Acting CFPB Director Pledges Aggressive Approach to Supervision, Enforcement

The Consumer Financial Protection Bureau will increase its supervision and enforcement efforts to ensure that companies delivering COVID-19 relief are meeting their legal obligations and protecting consumers, Acting CFPB Director Dave Uejio said today. In a message to CFPB staff, Uejio directed the bureau’s Supervision, Enforcement and Fair Lending Division to “to always determine the full scope of issues found in its exams, systemically remediate all of those who are harmed, and change policies, procedures, and practices to address the root causes of harms.”

California consumer agency strikes data-sharing deal with fintech companies

California’s newly empowered consumer protection agency signed a data-sharing deal with several financial technology companies in an effort to better evaluate benefits and risks of their products as the market for cash advance apps grows, Yahoo Finance has learned.

FTC Sends More Than $250,000 in Additional Refunds to Victims of Mortgage Modification Scheme

The Federal Trade Commission is sending a third round of checks totaling more than $250,000 to victims of a mortgage modification scheme dating back to 2009. The FTC began mailing refunds in this matter in 2012. In total, the FTC has distributed more than $900,000.

U.S. banking regulator freezes controversial ‘fair access’ rule

WASHINGTON, Jan 28 (Reuters) - A U.S. banking regulator announced Thursday it was freezing a contentious new rule that would prohibit banks from refusing to lend to certain business types, a move that will allow the next regulator tapped by President Joe Biden to review and potentially undo it.

USDA Temporarily Suspends Debt Collections, Foreclosures and Other Activities on Farm Loans for Several Thousand Distressed Borrowers Due to Coronavirus

WASHINGTON, Jan. 27, 2021 — Due to the national public health emergency caused by coronavirus disease 2019 (COVID-19), the U.S. Department of Agriculture today announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency (FSA).

7 essential cyber security tips for small businesses

Every year, cybersecurity becomes a bigger issue for businesses large and small. While computer experts and regular people are getting better at protecting their data, hackers and digital criminals are keeping up every step of the way.

Today’s mortgage rates continue to rise | January 29, 2021

Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, mortgage rates have risen since yesterday.

Data breaches fell in 2020, but identity thieves still raked in billions

Based on what we know so far, hackers didn't steal as much personal data in 2020 as they did in previous years, but that doesn't mean they weren't able to make plenty of money. According to a report released Thursday by the Identity Theft Resource Center, hackers and identity thieves used stolen passwords and personal information to profit in new ways from your information

Fed keeps key interest rate near zero, maintains $120B in monthly bond purchases to hold down long-term rates

WASHINGTON – The Federal Reserve pledged on Wednesday to keep its low interest rate policies in place even well after the economy has sustained a recovery from the viral pandemic.

Economy shrank 3.5 percent in 2020

The U.S. economy shrank 3.5 percent in 2020 as the coronavirus pandemic shuttered businesses, schools and events, marking the first annual contraction since the Great Recession, according to data released by the Commerce Department on Thursday.

Small businesses received $35B in PPP loans during third round of lending

The Small Business Administration said Tuesday that it has approved more than 400,000 loans worth about $35 billion through the Paycheck Protection Program, a vital lifeline for pandemic-ravaged small businesses.

Facing a double-whammy, millennials rack up credit card debt during the pandemic

The pandemic’s economic hit is making an outsize impact on one generation’s debt: A greater share of millennials report they have added to their credit card debt since March compared with older generations.

Despite Pandemic, Nearly 1 in 5 Americans Paid Off More Debt in 2020

DALLAS, Jan. 28, 2021 /PRNewswire/ -- Although tens of millions of Americans lost their jobs or were furloughed last year due to COVID-19, nearly 20% were able to increase their credit scores by paying down more debt in 2020, according to a survey conducted by YouGov plc on behalf of ScoreSense^®.

Maryland Issues Six-Month Work-From-Home Regulation for Licensees

Maryland has issued a temporary emergency regulation  allowing remote work for state-regulated entities, including collection agencies.  The regulation will be published in the Maryland Register Jan. 29 and will be valid for six months while the Maryland Commissioner of Financial Regulation works to enact a final rule on remote work arrangements.

Crown Asset Management, LLC (CAM) Announces the Promotion of Five Team Members

Brian K. Williams, Chief Executive Officer, stated, “I am very proud of our leadership team which is rich in industry knowledge and experience.  Today I am pleased to announce the promotion of five of these team members in recognition of their hard work, dedication, and accomplishments”.   “2020 has been a challenging year the world over.  Our industry is no exception.  While we will continue to face challenges, CAM’s leadership team enables us to move past these challenges.  Today we announce the promotion of five members of this team.  These promotions recognize their qualifications and achievements and further build our foundation of strength and integrity.” said Scott Arnold, Chief Financial Officer.

