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California DFPI Enters Groundbreaking Consent Order with NY-Based Income Share Agreements Servicer
SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) today announced it had signed a landmark agreement with New York-based Meratas, Inc., a company that partners with educational institutions to offer students Income Share Agreements or ISAs to finance post-secondary education and training.
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Bank Of America: Almost 48M Checks Deposited Digitally In Q2
The days of in-person interactions with bank tellers may be becoming a thing of the past as customers overwhelmingly opt for digital experiences. Bank of America announced on Thursday (Aug. 5) that digital deposits now account for 85 percent of transactions. These transactions are fueled by almost 48 million checks deposited in the second quarter, the bank said in a press release. Since the beginning of July, the bank said more than 70 percent of its customers were actively using digital tools for at least one of their needs, including 72 percent of consumer and small business clients, 80 percent of wealth management customers throughout Merrill and Bank of America Private Bank and 75 percent of global banking customers.
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Banks eased lending standards for businesses, households in Q2, Fed survey shows
WASHINGTON, Aug 2 (Reuters) - Loan officers at U.S. banks reported easing standards and terms on business loans in the second quarter as the economy revved up on the back of wider reopenings and rising coronavirus vaccination rates.
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North Dakota Amends Money Broker and Collection Agency Exemptions
North Dakota Senate Bill 2103 (SB 2103) amends its state laws primarily relating to the licensing of money brokers and collection agencies, effective August 1, 2021.
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Today’s mortgage rates: Shorter terms hold at record lows, longer terms tick up | August 5, 2021
What this means: Historically, homebuyers seeking to keep monthly mortgage payments as low as possible prefer longer mortgage terms. High demand for these mortgage terms may be driving day-to-day fluctuations in 30-year and 20-year mortgage rates. Still, mortgage interest rates remain at record lows across all terms. And 15-year and 10-year interest rates have rested around 2.000% since early July.
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New PYMNTS Data Show Half Of Consumers Can Now Cover Unexpected $400 Medical Bill Without Tapping Credit
Good news for recovery watchers: the average consumer is exiting the pandemic period demonstrably more financially stable than when it started a little over a year and a half ago. According to forthcoming PYMNTS data, 50 percent of consumers would be able to pay an unexpected expense of $400 directly with funds from their checking/savings account or in cash.
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Higher education emergency grants available for college students impacted by the COVID-19 pandemic
The coronavirus pandemic has caused many financial disruptions for students and young consumers and those who are pursuing a higher education. If you’re a college student who may need additional help financially, you may qualify for Federally funded emergency grants or other relief options from your college or university.
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Judge orders U.S. to respond to CDC eviction ban challenge by Friday
WASHINGTON (Reuters) -A U.S. judge early on Thursday ordered the Biden administration to quickly respond to a legal challenge to a new eviction moratorium put in place by the Centers for Disease Control and Prevention (CDC).
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Two student loan servicers end federal contracts, deserting 10M borrowers — are you impacted?
Two federal student loan servicers have announced their plans to drop their government contracts at the end of 2021, and the U.S. Department of Education will have to reassign the loans of nearly 10 million borrowers to different servicers. The Pennsylvania Higher Education Assistance Agency (PHEAA), which operates as FedLoan Servicing, announced on July 9 that it won't extend its 12-year federal loan servicing contract expiring Dec. 14, 2021. Granite State Management & Resources, which is part of the nonprofit New Hampshire Higher Education Association Foundation (NHHEAF) Network, will also drop its contract in order to focus on administering private student loans, according to a July 19 press release.
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Major US bank delays its return to the office due to the Delta variant
US Bank told employees Wednesday they will no longer be due back in the office early next month because of surging Covid-19 cases.
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New Mexico sets rules to launch pandemic debt collection
SANTA FE – New Mexico’s court system is taking steps to ease financial upheaval as the state braces for a wave of foreclosures on delinquent mortgage loans and the state phases out a moratorium on commercial debt collection orders often tied to credit cards or health care.
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What happens when the payment pause and interest waiver on your student loans ends?
Federal student loan payments have been on pause since the passing of the CARES Act in March 2020. This meant that borrowers were not required to make payments toward their outstanding student loan balance, and their balance would not accrue interest during the pause. This forbearance period was meant to relieve some of the financial pressure millions of Americans were facing during the COVID-19 pandemic.
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Another ATDS Pleading Survives: Arizona Court Finds ATDS Allegations “Plausible” (And Reminds Us Offers to Buy Aren’t Solicitations)
Big news (both good and bad) out of Arizona this past week as the District Court: reinforced a Plaintiff’s relatively low pleading standard in alleging whether a Defendant used an ATDS to call Plaintiff, but also found that telephone solicitation as defined under the TCPA does not include offers to buy something from the recipient of the call.
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Durbin, Cornyn Introduce New, Bipartisan Bill To Allow Federal Student Loan Borrowers To Discharge Loans In Bankruptcy
WASHINGTON – 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, a bipartisan bill that would restore the ability for struggling borrowers to seek a bankruptcy discharge for federal student loans after a waiting period of ten years.
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DCM SERVICES ENHANCES DCMS SERVICELINK™ WITH CHAT FUNCTIONALITY AND QUICK PAY FEATURE
Minneapolis, MN – August 5, 2021 – DCM Services, LLC (DCMS) the industry leader in estate and specialty account recovery solutions, has launched a new Quick Pay feature within DCMS ServiceLink™. We are also pleased to announce the official launch of chat functionality within DCMS ServiceLink! Clients who are eligible will have the option to allow online chat between their consumers and DCMS account representatives.
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Consumers are charging much more than credit card balances might suggest
Credit card balances recently ticked higher, but remain well below pre-pandemic levels. However, consumers are charging much more than those balances might suggest.
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Back to Basics, Continued—The CFPB has accelerated the adoption of changes to the Fair Debt Collection Practices Act Regulation F, now effective November 30, 2021
We have been waiting for the CFPB’s final adoption and implementation of its new debt collection Rule. Well, the wait is over. See 12 CFR Part 1006 - Fair Debt Collection Practices Act (Regulation F) | Consumer Financial Protection Bureau (consumerfinance.gov).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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
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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.
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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.
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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.
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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.
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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 11th Circuit’s Hunstein v. Preferred Collection & Management Services decision.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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Cohn & Dussi, LLC
(781) 494-0200
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Renaissance Atlanta Waverly Hotel & Convention Center 2450 Galleria Parkway | Atlanta, GA 30339
Renaissance Atlanta Waverly Hotel & Convention Center
2450 Galleria Parkway
Atlanta , Georgia
September 27 -
28 ,
2021 916 482 2462
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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 562-906-1101
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