Idaho Department of Finance Extends Remote Work Guidance to Dec. 31

The Idaho Department of Finance has extended its temporary guidance regarding remote work  due to COVID-19 from Sept. 1, 2020, to Dec. 31, 2020, and will be issuing a memo to all licensees.

NY Attorney General extends suspension of medical and student debt collection owed to the state

Mortgage refinancing will be 0.5% more expensive, Fannie Mae and Freddie Mac to raise fees

If you're looking to refinance your home during the pandemic, it'll soon cost you more.  Fannie Mae and Freddie Mac announced a new fee of 0.5% to protect themselves from losses on their refinanced mortgages given ow interest rates.      The change, beginning on September 1, adds 0.5% of the loan amount to the consumer’s cost.

AG Healey Issues Advisory to Small Businesses about Protections under State’s Eviction Moratorium

BOSTON — Attorney General Maura Healey has issued an updated advisory to small businesses across Massachusetts regarding the protections provided under the state’s eviction moratorium.

OCC’s Brooks questions need for government-owned payment systems

WASHINGTON — Acting Comptroller of the Currency Brian Brooks questioned the idea of government-owned payment rails as the future of money transmission on Thursday, arguing instead for a decentralized system led by private companies.

FTC Adds Charges Against Auto Marketer For Deceptive “Prize” Mailers

The Federal Trade Commission has issued an administrative complaint against a marketer, Traffic Jam Events, LLC, and its owner, David J. Jeansonne II, charging multiple counts of deceptive conduct. The administrative complaint mirrors a prior federal court complaint, which the Commission voluntarily dismissed to pursue a broader administrative proceeding.

Cybersecurity: These two basic flaws make it easy for hackers to break into your systems

Hackers can gain access to the internal networks of corporations by exploiting two security failings in as little as 30 minutes. Ethical hackers and cybersecurity researchers at Positive Technologies perform penetration testing against organisations in a wide variety of sectors, but find common security vulnerabilities across all industries. The findings have been detailed in a new report, Penetration Testing of Corporate Information Systems.

How Financial Tech Changed Public’s Perception on Lending

In modern times, the financial industry uses more technologies than ever before and this is something that has begun to change the way that people look at lending opportunities. Whether you are a lender wanting to figure out if a potential loan recipient is a worthwhile risk or you are a consumer applying for a personal or business loan, this change to financial tech has likely changed your views of lending.

Feds crack down on lenders targeting small businesses with high-interest loans, abusive collection tactics

Federal and state regulators are cracking down on lenders targeting small businesses with high-cost loans and abusive collection tactics, generating unease in a lightly regulated industry that has flourished as it put merchants in a vise.

The Class of 2020: unemployed, taking on debt and struggling to pay the bills

In an April 2020 survey conducted by Student Loan Hero, 72% of graduating seniors reported that the Covid-19 crisis had already impacted their post-graduation plans. And, while the unemployment rate has improved since then, 18.6% of people between the ages of 16 and 24 are still unemployed, according to the Bureau of Labor Statistics.

ANALYSIS: CFPB COMPLAINTS SURGE DURING PANDEMIC, LED BY CREDIT REPORT COMPLAINTS

For the fifth consecutive month, consumer complaints to the CFPB set a new monthly complaint volume record in July, according to an analysis by U.S. PIRG and the Frontier Group. This snapshot focuses on spikes in complaints about credit reporting. While credit reporting complaints have always been among the leading complaint categories, during the pandemic the total number of credit reporting complaints has surged by 86 percent. As a percentage of overall complaints, they accounted for 65 percent in July, compared to 54 percent in February.

Santander Consumer USA’s Subprime Auto Loan Dispute Resolved

Attorney General T.J. Donovan today announced a settlement with Santander Consumer USA, Inc. resolving complaints of unfair or deceptive practices relating to subprime auto loans. The settlement resolves the Attorney General’s claim that Santander Consumer USA’s subprime lending practices violated consumer protection laws by exposing consumers to unnecessarily high levels of risk and knowingly placing these consumers into auto loans that had a high probability of default.

Home loan applications rise as rates fall to another record low

Applications for home loans rose last week, though concerns about supply and the economy linger. The volume of applications to purchase homes rose by 2 percent, seasonally adjusted, compared to the week prior.

CFPB Solicits Assistance in Combating Credit Discrimination

On July 28, 2020, the Consumer Financial Protection Bureau (CFPB) issued a request for information (RFI) soliciting input on how best to protect consumers from unlawful discrimination in all aspects of credit transactions. The CFPB is empowered by Regulation B to supervise and enforce compliance with the Equal Credit Opportunity Act (ECOA), which makes it unlawful for any creditor to discriminate “(1) on the basis of race, color, religion, national origin, sex or marital status, or age (provided the applicant has the capacity to contract); (2) because all or part of the applicant’s income derives from any public assistance program; or (3) because the applicant has in good faith exercised any right under [the Consumer Credit Protection Act].”

