FHFA Releases Policy Statement On Fair Lending

On July 1, the Federal Housing Finance Agency (FHFA) released a Policy Statement on its commitment to comprehensive fair lending oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (collectively, “regulated entities”). The FHFA addressed its position on: (i) monitoring and information gathering; (ii) supervisory examinations; and (iii) administrative enforcement related to the Equal Credit Opportunity Act, the Fair Housing Act, and the Federal Housing Enterprises Financial Safety and Soundness Act. The FHFA added that the statement operates as a “foundation for future interpretations by the agency and its regulated entities.” Comments on the policy statement are due 60 days after publication in the Federal Register.

Colorado Repeals Ban On Credit Card Surcharges

Colorado Governor Jared Polis signed into law a bipartisan bill repealing the state’s prohibition on credit card surcharges.

Almost nobody is repaying their student loans

In the 2020 CARES Act, Congress gave student-loan borrowers a temporary break from repaying their loans. President Trump extended that twice and President Biden once, with loan payments now set to resume Oct. 1, 2021.

Lender Risk Draws Greater Scrutiny As Auto Sales And Borrowing Surge

Auto sales are on the rise — and with those gains, it stands to reason that lending to help finance those purchases would also be up.

CFPB Reports Trends In Financial Assistance

The Consumer Financial Protection Bureau (CFPB) continues to report on trends in financial assistance throughout the pandemic. The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

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The emergency legislation that was passed amended items that previously only affected debt buyers, and now affect debt buyers and debt collectors. On July 13, 2021, the City Council of the District of Columbia passed emergency legislation to amend its debt collection law, § 28-3814. The amendments take effect when they are signed by D.C.’s mayor, which is expected any day. (The mayor has 10 days to sign.) The emergency measure will last 90 days from enactment. A “temporary” bill was also introduced that contains the same provisions. It has not passed the Council but is scheduled to be considered later and likely before the emergency measure would expire. The temporary measure would last 225 days from enactment if it were to become law. Find out about these important changes at RMAI's Emergency Legislation Webinar - July 20, 2021 @ 10:00 AM - 11:00 AM (PDT)

Student loan forgiveness: Biden promise to forgive $10,000 in debt remains unfulfilled

Joe Biden's campaign website for the 2020 presidential election stated that a President Biden would "forgive a minimum of $10,000/person of federal student loans," which would erase all of the student debt for 15 million of the nearly 45 million American borrowers.

There’s a New Wave of Scammers Targeting VA Home Loans

According to a news release, there has been a recent jump in scams targeting veterans with home loans. The scammers usually pretend to be affiliated with the government or a mortgage company and attempt to scam veterans out of money by some new and novel methods, along with some techniques that have been around for years, albeit with either a new COVID-19 related twist or new technology that makes it easier for the scammers to conceal their identity.

Meet the typical 40-year-old millennial, who has $128,000 in debt, is not nearly as wealthy as their parents were, and is known as ‘geriatric’

The oldest millennials enter middle age this year. The generation is now aged between 25 and 40, according to the Pew Research Center's definition. Yes, like everyone, millennials are aging, but it's a hard concept to grasp when the media narrative has painted millennials as young, frivolous 20-somethings who love selfies and can't afford anything because they spend too much money on avocado toast.

Analysis of CFPB’s New Ability-to-Repay Rule for Qualified Mortgages

On Dec. 29, 2020, the Consumer Financial Protection Bureau (CFPB) published a final rule amending Regulation Z’s Ability-to-Repay/Qualified Mortgage (QM) requirements (the New Rule). Regulation Z requires creditors to make a reasonable, good-faith determination of a consumer’s ability to repay their residential mortgage loan. Loans that comply with Regulation Z’s requirements qualify for certain protections from liability.

U.S. Properties With Foreclosure Filings In First Six Months Of 2021 Hit All-time Low Of 65,082

IRVINE, Calif., July 15, 2021 /PRNewswire/ --ATTOM, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), the largest online marketplace for foreclosure and distressed properties, today releasedits Midyear 2021 U.S. Foreclosure Market Report, which shows there were a total of 65,082 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2021. That figure is down 61 percent from the same time period a year ago and down 78 percent from the same time period two years ago.

