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New bill would allow small businesses to get second PPP loan
Certain small-business owners may be able to apply for a second Paycheck Protection Program loan if a new bill introduced on June 18 becomes law. The legislation, called the Prioritized Paycheck Protection Program (P4) Act, would allow businesses with fewer than 100 employees to apply for a second loan if they have used up (or are on pace to exhaust) their first PPP loan and can show a 50% loss in revenue due to the COVID-19 pandemic. Business owners also must show they need the money for payroll and eligible non-payroll costs.
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Fed’s Rosengren reports ‘tremendous interest’ from businesses for loan program
The Federal Reserve is seeing high demand for its business loan initiative put in place to help smaller companies get through the coronavirus-induced recession, Boston Fed President Eric Rosengren said Friday. As the Main Street lending facility wraps up its first full week of operation, Rosengren reported brisk interest on the borrowing side amid what looks like tepid interest from banks thus far.
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Homeowners and renters catch a break: Evictions and foreclosures are on pause for another two months
(CNN)In an effort to keep homeowners and renters in their homes as they navigate the economic fallout of the coronavirus pandemic, federal foreclosure and eviction moratoriums are being extended for two more months.
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Banking Giant HSBC To Cut 35,000 Jobs Amid Restructuring
British bank HSBC announced plans Tuesday to cut nearly 15% of its global workforce — some 35,000 jobs — and shed $100 billion in investments as it refocuses on growth markets in Asia.
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Remarks by Director Kraninger During Consumer Data Industry Association Webinar
Today I’d like to give you a high-level snapshot of what we are hearing directly from consumers through our consumer complaint process, and how we are helping consumers during this time and ensuring they have information on their rights, protections, and options. And, finally, I want to focus on the CARES Act and credit reporting, as well as the recent guidance from the Bureau on this topic.
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Consumer Financial Protection Bureau Launches Pilot Advisory Opinion Program to Provide Regulated Entities Clear Guidance and Improve Compliance
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today launched a pilot advisory opinion (AO) program to publicly address regulatory uncertainty in the Bureau’s existing regulations. The pilot AO program will allow entities seeking to comply with regulatory requirements to submit a request where uncertainty exists. The Bureau will then select topics based on the program’s priorities and make the responses available to the public.
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#COVID19 Forces Positive Long-Term Changes to Cybersecurity
COVID-19 lockdowns around the world have led to an increase in some of the most common attack types, but also a realization that businesses must change going forward, according to over 80% of IT professionals polled by Bitdefender.
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CFPB complaints spiked by 31% in first months of 2020 as Americans sought coronavirus relief
Consumer complaints to the Consumer Financial Protection Bureau rose 31% in the first five months of 2020, compared with the same period last year, with many complaints specifically mentioning the coronavirus pandemic. The state of play: Through May 31, the CFPB received 142,782 complaints, according to an analysis of the bureau's records by NerdWallet.
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Trump administration releases new PPP loan forgiveness forms
The Trump administration on Wednesday released a new, shorter version of the loan-forgiveness application form for certain borrowers under the Paycheck Protection Program (PPP), after lawmakers urged the administration to streamline the loan-forgiveness process.
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Fintechs try old bank charters as ‘everything old is new again’
A federal plan designed to help booming financial technology innovators enter the traditional banking system won’t be sidelined for long by the COVID-19 pandemic, legal experts predict. Citing the pandemic, the Federal Deposit Insurance Corporation last month gave the public more time to comment on a proposal unveiled in March that would require parent companies of so-called industrial banks to serve as a source of financial strength as a condition for receiving deposit insurance coverage. Fintech companies are hoping to secure industrial bank charters to get their foot in the door of banking.
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FTC Sends Letters Warning 30 More Marketers to Stop Making Unsupported Claims That Their Products and Therapies Can Effectively Prevent or Treat COVID-19
The Federal Trade Commission announced it has sent letters warning 30 more marketers nationwide to stop making unsubstantiated claims that their products and therapies can treat or prevent COVID-19, the disease caused by the novel coronavirus. This is the seventh set of warning letters the FTC has announced as part of its ongoing efforts to protect consumers from health-related COVID-19 scams. In all, the Commission has sent similar letters to 250 companies and individuals.
