Inslee issues new proclamations on criminal statutes, CDLs and garnishments

Gov. Jay Inslee signed three new proclamations today in response to the COVID-19 outbreak. The orders impact criminal statute of limitations, make it easier to renew commercial driver licenses and learner permits, and protect consumer assets, including federal stimulus checks, from consumer debt collections.  “As the COVID-19 situation develops, we must constantly evolve our state systems to ensure that our communities are supported and set up to get through this outbreak,” Inslee said.

Illinois Issues New COVID-19 Collections Guidance

On April 14, 2020, the state of Illinois Department of Financial and Professional Regulation issued new guidance to state licensed consumer credit companies that they are referring to as “best practices” that they are “recommending” should be put into practice to help persons during the coronavirus pandemic. Much like Massachusetts, Texas and the district of Colombia, this guidance suggests the suspension of all collection activity, waiver of most fees and the copious offering of payment forbearances.

REMITTER ANNOUNCES STRATEGIC PARTNERSHIP WITH MAXWELL AND GRAVES SOLUTIONS (M&G SOLUTIONS) FOR THE AMERICAN MARKET

Remitter USA Inc today announced its partnership with M&G Solutions. Remitter is a market leading white-labelled SMS and email communications platform, powered by AI and used by providers in the financial services industry to improve collection and recoveries performance.  The Partnership between M&G Solutions and Remitter will further add to Remitter’s expertise in the accounts receivables space within the Unites States.  The M&G Solutions – Remitter partnership brings together M&G’s expertise in the collections and operations space with the leading non voice solution to help clients implement a best in class non voice collections experience for the consumer.

Millions of Americans may not be able to pay bills. These banks are offering coronavirus relief

In the face of the global pandemic, millions of Americans may not be able to pay their bills this month. To that end, a growing number of financial institutions, including Ally Financial, Bank of America, Citi and Fifth Third Bank, have taken steps to offer some assistance for customers affected by Covid-19. The coronavirus aid relief bill also offers some credit protections. For example, lenders and financial institutions need to report accounts as “current” (as opposed to delinquent) — but it doesn’t happen automatically; borrowers must first apply for help. 

Assessing liquidity for a new abnormal

Aspects of cybersecurity not to overlook when working from home

Due to the novel coronavirus situation, billions of people are currently working remotely, many for the first time in their lives. It could be out of personal fears of infection, in obedience of local social distancing regulations, or in accordance with company-wide policies, but the end result is an unexpected shift from the norm of working in the office to working from home (WFH).

PPP’s supplemental rule clarifies some CU questions

The interim final rule from the Small Business Administration (SBA) to implement its paycheck protection program (PPP) published today in the Federal Register. In addition to the rule's text that was previously releaThe interim final rule from the Small Business Administration (SBA) to implement its paycheck protection program (PPP) published today in the Federal Register. In addition to the rule's text that was previously released, a supplemental version was also published that clarifies some questions credit unions have had related to documents needed for self-employed individuals' income and eligible businesses.sed, a supplemental version was also published that clarifies some questions credit unions have had related to documents needed for self-employed individuals' income and eligible businesses.

Consumer Alert: Prevent Data Breaches by Updating your Router’s Firmware

Amid the COVID-19 crisis, more North Carolinians are working and learning remotely using their home internet. That makes now a great time to ensure that your systems are as secure as possible. Hackers and scammers are working overtime to steal your money and personal information, but taking simple security steps like updating your internet router’s firmware can help keep you safe. Router manufacturers release firmware updates to repair vulnerabilities exploited by hackers. Almost all of your personal information passes through your router, so keeping its security up to date is critical to protecting your personal financial data.

Attorney General James Leads Coalition Urging Federal Government to Ensure Emergency Stimulus Payments Go to Families, Not Debt Collectors

NEW YORK – New York Attorney General Letitia James today sent two letters to the federal government in an effort to help Americans deal with the ensuing economic fallout of the coronavirus disease 2019 (COVID-19) public health crisis. First, Attorney General James led a bipartisan coalition of 25 attorneys general in sending a letter to Treasury Secretary Steven Mnuchin, calling on the U.S. Department of the Treasury to take immediate action to ensure billions of dollars in emergency stimulus payments authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) go to American families and not debt collectors.

