At a glanceWednesday, February 05, 2020

Collection Industry News At A Glance - February 5, 2020
Wednesday February 5, 2020
Mid Week Newsletter:
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Bradley Shropshire of OnDeck Capital, Inc. to Facilitate the CRS2020 FinTech Collections – Lender Peer Group

CRS2020 is happy to announce a new Moderator for the FinTech Collections - Lender Peer Group - Bradley Shropshire of OnDeck Capital, Inc.  This FinTech Collection Lender peer group will discuss the challenges and difficulties of collection on these unsecured debts.  Peer group members can share success stories and challenges.  Collection and Recovery Solutions 2020 will be held May 6-8, 2020 at the Four Seasons Hotel in Las Vegas, NV.  

CRS2020 is an invitation-only event for senior-level collection and recovery professionals, providing educational opportunities regarding the Challenges and Opportunities in a Changing World. For more information about other roundtable speakers please go to or call 562-906-1101. For more information about the Collections and Recovery Solutions conference please visit us at

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Attorney General Condemns Proposal Allowing Predatory Lenders To Exploit Nation’s Most Vulnerable

NEW YORK – New York Attorney General Letitia James today co-led a bipartisan coalition of 24 attorneys general in opposing a proposed rule by the Federal Deposit Insurance Corporation (FDIC) that would allow predatory lenders to take advantage of the state’s most vulnerable consumers. In a comment letter to the FDIC, Attorney General James and the coalition urge the commission to keep state interest rate caps — or usury laws — in place on high interest loans, and reject a new rule that would weaken regulations on payday lenders and other high-cost lending. The FDIC’s proposed rules would enable predatory lenders to circumvent the state caps through “rent-a-bank” schemes — arrangements in which banks act as lenders in name only, passing along their state law exemptions to unregulated, non-bank payday lenders. 

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VeriFacts, Inc. to Exhibit at the Collection and Recovery Solutions 2020 Conference

CRS2020 is happy to announce that VeriFacts, Inc. will be exhibiting at this year’s conference, May 6-8 in Las Vegas, NV at the Four Seasons Hotel Las Vegas.  Be sure to visit them in booth 29 in the Expo Hall.

VeriFacts has been a trusted partner to the financial industry for over 30 years, helping bring our clients a competitive edge by locating and verifying places of employment, residential phone numbers and addresses, and no contact solutions. VeriFacts specializes in creating customized programs built for you, delivering 100% guaranteed accurate information.  For more information about VeriFacts, Inc. visit them at

For more information about the Collections and Recovery Solutions conference please visit us at

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Banks Expect Tighter Consumer Loan Standards

U.S. banks expect to tighten lending standards this year, reflecting concerns over loan performance, particularly in the consumer sector.   The Federal Reserve’s quarterly survey of senior loan officers found that significant net shares of banks expect performance to deteriorate in 2020 for both credit card and auto loans to nonprime borrowers.   As a result, 18.4% of banks said they expected to tighten credit-card lending standards, and 8.9% said they expected to tighten them for auto loans.

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Over two-thirds back 36 percent cap on loan interest rates: poll

Strong majorities of Democratic, Republican and independent registered voters support a federal cap on interest rates that could pass the House later this year, according to poll results shared Tuesday with The Hill.   Seventy percent of registered voters said they approved of limiting interest rates on consumer loans to 36 percent, according to a poll conducted by Morning Consult and commissioned by the Center for Responsible Lending, a nonprofit that supports stronger lending safeguards for consumers.

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Bank of America Surpasses Five-Year Goal to Hire 10,000 Veterans

This month, Bank of America surpassed its five-year goal to hire 10,000 veterans, national guard and reservists. This hiring goal was set to address the unique challenges military personnel face in finding employment after service. The company remains committed to continuing to attract, develop and retain military talent. In addition to this milestone, Bank of America will celebrate 100 years of supporting the military later this year – a tradition that started in July 1920 when the company began providing financial services and products for service members and their families at the Fort Sam Houston base in Texas. Bank of America currently operates overseas military banking facilities in 10 countries, including 62 financial centers and 274 ATMs.

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Fifth Third Bank shutters Dayton branch — plus 25 more nationwide

The largest bank in Dayton shuttered several branches throughout the U.S. last week, including one in Montgomery County.   Fifth Third Bancorp (NYSE:FITB) recently finalized the closure of its branch at the Eastown Shopping Center, according to a filing with Office of the Comptroller of the Currency. The branch at 3830 Linden Ave. closed Jan. 28.

