New York State Senate Extends ‎Foreclosure and Eviction Moratorium from August 31, ‎‎2021 ‎until January 15, 2022‎

In one of her first acts as Governor of New York, newly appointed Governor Kathy Hochul ‎called for a “Special” legislative session on September 1, 2021, to extend the moratorium on ‎foreclosure and eviction actions provided in the COVID-19 Emergency Eviction and Foreclosure ‎Prevention Act of 2020 (S.9114/A.11181) (the “Eviction and Foreclosure Prevention Act”) until ‎January 15, 2022.

AG Healey Secures $2.25 Million From National Debt Collection Company for Misleading and Harassing Students Borrowers and Low-income Consumers

BOSTON — A national debt collection company has agreed to pay $2.25 million and change its business practices to resolve allegations that it used unfair and deceptive debt collection practices against consumers, including student borrowers, Attorney General Maura Healey announced today.

CFPB Takes Action Against Student Lender for Misleading Borrowers about Income Share Agreements

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action today against an income share agreement (ISA) provider for mispresenting its product and failing to comply with federal consumer financial law that governs private student loans. Better Future Forward, Inc., through its affiliated companies, provides students with money to finance their higher education, in the form of ISAs, under which students agree to pay a percentage of their income for a set period of time or until they reach a payment cap. Better Future Forward falsely represented that the ISAs are not loans, failed to provide disclosures required by federal law, and violated a prepayment penalty prohibition for private education loans. Under the CFPB’s order, Better Future Forward is required to provide disclosures that comply with federal consumer financial law, eliminate the prepayment penalties, and stop misleading borrowers.

Statement by CFPB Acting Director Uejio on CFPB Victory in Legal Challenge to Payday Lending Rule Protections

WASHINGTON, D.C. – CFPB Acting Director Dave Uejio issued a statement after the U.S. District Court for the Western District of Texas upheld the Payment Provisions in the CFPB’s 2017 rule on payday, vehicle title, and certain high-cost installment loans.

SEC threatens to sue Coinbase over crypto lending programme

HONG KONG, Sept 8 (Reuters) - The U.S. Securities and Exchange Commission (SEC) has threatened to sue Coinbase Global Inc (COIN.O) if the crypto exchange goes ahead with plans to launch a programme allowing users to earn interest by lending crypto assets, Coinbase said on Wednesday.

Canvas Credit Union supports efforts to solve consumer and business challenges across Colorado in novel and sustainable ways

DENVER , CO (September 7, 2021) — As Filene Research Institute paves the way for innovation among the credit union industry, Canvas Credit Union  couldn’t help but join in the efforts, as it is committed to innovation and ease of use for its own members.

FTC Approves Changes to Five FCRA Rules

he Federal Trade Commission approved final revisions that would bring several rules that implement parts of the Fair Credit Reporting Act (FCRA) in line with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

Local debt collector to repay thousands of Washington consumers in settlement over ‘zombie debt’

Renton-based Convergent Outsourcing has agreed to pay $1.6 million to settle accusations that it sent more than 80,000 collection notices to Washingtonians regarding “zombie debt.”

FCC Proposes Record $5.1 Million Robocalling Fine

The Federal Communications Commission recently proposed its largest ever robocall fine against John M. Burkman, Jacob Alexander Wohl, and J.M. Burkman & Associates LLC for apparently making more than 1,100 unlawful robocalls to wireless phones without prior express consent, in violation of the TCPA and the TRACED Act. The $5.1 million fine represents the first action where the FCC was not required to warn robocallers before robocall violations could be counted toward a proposed fine, consistent with Congress’s recent amendment of the TCPA. 

D.C. Mayor Makes the Call on Amended Debt Collection Legislation

Washington, D.C., Mayor Muriel Bowser has signed bill 24-169, the “Protecting Consumers from Unjust Debt Collection Practices Temporary Amendment Act of 2021” with temporary amendments related to communication with consumers and documentation of debts.

Student loans: $40 million of wages garnished from borrowers recently despite pandemic pause, data shows

About $40 million in wages were garnished from certain student loan borrowers' paychecks in May and June 2021 despite the Education Department (ED) prohibiting wage garnishment amid the ongoing pandemic student loan payment pause, according to newly published federal data.

Life Events That Millennials and Gen Zers Are Choosing To Go Into Debt For

Compared to older generations, millennials (ages 24 to 39) and Gen Z (ages 8 to 23) have less debt -- though this is likely just because they've had fewer years to accumulate debt. A 2019 Northwestern Mutual study found that Gen X reported the highest levels of personal debt with $36,000 on average, followed by baby boomers at $28,600, millennials at $27,900 and Gen Z at $14,700. Based on some of the reasons why these younger generations are going into debt, it would seem that they are choosing to go into debt.

CFPB proposes new small business credit access guidance

Consumer Financial Protection Bureau (CFPB) officials said the agency is proposing a new rule designed to aid small businesses in gaining credit access. “Small businesses are the primary job creators and wealth builders in communities across the country,” CFPB Acting Director Dave Uejio said. “After homeownership, small business ownership is the primary means by which families and communities build wealth. Yet too often, small business development is starved for want of access to responsible, fairly priced credit. We are proposing a rule that would help us all learn how small enterprises fare when trying to access financing, and what barriers are holding them back from further prosperity.”

