At a glanceWednesday, February 24, 2021

Collection Industry News At A Glance - February 24, 2021
Wednesday February 24, 2021
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Attorney General Becerra Announces Critical Net Neutrality Win

SACRAMENTO – California Attorney General Xavier Becerra today prevailed in securing net neutrality for 40 million Californians while litigation is ongoing. The U.S. District Court for the Eastern District of California denied a motion for preliminary injunction brought by a group of internet service providers, which attempted to block enforcement of Senate Bill 822 (SB 822), California's net neutrality law, while litigation is ongoing. With today's ruling, California can soon begin enforcement of SB 822.

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Making our housing market work better for all Americans

The COVID-19 pandemic has left almost 3 million American homeowners behind on their mortgages. Black and Hispanic communities, in particular, have still not recovered from the impact of the Great Recession and bear the heaviest burden of job losses under COVID-19. With so much economic hardship and uncertainty, the CFPB must do all we can to protect homeowners and promote stability in the housing market.

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National Consumer Protection Week 2021 Begins Sunday, February 28

The Federal Trade Commission and more than 100 federal, state, and local agencies, consumer groups, and national advocacy organizations, will participate in the 23rd annual National Consumer Protection Week (NCPW), held February 28 – March 6, 2021.

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Senator Krueger Introduces Bill To Tax The Collection Of Consumer Data

Albany – Today New York State Senator Liz Krueger, Chair of the Senate Finance Committee, introduced legislation (S.4959) to apply a tax on the collection of New Yorkers' consumer data by businesses that then use it for commercial purposes.

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CFPB Issues Statement on QM Rule Compliance Deadlines

As the Consumer Financial Protection Bureau considers whether to revisit its recent final rules regarding the definition of Qualified Mortgage and the establishment of a “seasoned QM” category of loans, it issued a statement today addressing the compliance deadlines associated with these rules. The statement also addresses the temporary “GSE patch” that was set to expire on the compliance date of the General QM final rule.

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Equifax Undergoing $2B Digital Transformation. Stresses Security, Cloud-Native Opportunity

Equifax has revealed that it is in the early stage of a multi-year, A$2 billion digital transformation, which it says represents the largest investment in the company’s history.

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Ontario Systems Acquires Pairity to Embed the Power of Machine Learning in Its Industry-Leading Collections Technology

MUNCIE, Ind., Feb. 23, 2021 /PRNewswire/ -- Ontario Systems, a leading provider of enterprise software that automates complex workflows, accelerates revenue recovery and simplifies the payment process for healthcare, accounts receivable management (ARM) and government clients, today announced its acquisition of Pairity, a cutting-edge provider of artificial intelligence (AI) and machine-learning capabilities that allow collection teams to maximize revenue recovery by uncovering new data insights at scale.

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FDIC-Insured Institutions Reported Net Income of $59.9 Billion In Fourth Quarter 2020

WASHINGTON— For the commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC), aggregate net income totaled $59.9 billion in fourth quarter 2020, an increase of $5 billion (9.1 percent) from a year ago. The improvement in quarterly net income was led by a reduction in provision expenses. Financial results for fourth quarter 2020 are included in the FDIC’s latest Quarterly Banking Profile released today.

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Consumer watchdog sues immigration services company, claiming it preys on detainees

The Consumer Financial Protection Bureau on Monday filed a lawsuit against Libre by Nexus, claiming the company is preying on immigrants through a bond scam that traps participants into paying expensive fees.

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Consumer Alert: FTC report shows Hawaii consumers lost over $15 million to fraud in 2020

HONOLULU (KHON2) – According to new data from the Federal Trade Commission, Hawaii consumers lost over $15 million collectively to scams in 2020. The FTC says, on average Hawaii residents lost about $370.

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Most student loan borrowers won’t get a tax break this year

Add it to the long list of changes in 2020: Your ability to claim the student loan interest deduction on your taxes. If you’re not familiar with all the details of the deduction, here’s how it works: Those with federal or most private student loans are usually able to subtract up to $2,500 a year in interest payments they’ve made on their loans from their gross income, reducing their tax liability.

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New rules make it easier for struggling student loan borrowers to access PPP loans

Struggling student loan borrowers who own a business received some welcome news this week: They will no longer be excluded from the Paycheck Protection Program.

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HSBC to announce exit from U.S. retail banking, reshuffles top jobs

LONDON (Reuters) - HSBC is set to withdraw from U.S. retail banking, a source familiar with the matter told Reuters on Monday, as Europe's biggest bank seeks to dispose of a business that has long underperformed.

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Consumer Financial Protection Bureau and Virginia, Massachusetts, and New York Attorneys General Sue Libre for Predatory Immigrant-Services Scam

WASHINGTON, D.C. Today the Consumer Financial Protection Bureau (CFPB), in partnership with Virginia, Massachusetts, and New York, is suing Libre by Nexus, Inc. (Libre) and its owners for a predatory immigrant-services scam that traps victims into paying expensive, long-term fees. The CFPB alleges that Libre preys on immigrants, primarily Hispanics, who speak little or no English and are being held in federal detention centers, desperate to return to their families.

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Biden to announce changes to PPP loan program, with focus on smallest businesses

President Joe Biden will announce changes to the Paycheck Protection Program (PPP) on Monday afternoon that includes a two-week window that only allows businesses with less than 20 employees to apply for loans, and includes improvements to place a bigger emphasis on equity.

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U.S Mortgage Rates Rise for the 1st Time in 3-Weeks

Mortgage rates were on the rise in the week ending 18th February. After having held steady for 2 consecutive weeks, 30-year fixed rates rose by 8 basis points to 2.81%. Compared to this time last year, 30-year fixed rates were down by 68 basis points.

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Loans available for Texas businesses impacted by cold weather crisis

U.S. Small Business Administration’s acting Administrator Tami L. Perriello has announced that low-interest federal disaster loans are now available to Texas businesses and residents as a result of President Joe Biden’s major disaster declaration following historically cold weather.

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State attorneys general call for President Biden to forgive $50,000 in student loan debt

A multi-state group of attorneys general on Friday sent a letter to Congress urging the adoption of two resolutions that call on President Biden to cancel up to $50,000 in federal student loan debt.

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Consumer Alert: Robocalls, scam calls hit record high

GREEN BAY, Wis. (WBAY) - Robocalls and scam calls are hitting a new high. According to a recent report, American received more than four billion robocalls in January alone. In Wisconsin, the Department of Ag, Trade and Consumer Protection put a list together of the top five calls reported last month, using a tracking system of calls coming into their consumer protection hotline.

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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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Here’s how student loans show up on your credit report and impact your credit score

If you have student loans in your name, you can find them on your credit report under installment loans. Similar to an auto loan or mortgage, student loans are a type of loan that gives borrowers a finite amount of money to pay back in a fixed number of monthly “installments” over a specified amount of time.

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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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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 This event has been tentatively postponed - to be held either later this year, or next year.
Las Vegas , Nevada
May 12 - 14 , 2021

562 906 1101