At a glanceFriday, July 23, 2021

Collection Industry News At A Glance - July 23, 2021
Friday July 23, 2021
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Black Knight: 1.55 Million Serious Delinquencies Remain

JACKSONVILLE, Fla., July 22, 2021 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at June 2021 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. 

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White House makes more homeowners eligible for lower mortgage payments

WASHINGTON — Homeowners with certain government-backed mortgages could get their monthly payments reduced by 25 percent if they are still struggling to make payments, the White House said on Friday as part of efforts to help keep people housed amid the pandemic.

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DFPI Report Shows California Payday Loan Activity Significantly Declines Amid Pandemic

SACRAMENTO – During an historic pandemic, California’s payday lenders made fewer than 6.1 million loans in 2020, representing a 40 percent decline in loans from 2019 and a 30 percent decline in customers compared to 2019, according to the 2020 Annual Report of Payday Lending Activity Under the California Deferred Deposit Transaction Law (CDDTL). Payday loans are also down by half in terms of dollar volume since 2011.

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House Passes Bill to Restore FTC’s Efforts to Provide Monetary Relief

The House of Representatives passed a bill Wednesday challenging a unanimous ruling from the U.S. Supreme Court concerning the Federal Trade Commission’s ability to seek financial restitution under the FTC Act.
The Consumer Protection and Recovery Act, H.R. 2668 passed 221-205 with significant support from Democrat members of Congress, the Hill reports.. 

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Can you file bankruptcy on student loans? Here’s everything you need to know

When student loan payments get burdensome, the idea of discharging your loans altogether through bankruptcy may start to sound like the next best option. Through bankruptcy, you would be completely off the hook for that large chunk of debt. But filing for bankruptcy in any scenario is a huge financial decision — and typically a last-ditch effort. Bankruptcy stays on your credit report for seven to 10 years, making it destructive to your credit. It’s also extremely difficult to do when it comes to eliminating your student loans.

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IMF board approves lending reforms to better support low-income countries

WASHINGTON (Reuters) -The International Monetary Fund on Thursday said it would revamp its concessional lending programs to better support low-income countries during the COVID-19 pandemic and recovery, and raised the prospect of limited sales of IMF gold to boost its lending capability.

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We have resources to help you avoid foreclosure

Over the past 17 months, the COVID-19 pandemic devastated the nation, with its human and economic damage especially concentrated in communities of color. As the nation looks forward to a return to normal, we are here to help homeowners understand their options.

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AG Lynn Fitch Reaches Settlement with Santander for Deceptive Auto Loan Practices

Attorney General Lynn Fitch has reached a settlement with Santander resolving allegations that Santander violated the Mississippi Consumer Protection Act by exposing Mississippi consumers to high levels of risk, placing these consumers into auto loans that had a high probability of default, and engaging in aggressive collection practices.

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Canceling student loan debt will barely boost the economy, but a targeted approach could help certain groups

At the end of June 2021, 43 million borrowers – or about 14% of all adults in the U.S. – owed approximately US$1.59 trillion in outstanding federal student loans. Although in many cases the media has focused on borrowers with extremely large balances – such as the orthodontist who owes over $1 million in student loans – the average balance is a more modest $39,351 per borrower with an average monthly payment of $393 per month. The standard repayment period for $39,351 in student loans is 20 years.

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Government has forgiven nearly $400 billion in Covid-relief PPP loans, federal watchdogs say

WASHINGTON — The federal government has forgiven $394.6 billion in more than 4 million loans to businesses through the Paycheck Protection Program (PPP), according to new data published by a group of internal federal watchdogs.

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For the 4th Consecutive Year Consumers Credit Union Awarded on the Forbes America’s Best-In-State Credit Unions 2021 List

Consumers Credit Union is proud to announce that it has been awarded on the Forbes list of America’s Best-In-State Credit Unions for 2021. This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider.

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Celebrating 10 years of consumer protection

Today is the 10th anniversary of the Consumer Financial Protection Bureau. We are proud to celebrate 10 years of protecting consumers, and we look forward to the next decade.

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Alliant Credit Union closes two student housing transactions totaling in excess of $52 million

CHICAGO , CT (July 21, 2021) — Alliant Credit Union announced that it has closed over $52 million in financing for two student housing properties. In Austin, Texas, the Credit Union funded a $39.05 million acquisition loan for a Class A student housing property associated with University of Austin. In Statesboro, Ga., Alliant financed a $13 million refinancing loan for a Class A student housing complex associated with Georgia Southern University.

