rule”) to eliminate the requirement that the securitization documents for non-grandfathered bank-sponsored securitizations not otherwise subject to Regulation AB (i.e. non-public transactions) require compliance with the disclosure and periodic reporting requirements of Regulation AB.   If adopted in its proposed form, this would significantly ease the compliance burden associated with non-public bank-sponsored ABS issuances, potentially resulting in a greater volume of such transactions.

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3 Everyday Things in Your Office That Could Lead to a Data Breach

Forget megabreaches. We've entered the gigabreach era. The personal data of entire nations is up for grabs--literally: Ecuador, Bulgaria. And the threat is not only coming from external sources. There are smaller things to worry about, and they are in your office right now.

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Fed: Household debt rises to record $14 trillion

U.S. household debt rose to a record $14 trillion in the third quarter, led by an increase in mortgage loans, the Federal Reserve Bank of New York said on Wednesday. The current household debt level is $1.3 trillion higher than the previous peak that occurred in 2008’s third quarter. Overall household debt is now 25% above the post-crisis trough in 2013’s second quarter.

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FDIC Releases Three Reports Analyzing Growth of Nonbank Lending

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a multi-part analysis of changes in the U.S. banking system since the 1950s, especially changes occurring since the financial crisis in 2008. These analyses address the shift in some lending from banks to nonbanks; how corporate borrowing has moved between banks and capital markets; and the migration of some home mortgage origination and servicing from banks to nonbanks

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Auto loan originations near record high, as household debt soars

As U.S. household debt reaches a trillion-dollar milestone, more Americans are taking out vehicle loans. Auto loan balances increased by $18 billion in the third quarter, according to the household debt report released by the New York Fed on Wednesday, to $1.32 trillion. Auto loan originations — at $159 billion — were up slightly year over year, but volume is the second-highest ever recorded. “The data suggest that households are taking advantage of a low-interest-rate environment to secure credit,” Donghoon Lee, research officer at the New York Fed, said in a statement.

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Local Group Files Application To Open A New Bank In Chattanooga

An organizing group, including former Chattanooga bank executives and business and community leaders, announced Thursday that they have filed an application with the Office of Comptroller of the Currency and the FDIC to charter a new local bank in Chattanooga.  The proposed name is RockPoint Bank, National Association.   

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CFPB Releases Financial Well-Being Report with State-by-State Comparisons

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued a report today with state-by-state comparisons of financial well-being scores. The scores are based on Bureau analysis of the Financial Industry Regulatory Authority Foundation’s 2018 National Financial Capability Study. The report shows that the average financial well-being scores for all adults (ages 18 and older) in the United States ranged from a low of 50 in Mississippi to a high of 54 in California, the District of Columbia and Hawaii. For the United States, the average financial well-being score was 52. 

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FTC Stops Student Loan Debt Relief Scheme that Allegedly Bilked Consumers out of Millions

The Federal Trade Commission obtained a temporary restraining order halting an operation that bilked consumers out of millions of dollars by pretending to be affiliated with the U.S. Department of Education and falsely promising student loan debt relief.   The FTC’s complaint against Arete Financial Group and several related companies alleged that the defendants used radio and television ads, as well as online ads and telemarketing calls in which they pretended to be affiliated with the Department of Education, to promise to enroll consumers in student loan forgiveness, consolidation, and repayment programs to reduce or eliminate their monthly payments and principal balances.

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AG Healey Secures $4 Million from National Debt Buyer to Pay Back Consumers Harmed by Abusive Debt Collection Practices

BOSTON — One of the largest debt collection companies in the country has agreed to a $4 million settlement that will be used to pay back thousands of consumers who were subject to the company’s deceptive and unfair debt collection practices.    The assurance of discontinuance filed in Suffolk Superior Court alleges that Portfolio Recovery Associates LLC (Portfolio) – a Virginia-based company that purchases defaulted loans, credit card accounts, car loans and other debts from creditors at a deep discount –  aggressively collected the full value of those debts from consumers using a network of in-house collectors that pursued consumers with repeated letters and phone calls, and used law firms to take financially destitute consumers to court. As a result of the AG’s settlement, the company has agreed to stop collecting certain debts and significantly change its business practices.

