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In the wake of its recent crisis, the Fed boosts repo operations to calm lending worries before the new year

The Federal Reserve Bank of New York bolstered its scheduled repo operations Thursday, planning larger capital injections through the end of the year to avoid another lending rate spike. The Fed boosted its overnight repurchase agreements set between December 31 and January 2 to a $150 billion cap from the previous $120 billion level, according to a Thursday release. The figure serves as a limit for banks seeking additional liquidity, and it's possible firms' demand won't meet the increased supply.

Business debt exceeds households’ for first time since 1991

U.S. business debt exceeded that of households for the first time since 1991, a potential warning sign for the economy as corporate investment softens. Nonfinancial companies boosted debt at a faster 5.7% annual pace in the third quarter to a total outstanding $15.987 trillion, while household borrowing slowed to a 3.3% rise to reach $15.986 trillion, Federal Reserve data showed Thursday. Federal government debt climbed 10.4%, the most since early 2018, to $18.9 trillion.

TransUnion: Credit card delinquencies could reach 10-year high in 2020

Dec. 12 (UPI) -- Credit card delinquencies past 90 days are expected to reach a 10-year high next year, but the projected total is still less than the last recession, according to new forecast unveiled by TransUnion on  Thursday.  The 90-day-plus accounts are predicted to increase to 2.01 percent in 2020, and the number of people with revolving credit reached a record of 200.5 million in the third quarter of this year.

Kraninger highlights accomplishments during first year leading CPFB

WASHINGTON, D.C. - 

This week, Consumer Financial Protection Bureau director Kathleen Kraninger celebrated her one-year anniversary leading the regulator.   Kraninger highlighted through a news release that during her first year she met with more than 800 consumers, consumer groups, state and local government officials, military personnel, financial institutions, academics, non-profits and former and current bureau advisers and traveled to 17 states.   “It is an honor and privilege to serve and protect American consumers,” Kraninger said in the news release. “In this last year, we’ve greatly enhanced consumer protection by harnessing the resources provided by Congress to be more effective and comprehensively utilized.

Appeals court strikes down ABA’s request for FOM lawsuit rehearing

In a win for the NCUA and its 2016 field of membership (FOM) rule, the U.S. Court of Appeals for the D.C. Circuit denied a rehearing en banc in the case American Bankers Association v. NCUA.     "Today’s appeals court decision reaffirms what we already know: The NCUA's FOM rule is well within the agency’s legal authority," said Dan Berger, NAFCU President and CEO. "Unlike for-profit banks, credit unions do not have a history of engaging in discriminatory practices. NAFCU remains steadfast in our support of the NCUA’s FOM rule."

CFPB challenger to SCOTUS: Let Congress fix bureau’s constitutional flaw

(Reuters) - Both the Justice Department and a debt relief law firm challenging the constitutionality of the Consumer Financial Protection Bureau argued in briefs this week that the U.S. Supreme Court need not kill off the bureau because of criticisms that its unique structure violates separation of powers doctrine. But the two sides offered the justices quite different proposed remedies for the alleged constitutional flaw.

Bank of America is becoming the Amazon of retail banking

Erica, Bank of America’s AI assistant, may not be a household name like Alexa or Siri. But in just 18 months, the text and voice-based virtual assistant has amassed more than 10 million users and completed 100 million client requests, cementing itself as the core of the bank’s digital strategy for 2020 and beyond.

U.S. Consumers Expected to Maintain Strong Credit Activity in 2020

The U.S. consumer is expected to perform well once more in 2020, marking one of the longest periods of sustained positive credit activity in recent decades. TransUnion’s (NYSE: TRU) 2020 consumer credit forecast projects serious delinquency rates will either decline or remain about the same for auto loans, credit cards, mortgages and unsecured personal loans.

