Debt collection calls allowed to continue in Mass.

On May 6, 2020, U.S. District Court Judge Richard Stearns entered a temporary restraining order (TRO) temporarily enjoining Massachusetts Attorney General Maura Healey from enforcing an emergency regulation, which prohibits certain debt-collection activities, including debt-collection calls, for a period of 90 days beginning on March 26 and lasting until June 24.

Webinar June 11 – Path to the New Normal: Reimagining Collections

As we continue to navigate the global effects of COVID-19 on our collections business, many executives are constantly re-evaluating the nature of portfolios, reforecasting expenses, and doing their best at estimating future losses. An unplanned pandemic sent most organizations into a rushed work-at-home solution. Preparing for recovery now as the new normal becomes more comfortable is essential. From reaching out to customers with lenient payment arrangements, upgrading and solidifying consumer touch points, to balancing any remote staff with the in-office team and ensuring full compliance and teamwork, Teleperformance has facilitated a panel of experts to provide a forum where collection executives can share ideas and find answers to their pressing questions.

Join Josh Weiss with Brinks Home Security and Todd Johnsen with Snap Finance as they discuss:

• Insights on the Impact of COVID-19 on the collections business including managing through social distancing
• Work-at-Home lessons learned and strategies deployed in the heat of the crisis
• Vision on the future of collections and what will work going forward as we approach the new normal. 

Complimentary Webinar -  Details:

Title: Path to the New Normal: Reimagining Collections

Date: Thursday, June 11, 2020

Time: 12:00 PM Eastern Daylight Time

Duration: 30 minutes

Registration page: https://tinyurl.com/y75ssyrx

Delinquencies, defaults will rise for student loan borrowers if pause on payments isn’t extended, experts say

Unless Congress passes more relief measures for student loan borrowers, they will be required to resume their monthly payments on Oct. 1. And new graduates, entering one of the most troubled labor markets in history, wouldn’t see any help with their loans. 

FCC seeks record fine against alleged scam operators who made 1 billion robocalls

Rogue Payment Processor that Helped Perpetuate Multiple Scams Is Banned from the Payment Processing Business Under FTC Settlement

A rogue payment processor and its owners agreed to be permanently banned from payment processing in order to settle charges by the Federal Trade Commission and the State of Ohio that they unlawfully processed payments for multiple scam operations.   Madera Merchant Services, LLC, B&P Enterprises, LLC, and their owners Bruce C. Woods and Patricia Woods, along with Madera officer Victor Rodriguez, allegedly helped perpetuate a number of scams targeted by the FTC and other consumer protection agencies. The FTC and State of Ohio filed their complaint against the defendants in July 2019.

Americans’ anxiety about bills dropped in May, Fed survey shows

Americans worried less about paying bills in May as the economy began reopening with new safety measures aimed at stopping the spread of COVID-19. About 12.6% of people worried they wouldn’t be able to make minimum debt payments in May, down from April’s seven-year high of 16.2%, according to a Federal Reserve survey of consumer expectations released on Friday. That put consumers back on par with December, when many people were worried about paying for holiday gifts, not dealing with the worst pandemic in more than a century. 

Scammed borrowers sue Betsy DeVos, alleging she illegally limited student-loan cancellation

Students who’ve been scammed by their schools are being illegally cheated again — this time out of the loan cancellation that they’re entitled to, a new lawsuit alleges. A group of student-loan borrowers filed a class-action lawsuit Tuesday accusing Secretary of Education Betsy DeVos and her department of illegally limiting the amount of relief student-loan borrowers who were misled by their schools receive.

U.S. economy entered recession in February, business cycle arbiter says

(Reuters) - The U.S. economy ended its longest expansion in history in February and entered recession as a result of the coronavirus pandemic, the private economics research group that acts as the arbiter for determining U.S. business cycles said on Monday. The Business Cycle Dating Committee of the National Bureau of Economic Research said in a statement its members “concluded that the unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession, even if it turns out to be briefer than earlier contractions.”

Auto loan payments soared to yet another record in the first quarter

As the coronavirus was spreading from China to Europe and eventually to the U.S., Americans borrowed a record amount of money to pay for new and used cars, according to a new report. Experian, which tracks millions of auto loans, said U.S. consumers agreed to record monthly auto loan payments in the first quarter, when vehicle sales were surging before a dramatic slowdown in the second half of March.

US banks execs see less-than-expected need for ongoing loan deferrals

US banks expect a significant number of borrowers to get back on normal loan repayment schedules after their forbearance periods end later this month, senior executives told the Financial Times. They also noted that many clients weren't hit as hard by the pandemic as they feared.

Fed expands Main Street program to allow for both smaller and bigger loans

As the Federal Reserve prepares to start up its Main Street lending program, it has changed the terms to allow for greater participation. The central bank said Monday that it is lowering the initially stated minimum loan and raising the maximum that can be borrowed, plus is expanding the loan terms to five years. The program is part of the Fed's efforts to get money to small- and medium-sized businesses hurt during the coronavirus-induced recession.

