Kraninger speaks on constitutionality, payday during semi-annual hearing

CFPB Director Kathy Kraninger – during a House Financial Services Committee hearing to review the bureau Thursday – reinforced her position to no longer defend the bureau's single-director structure in a lawsuit set to be considered by the Supreme Court in March.

Eleventh Circuit Endorses Narrow Definition of TCPA Autodialer Creating Circuit Split

On January 27, 2020, a federal court of appeals issued a significant decision interpreting the Telephone Consumer Protection Act (commonly referred to as the “TCPA”) in a way that limits the expansive potential liability companies face under the statute. In Glasser v. Hilton Grand Vacations Company, the U.S. Court of Appeals for the Eleventh Circuit reached three significant conclusions:

The Fed faces a housing conundrum

Federal Reserve Chair Jerome Powell may have a problem on his hands. Buoyed by three interest-rate cuts, not only did the U.S. housing market stand as a pillar of economic support in 2019, it largely offset the protracted slowdown in business investment. Now, though, cracks have begun to appear in housing.

Mortgage rates fall to lowest level since 2016 — this could be the ‘last affordable’ spring home-buying season for a while, Realtor group warns

Mortgage rates have dropped to the lowest levels since before the 2016 presidential election. The 30-year fixed-rate mortgage averaged 3.45% during the week ending Feb. 6, a decrease of six basis points from the previous week, Freddie Mac FMCC, -1.41%   reported Thursday. This was the third consecutive week in which mortgage rates dropped. The last time the 30-year fixed-rate mortgage was at or below this level was in October 2016, when it averaged 3.42%.

As Mortgage Rates Skid, Homeowners Rush to Refinance and Save

tumbling mortgage rates, which have dropped to the lowest levels in years and have reached all-time lows for midwinter. Applications for mortgage refinance loans have spiked and are coming in at the fastest pace in six and a half years, a trade group says." Homeowners are responding in a big way to tumbling mortgage rates, which have dropped to the lowest levels in years and have reached all-time lows for midwinter. Applications for mortgage refinance loans have spiked and are coming in at the fastest pace in six and a half years, a trade group says.  But owners who decide to swap out their mortgages and stay in their homes aren't helping to relieve the shortage of houses for sale. Would-be buyers keep struggling to find homes they want, and they've become less eager to borrow.

Compare private vs. federal student loan interest rates

If you're taking out student loans to fund your education, you'll be charged interest. It's the price you pay for borrowing money and it's most often calculated as a percentage of the amount borrowed. Loans with higher interest rates cost more, as do loans with longer repayment timelines because you pay interest over a longer period. Both federal student loans and private student loans charge interest, although there are some important differences between how it's treated by each of these two loan types.

CFPB seeks $39M restitution, $7 fine from payday lender Think Finance

The Consumer Financial Protection Bureau (CFPB) announced a proposed settlement Wednesday with Think Finance and six of its subsidiaries. The payday lender will have to reimburse consumers $39 million and pay the CFPB $7, one for each of the company's enitities. 

Report: Lenders Use Educational Data to Discriminate

Financial companies often use data on borrowers' higher education to determine access to credit and the price of consumer financial products. And those education data can lead to redlining, a form of discrimination against borrowers who attended community colleges, historically black colleges and universities, or Hispanic-serving institutions.

Consumer Financial Protection Bureau Settles Lawsuit Against Think Finance Entities

Washington, D.C. — The Consumer Financial Protection Bureau (Bureau) today announced a proposed settlement with Think Finance, LLC, formerly known as Think Finance, Inc., and six subsidiaries (collectively, the “Think Finance Entities”), to resolve the Bureau’s lawsuit, which the Bureau filed on November 15, 2017. The Bureau alleged that the Think Finance Entities engaged in unfair, deceptive, and abusive acts and practices in violation of the Consumer Financial Protection Act in connection with the illegal collection of loans that were void in whole or in part under state laws governing interest rate caps, the licensing of lenders, or both.

