America’s struggling small businesses will get a second check in 2021 after a chaotic first round of loans

The stimulus bill that President Donald Trump signed on Sunday includes $284 billion in new aid for small businesses, and key stakeholders hope the rollout of a “second draw” will be less chaotic than an initial round of loans granted under the Paycheck Protection Program (PPP) this spring.

January 5, 2021 Release of the Taskforce on Federal Consumer Financial Law Report

On January 5, 2021, the Bureau will host an event to share the findings, analyses, and recommendations of the Taskforce, followed by facilitated questions and answers with the CFPB’s Consumer Advisory Board Chair, Eric Kaplan.

Here’s what mortgage forbearance looked like in 2020

On March 27, Congress passed the CARES Act to offer economic relief to those affected by the shut-downs, expanding unemployment benefits and offering mortgage forbearance to homeowners with mortgages backed or insured by the federal government, including Freddie Mac, Fannie Mae, VA and FHA. Under the CARES Act, homeowners can ask for forbearance from their mortgage servicer and suspend payments for up to 12 months. Approximately 4.3 million homeowners have requested forbearance since the program began.

Will mortgage rates go up or down in January 2021?

Out with the old, in with the new is the mindset of many as we turn the page on another calendar year - one that many Americans are eager to leave behind. But one thing they aren't in a hurry to say goodbye to are low mortgage interest rates, which many experts predict will linger into January and throughout 2021. How reliable is this expectation? What emerging factors or wildcards could alter conventional wisdom regarding financing? And to what extent can the newly elected government help or hinder the housing and mortgage markets? We asked several industry insiders for their forecasts.

New state law magnifies the fine print on small business lending

A new state law should make it easier for small businesses to compare rates between fintech and other nontraditional lenders. Gov. Andrew Cuomo signed the Small Business Truth in Lending Act last week. It requires all alternative financing companies to clearly disclose the cost of borrowing to small business clients.

US home price growth accelerates at a pace not seen in more than 6 years

Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 8.4% annual gain in October, up from 7% in September. The growth rate marks the highest level since March 2014. The 20-City Composite posted a 7.9% annual gain, up from 6.6% the previous month — beating analysts’ estimates of 6.95%, according to Bloomberg.

Governor Cuomo Signs the Covid-19 Emergency Eviction and Foreclosure Prevention Act of 2020

Governor Andrew M. Cuomo today signed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020. The Act (S.9114/A.11181) prevents residential evictions, foreclosure proceedings, credit discrimination and negative credit reporting related to the COVID-19 pandemic. It also extends the Senior Citizens' Homeowner Exemption and Disabled Homeowner Exemption from 2020 to 2021. The Act adds to New York State's efforts to protect tenants and homeowners from the economic hardship incurred as a result of the COVID-19 pandemic.

Philippines SEC revokes Super Cash’s authority to operate over unfair debt collection practices

The Securities and Exchange Commission (SEC) has revoked the authority of Super Cash Lending Corp. to operate as a lending company, for implementing unfair debt collection practices. In a statement released Monday, the SEC said its Corporate Governance and Finance Department (CGFD) found Super Cash — through its online lending platforms Super Cash, Cash Porter, and Loan Bee — liable for nine violations under an order dated November 11.

Medical debt collector sued for suing patients

DENVER (KDVR) — Credit Services Company (CSC) is a Colorado Springs collection agency that according to its website is described as a “Medical Debt Collection with Compassion.” But a lawsuit filed in Denver District Court says the debt collector doesn’t show compassion or follow Colorado law when it sues patients over medical debt. Cathy Sullivan and Zachary Waite are two UCHealth patients suing CSC for what they allege were illegal efforts by the company to go after them for medical debt.

Margin Debt Reaches New High

Margin debt has reached the highest point in two years as investors borrowed a record $722.1 billion against their investment portfolios through November, topping the previous high of $668.9 billion from May 2018, according to the Financial Industry Regulatory Authority (FINRA).2 This amount is a 28% increase since the same time last year and is up nearly 10% from $659.3 billion in Oct. 2020. The surge in risk-taking indicates that investors were euphoric as COVID-19 vaccines neared.

Holiday Debt Averaged $1,381 in 2020, Reaching a 6-Year High Amid Pandemic

The holiday season is a time for celebrating and exchanging gifts with loved ones — which can often mean swiping credit cards or taking on loans in the process. About a third (31%) of all consumers took on debt to pay for holiday expenses this year, according to a December 2020 MagnifyMoney survey of 1,171 Americans. Holiday debt was defined as spending related to gifts, travel and entertainment.

