CRS2020 Highlighted Session: Millennial Collection Leaders Take The Stage

Happy to announce that a young group of leaders will take the stage at Collection and Recovery Solutions 2020, held May 6th - 8th at the Four Seasons in Las Vegas. These collection leaders will take their thoughts on how they have succeeded in their organizations, as well as managing collection teams, whether millennial or non-millennial. Discussions will include motivation of millennials and those older and younger, bridging the gap, job design, flexibility, communication and engagement, culture, respecting differences and so much more. Join us at CRS2020 to hear this and other engaging collection operations and compliance discussions. This invitation-only event is geared for senior level creditors. Specialty peer groups also meet: Auto Finance, Credit Union, Millennials, Recovery Management Network and FinTech Collections - Lender Peer Group. For more info, contact crs@resourcemanagement.com

Consumer Privacy and Legal Risk: What to Look for in the Decade to Come

As the new year and decade begins, consumer privacy issues have never been more top of mind – especially with the impending enactment of the California Consumer Privacy Act (CCPA). This groundbreaking and sweeping legislation could be the gold standard around which other state and federal privacy laws are formed, but many corporations are taking a “wait and see” approach before addressing their data security and sharing issues and implementing changes. 

New Report Finds Internet Users Overwhelmed by Identity Theft Worries

HELSINKI, Feb. 13, 2020 /PRNewswire/ -- A new report from cyber security provider F-Secure finds a steady barrage of major data breaches have left a vast majority of consumers worried about the online crimes that lead to identity theft and account takeovers." data-reactid="12" style="margin: 0px 0px 1em; color: #26282a; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-style: initial; text-decoration-color: initial;">PRNewswire-- A new report from cyber security provider F-Secure finds a steady barrage of major data breaches have left a vast majority of consumers worried about the online crimes that lead to identity theft and account takeovers.  The report, Is ID theft the cyber crime we fear most? A look at consumer views on identity theft and cyber crime, includes findings from a consumer survey of nine countries, such as:*

Attorney General Josh Stein Condemns Federal Proposal that Would Allow Predatory Lenders to Exploit Consumers

(RALEIGH) Attorney General Josh Stein opposed a proposal by the Federal Deposit Insurance Corporation (FDIC) to preempt state laws that regulate payday and other high-cost lending. The FDIC’s proposed regulations would let predatory lenders circumvent state laws through “rent-a-bank” schemes, in which banks act as lenders in name only, passing along their state law exemptions to non-bank payday lenders.

Credit card debt in the U.S. hits all-time high of $930 billion—here’s how to tackle yours with a balance transfer

Credit card debt hit a record high of $930 billion for Americans in the final quarter of 2019, according to the latest data from the Federal Reserve Bank of New York released on Feb. 11. That’s a $46 billion increase in credit card balances from the prior quarter and up an alarming $57 billion over the same period in 2018. The Fed’s report sheds light on the growing debt issue in America and the increased risk facing younger consumers.

JPMorgan sets July deadline for fintechs to sign new data access deals: sources

WASHINGTON/NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N) has told financial technology companies they will be barred from accessing its customer information by July 30 unless they sign data access agreements with the bank and back a plan to stop using customer passwords to gather the data.

Background on the CCPA & the Rulemaking Process

The California Consumer Privacy Act (CCPA), enacted in 2018, creates new consumer rights relating to the access to, deletion of, and sharing of personal information that is collected by businesses. It also requires the Attorney General to solicit broad public participation and adopt regulations to further the CCPA’s purposes. The proposed regulations would establish procedures to facilitate consumers’ new rights under the CCPA and provide guidance to businesses for how to comply. The Attorney General cannot bring an enforcement action under the CCPA until July 1, 2020.

JP Morgan Chase to invest millions in jobs training and education

JPMorgan Chasesays it's putting millions behind a push to help students get the schooling and experience necessary to land a high-paying job in a growing field.   Jamie Dimon, the bank's chairman and CEO, was set to announce Wednesday that JP Morgan Chase will dedicate $75 million to an initiative that will focus on preparing students in ten cities over five years.   

