New California CFPB-style Agency Will Not Have Authority Over Reverse Mortgage Industry

The state of California’s new Department of Financial Protection and Innovation (DFPI), a reorganization of the previous Department of Business Oversight (DBO), will not have enforcement authority over the state’s reverse mortgage businesses according to officials with both the new DFPI, and the California Department of Real Estate (DRE).

Consumer Financial Protection Bureau Report Finds Continued Decline in the Market for Certain Kinds of College Credit Cards

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued a report today on agreements between credit card issuers and institutions of higher education, as well as certain organizations affiliated with such institutions. The report finds that in 2019 the number of total agreements in effect, as well as the number of accounts open under the agreements, continues a general trend of decline. Overall, between 2009 and 2019 the number of agreements in effect, year-end open accounts, and payments by issuers all declined by more than two-thirds. Agreements with alumni associations continue to represent the large majority of agreements, accounts, and payments by issuers.

DebtMagicians Sends Shockwaves Throughout The Debt Settlement Industry With The Launch of Their New Platform Featuring a Proprietary A.I. Engine That Negotiates Debt Settlements

Winter Park, Florida, October 7, 2020, The Debt Collection Industry has been doing the same old routine for decades and producing the same old minimal results. All that has changed with a new AI SaaS Platform rolled-out by DebtMagicians. Their new debt collection concept is nothing short of a new paradigm causing quite a disruption in this industry.

Less than 11% of people with federal student debt are repaying their loans during Covid

In March, as it rapidly became clear that the coronavirus pandemic would upend our lives, the U.S. Department of Education offered student loan borrowers a break from their monthly payments. They accepted. Less than 11% of people with federal student loans are repaying them during the pandemic, according to data analyzed by higher education expert Mark Kantrowitz. That means about 4.6 million out of 42 million borrowers are continuing to pay down their debt.

Two for One Special Extended & Repo, Forwarder and Skip Oversight Special Session Added to Oversight Options

October is Oversight Month!  Resource Management Services, Inc. presents Oversight Options - taught as a virtual course on October 20th with an extra added option - a special October 21st add-on course on Oversight of Repo Vendors, Forwarders and Skip Vendors.  The class delves into the Four Key Risk areas of oversight of third party collection vendors (Financial, Operational, Contractual and Compliance).  Learn practical tips and techniques for oversight.  For compliance managers, relationship managers and vendor auditors.  Two for One offer extended!  Register now.

CFPB issues policy statement on early termination applications

The Consumer Financial Protection Bureau (CFPB) issued a statement on Oct. 5 detailing the process and criteria for the early termination of consent orders. While consent orders usually have a five-year term, entities subject to them can apply for early termination should they meet appropriate criteria. According to the policy and the released statement, the sole authority to terminate a consent order still rests with the bureau’s director and is at their complete discretion.

Gov. Wolf Announces Additional $96 Million for Small Businesses Impacted by COVID-19

Governor Tom Wolf today announced that an additional $96 million in state grants have been approved for 5,373 Pennsylvania small businesses that were impacted by the business closure order due to the COVID-19 public health crisis.

One-fifth of organizations did not make cybersecurity a priority during the pandemic

56% of IT and OT security professionals at industrial enterprises have seen an increase in cybersecurity threats since the start of the COVID-19 pandemic in March, a Claroty research reveals. Additionally, 70% have seen cybercriminals using new tactics to target their organizations in this timeframe.  The report is based on a global, independent survey of 1,100 full-time IT and OT security professionals who own, operate, or otherwise support critical infrastructure components within large enterprises across Europe, North America and Asia Pacific, examining how their concerns, attitudes, and experiences have changed since the pandemic began in March.

Nebraska voters mulling proposed cut to payday lending rate

Nebraska voters marking ballots for the general election by Nov. 3 will decide the fate of a proposal that would limit the amount of money “payday lenders” could charge borrowers. The ballot question, labeled as Initiative Measure 428, would amend state law to cap the amount state-licensed cash advance businesses could charge, and would excuse borrowers from repaying any loan found to have been made in violation of the cap.

3 ways criminals use artificial intelligence in cybersecurity attacks

Three cybersecurity experts explained how artificial intelligence and machine learning can be used to evade cybersecurity defenses and make breaches faster and more efficient during a NCSA and Nasdaq cybersecurity summit. Kevin Coleman, the executive director of the National Cyber Security Alliance, hosted the conversation as part of Usable Security: Effecting and Measuring Change in Human Behavior on Tuesday, Oct. 6.

FTC to host fraud, data security workshops for small businesses

The Federal Trade Commission (FTC) will host a virtual workshop on Oct. 29 from 1 p.m. to 3:45 p.m. focusing on truth-in-advertising law, social media marketing, data security, business-to-business fraud, and other topics geared toward business owners, advertising professionals, and attorneys.