Consumer Financial Protection Bureau Paves Way for Consumers to Receive Economic Impact Payments Quicker

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers to receive pandemic-relief payments, including the economic impact payments authorized in the CARES Act, through prepaid accounts. Federal, State, and local governments are considering a variety of approaches to providing consumers relief from the economic impacts of the COVID-19 pandemic.

NAFCU discusses mortgage lending, forbearances with CFPB

Members of NAFCU's Regulatory Affairs team Monday shared credit union concerns and issues related to mortgage servicing, forbearances, and periodic statements with the CFPB. NAFCU previously spoke with CFPB Director Kathy Kraninger to reiterate credit unions' need for regulatory relief amid the coronavirus.

Attorney General Xavier Becerra Joins Coalition Urging the Department of the Treasury to Immediately Exempt COVID-19 Emergency Monetary Relief from Garnishment

SACRAMENTO – California Attorney General Xavier Becerra today joined a coalition of 25 attorneys general in urging the U.S. Department of the Treasury (Treasury) to take immediate action to ensure that emergency monetary relief authorized by the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) will not be subject to garnishment by creditors or debt collectors. The CARES Act was enacted last month by Congress to provide emergency assistance and healthcare response for individuals, families, and businesses affected by the COVID-19 public health emergency. Today’s letter urges Treasury Secretary Steven Mnuchin to use his authority to designate CARES Act payments as exempt from garnishment.

CFPB Tapped To Help Distribute COVID-19 Payments

The Consumer Financial Protection Bureau (CFPB) has made it easier for people to access stimulus CARES Act funds by removing some of the legal barriers barring banks from issuing the payments through prepaid accounts, according to a press release. Banks or other government agencies are usually unable to get direct deposits right to consumers if the banks are not in possession of the consumer’s account information. In some of those cases, the faster option might be a fresh prepaid account through which the intended funds can be disbursed.

AG Healey to Debt Collectors: COVID-19 Stimulus Payments Are Off Limits

Boston — Attorney General Maura Healey today issued guidance to protect consumers who will receive a payment as a result of the federal government’s Coronavirus Aid, Relief, and Economic Security (CARES) Act from unfair debt collection practices and called on the Trump Administration to take immediate action to ensure these payments go to American families and not debt collectors.

WI AG joins 22 others demanding enforcement of CARES Act

MADISON, Wis. (RELEASE FROM ATTORNEY GENERAL'S OFFICE)- Attorney General Josh Kaul and a coalition of 22 other attorneys general are demanding the Consumer Financial Protection Bureau (CFPB) enforce the CARES Act and require credit reporting agencies to follow the Fair Credit Reporting Act (FCRA) during the COVID-19 crisis. The CFPB’s recent announcement that they would not enforce the law would leave consumers at the mercy of unresponsive credit agencies at a critical time.

US banking regulator lacks agency-wide crisis readiness or training plan, audit finds

The US Federal Deposit Insurance Corporation, which insures deposits at banks and oversees their safety and soundness, had failed as of a year ago to develop an agency-wide readiness or personnel-training plan for economic crises, an internal audit said this week. FDIC management said in a March 2020 response attached to the Inspector General report that it agreed with some conclusions and disputed others. “The FDIC has a strong and recognized track record of effectively responding to crises,” said Arleas Upton Kea, deputy to chairman Jelena McWilliams. “The FDIC agrees that additional training could be used” in some instances.

PRESS RELEASE: VERTICAN ANNOUNCES CEO RETIREMENT AND SUCCESSION PLAN

Fairfield, NJ – Vertican Technologies, a global leader in the debt collection software industry, announced today the retirement of founder and chief executive officer, Stevan H. Goldman and promotion of Isaac Goldman. Stevan has been a pioneer of the Accounts Receivable Management (ARM) industry for more than four decades, revolutionizing the way data collection and ethical recoveries are performed. His imprint in the receivables’ world has set the standard by which future advances in technological solutions will follow.

Over 500,000 Zoom accounts sold on hacker forums, the dark web

Over 500,000 Zoom accounts are being sold on the dark web and hacker forums for less than a penny each, and in some cases, given away for free. These credentials are gathered through credential stuffing attacks where threat actors attempt to login to Zoom using accounts leaked in older data breaches. The successful logins are then compiled into lists that are sold to other hackers. Some of these Zoom accounts are offered for free on hacker forums so that hackers can use them in zoom-bombing pranks and malicious activities. Others are sold for less than a penny each.