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CFPB Issues Statement on Temporary Supervisory and Enforcement Practices for Credit Card Electronic Disclosures in Response to COVID-19
In response to the ongoing impact the COVID-19 pandemic has had on the financial industry, on June 3, 2020, the Consumer Financial Protection Bureau (CFPB) issued a statement (CFPB Statement) announcing that it would provide temporary flexibility for credit card issuers in connection with certain written disclosure requirements.
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House introduces CRA on CRA
House Financial Services Chairwoman Maxine Waters (D-Calif.) and Rep. Gregory Meeks (D-N.Y.) have introduced a Congressional Review Act resolution to rescind the Community Reinvestment Act (CRA) rule promulgated by the Office of the Comptroller of the Currency (OCC).
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FDIC-Insured Institutions Reported Reduced Profitability but Strong Loan Growth and Stable Asset Quality in First Quarter 2020
For the 5,116 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC), aggregate net income totaled $18.5 billion in first quarter 2020, a decline of $42.2 billion (69.6 percent) from a year ago. The decline in net income is a reflection of deteriorating economic activity, which resulted in the increase in provision expenses and goodwill impairment charges. Financial results for first quarter 2020 are included in the FDIC's latest Quarterly Banking Profile released today.
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IN BRIEF: Consumer groups sue CFPB over taskforce composition, transparency
The Consumer Financial Protection Bureau deliberately excluded consumer viewpoints when it formed the Federal Consumer Financial Law Taskforce, according to a lawsuit filed Tuesday in federal court in Boston by the National Consumer Advocates Association, the U.S. Public Interest Research Group and Suffolk University Law Professor Kathleen Engel, a would-be taskforce member.
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Marketer Used Deceptive COVID-19 Stimulus Mailers To Lure Consumers to Used Car Sales, FTC Alleges
The Federal Trade Commission is taking legal action to halt a scheme that allegedly deceived consumers with mailers supposedly directing them how to obtain federal COVID-19 stimulus benefits, which instead lured them to a used car sale.
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FTC Announces that PrivacyCon 2020 Will be Held Virtually
The Federal Trade Commission announced that the fifth annual PrivacyCon event, scheduled for July 21, 2020, will now take place online due to the ongoing COVID-19 pandemic. PrivacyCon 2020 will bring together a diverse group of stakeholders, including researchers, academics, industry representatives, consumer advocates, and government officials, to discuss the latest research and trends related to consumer privacy and data security.
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Attorney General James and Governor Cuomo Again Renew Suspension of State Debt Collection as Coronavirus Continues to Impact New Yorkers’ Wallets
NEW YORK – New York Attorney General Letitia James and New York Governor Andrew M. Cuomo today announced that the state has, for the third time, renewed an order to halt the collection of medical and student debt owed to the State of New York that has been specifically referred to the Office of the Attorney General (OAG) for collection for an additional 30-day period. In response to continuing financial impairments resulting from the spread of the coronavirus disease 2019 (COVID-19), the OAG will again renew the orders tomorrow, Wednesday, June 17, 2020 through Thursday, July 16, 2020.
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Attorney General Becerra Joins Multistate Letter to Google and Apple Expressing Concerns Regarding Proliferation of Unofficial Contact Tracing Apps
SACRAMENTO – California Attorney General Xavier Becerra today joined a multistate letter to Google LLC and Apple Inc., expressing privacy concerns regarding the proliferation of contact tracing apps on their platforms. The attorneys general expressed concern that these apps, which are intended to track the spread of COVID-19, do not sufficiently protect consumers’ personal information.
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Targeting U.S. banks, Qbot trojan evolves with new evasion techniques
By malware standards, the banking trojan Qbot is long in the tooth, but it still has some bite, according to researchers who say it has added some detection and research evasion techniques to its arsenal.
