Debt Collection Practices (Regulation F)

CFPB Just Released:  This rule revises Regulation F, 12 CFR part 1006, which implements the Fair Debt Collection Practices Act (FDCPA), to prescribe Federal rules governing the activities of debt collectors, as that term is defined in the FDCPA. The final rule addresses, among other things, communications in connection with debt collection and prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection.   View pdf of final rule 

TransUnion Unveils Simpler Income and Employment Verification Process

TransUnion (NYSE: TRU) unveiled today its new seamless and real-time service for lenders and other businesses to access verified income and employment data.

Consumer Financial Protection Bureau Issues Final Rule, Improves Clarity and Transparency by Amending Disclosure of Records and Information Regulation

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a final rule amending its Disclosure of Records and Information Regulation. The rule seeks to balance concerns regarding the Bureau’s need to protect confidential personal, business, supervisory, and investigative information against the need to use and disclose certain information in the course of the Bureau’s work or the work of other agencies with overlapping statutory or regulatory authority. Specifically, the rule addresses the confidential treatment of information that the Bureau obtains from persons in connection with the exercise of its authorities under Federal consumer financial laws.

Agencies Propose Regulation on the Role of Supervisory Guidance

Five federal financial regulatory agencies today invited comment on a proposal outlining and confirming the agencies’ use of supervisory guidance for regulated institutions. The proposal would codify the statement, as amended, that was issued in September 2018 by the agencies that clarified the differences between regulations and guidance.

US Inches Toward Open Banking With CFPB Notice

With more and more FinTechs introducing their own banking services, the competition is heating up. Small business lending platform BlueVine is the latest FinTech to take this path, having taken the wraps off of its banking solution this week with the launch of BlueVine Business Banking. The solution, which secured about 20,000 SMBs to pilot the technology in the last year, provides deposit account and payment solutions that aim to compete with traditional banks that, as CEO and Co-founder Eyal Lifshitz described, "nickel-and-dime" businesses.

CFPB Private Education Loan Ombudsman Issues 2020 Annual Report

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) Private Education Loan Ombudsman (Ombudsman) today issued the 2020 Annual Report, which shows that that from September 1, 2019, through August 31, 2020, the Bureau handled approximately 7,000 complaints related to private or federal student loans. 

Fintech startup SoFi gets preliminary approval for U.S. bank charter

LONDON (Reuters) - Financial technology company Social Finance Inc has received preliminary, conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) over its application for a national bank charter, the company said on Wednesday.

Remitter Announces Partnership with Alchemy

AI-Driven SMS and Email Communication Recovery Service Teams with End-to-End Cloud Based SaaS Solution to Improve Collections Performance with Enhanced Personalization and Predictability. Phoenix, Arizona; Remitter USA Inc., an AI powered digital communications platform used to improve payment recovery is pleased to announce its partnership with Alchemy Technologies (“Alchemy”), award winning Fintech Infrastructure Development Company.

Consumer Financial Protection Bureau Announces Settlement With Washington Federal Bank, N.A. For Flawed Mortgage-Loan Data Reporting

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) settled with Washington Federal Bank, N.A., a federally insured national bank, to address the Bureau’s finding that it reported inaccurate Home Mortgage Disclosure Act (HMDA) data about its mortgage transactions for 2016 and 2017.  

OCC Finalizes ‘True Lender’ Rule

The OCC today issued a long-awaited final rule establishing a “clear test” to determine when a bank making a loan is considered the “true lender” in the context of a partnership between a bank and a third party. Under the final rule, a bank makes a loan if, as of the date of origination, it is named as the lender in the loan agreement or funds the loan.

A new US House of Representatives bill would exempt PPP loans from small banks’ asset totals

Under the legislation, when regulators calculate the asset totals of banks and credit unions with less than $15 billion in assets, Paycheck Protection Programs (PPP) loans would not be counted, American Banker reports. This would shield small financial institutions (FIs) from additional regulatory requirements that banks with more than $10 billion have to deal with under the Dodd-Frank Act.

The DOJ is investigating Visa’s $5.3 billion bid for Plaid on antitrust grounds

It’s not just big tech that’s getting the antitrust treatment from the Department of Justice. Late Monday afternoon, the Department of Justice tipped its hand that it was investigating Visa’s proposed $5.3 billion acquisition of the venture-backed Plaid, which allows applications to connect with a users’ bank account.

Consumer Financial Protection Bureau Settles with Ninth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Low VA Rates LLC (Low VA Rates) to address the Bureau’s finding that Low VA Rates sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) that contained false, misleading, and inaccurate statements.