Federal Reserve extends termination date of Main Street Lending Program facilities to January 8, 2021 to allow more time to process and fund loans that were submitted to Main Street lender portal on or before December 14, 2020

In order to allow more time to process and fund loans that were submitted to the Main Street lender portal on or before December 14, 2020, the Federal Reserve Board on Tuesday extended the termination date of the Main Street Lending Program facilities to January 8, 2021

National credit card debt $89B less than beginning of 2020

NEW YORK (WWTI) — Americans are expected to start the new year with a significantly less amount of credit card debt. A recent study conducted by WalletHub determined national credit card debt statistics and rates; finding a significant decrease in debt compared to the start of 2020. According to the study, United States consumers started 2020 owing over $1 trillion in credit card debt. This debt was accumulated following a $76.7 billion net increase during 2019. However, WalletHub determined that during the pandemic, consumers payed down $58.8 billion in debt; creating new records for both the second and third quarters, credit card debt dropped for the first time in over three decades from April through September.

Current Mortgage Rates — Dec. 28: Rates Creep Up for Most Loans

15 States With the Most Student Loan Debt

Since 2012, student loans have had the highest delinquency rate of any form of consumer debt. And while recent data from the New York Federal Reserve suggests that student loan delinquency rates have declined during the COVID-19 pandemic, this data actually reflects the effect of government forbearance programs. While a large share of student loans are currently in forbearance due to COVID-19 aid programs, students — many of whom might struggle to find work in a depressed economy — will be put in a precarious situation when aid programs end. How the new administration tackles the student loan crisis will be critical for many degree holders struggling to make their payments.

More PPP loans are coming. Here’s how your business can get a second one.

President Donald Trump has signed into law a new $900 billion coronavirus relief and stimulus package. Among its provisions: An extension of last spring’s Paycheck Protection Program, allowing another $284 billion or so in forgivable, federally backed loans for ailing small businesses.

Denied for student loan refinancing? Here’s what you can do

The average student loan borrower pays $393 per month, according to Education Data. Students who seek additional degrees, like doctoral, average payments of $1,210 per month. Student loan borrowers typically pay between 3% and 6% interest on their loans.

Maine Federal Court Finds State-Imposed Credit Reporting Restrictions Preempted by the FCRA

A federal court in Maine recently held that the federal Fair Credit Reporting Act (“FCRA”), 15 U.S.C. § 1681, et seq., preempts burdensome credit reporting restrictions imposed by the Maine Fair Credit Reporting Act. 

CFPB Settles Student Loan Case With Discover For $35 Million

The Consumer Financial Protection Bureau (CFPB) has settled with student loan servicers Discover Bank, The Student Loan Corporation and Discover Products (collectively Discover) in a 2015 case for unlawful practices, and Discover will have to pay $10 million in customer redress, a press release says. The case stems from an earlier order from CFPB based on finding that Discover had been misstating the minimum amounts due on billing statements along with tax info customers needed to help get federal income tax benefits. In addition, CFPB found that Discover had been engaging in illegal debt collection practices.

CFPB: Santander Must Pay $4.75 Million For Credit Reporting Violations

Santander Consumer USA was ordered to pay $4.7 million to the Consumer Financial Protection Bureau (CFPB) for violating the Fair Credit Reporting Act (FCRA), the CFPB said in a press release. According to the release, Santander allegedly knew that it provided incorrect consumer data to the three major credit reporting agencies (CRAs). Santander is an originator and servicer of non-prime auto loans and leases and provides credit information to CRAs via monthly data files, according to the CFPB release.

Government Contractors Are People Too: FCC Revises TCPA Definition of “Person”

On December 14, the Federal Communications Commission (FCC) ruled that federal and state contractors are “persons” subject to the terms of the Telephone Consumer Protection Act (TCPA). Citing privacy concerns, the order overturns 2016 FCC precedent, exempting government contractors from the TCPA’s restrictions. Now, government contractors must obtain permission from consumers before calling or texting them.

U.S. consumers struggled to access credit, handle emergency costs in 2020, study shows

Dec 21 (Reuters) - U.S. consumers struggled to access credit this year and felt less prepared to meet unexpected costs, with applications for credit cards plunging the most, according to a survey released Monday by the New York Federal Reserve.

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RMAI 2021 Annual Conference – In Person and Virtual

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Collection and Recovery Solutions 2021 (CRS2021)

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