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Britain tells banks to prepare for pandemic debt pile
LONDON (Reuters) - British banks need to accelerate preparations for dealing with businesses unable to repay money they borrowed to cope with the coronavirus pandemic, the national financial sector regulator said on Tuesday. Over 900,000 businesses have taken out state-backed loans worth around 38 billion pounds ($48 billion) under schemes introduced to help companies deal with the impact of lockdowns, banking industry body UK Finance said on Tuesday.
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CONSUMER ADVOCATES SUE CFPB FOR GRANTING FINANCIAL SERVICES INDUSTRY ILLEGAL INFLUENCE OVER CONSUMER PROTECTION POLICY
BOSTON -- Representing the National Association of Consumer Advocates (NACA), U.S. Public Interest Research Group (PIRG) and consumer law expert Professor Kathleen Engel, Democracy Forward sued the Consumer Financial Protection Bureau (CFPB) and Director Kathy Kraninger Tuesday for unlawfully creating and operating the Taskforce on Federal Consumer Financial Law in violation of the Federal Advisory Committee Act (FACA). The Taskforce is stacked with industry-aligned members, excludes consumer advocates, does not serve a public interest, and has conducted its work behind closed doors — all in violation of federal law. This suit seeks to put a halt to the Taskforce’s unlawful operation and stop the CFPB from relying on its work.
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NEURAL NETWORK-BASED ALGORITHM THAT WAS ORIGINALLY TRAINED TO IDENTIFY BREAST CANCER TUMORS ON PATHOLOGY SLIDES, RE-PURPOSED TO CLASSIFY AND EXTRACT DATA FROM DOCUMENT IMAGES.
Jacksonville, FL – In late 2015, NLP Logix Lead Data Scientist, Matt Berseth, entered the company into the Camelyon16 Grand Challenge. The Camelyon16 was a challenge for the medical and computer science communities to come together to train a computer to identify breast cancer tumors, at a level at or above the highest trained pathologists in the world. In April 2016, the top five winners were announced, with the combination team of Harvard Medical School and MIT taking first place, and NLP Logix placing fifth, but as the number one commercial entrant. Little did NLP Logix know that their top performing algorithm to identify breast cancer tumors would ultimately be used for another purpose.
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Fed launches long-awaited Main Street lending program, seeks to reach nonprofits
NEW YORK (Reuters) - The Federal Reserve on Monday launched its Main Street Lending Program, the most complex program undertaken yet by the U.S. central bank to help keep the backbone of the economy from buckling under the strains of the coronavirus pandemic.
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Federal disaster loan program applications no longer limited to agricultural businesses
The Small Business Administration is reopening its Economic Injury Disaster Loan and EIDL advance grant portal to a broader array of eligible small businesses and nonprofits affected by the coronavirus pandemic, beginning Monday. The portal had been accepting applications only from agricultural businesses for the last month, as demand was high, and those businesses had not been EIDL eligible in the past.
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U.S. Federal Reserve resumes normal bank exams
WASHINGTON, June 15 (Reuters) - The U.S. Federal Reserve announced Monday it was resuming its normal bank examination activities, after easing back at the outset of the coronavirus pandemic.
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COVID – 19 IMPACT ON DEBT SETTLEMENT MARKET: 2020 GLOBAL INDUSTRY OVERVIEW, TRENDS, SEGMENTS, GROWTH ANALYSIS, TOP COMPANIES AND FUTURE SCENARIO BY 2025
The Global Debt Settlement Market is expansion of debt as well as a reduction in savings is the major growth factor of global Debt Settlement market. Debt Settlement is tied to the growth in lending. Debt settlement is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. Debt settlement also adjusts a higher interest-rate debt to a lower-interest-rate debt. Debt settlement helps lower the principal balances that a person owes. These factors help augment market growth.
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How student debt became a $1.6 trillion crisis
Some 44 million Americans collectively hold over $1.6 trillion in student debt. And these numbers are growing. At the same time, advancements in technology, especially automation, are making it harder to earn a living wage without some type of advanced degree. Today, college graduates earn 80% more than those with just a high school diploma, on average.