CONSOLIDATED ASSET RECOVERY SYSTEMS, INC. TO EXHIBIT AT CRS2020

Collection and Recovery Solutions 2020 is happy to announce that Consolidated Asset Recovery Systems, 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 40 in the Expo Hall.

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

Fitch raises red flags about CFPB plan to eliminate DTI requirement from QM lending rules

Some of the nation’s largest mortgage lenders and housing trade groups may support the Consumer Financial Protection Bureau’s plan to eliminate the debt-to-income ratio requirement of the Qualified Mortgage rule, but one of the top credit rating agencies claims the change would be dangerous for borrowers. In a note sent out Wednesday, Fitch Ratings stated that moving away from using DTI in the mortgage underwriting process would “weaken” borrower protections from “aggressive lending practices.”

CRI PROMOTES KARENA HOLT TO SENIOR VICE PRESIDENT OF OPERATIONS

LOWELL, Arkansas,  – Central Research Inc. (CRI), a provider of customized management and financial service solutions for government and commercial sectors, has promoted Karena Holt to Senior Vice President.
Holt joined the company in August 2015 as Vice President of Operations, overseeing the U.S. Department of Education (ED) debt collection contract. She has been instrumental in growing the contract, significantly increasing volume and expanding operations to multiple offices. Holt’s commitment to compliance and ensuring adherence to the contract terms, while also simultaneously guiding the development of the operation staff, has been key in the contract’s success.

Kelli Edmonds To Faciliate Auto Finance Peer Group at CRS2020

Happy to announce that Kelli Edmonds of Santander will once again facilitate the Auto Finance Peer Group break out session at Collection and Recovery Solutions 2020.  This group meets on Thursday afternoon, May 7th, and provides an opportunity for auto finance creditors to meet and discuss issues and concerns related to collection and recovery. (Sorry, no vendors allowed to these breakout discussions.) Kelli Edmonds is the Senior Vice President - Vendor Management at Santander Consumer USA with oversight of third party relationships at an enterprise level. Collections and Recovery Solutions 2020 will be held May 6th - 8th at the Four Seasons in Las Vegas.  In addition to a packed agenda, this year will include a special pre-conference "Skip Strategies" session on Tuesday afternoon, from 1:30 p.m. to 5:30 p.m.  Check www.crs2020.com for more details.

CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a November in at Least 20 Years

IRVINE, Calif.--(BUSINESS WIRE)--CoreLogic^® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally, 3.9% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in November 2019, representing a 0.1 percentage point decline in the overall delinquency rate compared with November 2018, when it was 4%.

SUPERINTENDENT LINDA A. LACEWELL ANNOUNCES DFS CONSUMER PROTECTION HEARINGS

Building on Governor Cuomo’s sweeping consumer protection proposals included in the 2020 State of the State agenda, Financial Services Superintendent Linda A. Lacewell today announced that the Department of Financial Services (DFS) will be holding consumer protection hearings to hear directly from New York consumers about their experiences with financial products and services, such as debt collection, auto lending practices, access to banking and financial services, and other consumer related issues.

Private Tax Debt Collection Getting Results but Remains Controversial, Says CRS

The latest iteration of a program in which private collection agencies, or PCAs, are used to attempt to collect on overdue tax debt has yielded about $170 million to the Treasury but controversy remains over such programs, the Congressional Research Service has said.

Three New Jobs Posted on DebtConnection.com

DebtConnection.com is a proven, cost-effective way to help industry leaders focus their energy on finding the “right” partners for their organization while minimizing wasted time, money and effort.  DebtConnection.com lists white papers and other resources, and provides an opportunity for job postings as well.  Find your next chapter here.

DebtConnection.com is an internet resource that combines a user friendly format with a powerful database search engine and decision making capabilities to connect Debt Sellers, Debt Buyers, Creditors and Debt Owners, Collection Agencies and Attorneys, and Industry Product and Service Providers. Users can browse and list debt portfolios for sale, research industry related information on training and service providers, market products to the highest-level industry professionals and keep up to date on the latest industry news and events.

