Join us at LENDIT FINTECH USA 2020 – MAY 13 – 14, 2020 – and Save with DC code

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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%

CFPB Symposium: Consumer Access to Financial Records

The event is now streaming live. We’ll have a recording of the event and other resources from the event available here soon.  Join us for a symposium in Washington, D.C., on Consumer Access to Financial Records.   Join us for a symposium in Washington, D.C., on Consumer Access to Financial Records.  The symposium is the fourth in a series announced last year to explore consumer protections in today’s dynamic financial services marketplace.

4 Fintech Trends to Watch For in 2020

The fintech industry is one of the most visibly disruptive sectors since it can dramatically impact everyday consumers as well as the business of all sizes. It’s also potentially a highly regulated sector, with governments and regulators well aware of the need to both protect consumers and businesses, and to provide a fair, competitive environment for industry players. At the same time, governments don’t always agree on how exactly to regulate this rapidly changing industry. Coupled with intense competition from traditional, established banks and financial services providers, along with constant technological developments, this makes for a volatile, exciting sector to watch. So what do 2020 and the coming decade have in store for fintech and traditional banking and financial services?

Credit Union Peer Group Meets At CRS2020 May 6th

Credit Union Peer Group Meets at CRS2020 - Happy to report an increase in credit union professionals attending Collection and Recovery Solutions 2020 (CRS2020). The Credit Union Peer Group will meet Wednesday, May 6th - 8th from 3:30 p.m. - 4:45 p.m.   Credit Union professionals involved in collection and recovery will want to join peers for a small group session specifically with credit unions in mind. The moderator/facilitator is Chris Straiter, Director of Asset Loss Management of BECU. 

For information on CRS2020,
http://www.collectionrecoverysolutions.com/

NAFCU talks data privacy, GLBA safeguards with FTC

Yesterday, NAFCU Director of Regulatory Affairs Ann Kossachev, Senior Regulatory Counsel Elizabeth LaBerge, and Regulatory Affairs Counsel Mahlet Makonnen met with the Federal Trade Commission's Bureau of Consumer Protection, Division of Privacy and Identity Protection to discuss data privacy and safeguards under the Gramm-Leach-Bliley Act (GLBA), among other things.

10 assertions from TransUnion study on Canadian fintech borrowers

TORONTO - Fintech isn’t limited just to Silicon Valley. TransUnion spotted fintech developments leaving impacts in the Oil Patch, MTA and Vancouver, too. A new study released this week by TransUnion explored the evolving trends around the fintech lender landscape in Canada, which can have an impact on how consumers secure auto financing and manage their other credit commitments. The research study analyzed more than 21 million non-mortgage credit products originated in Canada from Q1 2017 to Q2 2018.   TransUnion said its study findings revealed key insights that appear to debunk commonly held beliefs around the profile of fintech borrowers in Canada, as well as the ways that fintech lenders are employing and embracing different credit strategies compared to some of the more traditional lenders.

Wells Fargo workers seek Washington’s help with internal gripes

(Reuters) - A contingent of aggrieved Wells Fargo & Co (WFC.N) workers are taking complaints to Capitol Hill, saying they feel brushed aside by management. On March 25, an advocacy group called The Committee for Better Banks will participate in a House Financial Services Committee hearing titled “Holding Wells Fargo Accountable: Examining the Impact of the Bank’s Toxic Culture on Its Employees.” Two bank workers plan to testify. In a statement, Wells Fargo spokesman Mark Folk said management takes their concerns seriously.

Director Kraninger’s Remarks at the Credit Union National Association Government Affairs Conference

Today, I would like to discuss the role of the Bureau in the consumer financial marketplace and how we prevent consumer harm by establishing clear rules of the road. This promotes competition, increases transparency, protects consumers, and preserves fair markets for financial products and services. Specifically, I would like to share with you our approach to reviewing regulations to ensure they are effective. And, lastly, I will discuss our Start Small, Save Up initiative that promotes emergency savings for consumers.