Stellantis moves to set up its own lending unit

Stellantis is buying Houston-based auto lender First Investors Financial Services Group to set up its own finance arm in the U.S., a move that should support sales and eventually boost profit.

Student loans: $40 million of wages garnished from borrowers recently despite pandemic pause, data shows

About $40 million in wages were garnished from certain student loan borrowers' paychecks in May and June 2021 despite the Education Department (ED) prohibiting wage garnishment amid the ongoing pandemic student loan payment pause, according to newly published federal data.

The data, obtained through a freedom of information request by D.C.-based advocacy group Student Borrower Protection Center (SBPC), revealed that guaranty agencies — state or private non-profit agencies that help administer the Federal Family Education Loan Program (FFELP) — had seized $27.2 million in May 2021 and $12.9 million in June 2021.

Senate sends Wieckowski assigned debt collection bill to Governor Newsom

SACRAMENTO – With no opposition, the state Senate approved legislation by Senator Bob Wieckowski (D-Fremont) today to give consumers more protection when dealing with assigned debt collectors who operate with fewer restrictions than those governing debt that is sold. SB 531, which was approved with bipartisan support earlier this week in the Assembly, now heads to Governor Gavin Newsom for his consideration.

CFPB Requests Comments on Plans to Study Electronic Disclosure on Mobile Devices

On August 11, the Consumer Financial Protection Bureau (CFPB) published a notice and request for comment in the Federal Register on its information collection initiative, “Electronic Disclosure on Mobile Devices.” The CFPB issued the request for comment in advance of seeking formal approval for the initiative from the Office of Management and Budget (OMB).

CFPB Issues NPRM on Dodd-Frank 1071

Yesterday, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited Notice of Proposed Rulemaking (NPRM) related to Dodd-Frank 1071. As we have discussed in this space, Section 1071 amends the Equal Credit Opportunity Act to mandate certain reporting requirements for financial services companies making business loans. The act aims to “facilitate enforcement of fair lending laws and enable communities, governmental entities, and creditors to identify business and community development needs and opportunities of women-owned, minority-owned, and small businesses.” There is a 90-day period in which stakeholders can submit comments to the CFPB regarding the proposed rule.

State Financial Regulator Moves Forward to License California Debt Collectors

SACRAMENTO – The Department of Financial Protection and Innovation (DFPI) has announced that all debt collectors operating in California can now apply to be licensed by the Department, representing the first step in increased state oversight that will include an assessment of applications, formal examinations, and protections for California consumers. Debt collectors, debt buyers, and debt collection attorneys operating in the state may now submit their license applications online at the Nationwide Multistate Licensing System (NMLS).

In Largest Settlement of Its Kind, AG Healey Secures $27 Million for Thousands of Massachusetts Consumers From Subprime Auto Lender

BOSTON — In the largest settlement of its kind, national subprime auto lender Credit Acceptance Corporation (CAC) will pay more than $27 million to settle a lawsuit brought by Massachusetts Attorney General Maura Healey over a variety of alleged unfair practices relating to the company’s role in the origination, collection, and securitization of subprime auto loans.

FTC Fines Capital One CEO Richard Fairbank for Repeatedly Violating Antitrust Laws

Today, the Federal Trade Commission announced that Richard Fairbank, CEO of Capital One Financial Corp., will pay a $637,950 civil penalty to settle charges that his acquisition of Capital One Financial stock violated the Hart-Scott-Rodino (HSR) Act. Fairbank’s recent multi-million dollar compensation package included over 100,000 Capital One Financial shares in 2018, which increased his holdings to $168 million. 

CFPB Proposal to Help SMBs Gain Access to Credit

The Consumer Financial Protection Bureau (CFPB) proposed a new rule Wednesday (Sept. 1) that will help small- to medium-sized businesses (SMBs) get access to credit, according to a press release. The proposal, which is mandated by Congress in the Dodd-Frank Act, entails having lenders reveal information about their lending to SMBs, such as “the amount and type of small business credit applied for and extended, demographic information about small business credit applicants, and key elements of the price of the credit offered,” the release stated.

Did you get a notice that your student loans are transferring to a new servicer? Learn more about what this means for you

Over the next few months, many federal student loan borrowers will have their loans transferred to a new servicer. If your loans are currently being serviced by FedLoan Servicing or Granite State, this blog post can help you prepare for the transition to a new servicer.

Remarks of Acting Director Dave Uejio at the Press Call on the Small Business Lending Proposed Rule

Thank you for joining us. Today we are taking important steps toward a fairer, more transparent small business lending market. As Congress required in the Dodd-Frank Act, we are proposing a new rule that would shine light on the credit market for small businesses. That credit supports the majority of new jobs created and enables small business entrepreneurs to achieve the American dream. The small business lending rule we are proposing today, if finalized, will help all of us better understand this vital component of the American economy and help ensure that entrepreneurs can access credit free from discrimination and other barriers.

Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

With Colorado’s private education lender registration scheduled to take effect on September 1^st, the Colorado Department of Law has just announced that they intend to bring a new group within their jurisdiction: private postsecondary schools that use income share agreements (ISAs) to help finance students’ education.  Schools regulated by the Division of Private Occupational Schools received notice of this interpretation on Friday.

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AFCC 2021 Fall Conference

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NCBA 2021 FALL CONFERENCE

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