Federal Credit Union Regulator Should Look at Crypto Rules, Official Says

The National Credit Union Administration (NCUA) could be the next federal regulator to dip its feet into crypto-related rules.

LendingClub and Leading Financial Services Companies Launch the American Fintech Council

SAN FRANCISCO, March 3, 2021 /PRNewswire/ -- LendingClub Corporation (NYSE: LC) announced today that the Marketplace Lending Association (MLA), which it co-founded, will merge with the Online Lending Policy Institute ("OLPI") to form the American Fintech Council ("AFC"). The mission of AFC is to promote policies that advance responsible innovation and inclusivity within financial services.

U.S. says John McAfee indicted over fraudulent cryptocurrency schemes

NEW YORK/WASHINGTON (Reuters) - John McAfee, creator of the eponymous anti-virus software, has been indicted in Manhattan federal court on fraud and money laundering conspiracy crimes, stemming from two schemes concerning the fraudulent promotion to investors of cryptocurrencies, officials said on Friday.

February jobs report: Economy adds 379,000 payrolls, unemployment rate falls to 6.2%

The U.S. economy added back the most jobs in four months in February, as easing COVID-19 case counts and a ramping vaccine rollout allowed distancing restrictions to begin to moderate. The unemployment rate also unexpectedly improved during the month.

CFPB nominee sounds alarm on possible ‘avalanche of defaults’ after student loan payments restart

President Joe Biden’s nominee to America’s consumer watchdog agency told Congress he was concerned about how servicers would handle borrowers when their student loan payments — currently paused during the pandemic — resume in October.

ACA Seeks Engagement with California Consumer Protection Agency

As the new California Department of Financial Protection and Innovation (DFPI) takes hold this year, ACA International seeks to meet with the agency’s leadership to provide education on the accounts receivable management (ARM) industry.

CFPB delays QM compliance date to October 2022

The Consumer Financial Protection Bureau released a notice of proposed rulemaking on Tuesday to delay the mandatory compliance date of the Qualified Mortgage final rule from July 1, 2021 to October 1, 2022.

Rates for student loan refinancing have never been lower

Lenders competing through the Credible marketplace offered record low fixed rates to refinance student loans in February 2021, as a decline in rates seen during the pandemic continued.

Monthly auto loan payments surge to record highs as borrowing hits biggest one-year jump, Experian says

Don’t look now, but the average monthly loan payment for a new car is approaching $600 according to Experian, which analyzes millions of new and used vehicle loans. “We went up higher amounts year over year in 2020 than we ever really have before and hit record highs in loan amounts and record highs in payments,” said Melinda Zabritski, senior director for Experian’s automotive financial solutions team.

Americans lodged record number of financial complaints last year

Complaints about financial services companies hit an all-time high last year as Americans wrestled with the economic fallout from the pandemic, according to a new report. Credit reporting bureaus bore the brunt of the criticism.

New rules for self-employed and gig workers applying for PPP loans are out. Here’s what you need to know

The Small Business Administration on Wednesday released a new application and loan calculation formula for Paycheck Protection Program loans for self-employed and gig workers.

CFPB Proposes Extending Mandatory Compliance Date for QM Loans

The Consumer Financial Protection Bureau (CFPB) is among the government agencies aiming to help those struggling during this unprecedented pandemic-prompted recession. A move by the CFPB Wednesday will help maintain affordability in mortgages and keep people in their homes, officials say.

Consumer Financial Protection Bureau Takes Action Against Payment Processor and Its Former CEO for Supporting Internet-Based Technical-Support Scams

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against BrightSpeed Solutions Inc. (BrightSpeed) and its founder and former chief executive officer, Kevin Howard, for knowingly processing payments for companies engaged in internet-based technical-support fraud. Chicago-based BrightSpeed was a privately owned, third-party payment processor founded and operated by Howard in 2015. It wound down business operations in March 2019.

CFPB Proposes Delay of Mandatory Compliance Date for General Qualified Mortgage Final Rule

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is proposing to extend the compliance date to ensure homeowners struggling with the financial impacts of the COVID-19 pandemic have the options they need.

Senate approves bill lowering NM loan interest rate cap

Mar. 3—SANTA FE — A renewed attempt to lower New Mexico's small-loan interest rate cap — to 36% from 175% — is headed to the state House after being approved by the Senate on Tuesday.

CFPB nominee vows to enforce fair lending, scrutinize Big Data

Rohit Chopra, President Joe Biden’s alternative to run the Consumer Financial Protection Bureau, informed a Senate panel Tuesday he plans to prioritize the enforcement of fair lending legal guidelines and scrutinize the emergence of huge know-how corporations into monetary providers

Private employers added back 117,000 jobs in February, missing expectations: ADP

U.S. private employers added back fewer jobs than expected in February, disappointing economists who had anticipated that the early stages of the vaccine rollout and falling COVID-19 cases would allow hiring to pick up strongly during the month.

