CFPB Finalizes Regulation F Implementation Date: What Your Organization Needs To Consider in Order To Be “Reg F Ready”

On July 30, the Consumer Financial Protection Bureau (CFPB) announced that the final rules interpreting the Fair Debt Collections Practices Act (FDCPA) will go into effect on Nov. 30, as originally planned. The CFPB issued a proposal in April that, if finalized, would have extended the effective dates to Jan. 29, 2022. However, after considering the comments submitted, the CFPB has declined to extend the implementation date and their proposal has been officially withdrawn.

While Foreclosure Moratorium Ended, FHFA, HUD, VA and USDA Extend Eviction Moratoria

The Centers for Disease Control and Prevention's (CDC) eviction moratorium expired on July 31, 2021. Meanwhile, at President Biden's request, the Acting Director of the Federal Housing Finance Agency, and the Secretaries of the U.S. Department of Agriculture (USDA), U.S. Department of Housing and Urban Development (HUD), U.S. Department of Treasury, and U.S. Department of Veterans Affairs (VA) announced the extension of their foreclosure-related eviction moratoria until September 30, 2021.

New bill would allow federal student loan borrowers to discharge loans in bankruptcy

WASHIGNTON (WREX) — A new bill would give the ability for struggling borrowers to seek a bankruptcy discharge for federal student loans after a waiting period of ten years. U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, and U.S. Senator John Cornyn (R-TX), member of the Senate Judiciary Committee, today announced the introduction of the FRESH START Through Bankruptcy Act of 2021.

How Gen Z Plans To Avoid Student Loans

Fifty-four percent of young American adults who went to college took on some kind of debt — including student loans — to fund their education, according to the Federal Reserve. The average amount of educational debt in 2018 was between $20,000 and $24,999, with the typical monthly payment ranging from $200 to $299.

U.S. credit-card debt rises as COVID-related stimulus payments level off

Throughout the pandemic, as millions of Americans were unemployed and struggling to put food on tables, credit-card debt declined. But that has now changed. In the second quarter of 2021, credit-card debt increased by $17 billion quarter on quarter to $790 billion, according to New York Federal Reserve data published on Tuesday. Still, it has not yet reached pre-pandemic levels.

Student loan rates drop — variable rates hit 6-month low

The average private student loan rates for borrowers with credit scores of 720 or higher who used the Credible marketplace to take out student loans fell during the week of July 26, 2021.

America’s housing debt is ballooning

Americans collectively owe over $10 trillion for their homes — and a sizable share of that balance (44%) originated in the past year. Why it matters: The fresh data point — courtesy of the New York Fed — illustrates the historic mad dash to buy new homes or refinance existing mortgages.

US household debt soared to nearly $15 trillion last quarter

New York (CNN Business)Americans have more debt than ever before. A surge in credit card spending and home purchases caused US household debt to increase by $313 billion, or 2.1%, in the second quarter, according to the Federal Reserve Bank of New York. That's the largest nominal jump since 2007 and the biggest percentage increase in seven and a half years. In total, American consumers held $14.96 trillion in debt at the end of June — the biggest pile of bills on record and $812 billion more than what was owed at the end of 2019, before the pandemic hit.

TCN Operator Selected as a 2021 SaaS Awards Finalist for Best SaaS Product for Customer Service/CRM

ST. GEORGE, Utah – Aug. 3, 2021 – TCN, Inc., a global provider of a comprehensive cloud-based call center platform for enterprises, contact centers, BPOs, and collection agencies, today announced its TCN Operator platform has been selected as a finalist in the 2021 SaaS Awards in the Best SaaS Product for Customer Services/CRM category

Connecticut Governor Signs Bill Limiting Hospital Billing and Collection Efforts and Revising Connecticut’s Facility Fee Laws

On July 7, 2021, Connecticut Governor Ned Lamont signed into law Public Act 21-129 entitled “An Act Concerning Hospital Billing and Collection Efforts By Hospitals And Collection Agencies” (“the Act”). The Act expands the types of entities to which billing and collection restrictions apply, places further limitations on collection efforts by such entities, and makes several changes to Connecticut’s existing laws concerning facility fees.

SIMM ASSOCIATES INC. CELEBRATES 30 YEARS OF GROWTH, PARTNERS WITH PROVANA TO DIGITIZE COMPLIANCE MANAGEMENT

Newark, DE – SIMM Associates, Inc. (“SIMM”), a full-service ARM and BPO Customer Care call center that provides third party collections, first party (pre-default) collections, probate collection solutions and customer engagement/telesales, celebrated its 30th year of operation this month. Ranked as a top 100 agency in the US, SIMM continues to expand its services and digitize its operations to scale and serve more customers, ranging from the Fortune 500 to local credit issuers

The break for student loan borrowers ends next month. How to be prepared

If nothing changes, the federal government’s break from payments for student loan borrowers will come to an end next month. For the first time since March 2020, when the coronavirus pandemic hit the U.S. and crippled the economy, millions of borrowers will have to resume paying their monthly bills. The typical federal student loan payment is around $400 a month.

