At a glanceFriday, March 12, 2021

Collection Industry News At A Glance - March 12, 2021
Friday March 12, 2021
This Week's Newsletter:
Subscribe for Free - More Information - Advertising


U.S. Foreclosure Activity Sees An Uptick In February 2021, But Still Down Significantly From Last Year

IRVINE, Calif., March 11, 2021 /PRNewswire/ -- ATTOM Data Solutions, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac (, a foreclosure listings portal, today releasedits February 2021 U.S. Foreclosure Market Report, which shows there were a total of 11,281 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 16 percent from a month ago but down 77 percent from a year ago.

Read More
Forgiven Student Loan Debt Will Be Tax-Free

A small but significant provision in the stimulus package signed by President Biden will temporarily exclude forgiven student loans from taxes, a move that could make it easier for Biden to forgive some student debts.

Read More
Attorney General James Holds American Medical Collection Agency Responsible for 2019 Data Breach

NEW YORK – New York Attorney General Letitia James today announced an agreement between a bipartisan coalition of 41 attorneys general from around the nation and the Westchester County debt collection agency Retrieval-Masters Creditors Bureau, d/b/a American Medical Collection Agency (AMCA), that resolves a multistate investigation into the company’s 2019 data breach.

Read More
BankThink: How the CFPB can better regulate data sharing

As the Biden administration takes steps to bolster the economic wellbeing of American households, a critical question must be addressed: How to provide consumers safe, equal access to the digital financial system?

Read More
CFPB vows to protect LGBTQ borrowers under ECOA

The Consumer Financial Protection Bureau (CFPB) announced Tuesday it will be watching out for any potential lending discrimination based on sexual orientation or gender identity, vowing to protect LGBTQ borrowers. The CFPB issued an interpretive rule that said the Equal Credit Opportunity Act, which outlaws discrimination in lending and credit decisions, includes protection against discrimination due to sex-based and gender-based stereotypes against the LGBTQ community.

Read More
Consumer Financial Protection Bureau Rescinds Abusiveness Policy Statement to Better Protect Consumers

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as established by Congress. The CFPB has made these changes to better protect consumers and the marketplace from abusive acts or practices, and to enforce the law as Congress wrote it.

Read More
Why executives are suddenly talking about “buy now pay later”

Corporate executives are talking more than ever about “buy now pay later”—the slick digital lending that is a hit with Gen Z and millennial shoppers. The question is whether it will disrupt the $8 trillion credit card industry, and whether these loans will encourage a new generation to borrow more than they can afford.

Read More
California Applauds Appointment of U.S. Education Secretary Cardona and Joins States in Asking for Better Student Loan Protections

SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) joined financial regulators across the country to congratulate newly-confirmed Education Secretary Miguel Cardona and invited him to partner with states in protecting student loan borrowers by
reversing policies and guidelines issued by the previous administration.

Read More
US jobless claims fall to 712,000 as pace of layoffs eases

WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell last week to 712,000, the lowest total since early November, evidence that fewer employers are cutting jobs amid a decline in confirmed coronavirus cases and signs of an improving economy.

Read More
Virginia Joins California with Passage of New State Data Privacy Law

On Tuesday, March 2, 2021, Virginia became the second U.S. state to enact a broad data privacy regime after Governor Ralph Northam signed the Virginia Consumer Data Protection Act (CDPA) into law. Virginia follows California, which became the first state to pass a comprehensive data privacy law, the California Consumer Privacy Act (CCPA), in June 2018. The CCPA became operative January 1, 2020 after several amendments necessary for its implementation, which we previously covered here and here.  (California is set to enact another privacy law entitled the California Privacy Rights Act (CPRA) - to update the CCPA in November 2020.)  There is also a raft of other state privacy laws in the pipeline, and Virginia’s new law aligns with a trend toward states ratcheting up broadly applicable privacy-related legal obligations.

Read More
Today’s mortgage refinance rates continue to hover at historical lows | March 11, 2021

Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, current mortgage refinance rates have remained unchanged compared to yesterday’s. Mortgage rates continue to hover at historic lows, with 30-year rates down slightly from 3.125% last week. Average rates for 30-year refinance have held firm at 2.875% for six consecutive days.

Read More
Only 32 student loan borrowers — ever — have qualified for full forgiveness through an income-driven repayment plan

Only 32 borrowers have ever qualified for full student loan forgiveness in federal income-driven repayment programs, according to a study by the National Consumer Law Center released Monday.

Read More
State program cuts student loan debt on path to homeownership

A new statewide program aims to help young adults saddled with student loan debt become first-time homeowners. The Illinois Housing Development Authority’s $25 million SmartBuy fund will provide up to $40,000 per person to pay down student loans, according to Crain’s. The measure will help potential buyers secure a mortgage by lowering their debt-to-income ratios, according to the report.

Read More
Private debt collectors can seize $1,400 coronavirus relief checks to pay creditors

WASHINGTON – A warning for Americans who will receive $1,400 stimulus checks under the third round of direct COVID-relief payments: If you have unpaid debts, creditors may come after your money.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
Small-business lending fraud is a big deal

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.

Read More
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.

Read More
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.

Read More
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

Read More
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).

Read More
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.

Read More
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. 

Read More

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.

Read More
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).

Read More

Portfolios For Sale

$13,255,109 Checks
BAL Financial LLC

(617) 595-5794

Read More
$$12,250.359 Credit Cards
BAL Financial LLC

(617) 595-5794

Read More



   Call Center 

IDC Technologies Pvt. Ltd.

(408) 868-5137


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

562-906-1101 - This event has been tentatively postponed - to be held either later this year, or next year.