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Ransomware Attacks Hit Three Law Firms in Last 24 Hours

Five U.S. law firms — three in the last 24 hours — have been among the companies and organizations targeted by a new round of ransomware attacks. In two of the cases, a portion of the firms’ stolen data has already been posted online, including client information. This according to Brett Callow, a threat analyst with Emsisoft, a cybersecurity company that is also an associate partner in the No More Ransom Project, an initiative between multiple law enforcement agencies and the private sector.

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New Jersey Advocates Urge AG Grewal to Fight Back Against DOE Secretary DeVos’s Repeal of Gainful Employment Rule Critical to Preventing Student Debt

Newark– New Jersey Citizen Action (NJCA)  the American Federation of Teachers New Jersey (AFT-NJ) and Health Professionals and Allied Employees (HPAE) sent a letter to Attorney General Gurbir Grewal urging him to take action against Education Secretary Betsy DeVos for violating federal law and pushing through a deeply flawed repeal of the US Department of Education’s (DOE) Gainful Employment rule. The rule provides critical protections for students attending, or considering enrolling in, for-profit and career college programs.

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WASHINGTON, February 4, 2020—The Federal communications
commission today called on phone companies that allow international robocalls into U.S. networks to fully participate in efforts to trace back those calls. FCC Enforcement Bureau Chief Rosemary Harold sent  letters to seven gateway service providers asking for their support in tracking down the originators of illegal spoofed foreign robocalls. Letters were sent to All Access, Globex, Piratel, Talkie, Telcast, ThinQ, and Third Base

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City of Miami dismisses pending FHA lawsuits

The City of Miami, last Thursday, voluntarily dismissed lawsuits against Bank of America, Wells Fargo, Citigroup, and JPMorgan Chase,  in which the city alleged discriminatory practices under the Fair Housing Act (FHA) that indirectly harmed the city, resulting in lost property tax revenue and increased municipal expenses. The case had been pending before the Supreme Court.

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CFPB, Education Dept. Agree on Regulating Loans

Two years after Education Secretary Betsy DeVos ended the Education Department's relationship with one of its main regulators, the Consumer Financial Protection Bureau, the two agencies on Monday announced the signing of a new agreement on how they will work together. Under the memorandum of understanding, the agencies will share complaint information from student loan borrowers and meet quarterly to discuss the nature of complaints and how they are being resolved. Consumer groups were still examining the agreement, which was released at the end of the day.

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Read Out of CFPB Inaugural Joint Office Hours in Salt Lake City

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB), the Office of the Utah Attorney General, and the Utah Department of Financial Institutions held joint office hours on January 30, 2020 in Salt Lake City, Utah. The joint office hours are held as part of the American Consumer Financial Innovation Network (ACFIN). Earlier this year the CFPB, along with state partners, launched ACFIN to enhance coordination among federal and state regulators as it relates to innovation and further objectives such as consumer access, competition, and financial inclusion. Additionally, ACFIN provides a platform for members to share information to facilitate coordination on innovation policies and programs.

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Consumer Financial Protection Bureau and U.S. Department of Education Sign Memorandum of Understanding to Better Serve Student Loan Borrowers

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) and the U.S. Department of Education (ED) announced a new coordination agreement in order to better serve student loan borrowers. Under the newly signed Memorandum of Understanding (MOU) the agencies will share complaint information from borrowers and meet quarterly to discuss observations about the nature of complaints received, characteristics of borrowers, and available information about resolution of complaints. The MOU also provides for the sharing of complaint data analysis, recommendations, and analytical tools.

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Collection and Recovery Solutions 2020 is happy to announce that CompuMail, Inc. will be exhibiting at this year’s conference, May 6-8 in Las Vegas, NV at the Four Seasons Hotel Las Vegas.  Be sure to visit them in booth 20 in the Expo Hall.

Since 1994, CompuMail has been delivering dynamic communications and services to customers around the US, specializing in the accounts receivable, financial, healthcare, automotive, and utility industries.

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Operators of Comparison Shopping Website Agree to Settle FTC Charges Alleging Deceptive Rankings of Financial Products and Fake Reviews

The operators of a website that compares student loans and other financial products have agreed to settle Federal Trade Commission allegations that they misled consumers to believe their website provided objective product information, when in fact they offered higher rankings and ratings to companies that paid for placement.


