At a glanceFriday, February 19, 2021

Collection Industry News At A Glance - February 19, 2021
Friday February 19, 2021
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Consumer Credit Activity Continues to Rise from Pandemic Lows; Auto Loan Subprime Performance Lags

Consumer credit activity picked up in the final quarter of 2020 as balances increased across most credit products and originations activity rose from the lows observed during the early stages of the COVID-19 pandemic. TransUnion’s (NYSE: TRU) newly released Q4 2020 Industry Insights Report also found subprime borrowers have followed the overall market trend, though this group’s activity has decelerated in the auto lending industry.

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Utah’s payday loan rates are 2nd highest in America

Utah consumers now face the nation’s second-highest typical rate for payday loans: 652% annual interest, a new study says.The only state where the average rate is higher is Texas at 664%, while Utah’s rate is tied with neighboring Nevada and Idaho, according to the nonprofit Center for Responsible Lending (CRL).

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VA offers continued debt relief options to Veterans

WASHINGTON — The Department of Veterans Affairs (VA) reaffirms its commitment to extend debt relief for Veterans through Sept. 30.  VA will continue suspension of collection on all Veteran benefit overpayments and medical copayment debts incurred after April 1, 2020.  VA is suspending this debt collection to provide Veterans continued financial relief due to the COVID-19 pandemic. 

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Virginia Passes Consumer Privacy Law; Other States May Follow

When the California Consumer Privacy Act of 2018 (CCPA) became law, it was only a matter of time before other states adopt their own statutes intended to enhance privacy rights and consumer protection for residents. The Virginia legislature has passed such a measure.

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Pandemic led to U.S. housing boom, reduced credit card debt, New York Fed says

(Reuters) - The coronavirus pandemic changed the way U.S. consumers use credit, as lower interest rates spurred a boom in home buying and refinancing and virus-related shutdowns led to a drop in credit card use and an increase in paying off debt, according to a report released on Wednesday by the New York Federal Reserve.

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Student loan refinancing rates hit record low again

Borrowers with excellent credit seeking to refinance student loans during the week of Feb. 8, 2021 prequalified for fixed-rate loans at record lows. For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender, during the week of Feb. 8:

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Credit score requirements for rentals are rising: What you need to know

You may have heard the higher your credit score, the more financial flexibility you'll have. Having solid credit makes it more likely you'll get approved for a new credit card, auto loan, or mortgage. And if you're seeking to rent a home rather than buy one, strong credit could be your ticket to a lease.

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FICO Partnering with National and Local Nonprofits for the “Score A Better Future” Event

/PRNewswire/ -- Leading analytics software firm FICO (NYSE: FICO), will host a free financial education online event for Memphis consumers on February 24 to provide consumers with knowledge and tools to gain better insight into their financial health.

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Household debt rises to $14.6 trillion due to record-breaking rise in mortgage loans

Total consumer debt rose to nearly $14.6 trillion as 2020 came to a close, pushed by a record-breaking rise for mortgages in the red-hot housing market, according to a Federal Reserve report Wednesday.

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Millions of Americans are behind on their student loans—how it impacts debt forgiveness

U.S. student debt has ballooned for decades, but this year, legislators appear to be more serious about student debt forgiveness than ever before — prompting bold proposals and vigorous debate about potential impacts and costs.

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Total Household Debt Increased in Q4 2020, Newly Originated Mortgages Reach Record High

NEW YORK – The Federal Reserve Bank of New York's Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows that total household debt increased by $206 billion (1.4%) to $14.56 trillion in the fourth quarter of 2020, driven in part by a steep increase in mortgage originations. The total debt balance is now $414 billion higher than the year prior. The Report is based on data from the New York Fed's Consumer Credit Panel, a nationally representative random sample of individual- and household-level debt and credit records drawn from anonymized Equifax credit data.

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Coronavirus relief continues for housing and student loans

As the Coronavirus pandemic continues, so does its financial impact. For people who need help with rent or mortgage payments, or have student loans, there may be some good news about the federal relief response.

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NCUA’s next field of membership fight is already brewing

The National Credit Union Administration faces mounting opposition to a shared facilities proposal introduced late last year, with some observers going so far as to question whether the plan violates the Federal Credit Union Act.

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Could the FTC Pass to the Torch to the Consumer Financial Protection Bureau to Oversee the Fintech Industry?

The change in the White House administration combined with a potential ground-breaking Supreme Court decision may move the oversight and enforcement for marketing by the fintech sector from the Federal Trade Commission (“FTC”) to the Consumer Financial Protection Bureau (“CFPB”). This would be a tectonic shift.