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TCN to Showcase Next-Generation Call Center Platform at ACA International Convention & Expo 2021

/PRNewswire-PRWeb/ -- WHAT
Welcoming back members to in-person education and networking, ACA International Convention & Expo 2021 will take place July 28-30, 2021, in Las Vegas, Nevada.

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SBA’s Guidance on Requests to Honor SBA’s Guaranty of PPP Loan

The SBA recently issued its Procedural Notice on when a lender may request the SBA to honor its guaranty of a PPP loan. The PPP loan program has been in place for over a year and has provided billions of dollars of assistance to small businesses all over the United States. It is not surprising that some PPP borrowers have encountered continued financial difficulty, in some instances resulting in bankruptcy, dissolution, shutting their doors, or discovery of fraud-related issues. What is a lender to do?

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Student loan refinancing saves borrowers nearly $17K, thanks to historically low rates

With student loan refinancing rates hovering near record lows, many graduates are taking advantage of this opportunity to save money on their college debt. Well-qualified borrowers who refinanced to a shorter-term loan were able to save nearly $17,000 on total interest over the life of their loan, according to a recent Credible analysis. They also shaved years off their debt repayment schedule because they lowered their interest rate.

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Statutes of Limitations: Some Guidance for Vehicle Finance from the Ninth Circuit

Many finance companies, debt buyers, debt collectors, and collection law firms wrestle with the question of which statute of limitations to apply when collecting a deficiency balance on a retail installment contract. States often have different statutes of limitations for contracts or written promises to pay money than they do for sales of goods, like motor vehicles. A RIC is a credit agreement that evidences a sale where the buyer agrees to pay in installments, most often subject to a finance charge (interest).

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Survey: Nearly a Third Owe More Than $30,000 on Student Loans

About 30% of respondents to a U.S. News survey in July say they owe more than $30,000 in student loans. Unfortunately, though almost a quarter owe $10,000 or less, some owe much more. More than 11% say they are paying off more than $50,000 in student loans

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America’s medical debt is much worse than we think

Groundbreaking research from Stanford economist Neale Mahoney indicates an even grimmer situation: Americans are actually saddled with at least $140 billion in outstanding medical debt. The earlier $81 billion figure — heavily cited during the last presidential election cycle — was based on a narrower measure of medical debt and a restricted sample of people.

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Florida Expands Telemarketing Laws

Florida recently amended its existing telemarketing laws, the Florida Do Not Call Act and the Florida Telemarketing Act. SB 1120, which went into effect July 1, 2021, imposes significant additional restrictions (and additional penalties for violations) on businesses making calls to Florida residents or Florida area codes.

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Federal Court Dismisses Autodialer Law Claims

Recently, a Michigan federal court delivered another blow in favor of telemarketers by dismissing a case captioned Barry v. Ally Financial, Inc. brought under the Telephone Consumer Protection Act (“TCPA”). The main issue at stake in the case was whether Ally Financial violated TCPA autodialer law when it placed calls to Ms. Barry. The Court held that the decision in Facebook v. Duguid clarified how courts should interpret “use of an autodialer”: calling or texting consumers from a list that was created using a random or sequential number generator. Because Ally’s contact list was comprised of its delinquent account customers, the Court held that it did not violate the TCPA’s autodialer provision.

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House passes bill to revive FTC authority to recover money for consumers

The House passed a bill Tuesday largely along party lines that aims to revive the Federal Trade Commission’s (FTC) authority to return money to constituents harmed by companies found to engage in deceptive practices.

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CFPB Takes Action Against FinTech Company for Originating Unauthorized Loans

On July 12, the CFPB issued a consent order against a FinTech company for facilitating point of sale financing activities without authorization from consumers. The consent order requires the company to pay up to approximately $9 million in redress to impacted consumers and a $2.5 million civil money penalty.

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Another student-loan company is shutting down its services, bringing total number of borrowers in limbo to nearly 10 million

Granite State Management and Resources is not renewing its loan-servicing contract after December.

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US Collection Agencies Trying To Recoup $140B In Consumer Medical Debt

Medical debt in the U.S. is more than any government department was aware, with collection agencies trying to recoup debts totaling some $140 billion, The New York Times reported on Tuesday (July 20), citing a new JAMA study.

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Federal Agencies Request Comments on Risk Management Guidance for Third-Party Relationships

On July 13, the Federal Reserve, FDIC, and OCC proposed risk management guidance to help banking organizations manage risks related to third-party relationships, including relationships with vendors, FinTech companies, affiliates, and the banking organizations’ holding companies.