DCM SERVICES IS SET TO EXHIBIT AT THE CRS2020 CONFERENCE IN MAY

We are happy to have DCM Services as an exhibitor at the Collection and Recovery Solutions Conference, May 6-8 in Las Vegas, NV at the Four Seasons Hotel Las Vegas.  Be sure to visit them in booth 1 in the Exhibit Hall.

Inspired to create solutions.
“At DCM Services, we are energized and excited to elevate the accounts receivable industry holistically. Our compliant, results-driven technological solutions extend beyond products and services. We create specialty solutions to positively impact our clients, their customers, and their customers’ families.”

Visit DCM Services website for more information at https://www.dcmservices.com/

Operator of Fraudulent Debt Collection Scheme Settles With FTC, New York

The operator of a debt collection scheme has settled claims by the Federal Trade Commission and New York Attorney General that he and the companies he controlled lied to consumers about how much debt they owed and used illegal scare tactics to collect it. Under the settlement, Robert Heidenreich, who ran the scheme from the Buffalo, N.Y. area, is permanently banned from the debt collection business and prohibited from misleading consumers about any financial products. The FTC filed its complaint in the case in October 2018.

NAFCU-sought bill to give CUs flexibility in governance policies introduced

Senate Banking Committee members Tina Smith, D-Minn., and Ben Sasse, R-Neb., Monday introduced a NAFCU-sought, bipartisan bill that would improve existing language in the Federal Credit Union (FCU) Act related to expulsion in order to protect credit unions, members, and employees.

FDIC Recognizes Four Institutions for Expanding Financial Literacy

WASHINGTON – As America Saves Week approaches, the Federal Deposit Insurance Corporation (FDIC) today is recognizing four institutions for their work to expand financial education and support healthy banking relationships. Read more: Money Smart News – Winter 2020.   America Saves Week, which runs from February 24–29, is an annual 'call to action' to encourage Americans to reexamine their financial lives and saving behaviors and to commit to make a plan to achieve better financial stability. FDIC is recognizing the following institutions for their use of the agency's Money Smart curriculum in their work to promote financial education and to support healthy banking relationships:

FTC’s Privacy & Data Security Update for 2019 – and how you can use it

To review everything the FTC did in 2019 dealing with consumer privacy and data security – Enforcement, Advocacy, Rules, Workshops, Consumer Education, Business Guidance, and International Engagement – it could take days to compile all that information. The FTC has an easier way to share those developments with your company, clients, and colleagues. Our annual Privacy & Data Security Update offers a to-the-point take on what happened in 2019.

WebRecon Stats for Jan 2020: Year starts with complaints up across the board

Dec 2019: Everything ended the year down.
Jan 2020: Everything began the year up.  FDCPA, TCPA and FCRA were all up over last month, +1.6%, +11.5% and +28.6% respectively. FCRA was also up over last year January by +37.4%, while FDCPA and TCPA were down so far YTD, by -9.8% and -13.9% respectively. CFPB Complaints were up +13.2% over last month, and 19.1% over last year January.

Argument preview: 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 the director has been 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.

CFPB proposal would allow debt collectors to call you about old bills

A new proposal from the Consumer Financial Protection Bureau could spark a fight about what should happen to consumers’ old debt.

FDiTech Releases New Guide to Help ‘FinTechs’ Connect with Banks

WASHINGTON – In its continuing effort to encourage technological innovation in the banking sector, the Federal Deposit Insurance Corporation's technology lab (FDiTech) is releasing a new guide to help financial technology companies and others partner with banks.   Conducting Business with Banks: A Guide for Third Parties is designed to help third parties understand the environment in which banks operate and navigate the requirements unique to banking. 

BUMP Collections! Dallas class is March 12th – still time to sign up

For Collectors and their Front Line Managers - learn to BUMP Collections! with the March 12th class taught in Dallas by Ken Evancic of Resource Management Services. -Learn to Bump results with Ken's four fundamental components of a successful collection call. Build relationships, understand the situation, match the appropriate solutions and process the deal. With role playing and solid techniques for questioning, positive phrases, and guiding the conversations - this class teaches collectors all important negotiation skills relevant to maximizing results. Class is 9 a.m. to 4 p.m. in Dallas Texas on March 12th.

