House Passes Four Bipartisan Financial Services Bills

Yesterday, the U.S. House of Representatives passed bipartisan financial services bills to protect servicemembers from predatory debt collectors, improve the availability of affordable housing and mortgage credit, and address concerns that China is trapping developing nations in a cycle of predatory debt. The bills passed include:

DoD’s latest interpretive rule explained in Compliance Blog

The Department of Defense (DoD) last week issued a third interpretative rule for its Military Lending Act (MLA) regulations that reverts language for Question No. 2 to guidance originally issued in 2016. NAFCU Vice President of Regulatory Compliance Brandy Bruyere breaks down what this means for credit union operations and how it adds to clarification in a new post on the Compliance Blog.

Recovery Management Network Meets at CRS2020

Recovery Management Network (RMN) is an organization for collection and recovery peers to network and discuss areas of importance / concern / challenges in their collection and recovery world. Collection oversight, due diligence, text and email, compliance, vendor management, etc. are all topics of teleconferences, which are held monthly. The group meets monthly by teleconference, and has an annual tie-in meeting with Collection and Recovery Solutions (CRS). This group is for creditors only. There is no membership fee, but members agree to abide by Anti-Trust rules, and no include vendors on any calls. This group is meeting at Collection and Recovery Solutions 2020 (CRS2020) in Las Vegas, May 6th - 8th at the Four Seasons, from 7:30 a.m. to 2:00 p.m. (May 6th), moderated by Craig Paterson of GM Financial.  For information on the CRS tie-in agenda, see: http://www.collectionrecoverysolutions.com/rmn_schedule.html

Supreme Court looks likely to weaken Consumer Financial Protection Bureau but leave it standing

WASHINGTON — The Supreme Court looked likely to weaken the Consumer Financial Protection Bureau, but leave it standing, as the justices heard oral arguments Tuesday in a major business regulation case. The case concerned whether the regulatory agency established in the wake of the 2008 financial crisis was structured unconstitutionally by giving too much power to its director. Under the legislation that established the bureau, the head of the CFPB, who serves a five-year term, may only be removed by the president for “inefficiency, neglect of duty, or malfeasance in office.”

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. Screen scraping and Application Programming Interfaces (APIs) were among the topics discussed at the Consumer Financial Protection Bureau’s (CFPB) symposium on Consumer Access to Financial Records on Wednesday, and several panels highlighted the opposing views of banks and fintechs when it comes to collecting consumer data.

RYAN LLC TO EXHIBIT AND PRESENT AT THE CRS2020 “FIRESIDE CHAT BOOTH-SIDE”

We are happy to announce that Ryan LLC 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 Ryan LLC exhibiting but they are also a presenter at our newest event, Fireside Chat Booth-Side presentation.  Be sure to visit them in booth 14 in the Expo Hall.

FTC to Host Workshop Examining Issues Related to Proposed Amendments to the Safeguards Rule

The Federal Trade Commission will hold a public workshop on May 13, 2020 seeking research, testimony, and other input on the proposed changes to the Safeguards Rule under the Gramm-Leach-Bliley Act.   The workshop will explore some of the issues raised in response to amendments the FTC has proposed making to the Safeguards Rule, which requires financial institutions to develop, implement, and maintain a comprehensive information security program. In 2019, the FTC sought comments on the proposed amendments to the Safeguards Rule.

Argument analysis: Justices divided in challenge to CFPB structure

The Consumer Financial Protection Bureau is headed by a single director, who is appointed by the president and confirmed by the Senate to serve a five-year term. Once that director is in office, she can only be removed by the president for “inefficiency, neglect of duty, or malfeasance in office.” This morning both a California law firm under investigation by the CFPB and the CFPB itself told the Supreme Court that these restrictions on the removal of the bureau’s director are unconstitutional. If the justices agree, they must then decide what the remedy should be for the constitutional violation. The fate of the CFPB, as well as other agencies with similar structures, could hinge on their answer.

SCOTUS rules City of Miami FHA case moot

The Supreme Court Monday vacated a previous decision ruling plaintiffs can no longer rely on the Eleventh Circuit Court's decision in City of Miami v. Wells Fargo & Co as a source of support in similar cases. The City of Miami last month filed the Suggestion of Mootness following its voluntarily dismissal of pending lawsuits against Bank of America, Wells Fargo, Citigroup, and JPMorgan Chase related to discriminatory practices under the Fair Housing Act.

Remitter USA Inc. hires Jennifer Cummings, CPA as its Chief Financial Officer.

Remitter USA Inc.  is pleased to announce Jennifer Cummings as the newest member of its Executive team.  Jennifer brings over 15 years’ experience with her, having experience working with a vast array of privately held companies in start-up, growth, and turnaround situations in various industries working in both public accounting and private sector over the course of her career.

Spike in fintech M&A shows industry is maturing

Less than two months into 2020, fintech M&A is dominating headlines in the financial services industry.   Visa kicked off the momentum when it announced its planned $5.3 billion acquisition of data aggregator Plaid in mid-January.    Last week online credit marketplace LendingClub announced plans to buy Boston-based Radius Bank in a $185 million cash-and-stock transaction, a deal that would allow LendingClub to secure a bank charter. 

CFPB Structure To Get Supreme Court Hearing

The The Wall Street Journal reported that the Supreme Court will hear oral arguments this week about the structure of the Consumer Financial Protection Bureau (CFPB). The case focuses on whether the creation of the bureau roughly a decade ago overstepped constitutional boundaries, with a structure in place that includes a single director serving a five-year term. That director can only be removed by the president for neglect of duty or malfeasance. “I will be surprised if there aren’t five votes to invalidate the CFPB’s current structure,” WSJ quoted University of Illinois law-school dean Vikram Amar as stating.

Spring 2020 CFPB Advisory Committee meetings in Washington, DC (March 12)

Join us for CFPB Advisory Committee meetings in Washington, D.C., to discuss broad policy matters related to the Bureau’s Unified Regulatory Agenda and general scope of authority.

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.

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