Why Good Cybersecurity Requires Leadership Buy-In, Culture Shift

Good cybersecurity requires leadership buy-in and fostering a culture of cybersecurity in your organization, according to federal and industry cyber leaders at last month's CrowdStrike 2021 Cyber Summit. Federal and industry cyber leaders illustrated diverse ways to foster a strong internal cyber culture during the event. Amanda Crawford, CIO for the state of Texas, said she made compliance excellence one of her key priorities — which includes cybersecurity compliance.  

Senate Members Continue to Demand Answers on CFPB Director Position and Staffing

Questions about Consumer Financial Protection Bureau staffing from members of the U.S. Senate remain unanswered and Senate Banking Committee Republicans, led by Ranking Member U.S. Sen. Pat Toomey, R-Pa., recently took their request to former CFPB deputy director Leandra English.

USDA Announces August 2021 Lending Rates for Agricultural Producers

The U.S. Department of Agriculture (USDA) announced loan interest rates for August 2021, which are effective August 2. USDA’s Farm Service Agency (FSA) loans provide important access to capital to help agricultural producers start or expand their farming operation, purchase equipment and storage structures, or meet cash flow needs.

New York District Court Dismisses Six FDCPA Cases Invoking “Mailing Vendor” Theory Emanating from the Eleventh Circuit Hunstein Decision

In In re FDCPA Mailing Vendor Cases, a New York district court dismissed six FDCPA complaints after plaintiffs in each of the respective cases failed to demonstrate injury-in-fact sufficient for Article III standing in response to show cause orders . The court’s holding shows the potential impact of the TransUnion v. Ramirez decision and standing law’s interaction with the 11^th Circuit’s Hunstein v. Preferred Collection & Management Services decision.

USCIS Issues EB-5 Policy: Loan Proceeds to Be Viewed as Cash Rather than Indebtedness

Recently, a federal court held that interpretation of loan proceeds as indebtedness is not supported by the plain language of the regulation. USCIS issued a policy alert that it will amend its policy manual to reflect this change. Following this change, USCIS will continue to determine whether loan proceeds were lawfully acquired. It will also verify whether the investor has placed the required amount of capital at risk to generate a return on the capital.

Court Sets Aug. 16 Hearing to Allow for Industry Testimony on Nevada S.B. 248

The judge in the case on an emergency motion for a temporary restraining order (TRO) filed by ACA International, the Nevada Collectors Association (NCA) and 14 other plaintiffs has set an evidentiary hearing for Aug. 16 to allow stakeholders to comment on the law’s actual and anticipated effects on debt collectors’ business operations.

Federal housing protections have ended – Learn how to avoid foreclosure and eviction

Some important federal protections put in place to protect homeowners from foreclosure and renters from eviction during the COVID-19 pandemic ended on July 31. If you are having trouble making your rent or mortgage payments, it’s important to take action to prevent foreclosure or eviction.

FTC Sends Checks to People Who Were Deceived into Buying Worthless Online Marketing Services

The FTC is sending checks totaling more than $1.5 million to more than 3,000 consumers who were deceived into buying worthless Internet-based marketing products and services by two companies called Position Gurus, LLC, and Top Shelf Ecommerce, LLC.

Federal housing protections have ended – Learn how to avoid foreclosure and eviction

Some important federal protections put in place to protect homeowners from foreclosure and renters from eviction during the COVID-19 pandemic ended on July 31. If you are having trouble making your rent or mortgage payments, it’s important to take action to prevent foreclosure or eviction.

New York federal court dismisses six class action cases alleging FDCPA violations in reliance on Hunstein

A New York federal district court has dismissed for lack of Article III standing six class action cases alleging that debt collectors violated the FDCPA by sharing data about the plaintiffs’ debts with mailing vendors.

CFPB Confirms Effective Date for Debt Collection Final Rules

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced that two final rules issued under the Fair Debt Collection Practices Act (FDCPA) will take effect as planned, on November 30, 2021. The CFPB issued a proposal in April 2021 that, if finalized, would have extended the effective dates to January 29, 2022. The CFPB has now determined that such an extension is unnecessary. Following this announcement, the CFPB will publish a formal notice in the Federal Register withdrawing the April 2021 proposal.

Nevada Governor approves bill requiring translated documents for consumer financial services transactions, including credit cards and auto title loans

A new Nevada law that becomes effective on October 1, 2021 requires translated documents to be provided to consumers by businesses that advertise and negotiate transactions covered by the law in a language other than English (or allow their agents or employees to advertise and negotiate in a language other than English).  A knowing violation of the new requirement is deemed a deceptive trade practice under Nevada’s UDAP law and non-compliance allows “the aggrieved party” to rescind the transaction.