DCM SERVICES, LLC ANNOUNCES ACQUISITION BY NMS CAPITAL

MINNEAPOLIS (Feb. 25, 2020) – DCM Services, LLC (“DCMS”), the industry leader in data and contact management solutions for the estate and specialty receivables recovery market, has been acquired by NMS Capital (“NMS”), a private equity firm.   DCMS provides data and contact management solutions for businesses in the financial services, healthcare, auto, retail, telecommunications, and utilities end-markets. DCMS’ proprietary Probate Finder® technology and domain expertise provide the foundation for best-in-class solutions serving the estate recovery industry. In addition to estate recovery, DCMS provides bankruptcy and other specialty receivable solutions. By partnering with its clients, DCMS has been able to maximize client satisfaction while setting the standard for compliance results.

There’s a wild US ‘debt-to-jail pipeline’ built by payday lenders

Payday loans aren’t just expensive and risky — they could also land you jail.   According to a new report by the non-profit Consumer Federation of America (CFA), high-cost lenders in Utah have been targeting people unable to repay debts by suing them in a small claims court.

Fifth Third Links Rejected Business Borrowers To Alt-Lender

To offer expanded services as it pursues a digital innovation strategy of harnessing partnerships to provide an enhanced customer experience, Fifth Third is teaming with Fundation for small business loans. Fundation will provide its products to customers that don’t meet the loan eligibility guidelines of Fifth Third, which will aid the bank meet more of the credit needs of its small business clients, according to reports.

Fintech startups raised $34B in 2019

Financial services startups raised less money in 2019 than they did in 2018 as VC firms looked to back late stage firms and focused on developing markets, a new report has revealed. According to research firm CB Insights’  annual report published this week, fintech startups across the world raised $33.9 billion* in total last year across 1,912 deals*, down from $40.8 billion they picked up by participating in 2,049 deals the year before. It’s a comprehensive report, which we recommend you read in full here (your email is required to access it), but below are some of the key takeaways.

US government fines Wells Fargo $3 billion for its ‘staggering’ fake-accounts scandal

Consumer Financial Protection Bureau Issues Supplemental Notice of Proposed Rulemaking on Time-Barred Debt Disclosures

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued a Supplemental Notice of Proposed Rulemaking (Supplemental NPRM) regarding the collection of time-barred debt. The Bureau proposes to prohibit collectors from using non-litigation means (such as calls) to collect on time-barred debt unless collectors disclose to consumers during the initial contact and on any required validation notice that the debt is time-barred. Consumer research conducted by the Bureau found that a time-barred debt disclosure helps consumers understand that they cannot be sued if they do not pay. That can help consumers make better informed decisions whether to pay the debt or not.

LendingClub’s Radius deal paves the way for more fintech purchases, experts say

LendingClub wanted a quicker route to becoming a bank, so it opened up its wallet and decided to buy one.    The online credit marketplace announced Tuesday it is buying Boston-based Radius Bank in a cash-and-stock transaction valued at $185 million. The fintech, which had been mulling various paths to a banking charter for the last year, says acquiring the online bank will provide greater regulatory clarity and cheaper funding for its loans

It’s Spring Training Time for Auditors

Resource Management Services, Inc. announces it's program for Spring Training for auditors and compliance oversight professionals with the Oversight Without Travel Series.  Launched to date are the Call Monitoring course (approximately 1.5 hours) and the Compliance Management Systems course (approximately 4 hours).  Expect to see Financial Auditing and Bank Accounts in the very near future.  Web-based, self-paced courses, without travel - get 50% off your spring training in now with code "Spring".  Save even more with the two-course bundle.  Get ready for the audit season now with our Spring training special. Check it out at rms-training.thinkific.com

Lawmakers call out big banks for lack of leadership diversity

Diversity and inclusion strategies at big banks need an upgrade, House lawmakers concluded in a recent report, and the onus is on executives to drive those efforts.   "There is no shortage of diverse people and businesses for banks to hire and promote. Just a shortage of leaders, including bank leaders, with the will to make it happen," said Rep. Al Green, D-TX, in a statement.

