State of Nevada Extended Temporary Guidance Regarding Working from Home
As Nevada continues to work through these unprecedented times and ever-changing conditions, NFID has decided to grant another extension to the temporary guidance regarding working from home until May 31, 2021, unless otherwise modified or withdrawn at the discretion of the Commissioner. The NFID may not extend this guidance past May; therefore, it is imperative that the collection agency begin making plans to ensure it can both comply with Nevada law and the laws of the other jurisdictions it does business in.
CFPB Clarifies That Discrimination by Lenders on the Basis of Sexual Orientation and Gender Identity Is Illegal
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination. This prohibition also covers discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes, and discrimination based on an applicant’s social or other associations.
Americans cut credit card debt by nearly $83B during pandemic
Though 2020 was a year most people would like to forget, many Americans managed to significantly cut credit card debt. According to a study released Monday from WalletHub, a personal finance website, Americans collectively got rid of a record $82.9 billion in credit card debt.
In The Future, Every Company Will Be A Financial Services Company
The idea of non-banks encroaching into financial services is not new. Beginning in the 20th century, many consumer-facing companies created divisions to offer financial services to customers—mostly in the form of lending.
Fed will continue supporting PPP loans until June 30
WASHINGTON — The Federal Reserve will extend by three months the liquidity facility bolstering the Paycheck Protection Program while letting other emergency lending programs expire on March 31, the agency announced Monday.
CFPB Publishes New Reverse Mortgage Guide for Consumers
The Consumer Financial Protection Bureau (CFPB) on Tuesday announced the publication of a newly-updated resource guide for consumers about the reverse mortgage product category. The guide, titled “You have a reverse mortgage: Know your rights and responsibilities,” goes into detail on typical Home Equity Conversion Mortgage (HECM) loan obligations.
Quick and easy is invariably better than cumbersome and time consuming, so, of course, businesses would rather submit borrowing requests electronically than sit with a lender to sign and verify stacks of documents. And from a lender’s perspective, automating underwriting makes smaller loan requests more cost efficient. But speed comes with risks: The process opens new opportunities for fraud.
Attorney General James Delivers Funding for Low- to Moderate-Income Homebuyers in New York State
BUFFALO – New York Attorney General Letitia James today announced an agreement with KeyBank that will deliver funding to assist low- to moderate-income New Yorkers buy homes. The agreement resolves an investigation into the bank’s deceptive advertising practices surrounding the “KeyBank Plus” program that was intended to help New Yorkers cash checks for low fees, but was not as readily available as KeyBank’s advertising claimed.
FMS Inc., Partners, Work Associates and Family – are deeply saddened to announce the passing of our dear friend and mentor Hank Markowe
Henry “Hank” D. Markowe (11/26/33 – 03/04/21)
Hank was a vital industry veteran whose many contributions to our trade spanned 60 years. His career started in 1956 with Bond Clothing Store, in NYC, after exiting the US Army as a Corporal. From Bond onto Lerner Shops as a collection manager from 1963 - 1965. Then a notable layover with our friends at Plaza Associates that ran some 35 years from 1965 - 2000. After Plaza - Hank joined FMS in 2004 as a principal and EVP. Starting in the industry in the “I like IKE “ era one can only imagine the change Hank was a part of and experienced in our industry.
Student loan forgiveness may become tax-free under Covid relief bill. Here’s what that means for borrowers
A significant provision making any student loan forgiveness tax-free has been included in the $1.9 trillion federal coronavirus stimulus package that’s working its way through Congress and will likely soon be signed into law. Currently, any student loan debt canceled by the government can be considered taxable and levied at the borrower’s normal income tax rate.
FTC Sends out Additional Round of Redress Checks in J.K. Publications Credit Card Fraud Case
The Federal Trade Commission, through its refund administrator, is mailing 187,664 checks totaling more than $3.2 million to consumers who lost money to an illegal credit card billing scam operated by J.K. Publications and other defendants. The FTC first mailed checks in this matter in June 2009, and this is the fourth distribution of refunds to consumers. In total, the FTC has distributed more than $21 millio
Mortgage lending crushes records in 2020 at $4.3 trillion
Mortgage originations for 2020 hit a record-breaking $4.3 trillion, according to Black Knight’s latest Mortgage Monitor Report released today. For the first time ever, loan originations surpassed $4 trillion, with refinances reaching an all-time high of $2.8 trillion and purchases skyrocketing to $1.5 trillion – the largest annual volume since 2005. In the fourth quarter alone, mortgage lending broke records across the board, with all-time single-quarter highs for purchase lending ($346 billion), refi lending ($869 billion), and total lending ($1.3 trillion).
Self-employed and gig workers can now apply for PPP loans under new rules. Here’s what you need to know
Self-employed and gig workers who have been waiting for new rules that would mean larger forgivable loans through the Paycheck Protection Program can now move forward with their applications. As of Friday, the Small Business Administration is ready to accept and process updated PPP applications from sole proprietors looking to take advantage of a new loan calculation, the agency confirmed.
Consumer Credit Card Debt Hits Lowest Point Since 2017
U.S. credit card debt dropped to its lowest point since 2017 as borrowing fell off in January for the first time since August, the Associated Press reported. The decline in credit card borrowing offset overall borrowing gains in vehicle and student loans, according to a Federal Reserve report, per AP. The Fed indicated that consumer borrowing dropped $1.3 billion two months ago, the first decline since August’s $9 billion drop.
AG FERGUSON: JUDGE RULES NATIONAL STUDENT LOAN SERVICER NAVIENT BROKE THE LAW IN SERVICING STUDENT LOAN DEBT
SEATTLE — A King County Superior Court judge ruled that Navient, the country’s largest student loan servicer, violated the Consumer Protection Act by engaging in unfair and deceptive conduct related to Washingtonians’ student loans. This is the first time a judge has ruled that Navient broke a consumer protection law in a student loan servicing lawsuit filed by a state’s Attorney General or federal consumer protection agency. Attorney General Bob Ferguson has been litigating this case since January 2017, seeking accountability for Navient’s conduct, legally enforceable terms to prevent future unlawful conduct and financial restitution for Washingtonians harmed by the unlawful conduct.
Servicemembers Civil Relief Act: Revised Comptroller’s Handbook Booklet and Rescissions
The Office of the Comptroller of the Currency (OCC) today issued the revised “Servicemembers Civil Relief Act” booklet of the Comptroller’s Handbook. This booklet provides information and procedures for examiners in connection with the consumer protections that servicemembers are eligible for under the Servicemembers Civil Relief Act (SCRA).
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.
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.
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.
