Bank-friendly regulator troubles lenders with redlining law rewrite

Comptroller of the Currency Joseph Otting is an unusually pro-bank regulator who once ran a California lender and understands the business. But his proposed overhaul of landmark anti-redlining rules is causing the industry a lot of angst. The reform of the 1977 Community Reinvestment Act, jointly put forward by Otting’s agency and the FDIC, aims to address a slew of long-standing complaints from banks about the law, which encourages them to lend to lower-income borrowers in the neighborhoods where they do business.

Consumer data-sharing debate highlights bank, fintech divide

Banks and fintechs have been partnering for years, a symbiotic relationship that has allowed fintechs to scale and traditional financial institutions to expand the suite of products they offer to consumers.   But a growing debate over how consumer financial data should be shared has pitted industry incumbents against fintechs in recent months. 

DoD cites NAFCU, DCUC as it makes key change for MLA relief

The Department of Defense (DoD) is reverting language for Question No. 2 of the department's interpretive guidance to the Military Lending Act (MLA) rule to how it was initially written in 2016, which provides some relief related to guaranteed asset protection (GAP) insurance. NAFCU and the Defense Credit Union Council (DCUC) had pressed the DoD – through meetings and letters – to completely rescind the question because of the confusion it has created for credit unions and their third-party vendors. While this is a good step, NAFCU's initial analysis notes there is more work to be done.

Desjardins Group Breach Cost $38m Higher Than Expected

Last year's data breach at the Desjardins Group will cost the co-operative far more than initially anticipated.   Original estimates by the Quebec-based financial institution set the cost of recovering from the breach at $70m. The co-operative has now said that the final breach bill is likely to be $108m. 

FinTech Collection – Lender Peer Group Meets at CRS2020

Moderated by Bradley Shropshire of OnDeck Capital, this breakout session of Collection and Recovery Solutions 2020 (CRS2020) provides an opportunity for FinTech lenders to meet and discuss challenges specific to marketplace lenders. Meets Wednesday, May 6th, 2:10 p.m to 3:20 p.m. CRS2020 is an invitation-only event for senior level collection and recovery professionals, with limited vendors. If you're a lender, or creditor, and would like more information or an invitation, contact crs@resourcemanagement.com. For additional schedule information, check 

http://www.collectionrecoverysolutions.com/schedule.html

Survey: More than half of consumers would try fintech over traditional banks

Sixty-four percent of consumers would consider buying or applying for financial products from a tech company instead of traditional banks and credit unions, according to a Harris Poll survey commissioned by the digital card services firm Ondot Systems. Eighty-one percent of American consumers ages 18 to 34 would prefer fintech companies over legacy banks and credit unions.

Attorney General Becerra Updates Congress on California Consumer Privacy Act, Urges Expansion with Future Legislation

SACRAMENTO – California Attorney General Xavier Becerra today sent a letter to members of Congress with an update on California’s implementation of the California Consumer Privacy Act (CCPA). In the letter, the Attorney General urged Congress to use federal legislation to build on rather than preempt the consumer rights and privacy protections made possible by the CCPA or other state law. Attorney General Becerra further emphasized that Congress should provide consumers with greater enforcement power and be a partner to the states in the work of protecting consumer privacy.

CRS2020 WELCOMES SOLUTIONS BY TEXT AS AN EXHIBITOR AT THE MAY CONFERENCE

We are happy to announce that Solutions By Text will exhibit 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 4 in the Expo Hall.

Consumer bureau launches webpage on using tax refunds for savings

The Consumer Financial Protection Bureau (CFPB) launched a webpage this week to with resources to help taxpayers save their refunds. “Tax time is a great opportunity to take that first important step of building your savings," a CFPB official said in a statement Wednesday. "Increased savings can enhance a consumer’s financial well being." The webpage includes information encouraging taxpayers to save their refunds, and details various types of accounts in which taxpayers can deposit their refunds for savings.

TILA-RESPA Integrated Disclosure FAQs

Reviewing these questions and answers is not a substitute for reviewing TILA, RESPA, Regulation Z, or its official interpretations (also known as the commentary). The statutes, Regulation Z, and its official interpretations are the definitive sources of information regarding the requirements.

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

We're going - thought you'd want to go too!

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.

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

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

Conleys Medical Billing & Debt Collection Services

(704) 281-7628

Watson Holdings LLC

(443) 810-5768

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