NCUCA Hosts 6th Annual Conference October 28th – 30th at the Bellagio in Las Vegas

Join the National Credit Union Collections Alliance at their 6th annual conference October 28th - 30th, 2020 at the Bellagio Las Vegas.  Presented by:  First City Credit Union, First Tech Federal Credit Union, TexasBay Credit Union, Alta Vista Credit Union, VantageWest Credit Union, Credit Union of Southern California, Los Angeles Federal Credit Union and Del Norte Credit Union.  Join your peers and colleagues at this in person event - with courtesy daily rapid Covid-19 testing for all attending. Go to ncuca.com/register. Get Your Tickets Now!

CFPB Issues RESPA FAQs, Rescinds Compliance Bulletin on MSAs

The Consumer Financial Protection Bureau today released a set of frequently asked questions that provide an overview of the provisions included in Section 8 of the Real Estate Settlement Procedures Act and the respective anti-referral fee sections in Regulation X. The FAQs address the applications of these provisions to gifts and promotional activities and to marketing services agreements.

CFPB Offers Guide for Avoiding COVID-19 Senior Scams

The Consumer Financial Protection Bureau (CFPB) has provided guidance for senior consumers on how to best avoid scams stemming from renewed efforts by bad actors in the midst of the COVID-19 coronavirus pandemic. Representatives from the Bureau, the Federal Trade Commission (FTC) and the Department of Health and Human Services (HHS) went over these practices during a webinar presentation on Tuesday this week.

CFPB Urged to Stop Allowing Credit Reporting Industry to Violate FCRA

On September 24, 2020, a letter sent by a coalition of 21 consumer, faith, and advocacy groups to the Consumer Financial Protection Bureau (CFPB) urged the CFPB to revoke the permission they granted the credit reporting industry to violate the 30-day deadline imposed by the Fair Credit Reporting Act (FCRA) for investigating disputes. In guidance dated April 1, 2020, the CFPB had permitted credit and consumer reporting agencies (CRAs) – and the banks, lenders, and debt collectors that report information to the CRAs – to exceed the 30 days due to “reductions in staff, difficulty intaking disputes, or lack of access to necessary information.”

How the New Robocall Law Would Protect Consumers

Consumers now have more protections against robocalls, but it could take awhile for the number of intrusive calls to decline significantly.  The so-called TRACED Act, which was signed into law by President Trump on Tuesday, should make it easier for consumers to identify robocalls so that they can avoid answering them.

Trade groups file summary judgment motion in Texas lawsuit challenging CFPB payday loan rule

The industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed a motion for summary judgment.  The motion follows the filing of an Amended Complaint by the trade groups focused on the Rule’s payments provisions and the filing of an Answer to the Amended Complaint by the CFPB.

Nev. Lenders Must Brace For The Next Wave Of Foreclosures

Law360 (October 6, 2020, 3:50 PM EDT) --Nevada was an epicenter  of the Great Recession and housing crisis of 2008-2009. Home prices plummeted, accompanied by widespread job losses and decreases in income. Homeowners defaulted on mortgages and, in some cases, walked away from their homes.

DCM Services names Tiffany Jansen Senior Vice President, Business Development

Minneapolis, MN — October 6^th, 2020 — DCM Services, LLC (DCMS) the industry leader in estate and specialty account recovery solutions, announced the promotion of Tiffany Jansen to Senior Vice President, Business Development.   Jansen, who most recently served as Vice President of Executive Account Management, will now also oversee sales and marketing strategies for DCMS.

“Tiffany has been an invaluable member of the DCMS team over the last 17 years, said Tim Bauer, DCMS Chief Executive Officer. “Her involvement in our ongoing growth and company initiatives has contributed to our overall success. We are excited to continue our growth into additional markets under Tiffany’s leadership.”  Jansen joined the organization in 2003 and has held various roles within both Operations and Business Development. She holds a Bachelor of Arts degree from the University of Minnesota Twin Cities.

Third Circuit Sharply Limits FTC Authority to Obtain Monetary Relief as Supreme Court Prepares to Weigh In

Last week, in FTC v. AbbVie et al., the Third Circuit joined the Seventh Circuit in holding that the Federal Trade Commission (FTC) was not authorized to seek disgorgement as a remedy under Section 13(b) of the FTC Act – deepening a circuit split ahead of the Supreme Court’s upcoming consideration of this issue.  The holding will make it exceedingly difficult for the FTC to obtain monetary remedies in many of its enforcement actions in the Third Circuit, in both antitrust and consumer protection cases.  And ultimately, as we have previewed, the Supreme Court is expected to have the final say on this question this Term.

