Remote workers admit to playing a significant part in increasing their company’s cybersecurity risks

The COVID-19 generation of remote workers are admitting to playing a significant part in increasing the cybersecurity risks facing their companies. An Opinium research shows 54% are regularly using their work device for personal purposes, including sharing work equipment with family members.

ACA Letter to Capitol Hill: ARM Industry is Helping Consumers Through Financial Challenges

The Senate Committee on Banking, Housing and Urban Affairs met Thursday for a hearing, “American Rescue Plan: Shots in Arms and Money in Pockets .”

Why Banks Should Maintain Their Digital Initiatives After The Pandemic

The pandemic has served as the biggest financial industry crisis since the 2008 recession, with social distancing guidelines, stay-at-home orders and the economic fallout, forming a triple threat that has rocked the sector. Thousands of bank branches across the U.S. have closed temporarily or permanently while others have limited their hours or switched to appointment-only models to reduce the risk of infection.

Exclusive: U.S. Democratic lawmakers will introduce resolution to undo OCC’s true lender rule

WASHINGTON (Reuters) - U.S. Democratic Senators will introduce a resolution on Thursday aimed at undoing a Trump-era rule that defines when a bank is a “true lender,” a staffer inside Senator Chris Van Hollen’s office told Reuters on Thursday. The Congressional Review Act resolution to undo the measure comes after a coalition of liberal advocates called on lawmakers to do so before a fast-approaching deadline to repeal rules introduced by regulators under the previous administration that Democrats, lawyers and advocates said could encourage predatory lending.

FTC sends out nearly $50 million to former University of Phoenix students from 2019 settlement

(KAKE/FTC) - The Federal Trade Commission (FTC) is sending payments totaling nearly $50 million to more than 147,000 University of Phoenix (UOP) students who may have been lured by allegedly deceptive advertisements. The refunds stem from a lawsuit the FTC filed against UOP alleging that it used deceptive advertisements that falsely touted its relationships and job opportunities with companies such as AT&T, Yahoo!, Microsoft, Twitter, and the American Red Cross. The FTC also alleged that UOP’s advertising gave the false impression that the online school worked with those companies to create job opportunities for its students and tailor its curriculum for such jobs.

CFPB & FTC recap debt-collection enforcement in annual report to Congress

WASHINGTON, D.C. - In collaboration with the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB) this week released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). Officials said the report highlights efforts by the CFPB and the FTC to protect consumers, particularly those who have suffered profound financial impacts due to the COVID-19 pandemic. They added the CFPB and the FTC — along with state and federal partners — accomplished much toward stopping unlawful debt collection practices and continuing their vigorous law enforcement, consumer education and public outreach and policy initiatives.

CFPB Files Lawsuit Using Operation Chokepoint-Style Theory: Five Key Questions Answered Here

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) or other agencies are faced with a choice: either pursue alleged violators one-by-one on the basis of their own acts, or impact hundreds or thousands of entities in a single action by pursuing the payment processor (or other service provider) upon which those other companies rely. The latter is the concept behind a chokepoint-style investigation.

VA extends debt relief for Veterans

VA is extending debt relief for Veterans through September 30, 2021, due to the COVID-19 pandemic. VA will suspend collection of all Veteran benefit overpayments incurred between April 6, 2020, and September 30, 2021. No adverse actions or collection attempts will occur during this suspension period. Additionally, all copayments for medical care and pharmacy services incurred from April 6, 2020, through September 30, 2021, will be cancelled, along with any fees or interest. Any payments for this time period will be refunded.

Unemployment claims dip below 700,000 for first time since pandemic

Initial unemployment claims for the week ending March 20 fell below 700,000, the first time below that number in a year, coming in at a seasonally adjusted 684,000.

FLOCK Specialty Finance Champions RMAI 2021 Annual Conference with Gold Sponsorship

March 26, 2021 (Sacramento, CA) – A little over a year ago, just before the COVID-19 pandemic hit, more than 1,300 attendees enjoyed meeting, greeting, and making and building connections at the Receivables Management Association International (RMAI) 2020 Annual Conference. RMAI is back with its 2021 Annual Conference due in large part to the generous gold sponsorship of FLOCK Specialty Finance.

VeriFacts Donates to YWCA’s Domestic Violence Program

VeriFacts supports YWCA Sauk Valley’s efforts to provide transitional housing facilities and support services to local victims of domestic violence. Our team has already collected and delivered two truckloads of kitchen supplies, bedding, and various household items to our local YWCA and will continue to accept donations throughout the month. These donations will help fill the immediate needs of families making the transition from a shelter to safe, affordable housing in our community.