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Deep Dive: Giving ATMs Next-Gen Upgrades For Security, Cardless Functionality And More

Brick-and-mortar financial institutions (FIs) compete with digital-only competitors that often take advantage of lower — or nonexistent — physical buildout costs. The former are thus being forced to prove that on-the-ground presences offer added value to consumers, and new technological implementations are helping them create swifter, more comprehensive services through customer-facing staples.

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Commentary: Artificial intelligence will require oversight, regulation

Facial recognition is the technology most widely associated with the dangers of artificial intelligence — as well as being the most publicized. Lesser known, but utilized by many more governments and companies, are algorithmic or automated decision-making systems.  Both these AI-based technologies are part of a growing trend to automate government services, increase efficiency and reduce headcount. Here in Michigan, an AI-based benefits-management program adopted by the state of Michigan's Unemployment Insurance Agency malfunctioned in a spectacular manner and falsely accused about 40,000 innocent claimants of benefits fraud over a three-year period.

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LendUp Surpasses $2 Billion in Consumer Loans

LendUp, the company whose goal is to make financial health a reality for all, announced today it has issued over $2 billion in consumer financing through its digital lending platform. Since 2012, LendUp has provided more than 6.5 million loans, with an average loan value of approximately $300. The company continues its commitment to providing more people with greater access to consumer credit and financial services.

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US Supreme Court to Weigh in on Personal Jurisdiction and Constitutionality of TCPA Auto-Dialing Ban

Earlier this month, the US Supreme Court agreed to weigh in on two issues with important consequences for business. The first involves the scope of specific personal jurisdiction--i.e., when businesses can be sued outside of their home states for specific controversies. The second concerns the constitutionality of the prohibition in the Telephone Consumer Protection Act (TCPA) on automated dialing and prerecorded/artificial voices.

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Truist seeks more time to reach $1.6B post-merger net savings goal

Truist has pushed back the timeline for its estimated $1.6 billion cost-savings goal, citing systems integrations and branch consolidation delays, CEO Kelly King said during the bank’s first post-merger earnings call Thursday. The bank originally anticipated it would reach the net savings goal in nine quarters. Truist now estimates it will take 12, or until the end of 2022. 

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Better Money Habits® Millennial Report – Winter 2020

Our 2020 Better Money Habits Millennial Report explored the money mindset of today’s young adults (ages 24-41), revealing their financial priorities, trade-offs and stressors and how they’re balancing it all along the way. We found that nearly one in four millennials that are saving have at least $100,000, up from 16 percent in 2018 and 8 percent in 2015. Despite this good news, millennials still feel behind financially compared to peers and are juggling substantial debt levels with near and long-term financial priorities.

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US farmers are filing for bankruptcy at the highest rate since 2011

An increasing number of American farmers struggled to make ends meet in 2019 as trade tensions added to a range of growing challenges in the sector, from severe weather to low commodity prices.    There were 595 Chapter 12 farm bankruptcies filed last year, according to court filings reviewed by the American Farm Bureau, a 20% increase from 2018. That was the highest level since 2011 when the nation was still in recovery following the Great Recession.

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Senators To CFPB: Why Are You Still Failing To Protect Student Loan Borrowers?

It has been more than two years since the nation's most powerful financial watchdog examined the companies that manage about $1.5 trillion of federal student loans owed by 43 million borrowers. On Thursday, two members of the Senate Banking Committee said they're exasperated with the Consumer Financial Protection Bureau's continuing failure to pursue mounting problems with the way student loans are handled. "You and your staff have provided a variety of excuses and shifting explanations for the Bureau's failure to fulfill this critical oversight role," Democratic Sens. Sherrod Brown and Robert Menendez wrote in a letter, obtained by NPR, to CFPB Director Kathleen Kraninger. 

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Consumer Financial Protection Bureau Announces Action Against Citizens Bank, N.A.

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (Bureau) filed suit against Citizens Bank, N.A. (Citizens), a national banking association headquartered in Providence, Rhode Island. The Bureau’s complaint alleges violations of the Truth in Lending Act (TILA) and TILA’s implementing Regulation Z, including violations of amendments to TILA contained in the Fair Credit Billing Act (FCBA) and the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). 

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Nicholas Prata of Marlette Funding  and “Dan Picard of Hanscom Federal Credit Union, will each be moderating roundtables at  the Collection and Recovery Solutions 2020 conference at the Four Seasons Hotel, Las Vegas May 6 - 8, 2020.

Collection and Recovery Solutions is an invitation-only event for senior-level collection and recovery professionals, providing educational opportunities regarding the Challenges and Opportunities in a Changing World. For more information about other roundtable speakers please go to or call 562-906-1101.