FCC Publishes CFPB Webinar Detailing Pandemic Scams Targeting Seniors

The Consumer Financial Protection Bureau (CFPB) in partnership with the Department of Health and Human Services (HHS) has made available a recent webinar, where staffers at the agencies detail the extent and operations of many scams that exist aiming to take advantage of senior citizens during the ongoing COVID-19 coronavirus pandemic.

As millions of Americans fall behind on mortgages, CFPB nominee Rohit Chopra wants to stave off “looming problems” for homeowners

Staving off another housing crisis is a top priority for the nominee to head the Consumer Financial Protection Bureau. Rohit Chopra, President Joe Biden's pick for the job, told the Senate Banking Committee during a confirmation hearing Tuesday the agency charged with making sure financial institutions treat customers fairly needs to be ready for housing fallout due to the coronavirus pandemic.

Square’s bank arm launches as fintech aims ‘to operate more nimbly’

Nearly one year after receiving conditional approval, Square said Monday afternoon that its industrial bank, Square Financial Services, has begun operations. Square Financial Services completed the charter approval process with the FDIC and Utah Department of Financial Institutions, meaning it's ready for business.

STUDY: CFPB COMPLAINTS SHATTERED RECORDS IN 2020, EXPOSING HOW THE COVID-19 PANDEMIC BATTERED CONSUMER FINANCES

WASHINGTON -- Consumer complaints about problems with financial companies such as banks, credit bureaus and debt collectors rose by more than 50 percent in 2020 and set new records for each month of the year, according to a new report from the U.S. PIRG Education Fund. The report, Consumers In Peril, which analyzed complaints received by the Consumer Financial Protection Bureau (CFPB), was released Monday to kick off National Consumer Protection Week.

CFPB: 10 Pct Of US Households At Risk Of Eviction, Foreclosure

A new Consumer Finance Protection Bureau report says that there are currently 11 million people at risk of losing their housing, whether by evictions or foreclosure. That figure comes out to almost 10 percent of U.S. households. The report calls it "common sense that safe, affordable, and stable housing provides the foundation for people’s well-being, financial and otherwise."

Biden’s CFPB nominee Rohit Chopra brings ‘substantive’ regulatory expertise

Rohit Chopra, President Joe Biden’s nominee to lead the Consumer Financial Protection Bureau, is likely to return the agency to its original incarnation, proactively rooting out bad actors and levying hefty fines on violators, regulatory experts say. Chopra's confirmation hearing on Tuesday will be the first of Biden's regulators to face the Senate Banking Committee.

New Report From Consumer Financial Protection Bureau Finds Over 11 Million Families At Risk Of Losing Housing

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a report that warns of widespread evictions and foreclosures once federal, state, and local pandemic protections come to an end, absent additional public and private action. Over 11 million families are behind on their rent or mortgage payments: 2.1 million families are behind at least three months on mortgage payments, while 8.8 million are behind on rent. Homeowners alone are estimated to owe almost $90 billion in missed payments. The last time this many families were behind on their mortgages was during the Great Recession.

Emprise Technologies Awarded Software Development Contract by Toledo Police Department

Toledo, OH – Emprise Technologies, a Toledo-based family-owned consulting company, was awarded the Case Management Solution contract for the Toledo Police Department. The Case Management Solution will provide a huge lift in performance and efficiency to the TPD’s daily operations and activity. The solution will be developed using Decisions, a no-code platform and will include a user-friendly web interface, robust search functionality, reporting capabilities, workflow management, and remote access throughout the City for users with permissions.

Governor Laura Kelly Announces New Effort to Support Kansas Businesses in COVID-19 Recovery

Governor Laura Kelly today announced that funding provided to Kansas’ hospitality industry through the Hospitality Industry Relief Emergency (HIRE) Fund has been converted from bridge loans to grants.

U.S Mortgage Rates Jump on Rising Treasury Yields as Reinflation Jitters Hit the Markets

Mortgage rates were on the rise for a 2^nd consecutive week in the week ending 25^th February. Following an 8-basis point rise from the week prior, 30-year fixed rates jumped by 16 basis points to 2.97%.

Cyber Security Today – Fraud Prevention Month starts, cyber incident costs hospital chain $67 million and problems with COVID apps

Today is the start of Fraud Prevention Month, a time to remind consumers and businesses to be more aware of all the scams going on. While not all fraud occurs online a significant amount does, so I’m going to spend a few minutes with you on this.

New York extends state debt collection until March 31

STATEN ISLAND, N.Y. — New York State will halt, for the 12th time, the collection of medical and student debt owed to the state until the end of March, Attorney General Letitia James announced Sunday.

Can refinancing a mortgage hurt my credit score?

If you own a home, you’ve probably heard of the term "mortgage refinance" before. Refinancing your mortgage is when you take your existing home loan and pay it off with a new loan by a different lender. The new mortgage lender should offer a lower interest rate allowing you to save money and possibly lower your monthly payment.

National Consumer Protection Week is March 1 to March 5

INDIANAPOLIS – To kick off National Consumer Protection Week, Attorney General Todd Rokita is reiterating his commitment to protecting Hoosier consumers, urging them to report scams and fraudulent business activities to his Office’s Consumer Protection Division. 

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