CFPB, state bank supervisors remind servicers of forbearance obligations

The Consumer Financial Protection Bureau and the Conference of State Bank Supervisors (CSBS) have issued a joint statement reminding mortgage servicers of their forbearance obligations under the CARES Act, Congress’ mortgage relief program.

Attorney General James Wins Lawsuit Against Northern Leasing Systems, Delivering Major Relief to Thousands of Small Businesses Nationwide

NEW YORK – New York Attorney General Letitia James has won a major victory in New York State Supreme Court that will deliver much needed relief to thousands of small business owners across New York and the rest of the nation. The sweeping decision will void what are potentially hundreds of thousands of fraudulently-induced credit card equipment leases; vacate approximately 30,000 default judgments acquired against out-of-state fraud victims in New York City Civil Court; and dissolve Northern Leasing Systems, Inc.

As US economy strengthens, fewer Americans ask for mortgage help

With some positive indicators potentially pointing toward a recovery in the labor market, the number of Americans who are pausing their mortgage payments has continued to decline.  As of the week ending May 31, the number of mortgages in forbearance increased slightly to 8.53 percent, from 8.46 percent the week prior, according to data from the Mortgage Bankers Association. That means about 4.3 million homeowners had forbearance plans.

Industry watchers predict surge in payday lending

Economically Southern Nevada has become one of the hardest hit metros in the entire country due to the state’s dependency on the leisure and hospitality industry, depleting finances for countless families. It’s difficult to predict how financial behavior will change as a result of the COVID-19 pandemic, but some financial advocates fear an increase in the use of short-term, high-interest payday loans by vulnerable Nevadans.

U.S. Fed’s Main Street lending facility likely to start with a whimper

(Reuters) - The Federal Reserve’s most ambitious and complicated crisis relief program is set to launch in coming days but it is far from certain that the small and mid-sized businesses the $600 billion “Main Street Lending Facility” is meant to help will come clamoring for loans.

New Mexico suspends consumer debt collection during pandemic

SANTA FE, N.M. (AP) — The New Mexico Supreme Court is temporarily suspending consumer debt collection — such as garnishing wages or seizing assets — in response to the coronavirus pandemic and related economic downturn.   The court ordered the temporary suspension Friday in a new effort to alleviate economic hardship amid a surge in unemployment and uncertainties. The suspension takes effect Monday and does not pertain to business debts.

NEVADA FINANCIAL INSTITUTIONS DIVISION UPDATE

The State of Nevada Financial Institutions Division (“NFID”) would like to thank each one of its licensees for their patience and understanding during these unprecedented times and the willingness to adapt to these everchanging conditions.   NFID would like to advise collection agency licensees that they may operate their business while following all remaining Emergency Directives issued by Governor Sisolak, any guidance issued by any state agency, any Justice Court Orders for each jurisdiction, and comply with all applicable state and federal laws.

Good news for small businesses as Senate passes PPP reform bill

Business owners who received a forgivable loan through the Paycheck Protection Program are likely getting more leeway on how to spend those funds.  The Senate passed legislation Wednesday night that restructures how entrepreneurs can use loans issued through a new federal relief program for small businesses ailing from the economic contagion unleashed by the coronavirus pandemic. 

How States Are Supporting Student Loan Coronavirus Relief

While the Coronavirus Aid, Relief and Economic Security Act helps many federal student loan borrowers, it leaves out millions with privately held student loans. Now, several states are taking action to help people with this type of debt.

CFPB Issues Guidance Related to LIBOR Transition

The Consumer Financial Protection Bureau (CFPB) on Thursday issued several pieces of guidance related to the anticipated discontinuation of the London Interbank Offered Rate (LIBOR) index in 2021, in an effort to better facilitate creditors’ transition away from using LIBOR as an index for variable-rate consumer credit products.

California sues Education Secretary DeVos, saying she has failed to implement student loan forgiveness program

California is suing Education Secretary Betsy DeVos and the U.S. Department of Education for what the state alleges is a failure to implement its student loan forgiveness program for people who took on public-service jobs. “Today’s lawsuit reminds Secretary DeVos that she is not above the law,” California Attorney General Xavier Becerra said in a statement Wednesday. “She is accountable to these college graduates who followed the rules and deserve better, especially amidst an economic crisis of historic proportions.”

CRA Opportunity, Customer Service Opportunity, or Both?

The Board of Governors of the Federal Reserve System (Board) and the Consumer Financial Protection Bureau (CFPB) combined to issue four seemingly unrelated letters that, taken together, appear to reopen the ability of a bank to safely reenter the small dollar loan market as well as secure Community Reinvestment Act (CRA) credit in broadened areas. On May 20, 2020, the Board released the Interagency Lending Principles for Making Responsible Small Dollar Loans. 