Alleging Digital Wallets Are Not Prepaid Products, PayPal Sues the CFPB Over Its Prepaid Rule

PayPal Holdings Inc. on Wednesday sued the Consumer Financial Protection Bureau alleging the regulatory agency’s 8-month-old prepaid rule represents a “category error” and a violation of the First Amendment, and should be vacated by the court.  The lawsuit, filed in the U.S. District Court for the District of Columbia, charges that the 1,600-page regulation forces PayPal to make awkward and confusing disclosures to consumers by improperly including digital wallets under its definition of a general purpose reloadable (GPR) card. “[T]he Bureau’s onerous compulsory disclosures require PayPal to prominently feature items that are irrelevant to the core use of its digital wallet offering, such as ‘periodic,’ ‘per purchase,’ ‘customer service,’ and ‘inactivity’ fees,” PayPal’s suit alleges.

IRS Privatization Program for Collecting Tax Debts Triples Profits in 2019

The federal government’s program outsourcing the collection of longstanding tax debt to private companies tripled the profits it brought to the Internal Revenue Service this year, though it still fell short of the revenues lawmakers had anticipated.   The private debt collection program brought in $212 million from taxpayers in fiscal 2019, up from $82 million the previous year. The four companies participating in the program took commissions of $39 million, leaving—after other administrative costs—$148 million in net revenue to the IRS. That is up from $51 million in 

Supreme Court rules debt collection lawsuit statute of limitations starts when violation occurs

The US Supreme Court ruled 8-1 Tuesday that the one-year filing deadline for a Fair Debt Collection Practices Act (FDCPA) lawsuit is determined from when the alleged violation occurs, not when it is discovered.   The petitioner in this case, Kevin Rotkiske, was originally sued by debt collectors who received a default judgment after Rotkiske failed to respond. Rotkiske was unaware of the suit against him until applying for a mortgage, as all notices were sent to a previous mailing address. Rotkiske then filed suit against the debt collectors under the FDCPA.

Operators of Phantom Debt Scheme Permanently Banned From Debt Collection under Settlement with FTC

The operators of a scheme that conned consumers into paying non-existent debts will be permanently banned from the debt collection business and from misleading consumers about debt in a settlement with the Federal Trade Commission.    The FTC filed a complaint against Global Asset Financial Services Group, LLC in February, alleging that the operators of the company falsely claimed to be attorneys or affiliated with attorneys to pressure consumers into making payments on debts they did not owe, and threatened to take legal action against consumers if they did not pay.

RMAI Comments on Proposed California Consumer Privacy Act Regulations

December 11, 2019 (Sacramento, CA) – The California Consumer Privacy Act of 2018 (CCPA) is the most anticipated privacy law of the decade. In an attempt to seemingly double down on the European Union’s 2016 General Data Protection Regulation (GDPR), the hastily drafted, hotly contested CCPA, is considered one of the strictest privacy laws in the United States. It takes effect on January 1, 2020 and has wrapped businesses in a swathe of new terms, ambiguous requirements and hefty penalties.

Lending standards to slide for homeowners with spotty credit, Moody’s warns in 2020 outlook

Buying a pricey house, but have weak credit? Increasingly, that’s not a deal-breaker. Next year the process of obtaining a new home loan could get easier for borrowers with spotty credit, according to Moody’s Investors Service. The credit-ratings firm sees more lenders willing to finance buyers in the months ahead with less-than-pristine credit by lowering their standards to offset a housing market drained of affordable options. “Reduced home-purchase affordability will continue to drive lenders to loosen credit standards to maintain volumes,” wrote Moody’s analyst Donald Lee in the credit-ratings firm’s 2020 outlook. “With shrinking home affordability, the underwriting quality for non-prime mortgages will weaken as increased lender competition leads to lower standards.”

Small Businesses Financing: 3 Ways Fintech Tops Credit Cards

The small business credit card industry has erupted in the past few years. More banks and credit card companies than ever before are advertising their own plastic that promises things like zero-interest repayment periods, cashback rewards, access to special airport lounges, and myriad other attractive bonuses. Of course, the rate at which these cards are being introduced is matched by their adoption rate among small businesses. The most recent editions of Pepperdine University’s Private Capital Index shows that 65% of surveyed business owners had used a business credit card to meet their financing needs over the prior three months.

How does CFPB’s TRID affect CUs?