TCN IS EXHIBITING AT THE COLLECTION AND RECOVERY SOLUTIONS 2020!

Collection and Recovery Solutions is proud to announce that TCN 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 8 in the Expo Hall.

TCN is a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide. Founded in 1999, TCN combines a deep understanding of the needs of call center users with a highly affordable delivery model, ensuring immediate access to robust call center technology, such as SMS, email, predictive dialer, IVR, call recording, and business analytics required to optimize operations while adhering to callers requests. Its “always-on” cloud-based delivery model provides customers with immediate access to the latest version of the TCN solution, as well as the ability to quickly and easily scale and adjust to evolving business needs.

Wells Fargo splits wholesale, consumer banking units

Wells Fargo plans to split its three business units into five, a move CEO Charlie Scharf said will provide more accountability across the bank, it announced Tuesday.

Charging into Adulthood: Credit Cards and Young Consumers

The New York Fed’s Center for Microeconomic Data today released the Quarterly Report on Household Debt and Credit for the fourth quarter of 2019. Total household debt balances grew by $193 billion in the fourth quarter, marking a $601 billion increase in household debt balances in 2019, the largest annual gain since 2007. 

U.S. household debt tops $14 trillion and reaches new record

(Reuters) - American households added $193 billion of debt in the fourth quarter, driven by a surge in mortgage loans, and overall debt levels rose to a new record at $14.15 trillion, the Federal Reserve Bank of New York said on Tuesday.

Consumer credit rises due to revolving credit boost

A NAFCU Macro Data Flash report highlights new data from the Federal Reserve showing total consumer credit rose at a seasonally-adjusted, annualized rate of 6.3 percent in December and is up 4.5 percent from a year ago.

FTC to Examine Past Acquisitions by Large Technology Companies

The Federal Trade Commission issued Special Orders to five large technology firms, requiring them to provide information about prior acquisitions not reported to the antitrust agencies under the Hart-Scott-Rodino (HSR) Act. The orders require Alphabet Inc. (including Google), Amazon.com, Inc., Apple Inc., Facebook, Inc., and Microsoft Corp. to provide information and documents on the terms, scope, structure, and purpose of transactions that each company consummated between Jan. 1, 2010 and Dec. 31, 2019.

FTC Acts to Stop Deceptive Ad Sales to Small Businesses

Two Oregon-based media production companies and their owner have agreed to settle Federal Trade Commission charges that they deceptively pitched “exclusive” advertising placements to small businesses and misled them about when the ads would be printed and distributed. The stipulated court order settling the FTC’s complaint bans the defendants from such deceptive conduct and requires them to pay $100,000.

Fifth Third: Bank employees stole, gave out customer info

CRE Lending Momentum Remains Strong Through Q4

The CBRE Lending Momentum Index, tracking the pace of U.S. commercial loan closings, reached a value of 263 in December 2019, virtually unchanged from its third-quarter 2019 close and up 4.2% from a year ago. CBRE attributed this to the Federal Reserve’s interest rate reductions, combined with continued economic growth. “A favorable capital markets environment for real estate continued to support strong commercial lending activity into year-end,” said CBRE’s Brian Stoffers. “Alternative lenders should remain a plentiful source of lending capital in 2020, particularly for bridge and construction loans.”

Fintech Lending Industry to Hit $390.5B Value by 2023

Although traditional banks still hold the largest market share for consumer and business loans, there has been a considerable demand for fintech lending in recent years. Global Fintech lending, or the alternative loans industry will hit a $312.6bn transaction value this year, growing by 17% year-on-year, according to data gathered by LearnBonds.com. The rising trend, highlighted by peer-to-peer firms Lending club in the US or Funding Circle in the UK, is set to continue, with the entire market reaching $390.5bn value by 2023.