Coronavirus mortgage relief poses risk to housing industry

Exclusive: JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens

NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N), the country’s largest lender by assets, is raising borrowing standards this week for most new home loans as the bank moves to mitigate lending risk stemming from the novel coronavirus disruption.

Fintech Firms Intuit and PayPal Approved by SBA to Distribute Funds as Part of US Emergency Lending Program, Following Coronavirus Outbreak

Fintech firms Intuit and PayPal have been approved by the Small Business Administration (SBA) to distribute funds, which are part of the US organization’s emergency lending and relief program.

Fed’s mortgage bond rescue could put some lenders out of business

The Federal Reserve has begun purchasing hundreds of billions of dollars in bonds, including mortgage-backed securities (MBS), to help shore up debt markets. While the move has helped create liquidity in the market, it’s also had the unintended effect of creating more volatility in interest rates. Despite the Fed’s intentions, the net effect is that some lenders are now facing severe disruption, including potentially bankruptcy, if the market doesn’t settle down.

Government loosens enforcement of HIPAA patient privacy law

Labor and employment law official says federal agencies have issued guidance to help employers navigate between privacy rights and public health.

Attorney General Becerra Reminds Consumers of their Data Privacy Rights During the COVID-19 Public Health Emergency

SACRAMENTO – California Attorney General Xavier Becerra today issued an alert reminding consumers of their data privacy rights amidst the COVID-19 public health emergency. As most of the nation adjusts to mandatory stay-at-home orders, consumers are spending more time than ever on their devices and conducting even more of their lives online. Attorney General Becerra reminds Californians of their privacy rights and provides information on how to stay secure online.

Lawmakers urge Mnuchin to stop debt collectors from seizing direct payments

Lawmakers are calling on the U.S. Treasury to protect recipients of direct payments from having their money seized by debt collectors.

In a letter sent to U.S. Treasury Secretary Steven Mnuchin Thursday, Sens. Sherrod Brown, D-Ohio and Josh Hawley, R-Mo urged the Treasury to exert its ability to protect individuals from having their direct payments seized — or “garnished” — from debt collectors.

‘The lines of communication have been open’: Webster Bank EVP on The Department of Treasury

Attorney General Becerra Leads Effort to Defend Federal Regulations Protecting Underserved Communities from Banking Discrimination

SACRAMENTO – California Attorney General Xavier Becerra today announced leading a coalition of 22 attorneys general in filing a comment letter urging the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to withdraw a proposed rule that threatens to undermine the Community Reinvestment Act (CRA) and Congressional efforts to combat banking discrimination. The CRA is a critical civil rights tool that is responsible for directing trillions of dollars in investments back to low- and moderate-income communities. It also provides access to financial services and loans that incentivize the availability of affordable housing and support small businesses across the country.

Banks blame AML rules for emergency loan logjam

U.S. banks, facing criticism for prioritizing existing customers over new ones who are seeking coronavirus rescue loans, put the blame on federal rules meant to catch terrorists and money launderers. The lenders, who have been getting beaten up by small businesses and lawmakers alike, have urged a little-known agency charged with monitoring suspicious financial transactions for relief from the stringent regulations. But their requests have gone unheeded for now.

Fed modifying asset cap so Wells Fargo can make more small business loans

WASHINGTON (Reuters) - The U.S. Federal Reserve said on Wednesday it would “temporarily and narrowly” modify the growth restriction on Wells Fargo & Co’s (WFC.N) balance sheet, allowing the bank to make more loans under government assistance programs for small businesses hurt by the coronavirus disruption.

CROWN ASSET MANAGEMENT SUPPORTS FRONTLINE COVID-19 HEALTHCARE WORKERS

Duluth, Georgia, April 7, 2020 — Crown Asset Management, LLC announced today that it has made a contribution to a local food service provider, Gourmet Innovations, to fund meals for frontline service care providers involved in the fight against the coronavirus pandemic in the Atlanta metropolitan area. 

J&R Relations

(913) 605-6376

Digital Banking 2020

American Banker

NACTT 55th Annual Seminar 2020

National Association of Chapter 13 Trustees (NACTT)

Debt Connection Symposium & Expo 2020

Resource Management Services, Inc.

LendIt Fintech USA

Save 15% with our Discount Code: DC15%

LendIt Fintech Europe 2020

LendIt Fintech Europe

Auto Finance Summit 2020

Royal Media