As the CFPB assesses its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule, NAFCU Regulatory Affairs Counsel Kaley Schafer provides insights into the rule and what feedback the agency is looking for in a new post on the Compliance Blog. 

CRS2020 – Highlighted Session – Where Are We Headed? – Expectations of the Future with Mike Ginsberg of Kaulkin Ginsberg

Mike Ginsberg of Kaulkin Ginsberg  presents "Expectations of the Future"- May 6th - 8th at the Four Seasons in Las Vegas.   The last few years have presented significant challenges to the accounts receivable management industry.  However, there are strong indications that things may be resurging in this industry from a multitude of angles, such as client grantor market sector growth, compliance optimism, and rebounded consumer sentiment. Mike will review major trends in the industry, key market sector movements and how they may impact the ARM industry, and what to expect going forward, include AI.

Don't miss it! May 6th - 8th at the Four Seasons in Las Vegas.  

Student Loans A Lot Like The Subprime Mortgage Debacle, Watchdog Says

Mike Calhoun is a man on a mission. He's flying around the country, warning state lawmakers and prosecutors, sounding the alarm at conferences and with members of Congress. He did the same thing back before the housing market crash, warning then about reckless subprime loans. "We projected over 2 million subprime mortgage foreclosures, and the response was we were ridiculed by the industry," he says.

AG FERGUSON: CENTURYLINK WILL PAY $6.1 MILLION OVER HIDDEN FEES AFFECTING 650,000 WASHINGTONIANS

OLYMPIA — Attorney General Bob Ferguson announced today the first major action of his office’s Honest Fees Initiative. Global technology company CenturyLink will pay $6.1 million to the State of Washington according to a court order to resolve the Attorney General’s lawsuit regarding a range of unfair and deceptive conduct. CenturyLink added additional charges to customer bills without accurately disclosing those fees, impacting 650,000 Washingtonians. CenturyLink also failed to provide discounts that their sales agents had promised to about 16,000 Washingtonians.

Convoke Releases Upgrades in Latest Software Version

ARLINGTON, Va., Dec. 10, 2019 /PRNewswire/ -- Convoke, a leader in SaaS solutions for the debt collection market, marks the end of another successful year by releasing the most recent software update to its debt collections compliance and management hub.  The latest software release includes foundational changes to improve efficiency and platform enhancements to enable Convoke's customers to most efficiently meet their business needs, vendor oversight responsibilities, and regulatory compliance requirements.  The latest software release is Convoke's fourth and final release of 2019, and further builds upon the rich and diverse functionality present in the Convoke platform.

Quarterly Consumer Credit Trends: Public records, credit scores, and credit performanc

This is part of a series of quarterly reports of consumer credit trends produced by the Consumer Financial Protection Bureau using a longitudinal, nationally representative sample of approximately five million de-identified credit records maintained by one of the three nationwide consumer reporting agencies. This ninth report looks at the National Consumer Assistance Plan (NCAP) public records provision’s effects on the relationship between credit scores and consumers’ credit performance for consumers that had a civil judgment or tax lien removed from their credit report and those that did not.

FTC Obtains Record $191 Million Settlement from University of Phoenix to Resolve FTC Charges It Used Deceptive Advertising to Attract Prospective Students

The University of Phoenix (UOP) and its parent company, Apollo Education Group, will settle for a record $191 million to resolve Federal Trade Commission charges – that they used deceptive advertisements that falsely touted their relationships and job opportunities with companies such as AT&T, Yahoo!, Microsoft, Twitter, and The American Red Cross.   Under the settlement unanimously approved by the Commission, UOP will pay $50 million in cash as well as cancel $141 million in debts owed to the school by students who were harmed by the deceptive ads.

BUMP Collection Performance – Three Classes Planned for 2020

Three BUMP Collection Performance Classes Added to 2020 Schedule.
Registrations open for the March 12th class in Dallas.  Invest in your collectors - it's good for the consumer, it's good for your employees, and it's good for your business!   Find out more about this unique approach to the collection call, and collection training - from an expert in collections, Ken Evancic.