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Homeowners have expanded access to protections

If you’re struggling to pay your mortgage during the COVID-19 pandemic, you’re not alone. Millions of Americans are behind on mortgage payments. But help is available to most homeowners:

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Effective cybersecurity starts at the top

Cybersecurity, the ever-changing necessity that is growing seemingly ever more complicated, is now more important to the wellness and success of businesses across the globe. The consequences are higher than ever before: the FBI’s most recent Internet Crime Report reports the total cost of the 467,361 complaints they received at over $3.5 billion in 2019.

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Attorney General Becerra: Federal Reserve Proposal Will Reinforce Access to Banking and Credit Services for Low-Income Communities and Communities of Color

SACRAMENTO – California Attorney General Xavier Becerra today led a coalition of 23 attorneys general in a comment letter in support of the Federal Reserve’s proposed rule to strengthen regulations under the Community Reinvestment Act (CRA). The CRA was enacted by Congress to prevent racially discriminatory redlining in housing, and encourage banks and savings associations to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods and individuals.

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FDIC Appoints First Chief Innovation Officer

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today named Sultan Meghji as the agency’s first Chief Innovation Officer, charged with leading the FDIC’s efforts to promote the adoption of innovative technologies across the financial services sector.

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President Biden to extend mortgage relief, ban on home foreclosures through June

WASHINGTON – President Joe Biden is extending a ban on home foreclosures for federally backed mortgages by three months and expanding a mortgage relief program in a push to stabilize the nation's housing affordability crisis amid the COVID-19 pandemic.

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Eastern District of Texas Holds that Professional TCPA Litigant Can Face Counterclaims for Fraud

A federal magistrate judge in the Eastern District of Texas recently addressed a question of first impression for the jurisdiction: Can professional plaintiffs who manufacture TCPA claims face counterclaims for fraud brought by the defendant in an abusive lawsuit? According to the magistrate and the district judge that adopted her recommendation, the answer is yes.

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The Rise and Rise of Crypto Lending

Crypto lending has taken off in a big way over the past 12 months, with both centralized and decentralized platforms giving users the opportunity to borrow and lend. The arrival of lending in crypto provides yet another use case for blockchain technology, particularly the smart contracts favored by DeFi protocols, while also drawing tremendous liquidity into the market.

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Another TCPA Certification Disaster: Business Practice in Danger After TCPA Case Certified Against PillPack in Suit Involving Oral Consent to Transfer Calls

A fairly common practice in the marketing game is to buy leads from third-parties that obtain written consents to permit calls on a certain subject matter but that do not specifically identify the ultimate seller of the product or service in question. The practice is generally justified on the theory that the called party knows who is calling and why, and the ultimate identity of the seller cannot be known until the caller has a chance to gather some additional information from the called party to determine which service provider is best able to assist the called party.

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Payday loans can have interest rates over 600%—here’s the typical rate in every U.S. state

Over the last few months, several states have moved to limit payday loan interest rates in an effort to protect consumers from getting in over their heads with these traditionally high-cost loans. During the November general election, voters in Nebraska overwhelmingly voted to cap payday loan interest rates in the state at 36%. Prior to the ballot initiative’s passage, the average interest for a payday loan was 404%, according to the Nebraskans for Responsible Lending coalition.

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Mortgage Refinance Demand Climbs 20%: Should You Get a New Home Loan?

Though mortgage refinance rates have stayed competitive in 2021, they've recently begun to creep upward. And that may have some existing borrowers spooked. That could explain why mortgage refinance applications recently climbed 20%, according to the Mortgage Bankers Association. This activity comes in spite of a recently-implemented 0.5% refinance fee for loans signed on Dec. 1, 2020 or later.

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New type of home equity loan caters to major renovation projects

Brandon Segal was set to make a substantial addition to his historic house in a Philadelphia suburb, but he wasn’t sure how to pay for it. He didn’t have enough equity to cover the six-figure renovation bill with a home equity line of credit or a cash-out refinance. A construction loan struck Segal as complicated and cumbersome.

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2021 Officers & Directors Elected to Lead Receivables Management Association International

February 11, 2021 (Sacramento, CA) – Members of Receivables Management Association International (RMAI) elected Officers and Directors to its Board for 2021. Due to the pandemic which created so much uncertainty and program cancellation, all 2020 officers will be serving in their same positions for 2021. Of the ten-member Board, nine are continuing service from the previous year. The 2021 Officers and Directors are:

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Here’s why these big Pittsburgh banks paused PPP loan forgiveness

PITTSBURGH — Some of Pittsburgh’s largest banks have put Paycheck Protection Program loan forgiveness processing on hold — anticipating it will resume next month as the current $284 billion application filing goes down to the wire.

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Student loan payments are suspended. Here’s how to make the most of it

Millions of student loan borrowers received a welcome reprieve last month when President Joe Biden extended the suspension of payments and interest on federal student loans through September 30.

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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