End of Student Loan Relief Poses Risk to Credit Card, Auto ABS

(Bloomberg) -- U.S. consumers will have to resume making payments on their Federal student loans when a Covid-related relief program expires on Sept. 30, and some borrowers may struggle to pay all their debts at that point.

FTC Sends Nearly $2.3 Million in Refunds to People who Lost Money to Credit Card Debt Relief Schemes

In a complaint announced in July 2019, the FTC and the state of Ohio alleged Educare Centre Services, Inc. and Tripletel, Inc. made false and unfounded promises that they would significantly reduce the interest rates on consumers’ credit cards, and also promised a 100 percent money-back guarantee if the promised rate reduction failed to materialize or if consumers were otherwise dissatisfied.

Attorney General Bonta Highlights Scams and Predatory Practices Targeting Service Members Following Roundtable Discussion at Naval Base San Diego

SAN DIEGO – California Attorney General Rob Bonta today met with members of Naval Base San Diego (NBSD) to discuss scams and other issues affecting U.S. Navy sailors in the San Diego area. San Diego is home to the nation’s largest concentration of military personnel, creating a unique environment for financial products, scams, and predatory practices targeting the military

Senate Democrats want to cap interest rates on loans at 36%

Senate Democrats are making a big push for new legislation that would stop consumers from paying sky-high interest rates on small loans, with APRs of more than 600% in some cases. 

United States: CFPB Makes Temporary Revisions Of Default Servicing Rules To Assist Borrowers At Risk Of Foreclosure

As COVID-19 infections are declining and a sense of normalcy begins to return, an estimated 1.75 million mortgage loan borrowers, many of whom have been negatively impacted by the COVID-19 global pandemic, are still in a forbearance program provided by their mortgage loan servicers.1 These borrowers may be at a heightened risk of foreclosure as forbearance programs begin to expire and foreclosure moratoriums come to an end.

CFPB and FHFA Release Updated Data from the National Survey of Mortgage Originations for Public Use

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data provide insights into borrowers' experiences obtaining residential mortgages.

Department of Education Seeks Public Comment on Student Loan Forgiveness

The Biden administration is seeking public comment on the Public Service Loan Forgiveness Program (PSLF), specifically what is working and not working within the program for federal student loan borrowers.

Consumers did great job paying down credit card debt during pandemic. That may be ending

Ask a consumer expert what would happen with credit card loan balances during a recession and the answer wouldn’t be that balances decline sharply and Americans avoid a wave of card delinquencies. But that’s what happened during the pandemic year. Helped by government stimulus and limited to spending on necessary goods rather than discretionary items, consumers bucked economic downturn history when it comes to credit card debt.

Attorney General Bonta Files Amicus Brief Supporting Challenge to Unlawful Trump-Era Borrower Defense Rule That Repealed Protections for Student Borrowers

OAKLAND – California Attorney General Rob Bonta co-led a multistate amicus brief advocating for the rights of federal student loan borrowers. The brief, which was filed in the U.S. Court of Appeals for the Second Circuit Court, supports the New York Legal Assistance Group's (NYLAG) lawsuit challenging action taken by the Trump Administration's Department of Education (ED) that unlawfully repealed and replaced federal borrower defense regulations. 

Consumer Financial Protection Bureau launches new rent assistance search tool

The Consumer Financial Protection Bureau on Wednesday introduced its new Rental Assistance Finder, a search tool anyone can use to quickly access more than 700 emergency rental assistance programs local, state and tribal governments have launched nationwide. 

Medical debt was cut nearly in half in states that expanded Medicaid

The Affordable Care Act offered states a huge infusion of federal money to expand Medicaid eligibility to low-income adults, and about 30 states took that deal right away in 2014. Since then, new medical debt in those states has fallen 44 percent, a dramatically bigger drop than was seen in the states that refused to expand the program over the same period. Those states showed only a 10 percent decline.

Pelosi says Biden doesn’t have the power to cancel student loan debt

House Speaker Nancy Pelosi said Wednesday that President Biden can't unilaterally wipe away student loan debt, as some progressives have urged him to do, and even questioned the fairness of a debt forgiveness policy.

Debexpert Launches the World’s First Mobile App for Delinquent Debt Sellers

July 28, New York - Debexpert, an online platform for buying and selling NPLs (Non-Performing Loans), has launched the world's first mobile app for debt portfolio sellers. The Debexpert app, which is available for Android and iOS mobile devices, implements the basic functionality of the online auction familiar to users of the desktop version. Now, you can monitor and take part in bidding using your mobile device when mobile internet or Wi-Fi is available.

Users of the Debexpertapp, will have instant access to bidding and analytics. Transparent information about the auction participants, the number of bids, the dynamics of the masked file downloads, the process of final price formation, and the complete bidding funnel, are now available on your mobile device.

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