Fintech boom prompts Justice to revisit bank merger guidance

The Department of Justice’s antitrust division is contemplating whether it should revisit 25-year-old bank merger guidelines as new financial technologies reshape the banking industry and the market share data that the government uses to determine whether to allow mergers to proceed. It is asking the public whether it should include “nontraditional banks,” such as online lenders, when considering the competitive effects of a proposed bank merger. The responses could shape a policy allowing more rural banks to combine, a move that might not impact competition as much as in the past, given consumers’ increasing options.

Nissan to pay $4M fine to settle wrongful vehicle repossession charges

The financing arm of Nissan Motor Company will pay a $4 million fine to the Consumer Financial Protection Bureau (CFPB) to settle charges that it wrongfully repossessed vehicles and committed other unfair and deceptive practices, the regulator announced Tuesday. The CFPB alleged that Nissan Motor Acceptance Corp. (NMAC) violated consumer protection regulations by repossessing vehicles despite previous agreements with customers not to do so, refusing to return property left in repossessed vehicles to customers until they paid a fee, and pushing customers into costlier and misleading loan repayment and extension options.

CoreLogic Reports An Emerging Paradox: U.S. Serious Delinquencies Spiking Despite Strong Housing Demand

CoreLogic^® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for July 2020. On a national level, 6.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure). This represents a 2.8-percentage point increase in the overall delinquency rate compared to July 2019, when it was 3.8%.

Consumer Financial Protection Bureau Settles with Nissan Motor Acceptance Corporation for Illegal Collections and Repossession Practices

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Nissan Motor Acceptance Corporation (Nissan), an auto financing subsidiary of Nissan North America, Inc., which services auto loans and leases originated by Nissan and Infiniti dealerships nationwide. Nissan’s servicing operations are headquartered in Irving, Texas.

California Consumer Privacy Act (CCPA) Current Rulemaking Activities

On October 12, 2020, the Department of Justice released a third set of proposed modifications to the regulations regarding the California Consumer Privacy Act (CCPA) that went into effect on August 14, 2020. The notice of proposed modifications, text of the proposed modifications, and deadline to submit written comments are below.

LendingClub Is Ending Its P2P Lending Platform — Now What?

LendingClub's business model pioneered the peer-to-peer (P2P) lending industry. If you aren't familiar with how this works, here's a quick example. Let's say that you want to borrow $20,000 through LendingClub's personal loan platform. You would fill out a credit application, LendingClub would assign you a risk rating, and would post your loan on its marketplace. Investors could then decide to fund some (or all) of your loan, and they would receive a proportional amount of your monthly loan payments, including interest, for doing so.

Simplified PPP forgiveness doesn’t go far enough, bank trade groups say

The streamlined forgiveness process will affect 3.57 million of the 5.2 million loans originated under the program, which aimed to help small businesses weather the economic hardship brought on by the coronavirus pandemic, according to the SBA. 

CFPB issues new marketing services agreement guidelines

The Consumer Financial Protection Bureau has pulled its previous guidance regarding whether marketing services agreements comply with anti-kickback rules. In a frequently asked questions post, the CFPB stated that these agreements do not violate Section 8 of the Real Estate Settlement Procedures Act. While the FAQ does not change much on a practical level, it represents a change in attitude by the bureau from when it was headed by Richard Cordray. His CFPB never declared MSAs to be illegal but had expressed some level of hostility towards them.

Oregon District Court holds that Revocation Cannot Be Imputed to a Party That Never Received Revocation Notification

In Miler v. Td Bank United States, No. 3:20-cv-00340-BR, 2020 U.S. Dist. LEXIS 184658 (D. Or. Oct. 6, 2020), the District Court of Oregon granted Target’s motion to dismiss on the grounds that Plaintiff failed to allege facts sufficient to establish that Target received notice of Plaintiff’s written revocation notice, and that sending that notice to TD Bank was not sufficient to impute knowledge of the attempted revocation to Target.

Washington Collection Agency Board Extends Remote Work Rule into February

The Washington Collection Agency Board (CAB) has extended the state’s emergency temporary work-from-home rule—enacted in June in response to COVID-19—for employees of licensed collection agencies for an additional 120 days. The extension, until Feb. 17, 2021, is part of the process to enact a permanent rule, which could greatly expand options for the accounts receivable management (ARM) industry and set a precedent for other states to follow suit.

Who owes the most in student loans: New data from the Fed

Most news stories and reports about student debt cite the fact that Americans owe more than $1.5 trillion. The fact that households in the upper half of the income distribution and those with graduate degrees hold a disproportionate share of that debt almost never makes it into the narrative. But who owes education debt is as important as how much debt there is. Only with this information can we determine who struggles because of their student loans and who is succeeding in the job market because of the education that loans helped them achieve.

Banks have barely touched the Fed’s Main Street Lending Program. Except this one.

Most banks have steered clear of the Federal Reserve's loan program designed to buoy midsize businesses. One Florida lender is diving in.  Miami-based City National Bank of Florida has embraced the Fed's Main Street Lending Program, which made its first loan this summer. Of the 252 loans issued through the program in its first three months, City National made nearly 100 of them, extending loans of up to $50 million to companies in states as far away as California and Wyoming.

BBB: BBB offers online safety tips for National Cyber Security Awareness Month

The Internet has become a significant part of our everyday lives, allowing us to work, socialize and shop online. Unfortunately, cybercriminals also benefit from that same convenience and accessibility. That’s why the Cybersecurity and Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA) team up each October for National Cyber Security Awareness Month. This year’s theme is “Do Your Part. #BeCyberSmart,” which emphasizes the importance of individuals taking steps to protect themselves online.

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.

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.

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