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At SCOTUS, business groups and lawmakers cast doubt on DOJ’s proposed easy fix for CFPB

(Reuters) - I read the 23 amicus briefs filed Friday and Monday at the U.S. Supreme Court in Seila Law v. Consumer Financial Protection Bureau so you don’t have to. A bevy of business groups, including trade associations for consumer financial institutions regulated by the CFPB; Republicans in both the U.S. House and Senate; defendants in CFPB proceedings and conservative and libertarian groups told the Supreme Court that they agree with Seila Law that the CFPB’s structure is unconstitutional because the bureau’s lone director cannot be removed by the president except for good cause. 

More Americans worry they can’t pay off their holiday credit card debt

The holiday shopping “ho ho ho” is about to become oh no no for millions of American consumers. The latest CompareCards Credit Card Confidence Index shows only 40% of cardholders feel “very confident” about paying off their credit cards in full. That’s down from 46% who felt very confident at this time last year. “I think that a lot of that is simple pressure to spend,” CompareCards chief industry analyst Matt Schulz told Yahoo Finance’s On the Move. “A lot of it is simply not wanting to let your kids, or your friends, your family down. So people keep spending.”

FTC Grants Final Approval to Settlement with Former Cambridge Analytica CEO, App Developer over Allegations they Deceived Consumers over Collection of Facebook Data

The Federal Trade Commission has granted final approval to a settlement with the former CEO of Cambridge Analytica, LLC and an app developer who worked with the company to resolve allegations they used deceptive tactics to collect personal information from tens of millions of Facebook users for voter profiling and targeting.

Democratic Senators tell CFPB’s Kraninger to ‘do your job’ in scathing letter

Lawmakers continue to berate Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger over failures related to the oversight of student loan servicers, blaming her for allowing the massive problems in the student loan system to “fester.” In a new letter obtained exclusively by Yahoo Finance (embedded below), Senators Bob Menendez (D-NJ), Sherrod Brown (D-OH), Jack Reed (D-RI), Tina Smith (D-MN), Chris Van Hollen (D-MD), Catherine Cortez Masto (D-NV), Elizabeth Warren (D-MA) and Mark Warner (D-VA) chided Kraninger for her handling of federal student loans and student loan servicers, telling her that after two years of “widespread reports of mistakes and mismanagement by federal student loan servicers, it is time that you accept responsibility, stand up to Secretary DeVos, and do your job.”

More borrowers are getting rejected for auto loans

U.S. consumers might have their pick of employment in today’s robust job market, but that doesn’t mean everyone is getting financed for a car.   A Federal Reserve Bank of New York survey of consumer credit released Monday showed a spike in the rate of auto-loan rejections, to 8.1% in October from 4.5% in the same month last year.

FTC Finalizes Settlement with Company that Misled Consumers about how it Accesses and Uses their Email

The Federal Trade Commission finalized a settlement with an email management company that allegedly deceived some consumers about how it accesses and uses their email.   The FTC alleged that Unrollme Inc., which helps users unsubscribe from unwanted emails or consolidate their email subscriptions, falsely told consumers that it would not “touch” their personal emails in order to persuade consumers to provide access to their email accounts.

New NAFCU report shows weakening loan growth

Credit unions have stronger loan growth than banks, though the margin is narrowing, according to NAFCU’s third-quarter CU Industry Trends report. The report also noted a weakening in loan growth, which is now below share growth for the first time since early 2013.

SIMM Associates employees collect canned foods for local branch of the Food Bank of Delaware

Newark, Delaware – December 6, 2019 – SIMM Associates employees participated in a Holiday Food Drive that benefited the local Newark branch of the Food Bank of Delaware. The total weight of the non-perishable food came to 714 pounds! These types of food drives are very important to the local food banks ability to provide food to the thousands of individuals they serve.

Where have all the CFPB fair-lending cases gone?

Despite assurances by the Consumer Financial Protection Bureau that it is serious about cracking down on fair-lending violations, the lack of any CFPB enforcement actions regarding redlining and other discriminatory practices in two years worries consumer and civil rights advocates. Neither CFPB Director Kathy Kraninger nor her predecessor, former acting Director Mick Mulvaney, has filed any fair-lending enforcement orders or referred possible Equal Credit Opportunity Act violations to the Department of Justice, in sharp contrast to the Obama administration.

Credit Access Survey Shows Increases in Housing Loan Applications and Approval Rates

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released results from its latest Survey of Consumer Expectations (SCE) Credit Access Survey, which provides information on consumers’ experiences with, and expectations about, credit demand and credit access. The survey is fielded every four months, the latest of which was fielded in October 2019. A press release summarizing trends from the past year is issued annually.

Fintech lenders tighten standards, become more like banks

Lara Briehl had a desperate client who was itching to accept an offer. The man was struggling to pay his bills, and an online lender had offered him a personal loan to pay off some 10 credit cards. Accepting, he thought, would help him escape crushing debt. The interest rate offered, however, was about 10 percentage points higher than on his plastic.

U.S. banking regulators unveil proposal to update low-income lending standards

WASHINGTON (Reuters) - Two U.S. banking regulators unveiled a proposed overhaul to community lending standards on Thursday, kicking off a contentious policy fight over the proper way to ensure banks are supporting lower-income borrowers where they do business.   The proposal would offer banks more specific examples of what sort of activity qualifies for credit under the Community Reinvestment Act and give them more flexibility in terms of where they engage in that type of lending.

Consumer Law Hinsights – December 2019

Consumer Law Hinsights is a monthly compilation of nationwide consumer protection cases of interest to financial services and accounts receivable management companies, brought to you by Hinshaw & Culbertson LLP.

Interagency Statement on the Use of Alternative Data in Credit Underwriting

The FDIC, the Federal Reserve Board, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the National Credit Union Administration (the Agencies) issued an interagency statement on the use of alternative data in underwriting by banks, credit unions, and nonbank financial firms.  The statement focuses on the consumer protection implications of the use of alternative data in underwriting, highlighting potential benefits and risks.

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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.

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