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Efforts to eliminate robocalls focus of NAFCU, FCC meeting

NAFCU met with FCC Commissioner Michael O'Rielly Tuesday to discuss ongoing efforts to eliminate illegal robocalls and to implement the new caller identification framework known as SHAKEN/STIR. NAFCU has actively worked with the FCC on efforts to modernize the Telephone Consumer Protection Act (TCPA) for more than three years, and will continue to work to ensure credit unions can contact their members regarding important, time-sensitive information, without fear of frivolous litigation.

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3rd Cir. Holds Failure to Turn Over Collateral Repossessed Prior to Bankruptcy Does Not Violate Automatic Stay

The U.S. Court of Appeals for the Third Circuit recently held, in a case of first impression in that circuit, that a secured creditor’s failure to turn over collateral repossessed prior to the filing of the bankruptcy petition does not violate the automatic stay.

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Murphy Takes First Key Step Toward Establishing a ‘Public Bank’

Gov. Phil Murphy is planning to sign an executive order Wednesday that will create a 14-member “implementation board” to advance his goal of establishing a public bank in New Jersey. The basic premise of such an institution is to hold the millions of dollars in taxpayer deposits that are normally kept in commercial banks and leverage them instead to serve some sort of public purpose.

 

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11 States Join Supreme Court Challenge to CFPB’s Core Structure

A coalition of 11 state attorneys general have joined a complaint challenging the core structure of the Consumer Financial Protection Bureau (CFPB), arguing that its leadership structure is unconstitutional. This is according to a brief filed with the United States Supreme Court which was obtained by RMD.

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When third-party service providers are party to sensitive data

Entrepreneurs wear a lot of hats. In addition to marketing their products, they’re responsible for operational functions like inventory, ordering, and the protection of customer data. Rather than managing all that millinery, some businesses turn to third-party service providers to run things behind the scenes. But what steps are those companies taking to secure the confidential consumer information in their possession? That’s one issue raised by the FTC’s proposed settlement with Utah-based InfoTrax Systems.

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Goldman Sachs will reevaluate Apple Card credit limits after bias allegations

Goldman Sachs denied allegations of gender bias and said on Monday that it will reevaluate credit limits for Apple Card users on a case-by-case basis for customers who received lower credit lines than expected.

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ALS RESOLVION AND DEL MAR RECOVERY SOLUTIONS ANNOUNCE MERGER

November 11, 2019 – ALS Resolvion and Del Mar Recovery Solutions today announced the completion of a definitive merger agreement.  The combined company will operate under the name Resolvion and will create one of the largest and most efficient repossession management companies in the industry:

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Despite strong economy, two-thirds of adults fear a recession could come next year, according to Invest In You survey

Whether a recession is on the horizon or not is anyone’s guess. However, according to the latest CNBC Invest in You survey, two-thirds of respondents think one is coming. Especially if they’re Democrats or younger people. With just one year out to the next presidential election, CNBC Invest in You and Survey Monkey polled 2,776 adults about the state of their finances, opinions about candidates and how they might affect the economy. The survey, with a margin of error of plus or minus 3 percentage points, was conducted Oct. 20 through Oct. 25.

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Bank M&A in 2019: Pace up, premiums down

There were more bank M&A announcements through the first 10 months of this year compared with the same period in 2018, but excluding the largest merger agreement of the year — BB&T-SunTrust — deal values and multiples are shrinking. Banks announced 231 deals through Nov. 1, a 4% increase from a year earlier, according to data compiled by Compass Point, Keefe, Bruyette & Woods and S&P Global Market Intelligence. A flurry of activity in September and October contributed to the increase.

