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Transparency concerns plague small business lending program over disclosing information about coronavirus relief loans
(CNN)The once troubled emergency small business lending program has stabilized, turning into a cornerstone of the government's economic response to the coronavirus crisis and credited with having a significant impact on a positive May unemployment report that stunned economists.
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Update from CFPB taskforce on federal consumer financial law
WASHINGTON, D.C. - Earlier this week, the chair of the taskforce on federal consumer financial law created at the beginning of the year by the Consumer Financial Protection Bureau offered an update on the group’s progress on examining the existing legal and regulatory environment facing consumers and financial services providers.
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Overdraft Fees Fall on Customers Hit Hardest by Virus
Bank customers who have benefited from more lenient overdraft and other fees during the coronavirus pandemic may find themselves in a deeper financial hole when the charges eventually return.
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Student loan glitch affected up to 5 million credit scores
Nearly 5 million student loan borrowers were harmed by an unusual mistake that was triggered after new rules offered debt relief during the COVID-19 crisis, according to consumer watchdogs.
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Attorney General Becerra Highlights Consumer Rights and Resources in Response to Recent Business Bankruptcies During the COVID-19
SACRAMENTO – Attorney General Xavier Becerra today provided important information and resources regarding business bankruptcies and consumer rights amidst the COVID-19 pandemic. Families, businesses and communities throughout the country are facing unprecedented financial strain as a result of the public health emergency. The economic impact of the pandemic has caused many companies – such as J.C. Penny, J. Crew, Dean & Deluca, Gold’s Gym, Hertz, and California-based businesses such as those that operate the family entertainment center “Boomers!” and the popular children’s camp “Camp Galileo” – to file for bankruptcy. The economic climate continues to be challenging for businesses, and consumers should know their rights during these trying times.
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Wells Fargo signals substantial layoffs ahead
CHARLOTTE, N.C. — Wells Fargo’s cost-cutting efforts will include layoffs, most likely by the end of the year, Chief Financial Officer John Shrewsberry told investors at a Morgan Stanley conference on Wednesday.
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Kaulkin Ginsberg Company Releases an Important Report Detailing the State of the Accounts Receivable Management Industry in Q1 2020
Despite starting Q1 2020 on strong footing, the U.S. economy has almost certainly plunged into recession due to the coronavirus pandemic, also known as COVID-19. Even as states begin to reopen, consumer demand is frozen and supply chains are disrupted. Businesses in every industry, including accounts receivable management (ARM), continue to face significant obstructions to normal operations. There is no doubt that what was the longest economic expansion ever recorded has ended.
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There’s about $130 billion left in the PPP pot. Why small businesses are slow to claim cash
The economy is uncertain for small businesses, yet many of them are still taking their time securing emergency funding through the Paycheck Protection Program. The federal government rolled out the so-called PPP in April as coronavirus and ensuing stay-at-home orders took their toll on small businesses.
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FTC Makes More State-Level Data Available About COVID-19 Related Complaints from Consumers
The Federal Trade Commission is making more state-level information available to the public about the complaints it receives from consumers related to COVID-19, with reports about online shopping problems topping the list of complaints in most states.
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FTC Reaches Settlement with Kohl’s over Allegations it Failed to Provide Victims with Information Related to Identity Theft
Kohl’s Department Stores, Inc. has agreed to pay a civil penalty of $220,000 to settle Federal Trade Commission allegations that the Wisconsin-based retailer violated the Fair Credit Reporting Act (FCRA) by refusing to provide complete records of transactions to consumers whose personal information was used by identity thieves.
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CFPB complaint volume sets another record in May
I'm still reading the CFPB's mail. As of today, consumer complaints to the CFPB set a third straight monthly record in May, with 35,093 complaints reported so far. See chart below. Complaints about credit reporting lead by far, followed by debt collection, credit card and mortgage complaints. It's clear from these data that job and income losses during the pandemic are hitting families hard.
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FBI warns hackers are targeting mobile banking apps
The FBI on Wednesday warned that malicious cyber actors were targeting mobile banking apps in an attempt to steal money as more Americans have moved to online banking during the coronavirus pandemic. In a public service announcement, the FBI noted it expects to see hackers “exploit” mobile banking platforms, which have seen a 50 percent surge in use since the beginning of the pandemic.
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U.S. banks prepare branches for gradual post-coronavirus re-opening
NEW YORK (Reuters) - U.S. banks have been stocking up on masks and other supplies and setting up acrylic barriers to prevent spreading the novel coronavirus as they ready their branches for the country’s gradual reopening, executives and suppliers told Reuters.
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California State Assembly Advances AG-Sponsored Legislation to Strengthen the False Claims Act and Protect California Taxpayers from Fraud
SACRAMENTO – The California State Assembly today approved AB 2570, legislation authored by Assemblymember Mark Stone and sponsored by California Attorney General Xavier Becerra, that will strengthen the California False Claims Act (CFCA). The legislation increases the ability of the Attorney General and other prosecuting authorities to investigate fraudulent claims and recover public funds lost due to fraud or misrepresentation — which ultimately helps protect California taxpayers.
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CFPB Releases Tool to Help Communities Prevent and Respond to Elder Fraud
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today released an online resource to help communities form networks to increase their capacity to prevent and respond to elder financial abuse. The Elder Fraud Prevention and Response Networks Development Guide (Networks Development Guide) offers planning tools, templates, and exercises to help communities create a collaborative network to fight elder fraud or refresh or expand an existing network.
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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.
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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.
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FCC seeks record fine against alleged scam operators who made 1 billion robocalls
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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.
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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.
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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.
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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.”
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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