At a glanceFriday, February 05, 2021

Collection Industry News At A Glance - February 5, 2021
Friday February 5, 2021
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New York AG eyes Credit Acceptance Corp. in fresh probe

The Office of the New York State Attorney General is considering bringing claims against Credit Acceptance Corp. in connection with the subprime lender’s originations, collections and securitization practices.

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Economy adds 49K jobs in January, unemployment falls to 6.3 percent

The U.S. added 49,000 jobs in January and the unemployment rate fell to 6.3 percent, a 0.4 percentage point drop, according to data released Friday by the Labor Department.

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PayPal says U.S. consumer watchdog investigating payment app Venmo

(Reuters) - PayPal Holdings Inc said on Friday it was cooperating with the U.S. consumer watchdog regarding a civil investigation demand relating to its app Venmo’s alleged unauthorized fund transfers and collections processes.

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Debt consolidation vs. debt settlement: What’s the difference?

Debt can keep you up at night — especially when you owe multiple creditors. If you have credit card debt, medical bills and outstanding loans, staying on top of monthly payments can be overwhelming. If you’re interested in paying down debt by bundling it together — also known as debt consolidation — you may want to consider a personal loan.

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IMF: CFPB mortgage servicer complaints drop in Q4

Mortgage servicers received less complaints at the Consumer Financial Protection Bureau (CFPB) in the fourth quarter of 2020, according to data from Inside Mortgage Finance. The data showed that mortgage protests overall decreased by 6.7% in the fourth quarter, while complaints about loan modifications dropped 10.1%, servicing concerns dropped 6.7% and criticisms about applications fell 8.6%. But while these complaints were down for the final quarter of the year, overall in 2020, the CFPB saw an increase of 8.2% in mortgage-related complaints.

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New Data Shows FTC Received 2.2 Million Fraud Reports from Consumers in 2020

The Federal Trade Commission received more than 2.1 million fraud reports from consumers in 2020, according to newly released data, with imposter scams remaining the most common type of fraud reported to the agency.

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Jessica Hearn Named Majority Owner and CEO

KATY, Texas — Universal Fidelity LP (UFLP) is proud to announce Jessica Hearn as majority owner and CEO.  We are pleased that UFLP is now certified as a Women-Owned Small Business by the Small Business Administration (SBA) under the WOSB program. UFLP is celebrating 30 years in the accounts receivable management (ARM) and call center industry this February.

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FTC Staff Provides Annual Letter to CFPB On 2020 Equal Credit Opportunity Act Activities

The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its activities enforcing the Equal Credit Opportunity Act (ECOA).

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Delaware ranks at bottom of PPP 2.0 lending

As of Jan. 31, more than $194.8 million had been loaned to 1,902 state businesses, ranking last of all 50 states in loans obtained and second to last in dollars allocated, according to SBA data. Despite having nearly 40% more residents than the least populous state Wyoming, Delaware obtained nearly 2,000 fewer loans and $90 million less than its smaller peer. It’s a familiar position for the First State, which started among the bottom of the program’s first round of lending in April 2020.

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AG Becerra Petitions Court to Ensure Consumer Protections Against Robocalling

SACRAMENTO, February 2, 2021 – California Attorney General Xavier Becerra joined a multistate coalition in an effort to stop companies from breaking the law with harassing telemarketing calls. In an amicus brief filed in Lindenbaum v. Realgy, LLC, the attorneys general called on the U.S. Court of Appeals for the Sixth Circuit to reverse a district court’s ruling that a landmark federal law intended to stop telemarketing scams was unconstitutional and unenforceable for a five-year period ending in 2020.

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CFPB’s New Seasoning Rule is Already Showing Promise

The Urban Institute (UI) has looked at a final mortgage rule issued by the Consumer Financial Protection Bureau (CFPB) in late 2020 which would provide a 3-year pathway to safe harbor for loans that are a rebuttable presumption or nonqualified mortgage at origination. The study, by UI analysts Karan Kaul, Laurie Goodman, and Jun Zhu found that loan performance during the first three years of the mortgage term is a better predictor of subsequent loan performance than the rate spread.

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Attorney General James Renews Suspension of State Debt Collection for 10th Time as Coronavirus Continues to Impact New Yorkers’ Wallets

NEW YORK – New York Attorney General Letitia James today announced that the state has renewed, for the 10th time, an order to halt the collection of medical and student debt owed to the state of New York that has been specifically referred to the Office of the Attorney General (OAG) for collection — with limited exceptions — through February 28, 2021.

