Rising credit card debt boosts bank profits

Consumers are carrying near-record levels of credit card debt and the banking industry is a big beneficiary, according to the Washington Post. Card companies have increased interest rates and fees as credit balances rise. Industry experts say that will cost consumers who carry balances and don't pay off their bills every month. Credit card sales were up 10 percent at JPMorgan Chase and 5 percent at Citigroup in the third quarter.

NAFCU’s 2019 resources keep CU industry growing

In addition to advancing credit union issues on Capitol Hill in 2019, NAFCU produced forward-thinking resources to connect the industry and decision makers on trends and developments impacting operations, including outlining industry priorities and changing environments related to data privacy, marijuana banking, fintech, and more.

U.S. jobless claims sink for second straight week after a steep increase in early December

The numbers:The number of Americans applying for unemployment benefits fell for the second week after a big spike earlier in December. Initial jobless claims fell by 13,000 to a seasonally adjusted 222,000 in the week ended Dec. 21, the government said Thursday. Economists polled by MarketWatch estimated new claims would total 220,000 in the week. Claims are a rough measure of how many people are losing their jobs.

US Supreme Court’s Ruling Favors Debt Collectors In Fair Debt Collection Practices Act Decision

In a recent decision, the US Supreme Court ruled that a consumer claimant under the federal Fair Debt Collection Practices Act (“FDCPA”) has one year from the alleged violation to file suit. The one-year statute of limitations begins at the time of the alleged wrongful act, even if the consumer is unaware of the purported violation. The court did, however leave the door open for a consumer to bring suit beyond one year if the debt collector fraudulently conceals its actions.

Fed launches fintech innovation program

The Federal Reserve Board announced a new initiative – a series of fintech innovation office hours – to hear from financial institutions and financial technology companies on issues involving fintech.   In addition, the board launched a dedicated section of its website focused on fintech innovation meant to serve as a "central hub" of information for stakeholders interested in learning about and engaging with the board on matters related to innovation.

CFPB Issues Financial Literacy Annual Report

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued its Financial Literacy Annual Report for fiscal year 2019.  The Bureau delivered its digital and print resources to more than 12 million consumers in fiscal year 2019.  Promoting savings has also been a key part of the agency’s work. The Bureau launched Start Small, Save Up, an initiative to encourage the public to save and be better prepared for emergencies or unplanned expenditures. As part of the initiative, the Bureau launched a Savings Boot Camp, a multi-week email course to guide people through the fundamentals of savings.

Banks’ biometrics efforts raise questions amid bias study, data breach

Over the past half-decade, a number of banks have explored advances in biometrics, technology that uses people’s physical markers as access points to their stored money. Although fingerprints, iris scans and facial recognition are touted for the added security they can offer account holders, a study released last week by the National Institute of Standards and Technology (NIST) indicated most commercial facial-recognition systems exhibit bias. The agency tested 189 facial-recognition algorithms from 99 developers and found black and Asian people were up to 100 times more likely to be misidentified than white men in “many-to-one” searches, a type that law enforcement might use to identify a suspect in a crime. 

FTC, CFPB Extend the Deadline to Submit Comments on Accuracy in Consumer Reporting until January 31

The Federal Trade Commission and the Consumer Financial Protection Bureau (CFPB) have extended the deadline to submit comments on issues affecting the accuracy of consumer reports until January 31, 2020.   The FTC and CFPB sought comment on issues affecting the accuracy of both traditional credit reports and employment and tenant background screening reports in conjunction with the December 10, 2019 workshop on the topic co-hosted by both agencies. The original deadline for comments was January 10, 2020.

Repo is Wall Street’s big year-end worry. Why?

(Reuters) - The $2.2 trillion repurchase agreement market - part of the inner workings of the U.S. financial system - is facing what could be another strain as the year comes to a close. That could have wider implications than just Wall Street. WHAT IS THE WORRY OVER REPO? The repo market came under stress in September as demand for funds to settle Treasury purchases and pay corporate taxes overwhelmed loans available. Interest rates in U.S. money markets shot up to as high as 10% for some overnight loans, more than four times the Fed’s rate.

