DCS2020 Great Debate Challenger Joann Needleman Announced

Joann Needleman of Clark Hill PLC challenges Mark Naiman, our reigning Great Debate champion at DCS2020's Great Debate - "Collections, Compliance and Effectiveness"! Happy to announce that Joann Needleman will take the debate stage at Debt Connection Symposium & Expo, September 15-17, 2020 at the Red Rock Hotel in Las Vegas. More debate challengers are soon to be announced.  Plan to join us!  www.dcs2020.com

Senators question Kraninger on QM proposal, MLA authority

CFPB Director Kathy Kraninger, while testifying before the Senate Banking Committee Tuesday, provided updates on efforts related to amending the definition of a qualified mortgage (QM) and potential expiration of the government-sponsored enterprise (GSE) patch, as well as the bureau's authority under the Military Lending Act (MLA).

CFPB sues Fifth Third Bank for opening fake accounts, like Wells Fargo

NEW YORK — The Consumer Financial Protection Bureau has filed a lawsuit against Fifth Third Bank, alleging the bank’s employees opened fake accounts for customers in order to meet aggressive sales targets. The federal regulator alleged Monday that the bank knew its employees were opening fake accounts since at least 2008 and up until 2016, the same year that Wells Fargo admitted its own employees had opened fake accounts to meet aggressive sales goals. Wells Fargo was forced to pay billions of dollars in fines and penalties for its bad behavior. 

Consumer credit falls in January; NAFCU expects extended decline

"Lending standards for revolving lines of credit have been tightening, so January's pullback is no surprise," said NAFCU Chief Economist and Vice President of Research Curt Long following the release of data that revealed total consumer credit rose 3.4 percent in January (seasonally-adjusted, annualized) and is up 4.4 percent versus a year ago.   Non-revolving credit continued its growth streak and rose 5.8 percent, up 4.8 percent from a year ago. However, revolving credit dropped 3.4 percent.

DRN TO EXHIBIT AND SPONSOR AT CRS2020, MAY 6-8 IN LAS VEGAS

We are happy to announce that DRN 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 5 in the Expo Hall.

Digital Recognition Network, DRN, fuels revenue, growth, and streamlined work processes for the top names in auto lending and insurance. 

Jefferson Capital Acquires Canaccede Financial Group

TORONTO, March 10, 2020 (GLOBE NEWSWIRE) -- Jefferson Capital Systems, LLC (Jefferson Capital), a leading purchaser and servicer of consumer charged-off and bankruptcy receivables in the United States and United Kingdom, announced today that it has completed the strategic acquisition of Canaccede Financial Group (Canaccede), the largest buyer of charged-off consumer receivables and insolvencies in Canada.  J.C. Flowers & Co. (“J.C. Flowers”), a leading private investment firm specializing in the financial services industry, is the principal shareholder of Jefferson Capital. 

CFPB “Evolutions in Consumer Debt Relief” Video Will Be Available

The CFPB's  "Evolutions in Debt Relief Convening"  has ended.  A video of the event will be available here: https://www.consumerfinance.gov/about-us/events/evolutions-in-consumer-debt-relief-event/).

CFPB Proposes Consumer Protection Whistleblower Reward Program

To promote the Consumer Financial Protection Bureau’s mission of preventing consumer harm, the CFPB is working with Congress to advance legislation that would create a whistleblower reward program.  The draft legislation creating a CFPB whistleblower reward program is similar to the SEC whistleblower reward program.  Under the proposed program, a whistleblower who provides original information to the CFPB relating to a violation of Federal consumer financial law that results in an enforcement action yielding at least $1,000,000 in monetary sanctions would be eligible for an award of 10 to 30 percent of the collected monetary sanctions. 

Three Defendants in Student Debt Relief Scheme Banned from Selling Debt Relief and Telemarketing

Three defendants in a student loan debt relief scheme have been banned from telemarketing and selling debt relief, and ordered to pay millions in resolution of Federal Trade Commission allegations that they deceived consumers by promising to reduce or eliminate consumers’ student loan debt.  The U.S. District Court for the Central District of California found that Brian Colombana, Impetus Enterprise, Inc., and Fig Tree & Co., LLC deceptively marketed student loan debt relief services to consumers and tricked them into paying illegal upfront fees by promising to reduce or eliminate their student loan debt, and then failed to deliver the promised debt relief.

