At a glanceWednesday, May 13, 2020

Collection Industry News At A Glance - May 13, 2020
Wednesday May 13, 2020
Mid Week Newsletter:
Subscribe for Free - More Information - Advertising


Digital Fraudsters Increase Attacks Against Multiple Industries During Pandemic; Use COVID-19 Scams to Target Younger Generations

TransUnion (NYSE: TRU) today released its quarterly analysis of global online fraud trends, which found that the telecommunications, e-commerce and financial services industries have been increasingly impacted. From a consumer perspective, TransUnion found Millennials have been most targeted by fraudsters using COVID-19 scams.

Read More
Forbearance becomes a ‘Scarlet Letter’ on credit reports

Mortgages in forbearance as a result of COVID-19 have to be reported as “current” on credit reports. That’s the law, as laid out in Section 4021 of the CARES Act passed by Congress at the end of March. It says servicers “shall report the credit obligation or account as current.” But, it turns out there’s a workaround that can make it difficult for people with mortgages in forbearance to get another home loan after the COVID-19 crisis is over – for as long as a year after the forbearance period ends. That can impact their ability to refinance or buy a home when times are better.

Read More
Student loan borrowers discover significant drop in credit score following CARES Act protections

ATLANTA —The federal government paused student loan payments for millions of Americans to help them through this crisis. But Channel 2 Action News has learned that some loan service providers reported student loan borrowers to credit agencies because of this. That is causing some people’s credit scores to drop dramatically even though they didn’t do anything wrong.

Read More
Broad coalition urges doing more to put end to robocalls

Nevada Attorney General Aaron Ford has joined 50 other attorneys general in calling on USTelecom to continue its collaboration with state attorneys general by reinforcing technological capabilities to improve enforcement against illegal robocalls. USTelecom is the leading organization representing telecommunications providers and its Industry Traceback Group.

Read More
FTC To Probe What User Info Zoom Collects

The Federal Trade Commission may be looking into privacy concerns surrounding online video call software Zoom, Chairman Joseph Simons revealed. Zoom has seen massive increases in usage since the coronavirus pandemic began and people have needed ways to stay in touch socially or for work. But concerns have arisen about the way the company is using information from registered and unregistered users, which might be stored in the cloud, according to lawmakers who’d reported their concerns to Simons.

Read More
Don’t Abandon Security During a Crisis

Working within dispersed teams is often part and parcel of a CISO’s job. In fact, before COVID-19, 7% of Americans were working remotely either part or full-time, according to the 2019 National Compensation Survey from the Bureau of Labor Statistics. But in the wake of social distancing, almost all organizations are operating 100% remotely.

Read More
What the Pandemic Tells Us About the State of U.S. Cybersecurity

Widespread disruption to critical infrastructure. Fundamental shifts in the way we live our lives. Growing uncertainty about the stability of the U.S. economy. At the start of the year, if you asked national security professionals what they thought the most likely cause of a crisis fitting that description would be, many would have answered “cyber.” 

Read More
CFPB orders Specialized Loan Servicing to pay $1.5 million for foreclosure issues

Specialized Loan Servicingwill pay more than $1.5 million as part of a settlement with the Consumer Financial Protection Bureau, which accused SLS of “taking prohibited foreclosure actions against mortgage borrowers who were entitled to protection from foreclosure” and other actions. According to the CFPB, SLS violated both the Real Estate Settlement Procedures Act and the CFPB’s mortgage servicing rules by pursuing foreclosure on a number of borrowers despite the fact that they’d already requested other loss mitigation options, a process known as “dual tracking.”

Read More
CARES Act Extends VA Home Loan Pre-Foreclosure Options

On March 27, the President signed the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, into law to help Americans economically impacted by the coronavirus (COVID-19) pandemic to help homeowners avoid home foreclosure. As the country rallies together to prevent further spread of the coronavirus, VA’s Loan Guaranty Service is working to assist Veterans. The service is specifically focused on ensuring our Veterans and their families facing temporary or more long-term difficulty paying their monthly mortgage understand their options.

Read More
Everything you should know about mortgage forbearance

More than 3.4 million Americans are in mortgage forbearance plans, which allows them to pause payments for a month to as long as a year. As the coronavirus pandemic continues to jolt the economy, more people will face financial difficulty, including how to pay their monthly mortgage bill.

Read More
CFPB, FHFA, & HUD Launch Joint Mortgage and Housing Assistance Website for Americans Impacted by COVID-19

WASHINGTON, D.C. – To ensure homeowners and renters have the most up to date and accurate housing assistance information during the COVID-19 national emergency, today the Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and the Department of Housing and Urban Development (HUD) launched the new mortgage and housing assistance website

Read More
Consumer Financial Protection Bureau Settles with Specialized Loan Servicing, LLC

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) settled with Specialized Loan Servicing, LLC (SLS), a mortgage-loan servicer in Colorado. As of February 29, 2020, SLS serviced a portfolio of mortgage loans worth about $112.69 billion. The consent order requires SLS to pay $1.275 million in monetary relief to consumers in the form of redress and waiver of borrower deficiencies, pay a $250,000 civil money penalty, which will be paid to the Bureau and deposited into the Bureau’s Civil Penalty Fund, and implement procedures to ensure compliance with the Real Estate Settlement Procedures Act (RESPA) and its implementing regulation, Regulation X.