FTC Alleges Fuel Card Marketer FleetCor Charged Hundreds of Millions in Hidden Fees

The Federal Trade Commission filed suit against a company that sells fuel card services to businesses, alleging that it has charged customers at least hundreds of millions of dollars in hidden fees after making false promises about helping customers save on fuel costs.   FleetCor is a publicly traded company headquartered in Atlanta, Georgia and reported $2.4 billion in annual revenues in 2018. FleetCor markets its fuel card services under its own “Fuelman” brand name, as well as through co-branded cards, to businesses around the country. Its business customers give FleetCor’s fuel cards to their employees to use in refueling company vehicles.

Michigan lawmakers eye no term limit payday loans

(Nadia Ramlagan/Michigan News Service)  Critics of a bill being considered by lawmakers that would allow payday lenders to offer longer term, higher dollar loans say the legislation puts the most vulnerable Michiganders at risk.  House Bill 5097 would allow payday lenders in Michigan to make loans of up to $2,500 with no limit on the length of the loan.

NY Governor Wants to License Debt Collectors

New York's governor is proposing to license debt collectors to make sure they're following state law.   Gov. Andrew Cuomo announced the proposal Thursday as part of his State of the State agenda for next year. The Democrat says he'll advance legislation on the issue.   An inquiry was sent to the New York State Collectors Association about Cuomo's plan.

Information on the Economic Status of Millennial Households Compared to Previous Generations

Recent research indicates that, across three key measures, economic mobility in the United States is limited. Specifically, the Millennial generation (those born between 1982 and 2000) might not have the same opportunity as previous generations had to fare better economically than their parents. According to studies GAO reviewed, the share of people making more money than their parents at the same age (absolute mobility) has declined over the last 40 years, and the chances of moving up the income distribution (relative mobility) have been flat over time. Using a third measure of economic mobility (intergenerational income elasticity), researchers have found that income in adulthood is linked to how much a person's parents made, and that between one-third and two-thirds of economic status is passed down from parents to children. This is especially true of the lowest and highest income groups. Researchers also identified race and geography as key determinants of an individual's economic mobility.

Fed Says Banks Cite Regulations Among Reasons for Repo Spike

(Bloomberg) -- Many of the largest U.S. banks pointed to regulatory restrictions on their balance sheets and reduced risk appetite to explain why they stood on the sidelines during the mid-September spike in overnight funding rates instead of profiting from the excess demand for short-term lending, according to a Federal Reserve survey. Three-fourths of primary dealers responding to the Fed’s December Senior Credit Officer Opinion Survey reported “basically no change” in secured lending from Sept. 16-18, compared with the first week in September, despite a higher lending rate. Fed officials had expected banks with excess liquidity to jump in with extra lending.

WebRecon Stats for Nov 2019: November was a mixed bag…

On the one hand, FDCPA and FCRA litigation were both down from October, -5.2% and -8% respectively. And FDCPA litigation was also down 5.9% over the month of October 2018 *and* down -9% YTD. TCPA was down -6.3% over the month of Oct 2018 and down -15.3% YTD. All good news for businesses in the crosshairs.

Senate passes robocall bill, gov’t spending packages

Lawmakers in the Senate Thursday passed legislation aimed at expanding the Federal Communications Commission's (FCC) enforcement authority over violations of the Telephone Consumer Protection Act (TCPA) and requiring voice services providers to authenticate and block illegal robocalls. The bill now moves to President Donald Trump for final action.

RMAi Annual Conference

The Payments Summit 2020

The Payments Summit

2020 Annual Utilities Credit & Collections Symposium

Conferences By Monticello

ACA International 2020 Spring Forum & Expo

ACA International

BUMP Collections! Dallas

A "CollectoRMSeries" course by Resource Management Services, Inc.

Commercial Payments International

EuroFinance

AFCC Spring Conference – 2020

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

NAPCP

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.

LendIt Fintech USA

Save 15% with our Discount Code: DC15%

National Association of Chapter 13 Trustees 2020

National Association of Chapter 13 Trustees (NACTT)

Debt Connection Symposium & Expo 2020

Resource Management Services, Inc.

Auto finance Summit 2020

Royal Media