U.S. banking regulators urge banks to help borrowers struggling due to coronavirus

WASHINGTON, March 9 (Reuters) - U.S. banking regulators said in a joint statement on Monday they would not penalize banks that help borrowers struggling to repay loans due to the coronavirus outbreak, and vowed to provide “appropriate regulatory assistance” to affected institutions. The statement from the Federal Reserve and others urged banks to work constructively with customers in affected areas, and urged institutions to continue to meet their financial needs. Prudent efforts to provide loan relief would not be criticized by bank examiners, they said. (Reporting by Pete Schroeder; Editing by Leslie Adler and Tom Brown)

First Round of Refunds Totaling $153 Million Sent to Consumers As a Result of Multi-Agency Case Against Western Union

Approximately $153 million is being mailed to 109,000 consumers in the first distribution of refunds resulting from the law enforcement actions brought against Western Union by the Federal Trade Commission (FTC), the U.S. Department of Justice (DOJ), and the U.S. Postal Inspection Service. The affected consumers are receiving compensation for 100 percent of their losses. 

Senate OKs bill targeting predatory medical debt collectors

BOISE, Idaho (AP) — Legislation in Idaho to create transparency in medical bills sent to people and to rein in predatory medical debt collectors headed to the governor's desk on Monday.  The Senate voted 32-1 to approve the measure backers call consumer protection legislation.

Consumer Financial Protection Bureau Files Suit Against Fifth Third Bank, National Association for Allegedly Opening Unauthorized Accounts and Enrolling Consumers in Unauthorized Products and Services

WASHINGTON, D.C. —The Consumer Financial Protection Bureau (Bureau) today filed a lawsuit in federal district court in the Northern District of Illinois against Fifth Third Bank, National Association (Fifth Third). The Bureau alleges that for several years Fifth Third, without consumers’ knowledge or consent: opened deposit and credit-card accounts in consumers’ names; transferred funds from consumers’ existing accounts to new, improperly opened accounts; enrolled consumers in unauthorized online-banking services; and activated unauthorized lines of credit on consumers’ accounts. The Bureau alleges that Fifth Third violated the Consumer Financial Protection Act’s prohibition against unfair and abusive acts or practices as well as the Truth in Lending Act and the Truth in Savings Act and their implementing regulations.

New York Governor Declares Coronavirus State of Emergency, Triggering New Restrictions on Telemarketing

On Saturday, March 7, New York governor Andrew Cuomo declared a state of emergency due to the spread of the coronavirus in the state. The primary purpose of this declaration is provide local governments quicker access to funding and resources to combat the spread of the virus. A somewhat unusual but significant side effect is that it triggers restrictions on sales calls thanks to the state’s new telemarketing bill.

A dozen years after the 2008 recession, a different kind of debt threatens the world economy

The coronavirus is threatening the global economy and financial markets. But so is another, less obvious peril — the mountain of risky debt issued by companies and bought by investors during the recent economic expansion. Paying back this debt is going to be tough for businesses that have issued it if their earnings fall because of the coronavirus. Delinquencies, defaults and investment losses are likely, analysts say, possibly subjecting the economy to what economists call a negative feedback loop.

Verizon embraces blockchain for cybersecurity

Verizon Business, the enterprise arm of the 20-year-old telecommunications giant, announced on Thursday two blockchain-based cybersecurity systems. This is the first time Verizon’s used blockchain for cybersecurity. The first, Verizon Identity (VID), stores information about users’ log in credentials in a “digital identity safe” on mobile phones. Verizon said this could eliminate the need for passwords. It also integrates multi-factor authentication and biometrics data, and meets the standards of government data protection laws and cryptography standards.