Predatory Lender Offering “Vehicle Title Pawns” Ordered to Pay More Than $2.2 Million to Maryland Consumers

BALTIMORE, MD (February 21, 2020) – Maryland Attorney General Brian E. Frosh announced today that his Consumer Protection Division has issued a Final Order against CashN-Go, Inc., Brent M. Jackson, and related businesses owned and operated by Jackson under the “Cash-N-Go” name for making unlicensed and usurious consumer loans. Although Cash-N-Go claimed that they were entering into pawn transactions with consumers, the Division found that Cash-N-Go was instead making illegal consumer loans with interest rates of 360%.

FTC Staff Provides Annual Letter to CFPB On Equal Credit Opportunity Act Activities

The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) with an annual summary of its activities enforcing the Equal Credit Opportunity Act (ECOA).   The FTC is responsible for ECOA enforcement and education regarding most non-bank financial service providers. In its summary, FTC staff describes the Commission’s work on ECOA-related issues, including activities addressed in research and policy development such as:

Gen Z is Leading the Way to Alternative Payment Options

Millennials are often seen as the most digitally savvy generation, but they were actually raised during a time when the internet was still nascent technology. In contrast, Generation Z, or those who were born between 1995 and 2015, grew up with smartphones for toys — and it is for this reason that they’re nicknamed the iGeneration. And when it comes to payments, it’s this population of young digital natives that are demanding newer and more technologically advanced options. In 2018, CO-OP Chief Product Officer Bruce Dragt covered the basics of alternative payment methods (APMs), which are helping us transition to a cashless society. As the name suggests, APMs offer payment options other than the traditional cash-based or credit card systems already in place. While different APMs target different age brackets and types of consumers, a significantly wider adoption is observed among Gen Zers.

NCR: How FIs Can Triumph Over the Challenger Bank Challenge

For traditional financial institutions (FIs), especially smaller FIs and credit unions (CUs), the age of disruption is here. Digital banks are poised to lure consumers away from the JPMorgans, the Citibanks, the Wells Fargos of the world, as digital-centric offerings prove too tempting to resist, sweetened with higher interest rates on deposits, easy-to-use apps, speed and convenience. Maybe not. As Douglas Brown, senior vice president and general manager of NCR Corporation, told Karen Webster in a recent interview, the concept of just what a bank is — and whether challenger banks actually represent an existential threat — is due for a reassessment.

CFPB Event: 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.
The event will explore options for consumers facing unmanageable unsecured debt and limited credit options. Panelists include representation from creditors, consumer advocates, and bankruptcy experts, as well as providers of debt settlement, debt management, and credit counseling services.  See link for registration info and more.  Also, will be live streamed.

Lawsuit: 30,000 borrowers are being charged for student loans that were already discharged

An estimated 30,000 student loan borrowers thought their private loans were discharged when they declared bankruptcy years ago — but their student loan lender, Navient, disagreed.   Navient continued collecting for those loans, and now the borrowers are suing in the U.S. Bankruptcy Court for the Eastern District of New York.

CRS2020 ANNOUNCES A NEW SESSION “FIRESIDE CHAT BOOTH-SIDE”

Get the buzz and latest info with these 5-minute quick topics at designated booths. Mini agenda to come. In the last 25 minutes the Exhibit Hall is open, scheduled small group “Fireside Chat Booth-Side” topics are five minutes each, some conflicting, so check your times and topics. 

Our Current Fireside Chat Booth-Side Presenters are:
ConServe Booth 33
PayNearMe Booth 28
RevSpring Booth 25
Ryan LLC Booth 14
Vertican Technologies, Inc. Booth 30

CFPB to Host Symposium on February 26

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) announced today that it will hold a symposium on Consumer Access to Financial Records and Section 1033 of the Dodd-Frank Act on February 26, 2020, at 9:30 a.m. The event will be webcast on the Bureau’s website.

Consumer Financial Protection Bureau, South Carolina, and Arkansas File Suit Against Brokers of High-Interest Credit Offers

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau), the South Carolina Department of Consumer Affairs (South Carolina), and Arkansas Attorney General Leslie Rutledge today filed a lawsuit in federal district court in the District of South Carolina against Candy Kern-Fuller, Howard Sutter III, and Upstate Law Group LLC. The Bureau alleges that the defendants worked with a series of companies that brokered contracts offering high-interest credit to consumers, primarily disabled veterans, and violated the Consumer Financial Protection Act’s prohibition against deceptive acts or practices and against providing substantial assistance to deceptive and unfair acts or practices of others.