51 million Americans increased their credit card debt because of Covid

In times of financial distress, credit cards are one of the easiest ways to access cash. During the coronavirus crisis, more than half, or 51%, of adults with credit card debt — roughly 51 million people — added to their balances, according to a report by CreditCards.com. And 44% blame the pandemic, the report found. In addition, Americans’ confidence in their ability to pay their card

Nearly 1/4 of U.S. adults have a personal loan—this is the No. 1 reason they borrow money

Personal loans were the fastest-growing debt category in 2019, but new data from Experian found that changed in 2020. While personal loans saw a 12% year-over-year increase in 2019, the category only grew 1% in 2020 (the slowest for any debt category last year) with fewer people taking out loans. Delinquencies also saw a dramatic decrease, with 27% fewer accounts past due 30 days or more. On average, personal loan balances sat at $16,458 in the third quarter of 2020.

Home price growth surges to highest level seen since 2014

U. S. Home price growth surged in the penultimate month of 2020 to a level not seen in nearly seven years.

FTC Acting Chair Rebecca Kelly Slaughter Announces Interim Leadership Appointments

Rebecca Kelly Slaughter, designated Acting Chair of the Federal Trade Commission by President Joseph R. Biden on January 21, today unveiled a number of interim leadership changes.  “I am enormously grateful to these talented members of the FTC team for being willing to offer their services as we work through this transition period,” said Acting Chair Slaughter.

Understanding the seasonal patterns of mortgage rates

Much like the changing of the calendar, buying and selling homes follows a seasonality that that those in mortgage and real estate have grown accustomed to. But a recent study from tech startup Haus found that mortgage rates can also be seasonal, and borrowers can benefit from understanding that rhythm. Analyzing over 8.5 million mortgage originations between 2012 and 2018 from Freddie Mac’s Single-Family Loan-Level dataset, Haus found that the sweet spot for rates is typically in January, when mortgage originations also typically slump.

Americans Hit by Just Under 46 Billion Robocalls in 2020, Says YouMail Robocall Index

IRVINE, Calif., Jan. 26, 2021 /PRNewswire/ -- U.S. robocalls declined under the lockdowns of COVID-19, with an estimated 45.9 billion robocalls nationwide in 2020, marking an almost 22% decrease from the 58.5 billion robocalls recorded in 2019. This total is roughly 4% below the 47.8 billion robocalls received in 2018, yet still over 50% higher than the 30.5 billion robocalls in 2017.

Acting CFPB Director Uejio Plans for Active Role in Interim Posting

Acting Director of the Consumer Financial Protection Bureau (CFPB) David Uejio does not intend to be a passive functionary as Biden administration nominee Rohit Chopra awaits Senate confirmation, telling staff in an email that he intends to begin focusing on the new administration’s priorities ahead of Chopra’s confirmation. This is according to an internal CFPB staff email obtained by Bloomberg Law.

Today’s mortgage rates mixed | January 25, 2021

Today’s mortgage refinance rates have risen since last Friday. Still, 15-year refinance rates are alone in their fluctuations, as 30-year and 20-year rates continue to stick around 2.625%. If you’re considering refinancing an existing home, check out what refinance rates look like:

Biden Signs Executive Order Delaying VA Debt Collections

President Joe Biden announced Friday that he was asking the Department of Veterans Affairs once again to delay collecting debts from veterans.

FTC Commissioner Rebecca Kelly Slaughter Designated Acting Chair of the Agency

President Joseph R. Biden designated Rebecca Kelly Slaughter as Acting Chair of the Federal Trade Commission. Slaughter has served as a Commissioner since May 2018.

TCPA Regulatory Update — Busy End of 2020, Early 2021 as FCC Continues Traced Act Implementation & Takes Other Actions on Robocalls and Spoofing

Ending 2020, the Federal Communications Commission (“FCC” or “Commission”) raced to implement several of the Congressionally imposed TRACED Act (“Act”) deadlines to combat illegal robocalls.

How open banking can transform the U.S. payments market

Europe's open banking movement has been a catalyst for fintech innovation, and it has come to the U.S. primarily through fintechs that operate on both continents. Now there's interest in the concept from more than a compliance standpoint.

Scam lenders are on the rise in the U.S. Here’s how to know if a lender is legitimate

If you didn’t already know, scam lenders and loans are on the rise, fueled by the economic fall-out of the Covid-19 crisis. Bad lenders have been around for a long time, however, and though the tactics they employ may evolve over time, with a keen eye and some common sense, you should still be able to spot them pretty easily. The proliferation in recent years of online lenders has also created a renewed emphasis on researching lenders’ online presence and any complaints. Here are some key red flags and how to spot them.

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