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FTC Releases Agenda for PrivacyCon 2021

The Federal Trade Commission has released the final agenda for its sixth annual PrivacyCon event, which will be held online on July 27, and will include a focus on the privacy and security risks associated with algorithms, online advertising, and the Internet of Things.

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Here’s the average student loan debt of borrowers 50 to 61 years old

There are far fewer 50- to 61-year-olds who still carry student loan debt compared to younger age groups, but those that do have high average balances. According to statistics from the U.S. Department of Education’s Q4 2020 data, borrowers in this age group have an average balance of $42,290.32, which is nearly as much as the highest average debt load of $42,373.23 carried by the age bracket below them (35- to 49-year-olds). But while these two age groups, 35-to-49 and 50-to-61, have a similar average balance, the number of overall loan borrowers drastically decreases after age 49. There are just 6.2 million borrowers in the older age group, compared to 14.2 million borrowers in the younger age group.

Read More poll: We’ll Spend More Preparing for Natural Disasters Because of COVID-19

FORT LAUDERDALE, Fla., July 20, 2021 /PRNewswire/ -- Americans will spend more preparing for natural disasters in 2021 than they did in 2020, and the reason is simple: COVID-19 showed just how scary life can be when you don't have enough supplies and planning.

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‘Domino effect’: Student loan giant loses another case over private debt discharge in bankruptcy

Student borrowers with certain types of private loans inched closer to being able to discharge that debt in bankruptcy after a New York court ruling. On Thursday, the U.S. Court of Appeals for the Second Circuit sided with student debtor Hilal Homaidan against student loan giant Navient (NAVI), which had argued that private student loans could not be erased under the existing bankruptcy laws. A three-judge panel determined that certain private student loans can be discharged in certain cases through bankruptcy, just like credit cards and other debts, if certain conditions are met.

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Rep. Maloney seeks bank overdraft fee protections

Rep. Carolyn B. Maloney (D-NY) has introduced last week legislation designed to aid consumers by establishing equitable practices for overdraft coverage program. The Overdraft Protection Act of 2021 builds on protections provided in Maloney’s Credit CARD Act, which the Consumer Financial Protection Bureau (CFPB) estimated has saved consumers $16 billion in its initial year of enactment.

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Attorney General Bonta Announces First-Year Enforcement Update on the California Consumer Privacy Act, Launches New Online Tool for Consumers to Notify Businesses of Potential Violations

SAN FRANCISCO – A year after enforcement of the nation’s toughest privacy law began, California Attorney General Rob Bonta today announced successful enforcement efforts and urged more Californians to take advantage of their new rights.

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New York Adds Text Messaging to its Definition of Telemarketing

This week, Governor Andrew Cuomo signed legislation that added text messaging to the state of New York’s definition of telemarketing communication for purposes of its no-call registry. The legislation, S.3941/A.6040, closes the loophole that previously exempted businesses from the no-call registry restrictions when the communication was sent via text.

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AG Healey to Debt Collectors: Child Tax Credit Payments Are Off Limits

BOSTON — Attorney General Maura Healey today issued guidance to protect families who have begun receiving a federal child tax credit this week from debt collection practices. The AG’s guidance ensures that these payments go directly to help families meet the needs of their children.

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Boomers just keep borrowing as millennials pay off debts

As consumers grow older, they make more money and pay off debts, in turn giving them more wealth than younger folks — or so the story goes. But that story has changed a bit in modern times as home and education costs have climbed while real wages stagnated so much that those born later have had much greater difficulty following a positive financial trajectory.

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Facts Matter—TransUnion‘s Impact on Privacy, Cybersecurity Litigation

The U.S. Supreme Court’s ruling in TransUnion v. Ramirez will have an impact on plaintiffs’ ability to bring litigation involving privacy breaches and cybersecurity, say Locke Lord attorneys Molly McGinnis Stine, Tara L. Trifon, and Lindsey E. Kress. Its finding that standing is based on concrete harm will most likely lead plaintiffs to seek relief in state court, they predict.

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United States: Florida’s New Mini-TCPA: What You Need To Know

Florida's Senate Bill 1120 became effective on July 1, 2021, and has striking similarities to the federal Telephone Consumer Protection Act (TCPA), 47 U.S.C. § 227., et. seq. The statute, referred to as Florida's "Mini-TCPA," amends the Florida Telemarketing Act, Fla. Stat. § 501, et. seq. Florida's Mini-TCPA is a direct response to the U.S. Supreme Court's recent decision in Facebook, Inc. v. Duguid et al., 141 S. Ct. 193 (2020), issued on April 1, 2021, in which the Court unanimously held that the TCPA covers only random-fired calls and texts to cell phones from an automatic telephone dialing system (ATDS).