OCC Highlights Key Risks for Federal Banking System

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today reported operational, credit, and interest rate risks are among the key themes for the federal banking system in its Semiannual Risk Perspective for Fall 2019.   The report covers risks facing national banks and federal savings associations based on data as of June 30, 2019. The report presents information in five main areas: the operating environment, bank performance, special topics in emerging risk, trends in key risks, and supervisory actions. It focuses on issues that pose threats to those financial institutions regulated by the OCC and is intended as a resource to the industry, examiners, and the public.

Big tech banking plans may pose risk to financial stability: FSB

The efforts of big tech firms like Amazon and Google to get into banking poses risks to the financial system, according to a new report by the Financial Stability Board.  The international regulatory group, which monitors and makes recommendations about the global financial system, acknowledged that tech companies' financial activities could bring benefits, like the potential for innovation, diversification and efficiency in the provision of financial services. Those included being able to help with financial inclusion to reduce the number of unbanked and underbanked populations.

Figure’s Mike Cagney On How Blockchain Is Reinventing Lending

Bitcoin and cryptos offer a prime example, where commerce transactions have yet to be among the use cases for digital coins. Blockchain technology — its genesis as a decentralized ledger, publicly visible but anonymous and once synonymous (but not limited) to cryptos — has fared better. Blockchain offers a real-time, immutable and permanent record of transactions (of data and value exchange), and has been embraced by all manner of firms — from banks to music companies, and retailers to governments. The goal is to reinvent the way things always have been done. In some cases, the results have fizzled. In other cases, blockchain has helped companies create efficiencies by shaving time off operations and saving on costs.

Supervisory Highlights Consumer Reporting Special Edition, Issue No. 20 (Fall 2019)

In this special issue of Supervisory Highlights, we report examination findings in the areas of consumer reporting and furnishing of information to consumer reporting companies, pursuant to the Fair Credit Reporting Act and Regulation V. The report does not impose any new or different legal requirements, and all violations described in the report are based only on those specific facts and circumstances noted during those examinations. 

DeVos orders partial loan relief for many duped student borrowers

Education Secretary Betsy DeVos is pushing ahead on her plans to cancel only a portion of loans taken out by defrauded college students, even amid legal setbacks and as House Democrats prepare to grill her during a hearing next week.

New York Governor Signs Sweeping Reverse Mortgage Bill Into Law

A reverse mortgage bill aiming to change the way industry professionals do business in the state of New York was signed into law on Friday by Governor Andrew Cuomo, RMD has learned. This has codified the bill into New York state law, and Governor Cuomo’s office confirmed to RMD that he had signed it.

Lenders differ on 84-month loans

Doomsayers are bemoaning a spike in seven-year car loans, predicting dire consequences for lenders and the national economy from trapping consumers in auto debt for so long. A recent Wall Street Journal article gave added prominence to those fears.

Four big questions as CRA proposal nears official release

WASHINGTON — After nearly two years of internal discussions, regulators are finally ready to propose reforms to the Community Reinvestment Act on Dec. 12. Expect the reaction from within the industry and outside it to be swift and loud. When the Office of the Comptroller of the Currency asked the public to weigh in on CRA reform in 2018, it received more than 1,500 comments.

Global financial watchdogs take aim at Big Tech’s data dominance

LONDON (Reuters) - Google, Alibaba and other “Big Tech” companies could be forced to share data on financial services customers with banks and financial technology firms to prevent unfair competition. As Facebook’s plan for its Libra “stablecoin” faces scrutiny, a global body of regulators from the world’s main financial centers said that Big Tech’s growing tentacles raised questions for financial stability, competition and data privacy.

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The Payments Summit 2020

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2020 Annual Utilities Credit & Collections Symposium

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ACA International 2020 Spring Forum & Expo

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BUMP Collections! Dallas

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NAPCP Commercial Card and Payment Conference: P-Card, Travel Card, ePayables

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NCUCA – National Credit Union Collection Alliance 2020

NCUCA National Credit Union Collections Alliance

Collection and Recovery Solutions 2020

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

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National Association of Chapter 13 Trustees 2020

National Association of Chapter 13 Trustees (NACTT)

Debt Connection Symposium & Expo 2020

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