Read More
Director Kraninger Remarks During Financial Literacy and Education Commission Public Meeting

Good morning. Despite these difficult times, I’m pleased to be with you all today to kick off my first meeting as vice-chair of the Financial Literacy and Education Commission.  There is no doubt that COVID-19 has had a devastating impact on our country, our economy, and our individual lives. It has also affected the financial well-being of many consumers. I want to focus my remarks today on how the Bureau is taking action to protect consumers, in cooperation with other FLEC and government partners.

Read More
Peer to Peer (P2P) Lending Market to Reach $558.9 Billion by 2027: At 29.7% CAGR

Portland, May 11, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global peer to peer (P2P) lending market generated $67.9 billion in 2019, and is estimated to reach $558.9 billion by 2027, registering a CAGR of 29.7% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.

Read More
Consumer Expectations Deteriorate Sharply for the Second Consecutive Month

NEW YORK — The Federal Reserve Bank of New York's Center for Microeconomic Data released the April 2020 Survey of Consumer Expectations, which shows considerable deteriorations in households' expectations about most economic outcomes. The perceived probability of losing one's job reached a new series' high for the second consecutive month.

Read More
Fair lending remains CFPB priority in pandemic

Potential discrimination in mortgage lending, including the unlawful practice of redlining, was a key focus of investigation for the Consumer Financial Protection Bureau (CFPB) in 2019. The bureau said it plans to continue to vigorously enforce fair lending laws throughout the pandemic, including the Equal Credit Opportunity Act and the Home Mortgage Disclosure Act, according to the agency’s eighth annual fair lending report.

Read More
Financial groups urge next relief bill to tweak past measures

Banking and credit union representatives are urging lawmakers to create a special relief fund for the smallest businesses, loosen restrictions on the use of Paycheck Protection Program money and all but eliminate the paperwork involved in what is expected to be forgiveness of the loan in the future.

Read More
Legislation to clarify PPP tax deductions introduced in Senate

A bipartisan group of senators Wednesday introduced legislation – the Small Business Expense Protection Act – that would clarify small businesses can deduct eligible expenses that were paid for by forgivable paycheck protection program (PPP) loans from their taxes.

Read More
76% Security Professionals Face Cybersecurity Skills Shortage: Report

A report from cybersecurity research firm Stott and May revealed that most of the cybersecurity leaders are struggling with skills shortage. The research report “Cybersecurity in Focus 2020” highlighted that 76% of respondents believe there is a shortage of cybersecurity skills in their organization, which represents an improvement when compared to 2019 (88%). Nearly 72% of organizations are still struggling to procure cybersecurity talent with no improvement from 2019.

Read More
Regulatory roundup: Injunction for collections, CFPB on SBA loans and FTC on credit reporting

CARY, N.C. – A variety of regulatory developments within financial services arrived this week, ranging from a federal judge siding with a national collections organization, the Consumer Financial Protection Bureau offering guidance involving federal assistance for small businesses as well as the Federal Trade Commission delivering a report to Congress about its ongoing efforts associated with credit-report disputes.

Read More
Consumer Financial Protection Bureau Issues Final Remittance Rule

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a final rule covering remittances transfers. The Remittance Rule imposes requirements on entities that send international money transfers, or remittance transfers, on behalf of consumers. Among its requirements, the Rule mandates that remittance transfer providers generally must disclose the exact exchange rate, the amount of certain fees, and the amount expected to be delivered to the recipient.

Read More
US consumer borrowing fell for first time since 2011

WASHINGTON (AP) — U.S. consumer borrowing fell in March for the first time in more than eight years, with the category covering credit cards dropping by the largest amount in over three decades, the Federal Reserve reported Thursday.

Read More
Amid Ongoing COVID-19 Pandemic, Governor Cuomo Announces Moratorium on COVID-Related Evictions Will Be Extended Until August 20th

State is Banning Late Payments or Fees for missed Rent Payments During Eviction Moratorium and Allowing Renters Facing Financial Hardship to Use Security Deposit as Payment.

Read More
Bipartisan Coalition of Attorneys General Send USTelecom Letter Outlining Plan to Strengthen Illegal Robocall Enforcement

Rutledge announced the effort to expand illegal robocall response by calling on USTelecom – the leading organization representing telecommunications providers – and its Industry Traceback Group (ITG) to continue its collaboration with a bipartisan coalition of 52 attorneys general by bolstering technological capabilities to improve enforcement against illegal robocallers. The coalition’s letter urged the association to further develop robocall traceback and other tools suited for law enforcement needs.