This new ransomware targets Windows and Linux in surprising ways

Cybercriminals are always looking for new tricks and techniques to target potential victims without being caught. That's especially true of ransomware attackers who need to stealthily invade an organization's network to encrypt the sensitive files they plan to hold hostage. A new ransomware campaign known as Tycoon is using Java to hit Windows and Linux servers. A report released Thursday by the BlackBerry Research and Intelligence Team and KPMG's UK Cyber Response Services explains how this attack plays out.

US borrowers shun leveraged loan market as demand wanes

NEW YORK, June 4 (LPC) - Borrowers that have historically turned to the US leveraged loan market are instead looking to high-yield bonds to refinance existing loans as bank debt becomes more costly and hard to access while demand for the asset class drops.

FTC Staff Provides 2019 Annual Financial Acts Enforcement Report to the CFPB

The staff of the Federal Trade Commission has provided its 2019 Annual Financial Acts Enforcement Report to the Consumer Financial Protection Bureau on its enforcement and related activities regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA).

Attorney General Frosh Urges the FCC to Help Law Enforcement Expose Illegal Robocallers

BALTIMORE, MD (June 4, 2020) – Maryland Attorney General Brian E. Frosh, along with the State Attorneys General Robocall Working Group, today encouraged the Federal Communications Commission (FCC) to facilitate continued collaboration among state attorneys general and telecom companies to coordinate tracing back illegal robocalls to their source.

PSCU Partners with Telrock to Offer Next-Generation Delinquency Management Software Platform

St. Petersburg, Fla. — (June 4, 2020) — PSCU, the nation’s premier payments credit union service organization (CUSO), announced it has entered into an agreement with Telrock to offer its cloud-based collection and recovery software platform, Optimus, to PSCU Owners and other credit unions to improve their overall delinquent account management performance.

Senate OKs tweaks to small-business lending program; bill goes to Trump for signature

It took some last-minute wrangling and a letter as well, but the Senate late Wednesday passed a bill easing conditions for small businesses tapping the government’s Paycheck Protection Program. The House had passed the bill by an overwhelming 417-1 tally last week and senators had been discussing earlier in the week whether to make a few tweaks to it — which would have necessitated another House vote — or passing it unanimously and finding ways to fix what some saw as problems later.

The Fed’s Main Street Lending Program is About to Begin; Here’s What You Need to Know

The Federal Reserve's unprecedented Main Street Lending Program (MSLP) is set to kick off any day now. The program is designed to provide financial support to companies that have been hurt by the coronavirus pandemic but were too big to qualify for loans in the Paycheck Protection Program (PPP).

3 Billion Robocalls in May Mark 3% Monthly Increase, Says YouMail Robocall Index

IRVINE, Calif., June 4, 2020 /PRNewswire/ -- Americans received just under 3.0 billion robocalls in May, a 3% increase from April. However, the number of calls per day in May was almost identical to the number of calls per day in April, again averaging just over 95 million calls per day, or roughly 1,104 calls per second. This means the slight increase was simply due to one more day in the month of May versus April. The calls are still 48% below the all-time monthly peak of 5.7 billion calls in October 2019.

Consumer Financial Protection Bureau Takes Action to Help Consumers Receive Relief from Credit Card Issuers

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today took action to help consumers receive relief during the pandemic more quickly from their credit card issuer. Regulation Z requires that creditors provide written disclosures to consumers for account-opening and temporary rate or fee reduction.

How PayPal’s Case Against the CFPB Could Spawn ‘Uncomfortable’ Results for Payments Players

It was easy to lose track of it in the midst of all the impacts of the novel coronavirus, but a crucial federal lawsuit filed six months ago still hangs over the payments industry, carrying far-reaching implications for nearly all players. It’s PayPal Holdings Inc.’s  action against the Consumer Financial Protection Agency over the CFPB’s final prepaid rule, and while it very much hasn’t gone away, some experts are worried its eventual resolution could hold very different implications from those they were expecting before PayPal brought its suit.

Two Banking Groups Call For Automatic PPP Loan Forgiveness

The Consumer Bankers Association and Bank Policy Institute, in a co-signed letter, have called on Congress to automatically forgive Paycheck Protection Program (PPP) loans under $150,000. Although that would cover around 85 percent of the loans, it would only cover about 26 percent of PPP loan dollars, the two groups said. Businesses would still be required to verify that their PPP funds were used in the correct ways the program mandated, to keep employees on the payroll. But they would not have to fill out lengthy forgiveness applications, which would save them time and money.

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$3,453,900 Medical

Capital Asset Management, Inc.

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WEBINAR: The Inception and Evolution of the Telemarking Sales Rule (TSR) in the Debt Relief and Credit Repair Industries

Felix Shipkevich and Bianca Petcu of Shipkevich PLLC

Digital Banking 2020 – Postponed to December 7 – 9

American Banker

NACTT 55th Annual Seminar 2020

National Association of Chapter 13 Trustees (NACTT)

RMAi EXECUTIVE SUMMIT 2020

Receivables Management Association International

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 – Virtual

Royal Media