At a glanceFriday, August 21, 2020

Collection Industry News At A Glance - August 21, 2020
Friday August 21, 2020
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U.S. weekly jobless claims jump back above 1 million

The number of people filing for unemployment benefits last week was greater than expected, raising concern about the state of the economy as lawmakers struggle to move forward on a new pandemic stimulus package.

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“Oversight Options” – Fresh Insights on Oversight – Virtual Class Announced – October 20

Fresh insights on Oversight of third party vendors is provided in this newly developed and scheduled class for compliance managers, vendor managers, auditors and/or recovery managers.  A solid, practical and insightful oversight program is essential for compliance with regulations and well as to validate consumer protection and verify contract requirements, in addition to maximizing results.  Hear collection industry experts, Bev Evancic and Ken Evancic, as they provide strategy, process and practical tips for the oversight of your vendors.  Hear "Oversight Options" fresh insights on oversight with concentration of four key risk areas: Financial Risk, Operational Risk, Contractual Risk and Compliance Risk.  Virtual Class - special 2 for 1 pricing for registrations received prior to September 20.

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Consumer Financial Protection Bureau Announces Settlement with TD Bank for Illegal Overdraft Practices

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced a settlement with TD Bank, N.A. regarding its marketing and sale of its optional overdraft service: Debit Card Advance (DCA). TD Bank is headquartered in Cherry Hill, New Jersey, and operates about 1,250 locations throughout much of the eastern part of the country.

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TD Bank will pay $122M to settle CFPB charges of overdraft abuse

TD Bank has agreed to pay $97 million in customer restitution and a $25 million fine as part of a settlement with the Consumer Financial Protection Bureau of claims that the Cherry Hill, N.J., bank deceptively charged overdraft fees for certain ATM and one-time debit card transactions.

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States Challenge FDIC Rule Change on Interest-Rate Caps

SAN FRANCISCO (CN) — Denouncing the Federal Deposit Insurance Corporation for enabling unscrupulous creditors, California Attorney General Xavier Becerra filed a federal lawsuit Thursday to challenge its rule allowing more lenders to skirt interest rate caps.

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Colorado Establishes Safe Harbor for Bank/Fintech Lending Programs

The Administrator of the Colorado Uniform Consumer Credit Code (an officer within the Colorado Attorney General's office) (the "Colorado Administrator") has announced a settlement with Avant LLC and Avant of Colorado LLC (together, "Avant") and Marlette Funding LLC ("Marlette")1 in its suit challenging the "bank partnership model" for providing consumer credit services. The settlement has far-reaching implications for bank/fintech lending programs.

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Attorney General Becerra Challenges FDIC Rule that Allows Predatory Lenders to Bypass State Interest-Rate Caps

SACRAMENTO – California Attorney General Xavier Becerra today, leading a coalition of eight attorneys general, filed a lawsuit challenging the Federal Deposit Insurance Corporation’s (FDIC) final rule that creates a loophole allowing predatory lenders to evade state laws that forbid excessive interest-rate charges. These caps on interest rates play a critical role in regulating payday loans and other high-cost lending throughout the state. Under existing federal law, federally insured state-chartered banks are exempt from state interest-rate caps.

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Mortgage delinquencies moderate after hitting nine-year high in the second quarter

The share of homeowners behind on their mortgages is starting to abate after reaching a nine-year high in the second quarter when delinquencies increased at a historic pace.

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10 cybersecurity myths you need to stop believing

Ransomware attacks, data breaches, and scams – along with a steady stream of extortion and phishing emails – have taken over the internet. We hear about cybercrime so often that it can quickly turn into white noise. That's a mistake.

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New data from Microsoft shows how the pandemic is accelerating the digital transformation of cyber-security

The importance of cybersecurity in facilitating productive remote work was a significant catalyst for the two years-worth of digital transformation we observed in the first two months of the COVID-19 pandemic. In this era of ubiquitous computing, security solutions don’t just sniff out threats, they serve as control planes for improving productivity and collaboration by giving end-users easier access to more corporate resources.

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Probate Finder OnDemand® Celebrates 10-Year Milestone

MINNEAPOLIS (DATE)DCM Services, LLC (“DCMS”) and its sister company, Forte, LLC, the industry leaders in data and contact management solutions for the estate and specialty receivables recovery market, celebrate 10 years of the nation’s only online probate claim filing solution, Probate Finder OnDemand. 

Probate Finder OnDemand was launched in 2010. Since then, its Software-as-a-Service (SaaS) model has grown to serve an expansive client base spanning several end-markets including financial services, auto, retail, credit unions, and healthcare. Probate Finder OnDemand allows users to access our patented Probate Finder® technology and automate robust and complex probate location, matching, and claim presentation processes.

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CFPB Extends Comment Period on Request for Information on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for public comment on its Request for Information (RFI) on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction. The extension for submission of comments provides interested parties with more time to conduct outreach to relevant constituencies and to address the many issues raised in the RFI. The original deadline for submissions was October 2, 2020. The comment period will now close on December 1, 2020.

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Colorado Administrator proposes amendments to debt collection rules

Colorado’s UCCC Administrator has proposed amendments to the rules implementing the Colorado Fair Debt Collection Practices Act (CFDCPA).  The Administrator also announced that a Zoom stakeholder meeting will be held on August 25 to discuss the proposed amendments and to solicit topics for rulemaking.