CHAIRMAN PAI ANNOUNCES CRITICAL STEP IN FIGHTING SPOOFED ROBOCALLS: MANDATING STIR/SHAKEN CALLER ID AUTHENTICATION

WASHINGTON, March 6, 2020—Federal Communications Commission Chairman Ajit Pai today proposed a major step forward to further the FCC’s efforts to protect consumers against spoofed robocalls: new rules requiring implementation of caller ID authentication using socalled “STIR/SHAKEN”  technological standards. STIR/SHAKEN  enables phone companies to verify the accuracy of caller ID information that is transmitted with a call. Industry-wide implementation would reduce the effectiveness of illegal spoofing, allow law enforcement to identify bad actors more easily, and help phone companies  identify calls with illegally spoofed caller ID information before those calls reach their subscribers. The FCC will vote on these  new rules during its Open Meeting on March 31.

Credit Repair Company Settles FTC Charges It Deceived Consumers By Telling Them “Piggybacking” on Others’ Credit Could Boost Scores

A Colorado-based credit repair company and its owner have agreed to settle Federal Trade Commission charges they mislead consumers with promises to “drastically and immediately” improve credit scores and increase access to lower rates on mortgages.

T-Mobile discloses details of another data breach

T-Mobile has informed its customers that it was targeted by hackers in a recent data breach. In a notice sent to customers, the company said that personal and financial information may have been compromised by an attack that targeted its email vendor. That attack allowed hackers to gain access to T-Mobile employee email accounts, which opened up avenues to customers’ names, addresses, Social Security numbers, financial account information, government identification numbers, phone numbers, billing and account information, and rate plans and features.

Watch Out for California – State Stepping Up Fintech and Lending Regulatory Enforcement

A recent legal conference in Washington, DC, highlighted newly proposed and ongoing regulatory changes in California concerning consumer and commercial lending. In short, one of the conference’s messages was that lending enforcement is increasing and the California Department of Business Oversight (DBO) is becoming much more aggressive in its enforcement posture (including with respect to treating retail installment sales contracts and merchant cash-advance products as loans).

U.S. Bank to take over State Farm banking operations

In a move to exit the banking business, State Farm later this year will begin turning over its deposit and credit card accounts to U.S. Bank in a strategic alliance the insurance company  announced on Thursday.    "State Farm has been committed to helping people for nearly 98 years," president and CEO Michael Tipsord said. "U.S. Bank is an outstanding institution that shares our commitment to strong customer relationships. When we combine State Farm’s deep customer relationships with the scale and capabilities of companies like U.S. Bank, we can help significantly more people."

CFPB Takes Key Steps to Prevent Consumer Harm; Proposes Whistleblower Award Program, Other Measures

Implementing an advisory opinion program to provide clear guidance to assist companies in better understanding their legal and regulatory obligations through advisory opinions;  Amending and reissuing its responsible business conduct bulletin, which articulates that the Bureau intends to provide credit to entities for their responsible conduct based on its extent and significance;  and Engaging with Congress to advance proposed legislation that would authorize the Bureau to award whistleblowers who report violations of Federal consumer financial law.

Attorney General Becerra Announces Arrest, Charges Against Five Individuals for Student Loan Scam and Related Security and Computer Crimes

SACRAMENTO – California Attorney General Xavier Becerra today announced the arrest of and criminal charges against several individuals for their roles in perpetrating a student loan assistance scam and related computer and securities crimes through their now-defunct company Student Loan Relief Department. The criminal complaint alleges that the charged individuals illegally created and accessed account records in the U.S. Department of Education’s (ED) computer systems without authorization and bilked student borrowers out of funds. The charged individuals are also accused of lying about the company’s business model to investors and illegally accepting investments. The complaint, filed in Los Angeles County Superior Court, issued charges against the following defendants.

Fifth Third Faces CFPB Probe Over Fake Accounts

Fifth Third Bank said it’s facing enforcement action from the Consumer Financial Protection Bureau (CFPB) over alleged openings of unauthorized accounts. The CFPB said it plans to file enforcement action over the generation of fake accounts allegedly done by employees of Fifth Third. There was a filing Monday with the U.S. Securities and Exchanges Commission, though no timeline on further action was given yet. Fifth Third said it did not know how big the enforcement action would be and that it had set aside “reasonable reserves” for whatever comes next.