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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.
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Options to consolidate credit card debt may be disappearing
CHICAGO (WLS) — Have you considered a balance transfer credit to consolidate debt during the COVID-19 pandemic? You may have noticed there are fewer options to get those cards. Finder.com reported that 10 banks have either removed, or changed language, around “balance transfer offers.” But if they are available, it might be worth it so you can save on interest rates. Some balance transfers can offer as low as 0% interest rate.
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US Fed may add nonprofits to pending Main Street Lending Program
The US Federal Reserve may include nonprofits in its pending Main Street Lending Program for small and mid-sized businesses, Chairman Jerome Powell said, in the wake of a new study showing the “devastating impacts” of the pandemic on these organizations.
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DC sues online lender over ‘predatory’ loan scheme—but experts say these are increasingly common
The attorney general for the District of Columbia is suing online lender Elevate to protect residents from “predatory, high-cost loans.” The lawsuit, filed Friday, June 5, by Attorney General Karl Racine, is the latest salvo in an ongoing battle between consumer advocates and lenders around short-term, unsecured loans that opponents argue can be overly expensive and risky.
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DEBT SALES PARTNERS UPDATES WEBSITE FOR RECEIVABLES MANAGEMENT INDUSTRY
AKRON, OH. – (June 15, 2020) Debt Sales Partners announced today that its website which initially launched over twenty years ago has been completely updated and is now live at www.debtsales.us. “Twenty-years ago our proprietary software drove the first 100% Internet based sale and it was groundbreaking for our industry. Technology has certainly evolved since then and we wanted to make sure we continued to stay ahead of the curve with our updated platform”, said Debt Sales Partners President and founder, Michael Zoldan.
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You could face a tax bill if your debt is forgiven—here’s what you need to know
Roughly one in three Americans have delinquent debt according to recent data from The Urban Institute. At 16%, medical debt makes up the highest percentage of debt delinquency, but consumers also default on student loans, auto loans and credit card debt. If someone’s debt is so large that making payments becomes unmanageable (or if paying off the balances would take an unthinkable number of years), consumers may be able to find relief through debt settlement.
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PPP loan forgiveness requirements loosened as some fight for more small business help
DENVER, Colo. -- President Trump recently approved changes to the Paycheck Protection Program to give small business owners more opportunities to qualify for loan forgiveness. Some owners say even with the changes, it’s still a long process to get their PPP loan forgiven.
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Senate passes Wieckowski bill to protect Scholarshare 529 college savings from creditors
SACRAMENTO – With strong bipartisan support, today the California State Senate approved a bill by Senator Bob Wieckowski (D-Fremont) to protect Golden State Scholarshare 529 college savings plans from being seized by creditors in bankruptcy cases.
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30% of Americans Missed June Housing Payments
Many renters and homeowners alike are missing payments, according to a survey conducted by Apartment List. The June rate is 30%, down slightly from 31% in May but up from 24% in April. Of those who have yet to make their June housing payment, one-third made a partial payment and two-thirds made no payment at all.
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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
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Receivables Management Association International
The Lodge at Spruce Peak
July 28 -
30 ,
2020 https://rmaintl.org/events/executive-summit-2020/
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Resource Management Services, Inc.
Red Rock Casino Resort & Spa
11011 W Charleston Blvd , Las Vegas, NV 89135
September 15 -
17 ,
2020 www.dcs2020.com
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Save 15% with our Discount Code: DC15%
Javits Center, New York
New York
September 30 -
October 01 ,
2020 www.lendit.com
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LendIt Fintech Europe
Hilton London Angel Islington
53 Upper Street
London , N1 0UY, UK
October 19 -
20 ,
2020 646-971-1645
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Royal Media
Wynn Las Vegas
3131 S Las Vegas Blvd , Las Vegas, NV 89109
October 20 -
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2020 https://www.autofinancesummit.com/contact-us
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