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Wieckowski bill to license debt collectors advances in Assembly

SACRAMENTO – A bill by Senator Bob Wieckowski (D-Fremont) to require the licensing of debt collectors and debt buyers in California moved one step closer to becoming law when it was approved today by the Assembly Banking and Finance Committee.  SB 908 now advances to the Assembly Appropriations Committee. It has already passed the Senate.

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Consumer Financial Protection Bureau Proposes New Category of Qualified Mortgages to Encourage Innovation and Access to Affordable Mortgage Credit

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs) in order to encourage innovation and help ensure access to responsible, affordable in the mortgage credit market.

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New York AG suspends medical debt collection for 5th time

Due to financial hardships brought by the COVID-19 pandemic, New York's attorney general said Aug. 14 that her office will continue halting collections for past-due medical debt owed to the state. This is the fifth time New York Attorney General Letitia James suspended collection of medical debt since the pandemic began. The order concerns medical debt that has been specifically referred to the Office of the Attorney General for collection, including debt owed to five state hospitals and five state veterans' homes. The order extends through Sept. 4, after which Ms. James' office will reassess the needs of residents and possibly call for another extension.

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California’s proposal for its own CFPB is back on track

California is planning to strengthen its regulation of financial companies by replicating on a state level what the Consumer Financial Protection Bureau was created to be. The state legislature has revived an idea Gov. Gavin Newsom first proposed in January to remake the California Department of Business Oversight into a beefed-up regulator of fintech companies, credit reporting agencies, debt collection forms and others firms.

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CFPB Wants Your Comments on New Kind of QM

The Consumer Financial Protection Bureau (CFPB) is proposing a new category of qualified mortgage (QM) which it says is intended to "encourage innovation and help ensure access to responsible, affordable in the mortgage credit market." (we assume they meant "affordable credit in the mortgage market.") The category, "seasoned qualified mortgages" involves, as the name suggests, holding riskier loans in the originator's own portfolio for three years. It is unclear, from the notice of proposed rulemaking (NPRM) issued on Wednesday, who will then assume or securitize the loans.

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FHA Mortgage Delinquencies Reach a Record, Led by New Jersey

(Bloomberg) -- Federal Housing Administration mortgages -- the affordable path to homeownership for many first-time buyers, minorities and low-income Americans -- now have the highest delinquency rate in at least four decades.

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Kansas Gov. Laura Kelly to sign 2-week moratorium on evictions, foreclosures

KANSAS CITY, Mo. — In an effort to provide some relief to Kansans struggling due to the COVID-19 pandemic, Gov. Laura Kelly announced Monday she plans to sign an executive order placing a moratorium on evictions and foreclosures.

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FTC Sends Refund Checks Totaling More Than $700,000 to Small Business Owners Defrauded by Deceptive Robocalls

The Federal Trade Commission is mailing refunds totaling more than $700,000 to small business owners who were deceived by a robocall scheme.  According to the FTC, the defendants, operating as Pointbreak Media, Modern Spotlight, National Business Listings, and Modern Source Media, called small business owners, claimed to be acting on Google’s behalf, and threatened that Google would label their businesses “permanently closed” unless they spoke with a “Google specialist.”

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Will Congress fix credit report problem CFPB won’t?

Our latest report, last week, found that July set yet a fifth consecutive month of record consumer complaints to the CFPB. Complaints about credit report mistakes, always among the leaders, have surged dramatically during the pandemic. The CFPB hasn't done anything about it, but Congress has an opportunity in its next relief package to ban negative credit reporting.

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NCB Management Expands to Lincoln, Neb.

TREVOSE, Pa. -- Ralph Liberio, President & CEO announced today that NCB Management Services, a nationally respected Debt Buyer and Accounts Receivable Management (ARM) organization has signed a new, multi-year lease on a second, adjacent call center facility in Lincoln, Nebraska. This expansion will allow NCB to double its current capacity over the next several months. Liberio commented, “I am extremely excited and pleased to be in a position to bring good-paying call center jobs to the exceptional customer-centric workforce in Lincoln, NE”.

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Attorney General James Renews Suspension of State Debt Collection for Fifth Time as Coronavirus Continues to Impact New Yorkers’ Wallets

NEW YORK – New York Attorney General Letitia James today announced that the state will, on Sunday renew for the fifth time, 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. In response to continuing financial impairments resulting from the spread of the coronavirus disease 2019 (COVID-19), the OAG will renew orders again from this coming Sunday, August 16, 2020, through Friday, September 4, 2020 — a date which coincides with Governor Cuomo’s most recent executive order tolling statutes of limitation and other legal time periods.

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California Proposes Financial Watchdog Agency

California is expected to create a financial protection watchdog agency by month’s end. NPR reports lawmakers are moving quickly to create the new department of state government because the federal Consumer Financial Protection Bureau (CFPB) has been rendered useless under the Trump administration. “Consumer protections are an area where California wants to show that we care,” Assemblywoman Monique Limón told the radio network. “As the fifth-largest economy in the world we think that it is very important and it’s the right thing to do.”

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Attorney General Becerra Announces Approval of Final Regulations Under the California Consumer Privacy Act

SACRAMENTO – California Attorney General Xavier Becerra today announced approval by the Office of Administrative Law (OAL) of final regulations under the California Consumer Privacy Act (CCPA). Proposed final regulations were submitted to the OAL by Attorney General Becerra on June 1, 2020. During OAL’s review process, additional revisions were made to the proposed regulations. The approved regulations go into effect immediately.

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