Pre-Conference Skip Strategies Added to CRS2020 for May 5th

Join other industry leaders at a pre-conference Skip Strategies session for creditors.  On May 5th, from 1:30 p.m. – 5:30 p.m., this in-depth discussion will include the art of skiptracing as well as the practical and operational techniques, combining people resources and technology options. Discuss the challenges and operational impacts of evolving technology solutions. Watch as we put Vendors on the “Hot Seat” with questions on guarantees, controls and processes. Learn how to measure success and determine when to stop. Hear tips and techniques as our various expert panels delve into the details you need to maximize your ROI from skip efforts.  CRS2020 is an invitation-only event for creditors.  Write to:  crs@resourcemanagement.com for more information.

FDIC Offers Voluntary Retirement and Early Separation Program

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced it will offer voluntary retirement and early separation opportunities to approximately 20 percent of its employees to help reshape the agency's workforce for the future and to enhance preparedness.

Luetkemeyer introduces NAFCU-supported CFPB commission bill

House Financial Services Committee Member Blaine Luetkemeyer, R-Mo., Thursday introduced NAFCU-supported legislation that would reform the CFPB's governance structure from a single director to a bipartisan commission. NAFCU has consistently advocated that the bureau's leadership structure should be reformed to a commission-based model to ensure transparency and accountability.

DEBTTRADER® TO EXHIBIT AND SPONSOR AT CRS2020, MAY 6-8 IN LAS VEGAS

We are happy to announce that DebtTrader® 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 DebtTrader® exhibiting but they are also an Specialty Sponsor.  Be sure to visit them in booth 23 in the Expo Hall.

Fed Beige Book reports first negative impact of coronavirus on U.S. economy

The outlook: The coronavirus outbreak was starting to have an impact on the U.S. economy, especially the travel and tourism industry, according to the Federal Reserve’s Beige Book report released Wednesday.

House report slams Wells Fargo, regulators’ failure to rein in ‘reckless’ bank

The House Financial Services Committee says Wells Fargo's board and senior management failed to comply with consent orders issued by regulators in response to the bank’s widespread consumer abuses, according to a document released by committee Democrats Wednesday evening. 

Lowest mortgage rates since 2012 spur refinancing wave

Concerns that the coronavirus could slam the U.S. economy are pushing down mortgage rates to their lowest level since 2012. That's spurring a growing number of homeowners to refinance their loans as well as enticing house-hunters to apply for mortgages. A Mortgage Bankers Association survey of lenders released Wednesday shows that refinancing activity is up 224% from a year ago, while applications for home loans have risen 10% compared with the same period last year.

Analysis finds a ‘tipping point’ for Americans struggling with household debt

household debt has reached a new pinnacle of $14.15 trillion, a separate analysis by American Consumer Credit Counseling (ACCC) found that American households seeking financial help are usually carrying more than $20,000 in credit card debt. " data-reactid="16" 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;">At a time when U.S. household debt has reached a new pinnacle of $14.15 trillion, a separate analysis by American Consumer Credit Counseling (ACCC) found that American households seeking financial help are usually carrying more than $20,000 in credit card debt. “Most of the people in our study are using credit cards to just get by and are living paycheck to paycheck,” Madison Block, a marketing communications and program associate at ACCC, told Yahoo Money.

Weekly mortgage refinances spike 26% as interest rates tank on coronavirus fears

A sharp drop in mortgage interest rates had borrowers rushing to their lenders last week. Refinance volume spiked, sending total mortgage application volume up 15.1% for the week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) decreased to 3.57% from 3.73%, with points decreasing to 0.26 from 0.27 (including the origination fee) for loans with a 20% down payment. Rates are even lower now. One year ago, the average rate was 4.67%, 110 basis points higher. 

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NACTT 55th Annual Seminar

National Association of Chapter 13 Trustees (NACTT)

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