Bill Would Allow Debt Settlement Companies to Operate in Ohio

A new bill in the Ohio Senate would allow for debt settlement companies to operate in Ohio. The sponsor says it’s about consumer choice, but opponents says that choice isn’t a good one.

Florida’s New “Mini” Telephone Consumer Protection Act Takes Effect

On July 1, 2021, the Florida Governor signed legislation imposing new restrictions on telemarketing calls. The amendments to the Florida Consumer Protection Law and Florida Telemarketing Law, which are now in effect, create a new private right of action and track some elements of the federal Telephone Consumer Protection Act (TCPA) while going beyond the federal law in some areas.

LendingClub Agrees to Pay $18 Million to Settle FTC Charges

Online lender LendingClub Corporation agreed to pay $18 million to settle Federal Trade Commission charges that the company deceived consumers about hidden fees that it charged and about whether their loan applications were approved.

Joel Tucker shows up for sentencing this time, ordered to spend 12.5 years behind bars

A federal judge ordered Joel Tucker, a Prairie Village man with deep ties to Kansas City’s payday lending industry, to serve 12.5 years in prison for dodging taxes and for a scheme that targeted consumers to pay debts they often did not owe.

Washington, D.C., Officials Approve Emergency Debt Collection Legislation Proposals

Emergency debt collection legislation introduced in Washington, D.C., on Monday was approved by the full City Council on Tuesday afternoon.

Stakeholders Comment on Catch-22 of Colorado Student Loan Equity Act Requirements

Stakeholders, including ACA International members, that would be impacted by the Colorado Student Loan Equity Act, S.B. 21-057 signed into law by Gov. Jared Polis on June 29, sought more information on the regulations and their cost during a public hearing with the Colorado Attorney General’s office Wednesday.

Agencies request comment on proposed risk management guidance for third-party relationships

The federal bank regulatory agencies today requested public comment on proposed guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology-focused entities. The proposed guidance is intended to assist banking organizations in identifying and addressing the risks associated with third-party relationships and responds to industry feedback requesting alignment among the agencies with respect to third-party risk management guidance.

Student-loan companies aren’t prepared to restart payments in October, which could be a ‘financial catastrophe’ for borrowers

Elizabeth Warren asked student-loan servicers last month how they were preparing borrowers to restart payments. They responded on Tuesday that they need more time, calling the transition into repayment "unprecedented."

Florida’s New TCPA Law Effective July 1

This past April, the Florida legislature passed an amendment to Florida’s version of the Telephone Consumer Protection Act, CS/SB 1120. Two days before the amendment’s effective date of July 1, 2021, Governor Ron DeSantis signed the amendment into law, giving companies little time to prepare.

Consumer Fraud Alert – Tips for avoiding VA home loan scams

Many servicemembers, veterans, and military spouses have been receiving fraudulent calls and mailers from companies who claim to be affiliated with the government, the Department of Veterans Affairs (VA), or their home loan servicer. These calls or mailers often try to sway you to refinance your home, agree to a loan modification, or pay your loan via purchased money orders. They may also try to convince you that your home is facing foreclosure.

Redemption?: Navient Walks Away With ATDS Win After All

You’ll recall that Navient is being sued by a pro per for allegedly using an ATDS to call him without consent. The calls at issue were made to collect on government-backed debt, and the court held that the conduct might be illegal–although the statute plainly permitted it at the time. I have called this result “madness“–because that is precisely what it is. (Notably another court has rejected the application of the TCPA to this precise category of calls made by this precise Defendant because TCPAWorld.)

CFPB Blogs About Buy Now Pay Later

On July 6, the CFPB posted a blog titled, “Should you buy now and pay later?” describing how buy now pay later (BNPL) deferred payment options work, and the benefits and risks that come with BNPL. Generally, if a consumer selects the BNPL option at an online checkout, “the purchase is . . . split into a payment schedule – typically four fixed payments made bi-weekly or monthly until the balance is paid in full.” The CFPB points out that transaction approval takes minutes, with no interest, finance charges, or hard credit inquiries.

Trends in Reported Assistance on Consumers’ Credit Records

This post is the second in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. Last August, we published a report on early trends in consumer credit outcomes through June 2020, which found largely positive trends in those outcomes despite widespread economic hardship due to the pandemic.