Hawley Proposes Massive Overhaul Of FTC To Relocate Agency Under DOJ

Missouri Republican Sen. Josh Hawley proposed a comprehensive overhaul of the Federal Trade Commission (FTC) Monday in the senator’s latest move to reign in big tech. The proposal, aimed primarily at strengthening the FTC to regulate Silicon Valley, would restructure the independent federal agency and move it under the jurisdiction of the Department of Justice. “The FTC isn’t working,” Hawley said in a statement announcing his proposal. “It wastes time in turf wars with the DOJ, nobody is accountable for decisions, and it lacks the ‘teeth’ to get after Big Tech’s rampant abuses… This is about bringing the FTC into the 21st century.”

CFPB, Citizens, and Credit Card Dispute Management: Too Little Too Late or Gotcha?

CFPB filed a lawsuit against Citizens Bank over the handling of credit card account disputes.    While we are not close enough to the details to opine on the merits of the case or the defense, we note that disputes will represent 25 million items by 2022 as U.S. credit cards approach 70 billion transactions. Growth is linear; it does not mean that disputes are running out of control.  As cards continue to displace cash transactions, the industry will add high volume/low value transactions.  This will add to the unit cost of dispute resolution.  

Symposium: Justices to consider constitutionality of CFPB structure

The congressional commission that investigated the 2008 financial crisis concluded that the United States’ consumer-protection system was “too fragmented to be effective.” In response to that finding, in 2010 Congress created the Consumer Financial Protection Bureau as part of the Dodd-Frank Act. The CFPB – whose website describes the bureau as a “U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly” – is led by one director appointed by the president and confirmed by the Senate to serve a five-year term; once confirmed, the president can only remove her for “inefficiency, neglect of duty, or malfeasance in office.” On March 3, the Supreme Court will hear oral argument in a challenge to the constitutionality of that leadership structure.

US charges 4 members of Chinese military with Equifax hack

New FTC Data Spotlight: Fake Check Scams Cause Big Losses, Especially for Consumers in Their Twenties

A new update from the Federal Trade Commission shows that fake check scams led to reported individual median losses of nearly $2,000 – losses far higher than on any other of the top ten scams reported to the FTC. According to the new data analysis, consumers in their twenties are more than twice as likely as people 30 and older to report losing money to these scams.

Consumer credit jumps in December

The numbers: Consumer borrowing surged in December, as consumers used credit cards to make holiday purchases, according to Federal Reserve data released Friday. Total consumer credit increased $22.1 billion. That’s an annual growth rate of 6.3%, up from a 3.4% rate in the prior month. Economists has been expecting a $15 billion gain, according to Econoday.

Banks, fintech startups clash over ‘the new oil’ — your data

The nation’s banks are locked in a bitter fight with upstart technology companies over the control of their customers' financial data — and the consumers whose personal information is at stake are mostly spectators.

‘A major, major initiative’: California wants to create its own Consumer Finance Protection Bureau

Frustrated with federal inaction, California aims to build a “mini” version of a federal agency that is tasked with consumer protection. Billing it as California’s version of the Consumer Financial Protection Bureau (CFPB), Governor Gavin Newsom revealed in his proposed 2020-2021 state budget that the new entity — a Department of Financial Protection and Innovation — intends to “cement California’s consumer protection leadership amidst a retreat on that front by federal agencies including the [CFPB] and “provide consumers greater protection from predatory practices.”

Maze ransomware spree continues amid advisories from French, FBI officials

Roughly a month after the FBI advised U.S. companies to protect themselves against a pernicious strain of ransomware, hackers have continued to attack victims and threaten to publicize their private information. A hacking group deploying Maze ransomware has used a network of websites to publicly identify organizations it claimed to hack, and which of them refused to pay a ransom.

Save the date for the ‘Evolutions in Consumer Debt Relief’

The Consumer Financial Protection Bureau will host a day-long convening, 'Evolutions in Consumer Debt Relief.' The event will explore options for consumers facing unmanageable unsecured debt and limited credit options.

Waters to Kraninger: America Needs Better From You

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the following opening statement during a full Committee hearing entitled, “Protecting Consumers or Allowing Consumer Abuse? A Semi-Annual Review of the Consumer Financial Protection Bureau.”

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