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Mobile banking finds its ‘half’ life

Two facets of mobile payment adoption have reached an inflection point, according to separate studies released in successive weeks. Consumers have used their smartphones for 61% of all online transactions so far in 2019, according to a report released this week by iovation, a subsidiary of credit reporting agency TransUnion. That figure surpassed 50% for the first time last year, and is up from 28% in 2014, the report indicated.

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Faced With Federal Lawsuit, Education Secretary DeVos Erases Student Loans for 1,500

Facing a federal lawsuit and mounting criticism, Education Secretary Betsy DeVos on Friday said she will forgive loans for more than 1,500 borrowers who attended a pair of for-profit colleges that shut down last year.

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PayThink FedNow will have a hard time stopping fraud

The way in which we process payments here in the U.S. market has undergone significant change over the years. That said, the Automated Clearinghouse (ACH) process itself has remained fairly static, at least up until now. That’s all set to change, with the Federal Reserve’s recent announcement of its FedNow service.

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PayThink Congress needs to hurry up on data protection

As big data, artificial intelligence and machine learning increasingly shape everyday lives, Congress will have some important policy choices to make, weighing how to sustain economic growth while balancing individual rights and corporate responsibility.   Suffusing this debate is the uncomfortable reality that, for all practical purposes, the world’s understanding of oneself will be more so based on a digital alter ego: a virtual persona, created and defined by data-driven analytics.

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Portfolios For Sale

 
$85,930,050.38 Credit Cards
Bayview Solutions LLC

(866) 546-9088

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$28,906,449.94 Credit Cards
Bayview Solutions LLC

(866) 546-9088

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$21,558,504.66 Credit Cards
Bayview Solutions LLC

(866) 546-9088

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$2,243,973.73 Consumer Loans
Bayview Solutions LLC

(866) 546-9088

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$ ,497,990.24 Other
Bayview Solutions LLC

(866) 546-9088

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$ 59,799,481.74 Retail
Bayview Solutions LLC

(866) 546-9088

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$ 20,023,447.55 Credit Cards
Bayview Solutions LLC

(866) 546-9088

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$ 12,168,429.92 Credit Cards
Bayview Solutions LLC

(866) 546-9088

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Profiles

 

   Agency 

Judgment Acquisitions Unlimited

(508) 857-4410

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PaymentVision

(800) 345-7243

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Williams & Fudge, Inc.

(800) 849-9791

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   Call Center 

Interactions

(866) 637-9049

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   Mail Processing 

NPC Inc.

(814) 239-8787

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   Software 

Convoke, Inc.

(877) 887-7922

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Industry Events

 
FTC and CFPB to Host December Workshop on Accuracy in Consumer Reporting

FTC and CFPB

Workshop to focus on issues affecting the accuracy of both traditional credit reports and employment, tenant background screening reports The workshop, which is free and open to the public, will be at the Constitution Center, 400 7th St., SW, Washington, D.C., and will be webcast live on the FTC’s website.

December 10 - 10 , 2019

Amanda Koulousias Bureau of Consumer Protection 202-326-3334

2019 CFPB Research Conference

CFPB



December 12 - 13 , 2019
RMAi Annual Conference



February 04 - 06 , 2020

Questions about registration or sponsorship? Contact Sylvia Done at sdone@rmaintl.org or 916-482-2462

AFCC Spring Conference – 2020

4525 Collins Ave, Miami Beach, FL 33140
Miami Beach , Florida
March 22 - 23 , 2020
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

562-906-1101

Debt Connection Symposium & Expo 2020

Resource Management Services, Inc.

Red Rock Casino Resort & Spa
11011 W Charleston Blvd
Las Vegas, NV 89135

September 15 - 17 , 2020

562-906-1101

More information about Resource Management Services, Inc.
More information about Debt Connection Symposium
More information about RMN Networking
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