Senators Warren, Smith and Markey urge Biden to extend federal student loan pause to March 31, 2022

Since March 27, 2020, federal student loan interest rates have been set to 0% and payments have been paused, giving borrowers roughly $72 billion in student loan interest relief and helping many make ends meet during the pandemic. But payments are set to resume on Oct. 1, 2021.

ProVest and Vertican Technologies Partner on Q-LawE Software Integration

TAMPA, Fla. – July 13, 2021 – ProVest, an industry leader in serving legal process, announced that it is now fully integrated with Vertican’s Q-LawE platform. Vertican’s software offers many benefits, namely time savings and human data entry error elimination. “While we pride ourselves on building strong relationships, we know our clients want to save time and money, making the entire process – from service to filing – more efficient and economical,” said ProVest CEO James Ward. “Vertican Technologies has a deep understanding of the credit collections industry. This integrated software solution will help our current and future clients boost file throughput and help ensure accuracy.”

United States: CFPB Highlights Findings From Supervisory Examinations

The CFPB highlighted findings from supervisory examinations completed in 2020. The examinations covered, among other things, (i) auto servicing, (ii) consumer reporting, (iii) debt collection, (iv) fair lending, (v) mortgage servicing and (iv) student loan servicing.

DC makes moves to combat ‘aggressive debt collection’ after COVID protections expire

D.C. Council Chairman Phil Mendelson and Attorney General Karl Racine are putting forward legislation to protect District consumers against “unfair and abusive debt collection practices.” Mendelson introduced the bill Monday, which was written in collaboration with the Office of the Attorney General. According to a release, the legislation would “modernize the District’s outdated debt collection law, which was written in 1971 and does not currently cover most types of consumer debt, including medical debt and credit card debt.”

CFPB Takes Action Against Fintech Company GreenSky for Enabling Merchants to Secure Loans for Consumers Without Their Authorization

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action against GreenSky, LLC for enabling contractors and other merchants to take out loans on behalf of thousands of consumers who did not request or authorize them. The CFPB issued a consent order against GreenSky requiring the company to refund or cancel up to $9 million in loans for customers harmed by its illegal conduct, pay a $2.5 million civil penalty, and implement new procedures to prevent future fraudulent loans.

FTC Charges Two Florida-based Companies with Helping Student Debt Relief Scammers

Two Florida companies and their CEO will be permanently barred from offering payment-processing services to settle Federal Trade Commission allegations that they aided a criminal student debt relief scam that bilked $62 million from thousands of students and their families.

White House Tells CFPB to Hit the Accelerator on Bank Data-Share Rules

Following the issuance of a new executive order by President Biden, Section 1033 of the 2010 Dodd-Frank Act may finally be implemented. Section 1033 — which calls for the Consumer Financial Protection Bureau to issue regulations detailing financial data access and sharing — has been on hold for as long as the CFPB (also created by Dodd-Frank) has existed.

Kansas man skips sentencing for debt selling scam

KANSAS CITY, Mo. (AP) — A federal judge issued an arrest warrant Thursday for a Kansas man who skipped his sentencing for a debt selling scam that involved millions of dollars. Joel Tucker, of Prairie Village, pleaded guilty last year to criminal counts of transporting stolen money, bankruptcy fraud and tax evasion. His attorneys said Thursday that Tucker was in Colorado dealing with a critical family situation, The Kansas City Star reported. U.S. District Court Judge Roseann Ketchmark issued the arrest warrant and set a new sentencing hearing for Tuesday.

Americans Are Reaching for Their Credit Cards Again and Debt Is Climbing

Americans borrowed a lot more money in May, according to new data from the Federal Reserve's Consumer Credit Report released in July. There was a 10% increase in credit use on a seasonally adjusted annual basis in May 2021. This is the biggest increase since 2016, when consumer credit saw a seasonally adjusted annual increase of 6.9%.

Biden has now canceled $3B in student loans, broad debt forgiveness still waits

The Biden administration is wiping out another tens of millions of dollars in student loan debt, affecting borrowers who were deceived by schools that are now out of business. With this new debt forgiveness, the Department of Education has now canceled at least $3 billion in student loans since the beginning of the year. Borrowers have been given more room in their budgets to save, invest or get a grip on their other debts. Meanwhile, millions of Americans continue to wait for word on whether President Joe Biden will provide widespread student loan forgiveness. Members of Congress who want him to kill $50,000 in federal loans per person aren't letting it go.

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