Consumer Financial Protection Bureau Issues Policy Statement on Applications for Early Termination of Consent Orders

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a policy statement on applications for early termination of administrative consent orders (Consent Orders). The policy statement outlines the early termination application process for entities subject to a Consent Order and the standards that the Bureau intends to use when evaluating applications.

The Good, the Bad, and the Ugly of PPP Loan Forgiveness Delays

If getting a PPP loan approved meant you had to move at warp speed, getting one forgiven may well feel like you’re stuck in slow motion. That’s the case for Andrew Cao, a managing partner at Motoza, the Austin-based digital marketing agency he founded in 2011. Cao tapped into the Paycheck Protection Program — the $521 billion forgivable loan program designed to bridge small businesses through the pandemic–in May, after some of his clients started pulling their business. He applied through a local lender, Horizon Bank, after failing to get in on the first tranche of PPP funding with his company’s own bank, Bank of America.

New York State debt collection suspension renewed through November

NEW YORK (WWTI) — The Office of the Attorney General announced Monday that suspension of state debt collection will be renewed for the seventh time. New York Attorney General Letitia James announced on October 5 that New York has renewed the order to halt state medical and student debt collection specifically referred to the OAG. This order will be renewed for an additional 30-day period, through November 3, 2020. According to Attorney General James, this decision was made due to the financial impairments following the spread of the COVID-19 virus.

The Number of Past-Due Auto Loans Is Creeping Up

The trends say some financial troubles that began for many families with the approach of COVID-19 this spring are starting to retreat, but if you're a glass half empty kind of person, you'll appreciate this: new data has come out that shows signs of financial trouble in the auto-loan market.

Ohio Attorney General sues local debt collection company, alleges illegal harassing and abusive behavior

CLEVELAND, Ohio (WOIO) – The state of Ohio holding alleged bad debt collectors accountable in a new lawsuit. The state attorney general is going after the Northeast Ohio debt collection company saying, “We want to do everything in our legal authority to go to bat for the people of Ohio.” Attorney Dave Yost says officials recently received more than 40 complaints against Advanced Capitol Solutions.The lawsuit alleges the Canton-based debt collectors’ conduct was harassing or abusive in some instances.

Loans in forbearance gain after 6 weeks of decline

After six weeks of steady declines, the number of mortgages in active forbearance rose by 21,000 last week, according to a new report. Though the raw number increased, the number of all mortgages in active forbearance remained at 6.8%, unchanged from the week prior, Black Knight said in a report on Friday. As of Sept. 29, 3.6 million homeowners remain in COVID-19-related forbearance plans representing $751 billion in unpaid principal. According to the report, the portfolio-held and private labeled security loans were largely responsible for the recent increase, with forbearance share gaining from 7.1% to 7.3% – a total of 28,000 new loans in forbearance.

SIMM Associates continues as a Major Statewide Sponsor for DFRC Blue-Gold Golf Classic

Newark, Delaware – September 21, 2020 – SIMM Associates is proud to continue its sponsorship of DFRC Blue-Gold Golf Classics tournaments which were held on August 28^th and September 21^st 2020. Every year, with the support of more than 100 sponsors, 250 golfers participate in the two Blue-Gold All★Star Golf Classics. DFRC is a well-respected Delaware foundation dedicated to raising funds and consciousness in support of programs that enrich the lives of Delawareans with intellectual disabilities. Established in 1956, the private, nonprofit organization is dedicated to identifying and funding programs based on community need. Since inception, DFRC has distributed over $6 million dollars into Delaware programs.

Survey: Business economists see coronavirus as biggest risk

The U.S. economy faces risks from a potential resurgence of the coronavirus and from the failure so far of Congress to provide additional financial support for struggling individuals and businesses. That judgment emerges from a survey released Monday by the National Association for Business Economics of 52 forecasters who were polled last month. Among the forecasters, 55% said they regarded a second wave of Covid-19 cases as the most serious threat. Twenty percent said they thought a lack of further government economic aid would pose the biggest risk.

How student loan forgiveness is altering consumer behavior

Student loans are now a perennial political hot potato and an entrenched economic challenge for young Americans. Politicians and the higher education industry have kicked the can down the road for so long that we can no longer ignore the effect student debt is having on Millennials’ ability to thrive in today’s unforgiving economic environment.

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Oversight Options for Third Party Auditors – Virtual Class 10/20/20

Learn Oversight Tips of Key Risk Areas: Financial, Operational, Contractual and Compliance

LendIt Fintech Europe 2020 – Virtual – October 19 – 20

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NCUCA 6th Annual Conference – October 28 – 30th