Acting FTC Chairwoman Releases 2020 Annual Highlights

Acting Federal Trade Commission Chairwoman Rebecca Kelly Slaughter released the Commission’s 2020 Annual Highlightstoday, emphasizing the agency’s ongoing efforts to protect consumers and promote competition.

DebtTrader Drives RMAI 2021 Annual Conference with Gold Sponsorship

March 25, 2021 (Sacramento, CA) – Behind every successful event are supporters who make things happen—even in a pandemic. DebtTrader is driving the return of the Receivables Management Association International (RMAI) Annual Conference through its gold sponsorship.

Pandemic, Credit Reporting Issues Send CFPB Complaints Up 54 Pct

The Consumer Financial Protection Bureau (CFPB) found in its Consumer Response Annual Report for 2020 that there were about 542,300 complaints last year, according to a press release. That’s an almost 54 percent increase from 2019 when there were 352,400 complaints, the release stated. The uptick in complaints was directly related to the pandemic, CFPB Acting Director Dave Uejio said in the release

Illinois governor signs off on law that caps consumer loan rates at 36%

Illinois Governor J.B. Pritzker on Tuesday signed a bill into law that will cap rates at 36% on consumer loans, including payday and car title loans. The Illinois General Assembly passed the legislation, the Predatory Loan Prevention Act, in January, but the bill has been awaiting the governor’s signature to turn it into law. Introduced by the Illinois Legislative Black Caucus, the newly signed legislation is modelled on the Military Lending Act, a federal law that protects active service members and their dependents through a range of safeguards, including capping interest rates on most consumer loans at 36%. 

Remote work makes cybersecurity a top worry for CEOs

UK CEOs have revealed their top concerns after a year that saw remote work become the norm, with accelerated digital transformation and highly visible cyberattacks. PwC's global CEO survey, carried out in January and February 2021 with 5,050 CEOs, makes for an interesting snapshot and comparison to the 2020 survey. Not surprisingly, 94% of UK CEOs nominated pandemics and health crises as the top concern, followed by cyber threats for 91% of UK CEOs, while 86% said uncertain economic growth was a top concern

Stepping up the fight against fraud in mortgage lending

Wherever there is commerce, there will be fraud, and the mortgage industry is no exception. In recent years, we have seen a significant uptick in fraudulent activity ranging from the high tech — intercepted wire transfers and electronic title phishing scams — to low-tech, such as applicants submitting falsified or doctored bank statements. The transition to a largely remote workforce during the COVID-19 pandemic only gave criminals more of an incentive to attempt to deceive lenders or misrepresent qualifications.

Keynote Address at RMAI 2021 Annual Conference Looks Ahead

RMAI brings the next best thing to a crystal ball to its 2021 Annual Conference. The keynote address, “Looking Ahead - The Future of the Collection Industry,” features former Deputy Director of the Consumer Financial Protections Bureau (CFPB), Thomas B. Pahl. Mr. Pahl will share his insights for the future of the collections industry amid new regulations and the new administration.

Our commitment to protecting vulnerable borrowers

The CFPB is acutely aware of consumer harms in the small dollar lending market, and is particularly concerned with any lender’s business model that is dependent on consumers’ inability to repay their loans. Years of research by the CFPB found the vast majority of this industry’s revenue came from consumers who could not afford to repay their loans, with most short-term loans in reborrowing chains of 10 or more.

RMAI Brings Back Annual Conference with Numerous Networking Opportunities

We’re back! And once again the RMAI Annual Conference is your networking destination. A little over a year ago, just before the COVID-19 pandemic hit, more than 1,300 attendees enjoyed meeting, greeting, and making and building connections at the RMAI 2020 Annual Conference. Due to the shut-downs that followed, for most that was the last time for significant networking.

FTC Sends Nearly $50 Million in Refunds to University of Phoenix Students

The Federal Trade Commission is sending payments totaling nearly $50 million to more than 147,000 University of Phoenix (UOP) students who may have been lured by allegedly deceptive advertisements.

The U.S. already has student debt forgiveness—but barely anyone gets it

The Biden Administration has indicated the president will call on Congress to forgive $10,000 in student debt for all borrowers — a step down from what leaders of his own party have called for. House and Senate Democrats have urged President Biden to “broadly” forgive up to $50,000 of federal debt through executive order.

