Federal Court Holds Defendant’s Purported Compliance With The CCPA is Not a Shield for Other Privacy Claims

In a significant ruling, the Northern District of California recently denied in part a defendant’s motion to dismiss a complaint alleging violations of various consumer privacy statutes. It found that an affirmative defense of compliance with one privacy statute, the California Consumer Privacy Act (“CCPA”), did not shield defendant from liability for alleged violations of other state laws.

August 2021 U.S. Foreclosure Activity Rises Following The End Of The Foreclosure Moratorium

IRVINE, Calif., Sept. 9, 2021 /PRNewswire/ -- ATTOM, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), the largest online marketplace for foreclosure and distressed properties, released its August 2021 U.S. Foreclosure Market Report, which shows there were a total of 15,838 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 27 percent from a month ago and up 60 percent from a year ago. Numbers reflect the first month since the government moratorium has lifted.

U.S. banking regulator proposes removal of updated fair lending regulations

WASHINGTON, Sept 8 (Reuters) - The U.S. Office of the Comptroller of the Currency on Wednesday proposed rescinding recently updated fair lending rules, as the agency begins work on drafting a new, unified regulation with other bank watchdogs.

The U.S. has a record-breaking $1.73 trillion in student debt—borrowers from these states owe the most on average

In the United States, student debt has grown significantly over the past several decades. The Federal Reserve estimates that in quarter two of 2021, Americans owed a startling $1.73 trillion in student loans. The record-breaking total marks an increase of 3% compared to quarter two of 2020 — despite a lengthy pause on federal student loan interest rates and the elimination of billions of federally held student loans by the Biden Administration.

Wells Fargo hit with another fine, but also says CFPB order from 2016 sales practices has ended

Wells Fargo was hit with a $250 million fine from a banking regulator after it failed to properly execute a mortgage loss mitigation program. The Office of the Comptroller of the Currency said Thursday that the bank engaged in “unsafe or unsound practices” tied to its loan modification program and violated the terms of a 2018 consent order that was critical of its risk management systems.

A student-loan forgiveness program will continue to reject 80% of public servants through 2026, report finds

The Public Service Loan Forgiveness (PSLF) program, which relieves student debt for public servants after 120 monthly qualifying payments, has rejected 98% of applicants. Reform is on the way - meaning its denial rate will drop down to the still very high 80%.

2021 College credit card agreements

The Credit Card Accountability, Responsibility, and Disclosure Act (“CARD Act” or “Act”) requires the Bureau of Consumer Financial Protection (the “Bureau”) to submit to Congress, and to make available to the public, an annual report that lists information submitted to the Bureau concerning agreements between credit card issuers and institutions of higher education or certain organizations affiliated with such institutions in connection with the issuance of credit cards. This report refers to these agreements as “college credit card agreements” or simply “agreements.” Affiliated organizations include fraternities, sororities, alumni associations, or foundations affiliated with or related to an institution of higher education. This is the twelfth annual report pursuant to the CARD Act.

Consumer Financial Protection Bureau Issues Report Finding a Continued Decline in College Credit Card Agreements in 2020

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report on the agreements signed between credit card issuers and colleges, or organizations affiliated with colleges, finding that the market for college credit cards continued its general trend of decline in 2020. The report also finds that agreements with alumni associations continued to make up the largest part of this market, as defined by the number of agreements, the number of accounts, and the amounts of payments made by issuers to their counterparties. Today’s report is the twelfth annual college credit card report issued as required by the Credit Card Accountability, Responsibility, and Disclosure Act (“CARD Act”).

As ‘buy now, pay later’ surges, a third of U.S. users fall behind on payments

(Reuters) - A third of U.S. consumers who used "buy now, pay later" services have fallen behind on one or more payments, and 72% of those said their credit score declined, a new study published by personal finance company Credit Karma showed.

Today’s Mortgage Refinance Rates — September 9, 2021: Rates Up for All Loans

On Sept. 9, 2021, average mortgage refinance rates rose for all loans. If you are a homeowner and the interest rate on your current home loan is higher than the current rates, you may want to think about refinancing. Check out today's average rates to see how they compare to what you're currently paying:

Biden administration extends $1B of additional student loan debt forgiveness

The Department of Education is canceling an additional $1.1 billion of federal student loan debt for borrowers who attended the now-defunct ITT Technical Institute, according to an Aug. 26 press release. Beginning in September, the Department will automatically discharge the student loan debt for 115,000 eligible borrowers. This isn't the first time the Biden administration has targeted ITT Tech. In June, the Department canceled approximately $500 million worth of debt for 18,000 borrowers who applied for forgiveness under the borrower defense to prepayment program.

CFPB Sues LendUp Loans for Violating 2016 Consent Order and Deceiving Borrowers

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in federal district court accusing LendUp Loans, LLC of violating a 2016 consent order and deceiving tens of thousands of borrowers. In 2016, the Bureau ordered LendUp to pay $1.83 million in consumer redress and a $1.8 million civil penalty and to stop misleading consumers with false claims about the cost of loans and the benefits of repeated borrowing. In today’s complaint, the CFPB alleges that, in violation of the 2016 order, LendUp has continued with much of the same illegal and deceptive marketing. The CFPB also alleges that LendUp illegally failed to provide timely and accurate notices to consumers whose loan applications were denied.

FTC Announces Tentative Agenda for September 15 Open Commission Meeting

Today, Federal Trade Commission Chair Lina M. Khan announced that an open meeting of the Commission will be held virtually on Wednesday, September 15, 2021. The open meeting will begin at 11 am ET and will be followed by a time for members of the public to address the Commission.

California Regulator Opens Licensing Application For Debt Collectors

Debt collectors operating in California may now submit applications for licensure by the Department of Financial Protection and Innovation (DFPI) in compliance with the state’s newly enacted Debt Collection Licensing Act (DCLA).

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

The 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.

$11,785,418 Sub Prime

Debexpert

(302) 703-9387

AFCC 2021 Fall Conference

AFCC

2021 Atlanta Regional Networking & Advocacy Training Event

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

NCBA 2021 FALL CONFERENCE

NCBA