Directors Elected to Lead Receivables Management Association International in 2020

February 6, 2020 (Sacramento, CA) – Members of Receivables Management Association International (RMAI) elected Directors and Officers to its Board yesterday at the association’s annual conference. Of the ten-member Board, nine are continuing service from the previous year (some in new roles) and one is serving her first term. The 2020 Directors and Officers are:

The government is finally cracking down on robocall enablers

The government has cracked down on some robocallers, even going so far as to fine one alleged robocaller $100 million.    But for a long time, companies that allow robocallers to use their services have been left to do their thing — and in the process unleashed billions of robocalls on the annoyed public. The involvement of many voice-over-IP — internet-based phone — companies in enabling robocalling has been a dirty secret in the telecom industry.  

NAFCU, trades ask FCC for autodialer definition

In a follow up to a petition filed in May 2018, NAFCU Wednesday joined with more than a dozen other trade groups and stakeholders to ask the Federal Communications Commission (FCC) to clarify the definition of automatic telephone dialing system (ATDS) under the Telephone Consumer Protection Act. The coalition previously petitioned the FCC for clarification following an appeals court's decision that invalidated the FCC's autodialer definition.

Fintech Market Expected to Eclipse $390B

LearnBonds reported Wednesday that while traditional banks still hold the largest share for consumers and businesses, fintech lending is beginning to make its move in the market. The report states that fintech lending will hit a $312.6 billion transaction value—growing 17% annually. The market is expected to reach $390.5 in value by 2023.

Statement of Director Kraninger before House Financial Services Committee

Chairwoman Waters, Ranking Member McHenry, and Members of the Committee, thank you for this opportunity to provide our semiannual update on the Bureau’s important work. It is my honor and privilege to serve and protect American consumers.   To best achieve our mission for consumers, the Bureau is focused on preventing harm in the first place. We prevent harm by building a culture of compliance throughout the financial system while supporting free and competitive markets that provide for informed consumer choice. 

CFPB, Banking Regulators, and Others Adjust Civil Monetary Penalties for Inflation

In January 2020, regulators including the CFPB, Federal Reserve Board, NCUA, OCC, FDIC, FTC, and FCC, each published a final rule in the Federal Register adjusting the maximum civil money penalty (CMP) amounts under their respective jurisdictions, to account for inflation. Each year, pursuant to the Federal Civil Penalties Adjustment Act Improvements Act of 2015, federal agencies adjust their maximum CMPs by using an inflation multiplier provided by the Office of Management and Budget (OMB).  The OMB’s inflation multiplier for 2020 is 1.01764.

Court Stops Sprawling Scheme That Operated Hundreds of Websites That Deceived Consumers About Government Services

A court has granted the Federal Trade Commission’s request to preliminarily halt a scheme in which the defendants operated hundreds of websites that promised a quick and easy government service, such as renewing a driver’s license, or eligibility determinations for public benefits. Following an evidentiary hearing, the court held that the FTC was likely to prevail in proving that “the websites were patently misleading.”

Receivables Management International Honors Outstanding Members

February 5, 2020 (Sacramento, CA) – Leaders from Receivables Management Association International (RMAI) honored outstanding members this week at the association’s 2020 Annual Conference in Las Vegas, Nevada.RMAI awarded Walt Collins of Collins Asset Group, the Bud Reitzel Lifetime Commitment Award, the industry’s highest recognition.

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 www.crs2020.com or call 562-906-1101. For more information about the Collections and Recovery Solutions conference please visit us at http://www.collectionrecoverysolutions.com/

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. 

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 http://www.verifactsinc.com/.

For more information about the Collections and Recovery Solutions conference please visit us at http://www.collectionrecoverysolutions.com/

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.

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.

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.

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.

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.

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.

FCC MOVES TO BOLSTER EFFORTS TO TRACE ROBOCALLS BACK TO INTERNATIONAL FRAUDSTERS & PROPOSES NEW TRACEBACK PARTNERSHIP RULES

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

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.

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.

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.

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.

CRS2020 IS PROUD TO ANNOUNCE OUR NEWEST EXHIBITOR, COMPUMAIL, INC.

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.

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.

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.

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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The Payments Summit 2020

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