6th Circ rejects bankruptcy shield for 401(k) contributions, in certain cases
(Reuters) - Individuals who have filed for Chapter 13 bankruptcy may not protect 401(k) contributions from creditors if they were not already making those contributions in the months leading up to the bankruptcy, an appeals court ruled on Tuesday.
CFPB and trade groups file briefs on compliance date for payment provisions in payday loan rule
The CFPB and the two trade groups challenging the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) have filed briefs with the Texas federal court regarding a compliance date for the 2017 Rule’s payment provisions.
Attorney General Bonta Reminds Tenants and Homeowners of Their Rights and Protections Under California Law
OAKLAND – California Attorney General Rob Bonta today issued a consumer alert reminding California’s tenants and homeowners of their rights and protections amidst the COVID-19 pandemic.
Ontario Systems Fuels Growth and Innovation with New Chief Technology Officer
BURLINGTON, Mass., Aug. 10, 2021 /PRNewswire/ --Ontario Systems, a leading provider of enterprise workflow automation software—which accelerates revenue recovery and removes friction from the payments process for clients in the accounts receivable management (ARM), healthcare, and government markets—is pleased to officially announce the appointment of Raj Sethuraman as Chief Technology Officer.
Attorney General Cameron Joins Coalition of Attorneys General in Letter to FCC Calling for Faster Implementation of Anti-Robocall Technology
FRANKFORT, Ky. (August 9, 2021) – Attorney General Daniel Cameron today joined a bipartisan coalition of 51 attorneys general in sending comments to the Federal Communications Commission (FCC) calling for faster implementation of anti-robocall technology. The coalition urges the FCC to move up the deadline for certain small telephone companies to implement caller identification (caller ID) authentication technology.
RevSpring Appoints Michael McDonnell Senior Vice President, Financial Services
LIVONIA, MI (August 9, 2021) – RevSpring, a leading provider of consumer engagement and payment solutions, today announced that Michael McDonnell has been appointed to the company’s executive team as senior vice president of financial services. In his new role, McDonnell will be responsible for the strategic direction of the financial services division, including managing and extending the growing client base, as well as expanding into new markets.
Four reasons why landlords should take advantage of federal rental assistance
If you’re a landlord, you might depend on rental income to cover your own housing costs. This means that if your tenants had trouble paying their rent during the coronavirus pandemic, it could affect your financial well-being too.
Major Settlement in Plaid Fintech Data Privacy Case
Saturday, August 7, 2021 - On August 5, 2021, a proposed class action settlement was reached in the closely-watched privacy action against fintech services company Plaid Inc. (“Plaid”), featuring a $58 million settlement fund and certain injunctive relief that would make changes to Plaid’s methods of notice and consumer data collection, including provisions requiring the deletion of certain banking transaction data. (In re Plaid Inc. Privacy Litig., No. 20-3056 (N.D. Cal. Memorandum of Points for Proposed Settlement Aug. 5, 2021)). The plaintiffs have since filed a motion for preliminary court approval of the settlement.
Appeals court vacates CFPB’s $59 million judgment in foreclosure relief suit
Case Law - Monday, August 9, 2021
An appellate court has vacated a $59 million judgment against two former mortgage relief service providers and their principals the Consumer Financial Protection Bureau sued for alleged foreclosure relief scams. The bureau alleged the companies took in more than $19.2 million in fees from distressed homeowners nationwide from illegal advance fees for so-called loan modification services, and of failing to make required disclosures.
A New Digital Age Privacy Protection Agency Holds Promise
Data privacy regulation in the United States is overdue for an upgrade. Not only have basic internet governance rules defied comprehensive amendment but specific calls for the U.S. Congress and the Federal Trade Commission (FTC) to address data platform governance in a way that systematically responds to privacy and racial equity problems—along with antitrust and intellectual property concerns—have gone unheeded.
Three new trends are shaping the credit card industry in this time of rapid change. Credit unions looking to offer a competitive credit card program should be aware of these trends and implement adjustments to remain relevant to cardmembers.
Attorney General Bonta Encourages Federal Communications Commission to Swiftly Curtail Robocalls that Use Fake Caller ID Numbers
OAKLAND – California Attorney General Rob Bonta today joined a multistate coalition encouraging the Federal Communications Commission (FCC) to accelerate the implementation of STIR/SHAKEN, a caller ID framework that is critical to detecting and blocking “spoofed” robocalls. Spoofed calls occur when an illegal telemarketer or other phone scammer “spoofs” or hacks a caller ID to appear as a more welcome caller.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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