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Attorney General Becerra Petitions Court to Ensure Consumer Protections Against Robocalling

 SACRAMENTO –California Attorney General Xavier Becerra joined a multistate coalition in an effort to stop companies from breaking the law with harassing telemarketing calls. In an amicus brief filed in Lindenbaum v. Realgy, LLC, the attorneys general called on the U.S. Court of Appeals for the Sixth Circuit to reverse a district court’s ruling that a landmark federal law intended to stop telemarketing scams was unconstitutional and unenforceable for a five-year period ending in 2020.

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How to motivate employees to take cybersecurity seriously

How can we push employees / users to take cybersecurity to heart? Dr. Maria Bada, external behavioral scientist at AwareGO, has been working on the answer for years.

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6 ways to improve your odds of getting a low mortgage refinance rate

Mortgage rates are hovering near record lows and the Federal Reserve has pledged to keep interest rates near zero until 2023, providing homeowners with ample time to lock in the best mortgage refi rates possible. Before speaking with banks or lenders, it’s wise to take the steps necessary to position yourself as an ideal candidate for the lowest mortgage refinancing rates.

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How to handle student loan payments during COVID

There's no denying that the coronavirus pandemic has been financially difficult on many Americans, especially those who have to make monthly student loan payments. Fortunately, there is help available.

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Biden team faces pressure over who leads key banking regulator

While the Biden administration scrambles to fill thousands of positions throughout federal agencies, the debate over who should occupy one key economic role burst into public view over the last week

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FTC Gives Final Approval to Settlement with Zoom over Allegations the Company Misled Consumers about Its Data Security Practices

The Federal Trade Commission finalized a settlement with Zoom Video Communications, Inc., over allegations it misled consumers about the level of security it provided for its Zoom meetings and compromised the security of some Mac users.

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Today’s mortgage rates continue to move away from record lows | February 1, 2021

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

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PPP lending going a lot smoother this time around, Utah banks and grateful businesses say

SALT LAKE CITY — This month not only marks the start of a new year, but it also marks what could be a new beginning for hundreds of local businesses impacted they the economic turmoil caused by the global pandemic.

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How to know the difference between legitimate debt collections and scams

It’s becoming increasingly difficult to tell the difference between a real business and a scam. Chances are, you’ve been on the receiving end of a suspicious phone call before, where someone posed as a legitimate representative in order to try to get your information. Sometimes, scammers give themselves away upfront. For instance, if someone claims they’re calling about your house that’s not for sale, or saying that you owe the IRS thousands of dollars when you pay your tax bill dutifully every year by April 15 — it’s easy to ignore these calls.

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Covid, payday loans, student debt — here are the issues Biden’s consumer bureau may tackle

The Consumer Financial Protection Bureau is expected to become a more aggressive consumer watchdog under the Biden administration and while the coronavirus pandemic hurls financial challenges at millions of Americans. Consumer advocates say the bureau was almost entirely declawed under former president Donald Trump, and during his tenure enforcement action steeply declined. The agency was created in 2010 after the previous economic downturn to protect people from predatory lenders.

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FTC Acts to Stop Nevada Companies From Charging Consumers Thousands To Open Credit Cards To Pay For Training Schemes

Two Nevada companies and two individuals have agreed to stop charging consumers thousands of dollars to apply for multiple credit cards in their names in order to pay for expensive and often ineffective training programs under a proposed settlement of a Federal Trade Commission lawsuit.

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USCellular Data Breach: Hackers Gained Access to Users’ Personal Data, PIN Code, Billing Statements, and More

USCellular, the fourth largest mobile network operator in the United states has suffered data breach after attackers hacked its Customer Relationship Management (CRM) software and gained access to customer's accounts and phone numbers.   According to Bleeping Computer, the software turns out to be a malware that allowed the hackers to access US Cellular's computer remotely. This means that through the activity of the employees on the infected computer, they also gained access to the company's CRM which allowed them to view the customer's accounts and phone numbers.

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Industry Events

RMAI 2021 Annual Conference – In Person and Virtual

Receivables Management Association International (RMAi)

Las Vegas, Nevada
April 12 - 15 , 2021

Collection and Recovery Solutions 2021 (CRS2021)

Resource Management Services, Inc.

Produced by: Resource Management Services, Inc. 10440 Pioneer Blvd., Suite 2 Santa Fe Springs, CA. 90670-8235
Las Vegas , Nevada
May 12 - 14 , 2021

Tentatively Postponed - Future Dates To Be Announced