FTC Releases FY 2020 National Do Not Call Registry Data Book

The Federal Trade Commission today issued the National Do Not Call Registry Data Book for Fiscal Year 2020. The FTC’s National Do Not Call (DNC) Registry lets consumers choose not to receive most legal telemarketing calls. The data show that the number of active registrations on the DNC Registry increased by two million over the past year, while the total number of consumer complaints decreased for the third year in a row.

US New Home Sales Drop 3.5 Pct In September From Previous Month

The number of new homes sold in the U.S. in September was lower than the number sold in August, according to a joint report by the U.S. Census Bureau and the Department of Housing and Urban Development. The houses sold were at a seasonally adjusted rate of 959,000, which was 3.5 percent lower than the August rate of 994,000, the report stated. However, the rate is also 32.1 percent above the rate from September 2019 of 726,000.

Here’s who Biden would likely pick as the top financial watchdog for consumers

Consumers are likely to get a new financial watchdog if Joe Biden wins the presidential election next month. The Consumer Financial Protection Bureau has languished during the Trump administration, making it likely that Biden, if elected, would make leadership changes, according to consumer advocates.

How reverse mortgages could backfire for many retirees

Carl Abrams has owned his Minneapolis home since 1989. Now 78, about four years ago, he took out a reverse mortgage — that’s a loan for people 62 and older that turn a home into cash before they move or die. “I’m getting old, didn’t have a job, so didn’t have any savings, so I had to do something,” he says. With a reverse mortgage, the homeowner remains responsible for paying property taxes, homeowner’s insurance and maintenance costs. If those payments aren’t made in a timely fashion, the home can go into foreclosure.

U.S. new home sales drop; record low mortgage rates underpinning demand

WASHINGTON (Reuters) - Sales of new U.S. single-family homes unexpectedly fell in September after four straight monthly increases, but the housing market remains supported by record low mortgage rates and demand for more space as the COVID-19 pandemic drags on.

Today’s mortgage refinance rates see little change — but one rate breaks the mold | October 26, 2020

Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, current mortgage refinance have largely remained unchanged since this time last week, though 20-year fixed refinance rates have risen slightly. Despite this fluctuation, average rates for home refinance remain low by historical standards.

Here is Everything You Need to Know About Peer to Peer Lending

Peer-to-peer lending is slowly changing the financial landscape, giving alternatives to both borrowers and investors. The peer lending market is expected to hit $312.6Bn this year, fueled in part by technological advancements in the industry that help platforms quickly evaluate loans.

New Study Finds Smooth Digital Transactions “Essential to Business Survival” During and After Pandemic

A new global study by the Economist Intelligence Unit and TransUnion (NYSE: TRU) has overwhelmingly found the key to whether or not companies go out of business hinges on providing consumers friction-right digital transactions. Nearly 85% of global executives surveyed as part of the study said they believe smooth digital transactions are “essential to business survival” rather than merely a competitive edge.

Financial Services Professionals Say Lending Sector to Take A Year or Longer to Recover to Pre-COVID Levels: Survey

The COVID-19 pandemic has accelerated the shift to digital with financial services, according to a recent report from TransUnion (NYSE:TRU), a financial services data platform and credit report provider.   The report notes that the Coronavirus outbreak sent “shockwaves” through the financial services sector and has “challenged the way lenders have historically operated.” TransUnion also mentioned that as more commerce begins to move to all-digital platforms, “empowered” consumers will have even more power or control in today’s global, technology-driven economy.

Banking Agencies Issue Proposed Rule Addressing Role of Supervisory Guidance

The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau (CFPB), and the National Credit Union Administration (each, a Banking Agency, and collectively, the Banking Agencies) published a proposed rule (the Proposed Rule) that would codify the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the Banking Agencies on September 11, 2018 (the 2018 Statement). The 2018 Statement provided that regulatory guidance did not have the force and effect of law and did not create binding obligations on the public.

California Attorney General Issues More Proposed CCPA Regulation Changes

The California attorney general recently published proposed modifications to the operative final regulations to the California Consumer Privacy Act, including notable regulatory changes requested by the attorney general for those businesses subject to the act.A third set of proposed modifications to the California Consumer Privacy Act (CCPA) regulations were announced by the California attorney general on October 12. The announcement comes less than two months after California’s Office of Administrative Law (OAL) approved the final CCPA regulations that went into immediate effect on August 14, as we previously reported.

What Wells Fargo’s exit from student lending means for competitors

Wells Fargo’s recently announced exit from private student lending figures to give competitors an opportunity to grab market share at a time when the sector’s prospects are threatened by declining college enrollment and the possibility of Joe Biden becoming president and making college free for many families.

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NCUCA 6th Annual Conference – October 28 – 30th