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House Passes Pressley Bill to Reform Broken Credit Reporting System

Today, the U.S. House of Representatives passed H.R. 3621, the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2020 (“Comprehensive CREDIT Act”), legislation sponsored by Rep. Ayanna Pressley (D-MA), by a vote of 221 to 189.  
H.R. 3621 would overhaul the credit reporting system by empowering consumers with more control of their data and requiring consumer reporting agencies (CRAs) like Equifax, TransUnion, and Experian, to better ensure that the information on consumer credit reports is accurate and complete.

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NAFCU to FCC: Stop service providers’ aggressive call blocking

NAFCU reiterated concerns about the negative effects of current rules in place to combat illegal robocalls in a letter to the Federal Communications Commission (FCC) sent yesterday in response to a notice and request for comment about the implementation and effectiveness of call blocking measures.

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Null and VoIP: FTC reminds service providers of the letter of the law

We usually wouldn’t suggest you read someone else’s mail, but FTC staff just sent letters to 19 providers of VoIP telephone services and the underlying message about the breadth of liability for consumer protection violations is relevant to other businesses.   In many contexts, VoIP offers substantial benefits to consumers. But when it comes to robocalls and deceptive telemarketing pitches, VoIP can be a fraudster’s best friend. That’s because the technology allows scammers to blast out millions of illegal calls for very little money.

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CFPB Announces Additions to Executive Team

Washington, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced additions to its executive team. The leadership positions are:

Susan M. Bernard will serve as Assistant Director for Regulations in the Research, Markets and Regulation Division. Before joining the Bureau, she served as the Director of the Office of Regulations and Policy in the Center for Food Safety and Applied Nutrition at the U.S. Food and Drug Administration. Dr. Bernard earned her doctorate and master’s degrees in public health from the Johns Hopkins Bloomberg School of Public Health at Johns Hopkins University in Baltimore, Maryland and J.D. from Northeastern University School of Law in Boston, Massachusetts.

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EDWARDSVILLE, IL, January 30, 2020 – National Loan Exchange, Inc. (NLEX) announced today that the firm has teamed up with DebtNext Software to offer an online post-sale management tool exclusively for NLEX clients. This new technology platform enhances NLEX’s post-sale servicing by providing clients with a secure, centralized online portal where they can access and oversee post-sale account activity at their fingertips.  

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House passes legislation to overhaul consumer credit reporting

The House on Wednesday passed legislation aimed at overhauling consumer credit reporting and providing additional protections and opportunities to rebuild credit.    The measure, which consisted of a package of six bills, passed along party lines. It includes language calling for the Consumer Financial Protection Bureau (CFPB) to establish a credit rehabilitation process, bar credit rating agencies from including delinquent or defaulted student loans on credit reports after the borrower makes nine monthly payments on time and require private lenders to offer repayment plans to those facing economic hardship who are looking to rehabilitate their credit scores

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DOJ seeks court approval to stop companies from making robocalls

The U.S. Justice Department announced its first-ever enforcement actions against telecommunications operators for facilitating robocalls, including two groups “originating in India, and operating out of residential addresses in New York and Arizona,” said Jody Hunt, Assistant Attorney General for the department’s civil division.

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On Wednesday, 29 January, the full U.S. House is expected to vote on a broad credit reporting reform package, HR3621, the Comprehensive CREDIT Act. Meanwhile, a PIRG analysis finds that half of all complaints reported into the CFPB's Public Consumer Complaint Database in 2019 concerned credit reporting. Further, complaints about the Big 3 credit bureaus led complaints from all other companies, with Equifax (#1), TransUnion (#2) and Experian (#3) leading the "Top Ten" most-complained-about firms.

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New York, NY: Remitter announced that well regarded industry veteran Roxanne Bartley has joined their team as Executive Vice President of Strategic Partnerships. Bartley has over twenty five years of experience in the ARM industry, having assisted organizations with all aspects of their sales and marketing strategies. In this new role, Bartley brings her fiercely competitive spirit and tenacity to focus on driving growth and revenue across Remitter’s platform and expanding its clientele. 