Derailment of small business rescue clouds U.S. recovery

The Paycheck Protection Program, which has kept millions of small businesses afloat during the pandemic, is in limbo, creating a new source of uncertainty for the country’s economic recovery. The collapse of pandemic relief negotiations has brought complications for the massive emergency lending program, which shut down on Saturday to new loans after doling out more than $520 billion in funds, leaving banks and borrowers unsure of how to proceed with a key phase of the rescue.

U.S. bankruptcies on track for 10-year high with more than 100 consumer companies already filing

U.S. bankruptcies are en route to a 10-year high with 424 companies filing as of August 9, according to S&P Global Market Intelligence. The group's analysis took into account both public and private companies with public debt. The coronavirus has hit consumer companies hard, with more than 100 filing for bankruptcy including Men's Wearhouse parent Tailored Brands Inc. TLRD, -16.21%, department store Lord & Taylor and work wear retailer Brooks Brothers. 

Clouds on The Horizon for Many U.S. Homeowners: Overall Delinquency Rates Beginning to Climb, According to CoreLogic Loan Performance Insights Report

CoreLogic^® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for May 2020. On a national level, 7.3% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure). This represents a 3.7-percentage point increase in the overall delinquency rate compared to 3.6% in May 2019.

One-third of Americans expected to miss August rent

Millions of Americans who live in a rental home or apartment are expected to miss their rent in August, the first month since  the coronavirus pandemic began that there's no federal freeze on evictions in place.

FTC Sends Refunds Totaling More Than $9.1 Million to Customers Defrauded by Deceptively Marketed “Amazing Wealth System”

The marketer of a scheme to make money on Amazon, and his companies, are banned from marketing and selling business opportunities and business coaching services under a settlement with the Federal Trade Commission. The settlement order against Jeffrey A. Gomez (aka Jeffrey Adams), Adams Consulting LLC, and Global Marketing Services L.L.C. also requires them to surrender funds and assets for consumer redress.

Why banks are putting PPP forgiveness on the back burner

The Paycheck Protection Program's forgiveness portal has debuted, leaving bankers and their borrowers with a big decision. Those who participated in the $659 billion program must determine if they are ready right now to navigate the complex system for having loans forgiven, or if it makes sense to wait and see if Congress intervenes and simplifies the process. That decision was complicated over the weekend when talks about a new round of stimulus collapsed, casting doubt on when — or if — PPP will get an overhaul.

Consumer borrowing up in June after three months of declines

Trump extends student loan relief through year’s end

President Donald Trump on Saturday signed an executive order continuing the pause on monthly payments and interest for many federal student loan borrowers until the end of the year. Trump’s order is aimed at circumventing Congress to extend the emergency student loan relief granted in March under the CARES Act.

Student Loan Relief Extended — But Here’s Why You Should Prepare for Repayment Now

President Donald Trump signed an executive order Saturday extending the current pause on federal student loan payments through Dec. 31, 2020, throwing a lifeline to millions of borrowers. But that said, the suspension will end eventually, so it’s worth preparing now for that new beginning.  So while the payment freeze and 0% interest period are now extended through the end of the year, it’s worth being proactive. Particularly, if you have a loan in default, you will want to rehabilitate your repayment while you’re free from collections and additional harm to your credit report.

Mortgage rates drop below 3% for the first time — and economists say rates could stay that low through 2021

At the beginning of the coronavirus pandemic, mortgage industry experts forecast that benchmark interest rates might fall, but wouldn’t drop below 3%. But now, that’s just what has happened. And many economists predict that mortgage rates will remain below that threshold into 2021. The 30-year fixed-rate mortgage averaged 2.98% for the week ending July 16, down five basis points from the previous week, according to Freddie Mac.

Subprime Buyers May Face Worsening Credit Conditions This Fall

Buyers with bad credit could find it harder to get an auto loan in the coming months, according to Cox Automotive. The prediction comes following worsening coronavirus outbreaks in many areas of the country. The resulting uncertainty for subprime buyers could be a cause for concern in a market that was recovering.

New report shows historic drop in credit card debt amid the coronavirus pandemic

In the months since the coronavirus pandemic hit and sent millions of Americans to shelter at home, consumers’ credit card debt has fallen fast to unprecedented levels. According to a new report released Thursday from the Federal Reserve Bank of New York, the second quarter of 2020 saw a staggering $82 billion decline in credit card balances. Second-quarter declines in card balances, in general, have only been seen during the Great Recession, and a drop this big in the second quarter of the year hasn’t happened since at least two decades ago, the report says.

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