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Congressman Horsford Introduces Bill to Protect Nevadans from Unfair Double Taxation of Consumer Settlements

WASHINGTON, D.C. — Congressman Steven Horsford (D-NV-04) has introduced the End Double Taxation of Successful Consumer Claims Act, which would help ensure that Nevadans who win consumer protection lawsuits are not liable for taxes on the fees paid to their attorneys.

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Only 25% of those with student loans went to graduate school—but they owe around 50% of all student debt

When many people think of the student debt crisis, they think of jaw-dropping six-figure debt totals. But “many of those big numbers end up being outliers or they’re grad students who have accumulated [debt] based on continuing their education,” says Rick Castellano, vice president of corporate communications for Sallie Mae. He says undergraduate college students rarely borrow over $100,000.

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Millennials dominate P2P lending and borrowing: Report

Millennials dominate as the most influential cohort as both borrowers and lenders on peer-to-peer (P2P) lending platforms, says study. LenDenClub, among the country’s largest P2P lending platforms, released its 2020-21 report on the key borrowing and lending behaviour of its consumers (borrowers and lenders). According to the report by LenDenClub, young and tech-savvy Indians are much ahead of the previous generations when it comes to borrowing or even availing the platform for a new asset class as an investor.

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Today’s Mortgage Refinance Rates — July 19, 2021: 30- and 15-Year Loans Are Lower

Mortgage refinance rates are lower today for the 30- and 15-year loan. Refinance rates tend to be a bit higher than the rates you'll see for a new purchase mortgage, but right now they're quite competitive, historically speaking.

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St. Bede’s Church in Santa Fe helps pay off $1.4M in medical debt for 782 households

It has been said a dollar doesn’t go very far these days, but a local church used $15,000 to wipe out $1.4 million in medical debt for hundreds of struggling households. St. Bede’s Episcopal Church in Santa Fe applied $15,000 in donations to clear up eligible New Mexicans’ medical debt that had gone to collections — and had money left over to aid people in half a dozen Arizona counties. “You feel like you’re changing lives with this,” St. Bede’s spokeswoman Peg Maish said. “It’s not just writing a check. It feels more personal.”

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Financial and Compliance Professional Stephanie Schenking Joins Crown Asset Management Team

Crown Asset Management, LLC (CAM), a receivables management and specialty finance firm in Duluth, GA, proudly announces the addition of Stephanie Schenking as CAM’s Agency Relationship Manager. Ms. Schenking has over 20 years of experience in the financial services industry. As Agency Relationship Manager, she will serve as a liaison between CAM and network collection agencies, oversee agency adherence to CAM policy, and manage agency performance.

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D.C. Attorney General’s office protects residents against aggressive debt collectors

WASHINGTON (7News) — Coming out of the pandemic, the D.C. Attorney General’s office is expecting a tsunami of debt collection lawsuits and aggressive debt collectors.

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California Debt Collection License Applications Will Be Available Sept. 1

The California Commissioner of the Department of Financial Protection and Innovation (DFPI) announced Friday that license applications required under the Debt Collection Licensing Act will be online through the Nationwide Multistate Licensing System & Registry (NMLS ) Sept. 1. Applications will be due by Dec. 31, 2021, and required starting Jan. 1, 2022.

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Congresswoman Robin Kelly Introduces Bill to Protect Consumers from Discrimination

WASHINGTON, DC – Today Congresswoman Robin Kelly (IL-02) introduced the Consumer Equity Protection Act of 2021 to establish a federal taskforce to advise the Federal Trade Commission (FTC) on issues of equity impacting consumers of protected classes.

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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.

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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.

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Portfolios For Sale

$83,189.63 Auto Deficiencies
Cherrywood Enterprises, LLC

(561) 508-7650

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$18,634,008 Sub Prime

(302) 703-9387

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   Debt Buyer 

World Business Org LLC

(347) 661-5017


Industry Events

RMAI Executive Summit

Receivables Management Association International

The Lodge at Spruce Peak
Stowe , Vermont
August 02 - 04 , 2021

916 482 2462

2021 Atlanta Regional Networking & Advocacy Training Event

Renaissance Atlanta Waverly Hotel & Convention Center 2450 Galleria Parkway | Atlanta, GA 30339

Renaissance Atlanta Waverly Hotel & Convention Center 2450 Galleria Parkway
Atlanta , Gerogia
September 27 - 28 , 2021

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Collection and Recovery Solutions 2022

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 11 - 13 , 2022