CFPB report examines Fair Debt Collection Practices Act

The Consumer Financial Protection Bureau’s (CFPB) annual report to Congress regarding the implementation of the Fair Debt Collection Practices Act (FDCPA) highlights efforts to protect consumers, particularly amid the COVID-19 pandemic. The analysis also noted the CFPB’s collaboration with the Federal Trade Commission (FTC) in administering the legislation.

One Year after COVID-19, New TransUnion Research Shows Digital Fraud Attempts Against Businesses Have Increased by 46%

TransUnion’s (NYSE: TRU) latest quarterly analysis of global online fraud trends found that since the COVID-19 pandemic began, fraudsters are increasing their rate of digital schemes against businesses. In addition, TransUnion’s recent Global Consumer Pulse Study found that more than one in three global consumers have recently been targeted by digital fraud related to COVID-19.

Stimulus Check for Less Than Expected? IRS Says Some Delays Tied to Spousal Debts

Married people who filed their returns jointly may receive their stimulus in two separate installments if their tax return includes something called an injured spouse claim — which a taxpayer can file for if part of their tax refund is withheld over a spouse’s past-due debts, such as federal or state taxes, child support or student loans.

Privacy Legislation Race Heats Up After Virginia Law Passage

Consumer privacy proposals pending in state legislatures are likely to get a boost from the passage of Virginia’s Consumer Data Protection Act earlier this month.

Colorado Joins List Of States Proposing Privacy Laws

Colorado has introduced the “Colorado Privacy Act” bill (SB21-190).

Toyota Financial Services Receives 2021 CIO 100 Award

PLANO, Texas, March 22, 2021 /PRNewswire/ -- IDG's CIO has named Toyota Financial Services (TFS) as a 2021 CIO 100 award winner. For more than 30 years, the CIO 100 awards have recognized innovative organizations around the world that exemplify the highest levels of Information Technology (IT) strategic and operational excellence.

Distressed borrower communication rules on track for now: CFPB

Consumer Financial Protection Bureau Acting Director David Uejio has said that he would explore the possibility of preserving the status quo regarding two pending Fair Debt Collection Practices Act rules, but a report released Monday indicated that the CFPB is instead proceeding with the implementation of the new rules.

Phillips & Cohen Associates Hires Amy Perkins As Chief Of Staff

Wilmington, DE – March 2021 – Phillips & Cohen Associates, Ltd., the leading deceased account care and debt settlement portfolio management business servicing creditors in the US, Canada, UK, Ireland, Australia, New Zealand, Spain, Portugal, Germany and Italy, is pleased to announce that Amy Perkins has joined its senior executive leadership team in the newly created role of Global Chief of Staff.

CFPB Submits 2020 Report to Congress on the Administration of the Fair Debt Collection Practices Act

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The report highlights efforts by the CFPB and the Federal Trade Commission (FTC) to protect consumers, particularly those who have suffered profound financial impacts due to the COVID-19 pandemic.

U.S Mortgage Rates Rise for a 5th Consecutive Week

Mortgage rates were on the rise for a 5th consecutive week in the week ending 18th March. Following a 3-basis points rise from the week prior; 30-year fixed rates rose by a further 4 basis points to 3.09%. Compared to this time last year, 30-year fixed rates were down by 56 basis points. 30-year fixed rates were also down by 185 basis points since November 2018’s last peak of 4.94%.

New CFPB Director Confirmation May Be Held Up by FTC Vacancy

Rohit Chopra, President Joe Biden’s full-time nominee to serve as director of the Consumer Financial Protection Bureau (CFPB), may see his confirmation in the U.S. Senate delayed due to vacancies that exist at the Federal Trade Commission (FTC), where Chopra currently serves as a commissioner.

FTC Staff Provides Annual Letter to CFPB On Debt Collection Activities

The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) with an annual summary of the FTC’s activities in the debt collection arena.

ConServe Receives BBB of Upstate New York Torch Award for Ethics

Continental Service Group, Inc., d/b/a ConServe announces that they have once again received Better Business Bureau of Upstate New York’s 2021 BBB Torch Award for Ethics in the Large Business Category.  The Torch Awards for Ethics (Torch Award) honors companies that demonstrate a high level of personal character and ensure that the organization’s practices meet the highest standards of ethics and consequently generate trust among their employees, customers, and their communities.

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RMAI 2021 Annual Conference – In Person and Virtual

Receivables Management Association International (RMAi)

Collection and Recovery Solutions 2021 (CRS2021)

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