FTC Sending More Than $34 Million in Refunds to Office Depot Customers

The Federal Trade Commission is sending refund checks totaling more than $34 million to consumers who allegedly were tricked by Office Depot, Inc. and a software provider into buying computer repair products and services.  Office Depot paid $25 million while its software supplier, Support.com, Inc., paid $10 million as part of 2019 settlements with the FTC. The FTC alleged that Office Depot and Support.com configured a virus scanning program to report that it found symptoms of malware or infections—even when that was not true—whenever consumers answered yes to at least one of four “diagnostic” questions. The false scan results were then used to persuade consumers to purchase computer repair and technical services that could cost hundreds of dollars.

Morgan Stanley to buy E*Trade for $13B in largest bank takeover since financial crisis

Morgan Stanley is acquiring brokerage firm E*Trade in an all-stock transaction valued at around $13 billion, the two companies announced Thursday.   The deal, expected to close in the fourth quarter of 2020, is the largest deal by a major Wall Street bank since the 2007-08 financial crisis. E*Trade has over 5.2 million client accounts with over $360 billion of retail client assets, adding to Morgan Stanley’s existing 3 million client relationships and $2.7 trillion of client assets, the companies said in a release.

Attorney General Frosh Joins Coalition Supporting Bipartisan Legislation Limiting Forum Shopping in Corporate Bankruptcy Filings

BALTIMORE, MD (February 20, 2020) – Maryland Attorney General Brian E. Frosh today joined a bipartisan coalition of 42 state and territory attorneys general in supporting H.R. 4421, the Bankruptcy Venue Reform Act of 2019, bipartisan legislation that will prevent a corporation from filing for bankruptcy in a District that it believes would be more favorable on issues to the  debtor’s advantage—a practice known as “forum shopping”—when the corporation’s principal place of business or assets are located in a different district, which imposes a burden on states and other creditors who may have to travel and incur significant expenses to pursue their claims.

CFPB Identifies Mortgage Servicing Violations

The Consumer Financial Protection Bureau (CFPB) has released its Winter 2020 edition of its Supervisory Highlights. discussing the Bureau’s examinations findings in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April 2019 and August 2019.

California’s ‘Mini-CFPB’—Gov. Newsom’s Budget Proposal Forecasts Significant Expansion of Consumer Financial Services Oversight and Enforcement in the Golden State

California is poised to join the growing cadre of states enhancing their consumer financial protection functions in response to perceived decreasing federal oversight and enforcement under the Trump administration. Following similar initiatives by Governors and Attorneys General in states along the eastern seaboard from New York to Virginia, Governor Gavin Newsom’s proposed 2020–21 budget (Proposal) set forth his vision for consumer financial protection in California.

CRS2020 EXHIBITOR AND “FIRESIDE CHAT BOOTH-SIDE” PRESENTER – CONSERVE

We are happy to announce that ConServe will exhibit at the Collection and Recovery Solutions Conference, May 6-8 in Las Vegas, NV at the Four Seasons Hotel Las Vegas.  Not only is ConServe exhibiting but they are also a presenter at our newest event, Fireside Chat Booth-Side presentation.  Be sure to visit them in booth 33 in the Expo Hall.

For over 34 years, ConServe’s innovative collection approach has helped our Clients maximize recoveries and reduce pre and post charge-off accounts. Our unique synergy of analytics-driven technologies and skilled collection experts optimizes collection results, increasing your return on investment.

Car loan company lays off 137 people, its entire Anaheim staff

Gateway One Lending & Finance, which services car loans for consumers, is closing its Anaheim office and laying off all 137 of its workers, according to a notice filed with the state.   The company informed the state Employment Development Department in a letter received Feb. 3 that the last day for the workers will be April 3. The layoffs will affect the entire workforce at the Riverview Drive office.

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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