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LENDIT FINTECH USA 2020 – MAY 13 – 14, 2020 – Save with DC code

LENDIT FINTECH USA 2020 – MAY 13 – 14, 2020

LendIt Fintech USA 2020 returns to NYC as they host the world’s largest fintech networking event. Over 5,000+ fintech innovators, investors, commercial and regional banks, service providers, enterprise tech companies, the media, and government officials will gather for two days of networking, learning and deal-making. Save 15% on your registration with code DC15%

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JPMorgan Chase plans to cut hundreds of jobs in consumer division

JPMorgan Chase is planning to slash hundreds of jobs in its consumer unit, according to a report by Bloomberg.   The cuts represent about 1% of the division’s workforce, and employees will be given a chance to apply for other roles in the company, a source said. Affected employees are expected to be notified Feb. 6.   JPMorgan’s consumer unit houses the bank’s deposit, credit-card, home and auto lending businesses and contributes nearly half of the bank’s revenue, Bloomberg reported.


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Florida-based lender will pay NC $825,000 to resolve illegal loan claims

RALEIGH, N.C. (AP) — A Florida-based lender will pay $825,000 while resolving a legal complaint that had accused the firm of making illegal small loans in North Carolina.   A Wake County judge agreed to the settlement between Approved Financial Inc. and Attorney General Josh Stein.   He had accused Approved Financial of unlicensed lending, unlawful debt collection, and unfair and deceptive activity.

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Security admins checklist: 10 tasks to perform every year

Security administrators oversee the secured processes in place, safeguarding the day-to-day operations of an organization. While it is easy for users to focus solely on protecting computers and their devices, security admins are tasked with managing the overall landscape--including LAN/WAN, services, the devices used to access those services, and the most unpredictable factor of them all: The end user.

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Industry Events

RMAi Annual Conference

ARIA Resort & Casino
3730 Las Vegas Boulevard , Las Vegas, NV 89158, US
February 04 - 06 , 2020

Questions about registration or sponsorship? Contact Sylvia Done at or 916-482-2462

The Payments Summit 2020

The Payments Summit

Salt Lake Marriott Downtown at City Creek
75 South West Temple , Salt Lake City, UT 84101, US
February 24 - 27 , 2020


2020 Annual Utilities Credit & Collections Symposium

Conferences By Monticello

Hyatt Regency Coral Gables, Florida
50 Alhambra Plaza , Coral Gables, Florida, United States, 33134
March 02 - 04 , 2020

(843) 277-1620

ACA International 2020 Spring Forum & Expo

ACA International

M Resort Las Vegas
12300 S Las Vegas Blvd , Henderson, NV 89044
March 11 - 13 , 2020

(800) 269-1607

BUMP Collections! Dallas

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

March 12th BUMP Collections! course to be taught in Dallas, Texas. A June course is expected to be announced for Southern California. An October course is expected to be announced for Atlanta. Call us if you're interested in those courses, and we'll provide info as it is confirmed.

March 12 - 12 , 2020


Commercial Payments International


Hilton Amsterdam
Apollolaan 138, 1077 BG , Amsterdam, Netherlands
March 16 - 17 , 2020

+ 44 207 576 8555

AFCC Spring Conference – 2020

Eden Roc – Miami Beach
4525 Collins Ave , Miami Beach, FL 33140
March 22 - 23 , 2020

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


Caesars Palace, Las Vegas, Nevada
3570 Las Vegas Boulevard South , Las Vegas, NV 89109
April 06 - 09 , 2020

952-546-1880 ext. 4

NCUCA – National Credit Union Collection Alliance 2020

NCUCA National Credit Union Collections Alliance

Bellagio Las Vegas
3600 S Las Vegas Blvd , Las Vegas, NV 89109
April 15 - 17 , 2020

Collection and Recovery Solutions 2020

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

Four Seasons Hotel Las Vegas
3960 Las Vegas Blvd South , Las Vegas, NV 89119, US
May 06 - 08 , 2020


LendIt Fintech USA

Save 15% with our Discount Code: DC15%

Javits Center, New York
New York
May 13 - 14 , 2020

National Association of Chapter 13 Trustees 2020

National Association of Chapter 13 Trustees (NACTT)

Marriott Marquis San Diego Marina
333 W Harbor Dr. , San Diego, CA 92101
July 08 - 11 , 2020


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


Auto finance Summit 2020

Royal Media

Wynn Las Vegas
3131 S Las Vegas Blvd , Las Vegas, NV 89109
October 20 - 22 , 2020

More information about Debt Connection Symposium
More information about Oversight Without Travel - Call Monitoring
More information about Bump Collection Courses
More information about Resource Management Services, Inc.
More information about Debt Connection Symposium
More information about RMN Networking
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