Read More
Gov. Wolf, Attorney General Shapiro Announce Protections from Foreclosures and Evictions Through July 10

Governor Tom Wolf was joined by Attorney General Josh Shapiro today to announce that he signed an executive order that protects Pennsylvanians from foreclosures or evictions through July 10. The action builds on a Pennsylvania Supreme Court order which closed court eviction proceedings until May 11 and ensures no renter or homeowner will be removed from their home for 60 more days.

Read More
Consumers struggling with debt settlement lack representation in civil court appearances

Finances have become compromised for many consumers who have been forced to stay home during the COVID-19 pandemic, which means many are struggling with debt. The benefits from last month’s stimulus have left many consumers wanting more assistance, as the unemployment rate continues to soar and retirement plans take hit after hit.  Now, experts at The Pew Charitable Trusts have found that consumers who show up to court for debt settlement are often unrepresented and forced to go up against lawyers and hired professionals. This makes outcomes unbalanced and debt even harder to eliminate. 

Read More
More businesses file for bankruptcy amid coronavirus; experts describe options

NEW ORLEANS, La. (WVUE) - Gold’s Gym, Borden Dairy and J.Crew all recently filed for bankruptcy and many say things are only going to get worse. As people struggle to make ends meet, many businesses will look for protection from mounting debts. These are not the kind of parking lots that spell business prosperity and after nearly two months of stay home orders, the lack of foot traffic is expected to force many businesses to file for bankruptcy.

Read More
More And More Georgians Are Being Sued Because Of Their Debt

More and more Georgians are being sued for debt. Major corporations–some even traded on the New York Stock Exchange–buy bad debt from a company or credit card issuer for pennies. The companies will then sue in local courts for the full amount–and then some. And these debt collectors’ win rate is staggering, but it’s rarely because of the legal strength of their lawsuit.

Read More
FTC Halts Online Subscription Scheme that Deceived People with “Free Trial” Offers

The operators of an online subscription scheme agreed to settle a Federal Trade Commission complaint alleging that the defendants duped consumers out of more than $74.5 million by luring them with supposedly “free trial” offers for cosmetics and dietary supplements, then enrolling them in subscriptions and billing them without their consent.

Read More
CFPB Compliance Aid Clarifies ECOA Notification Obligations for PPP Loans

The Consumer Financial Protection Bureau today published a compliance aid to provide additional clarity regarding banks’ obligations under the Equal Credit Opportunity Act with regard to borrowers who have applied for a Small Business Administration Paycheck Protection Program loan. Under ECOA, banks must notify credit applicants with an approval, counteroffer, denial or other adverse notice within 30 days of receiving a completed application. The CFPB clarified that PPP loan applications are only considered completed applications once the creditor receives a loan number from the SBA or a response about the availability of funds.

Read More
Refinancings may hit a 7-year high

Mortgage originations for refinancings may hit a seven-year high this quarter as Americans chase the lowest home-loan rates ever recorded. Refi volume probably will total $429 billion, more than double the $180 billion of the year-ago quarter, according to a Fannie Mae forecast. Mortgage holders who aren’t among the more than 30 million people who have lost jobs during the pandemic will be eager to lock rates that are the lowest ever recorded, said Keith Gumbinger, a vice president at HSH Associates, a mortgage research firm.

Read More
Thousands of small businesses forced to wait for aid after lender snafu

Thousands of small-business owners who believed they were approved for emergency government-backed loans nearly three weeks ago have been left hanging after their lender struggled to deliver funds as expected.

Read More
Consumer Financial Protection Bureau Issues Clarifications to Support Small Business Applying for PPP Loans

WASHINGTON, D.C. – The Consumer Financial Protection Bureau today issued clarifying FAQs to support small businesses who have applied for a loan from their financial institution under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).

Read More



   Payment Processor 

The Clix Group LLC

(407) 369-8282


Industry Events

Digital Banking 2020

American Banker

Austin Convention Center 500 East Cesar Chavez Street
Austin , TX
June 08 - 10 , 2020

(212) 803-8456

NACTT 55th Annual Seminar 2020

National Association of Chapter 13 Trustees (NACTT)

Marriott Marquis San Diego Marina 333 West Harbor Drive San Diego, CA 92101
San Diego , CA
July 08 - 11 , 2020

800-445-8629 | 803-765-0860

Debt Connection Symposium & Expo 2020

Resource Management Services, Inc.

Red Rock Casino Resort & Spa
11011 W Charleston Blvd , Las Vegas, NV 89135
September 15 - 17 , 2020


LendIt Fintech USA

Save 15% with our Discount Code: DC15%

Javits Center, New York
New York
September 30 - October 01 , 2020

LendIt Fintech Europe 2020

LendIt Fintech Europe

Hilton London Angel Islington 53 Upper Street
London , N1 0UY, UK
October 19 - 20 , 2020


Auto Finance Summit 2020

Royal Media

Wynn Las Vegas
3131 S Las Vegas Blvd , Las Vegas, NV 89109
October 20 - 22 , 2020

More information about Debt Connection Symposium
More information about Oversight Without Travel - Call Monitoring
More information about Resource Management Services, Inc.
More information about Debt Connection Symposium
More information about RMN Networking
Advertise With us!