July U.S. Mortgage Delinquency Rates Approach Pre-Pandemic Levels, CoreLogic Reports

IRVINE, Calif., October 12, 2021—CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for July 2021.

The CFPB is looking out for families, workers, and communities

Today, I was sworn in as Director of the CFPB. I am honored to lead this organization, which plays an essential role within the Federal Reserve System. Here’s what I shared with our staff and my fellow financial regulators:

FTC Sends Refunds Totaling Nearly $300,000 to People who Lost Money to a Tech Support Scheme

The Federal Trade Commission is sending 31,075 checks to people who were deceived by Elite IT Partners Inc. into paying for costly and unnecessary computer repair services.

Education Department extends Navient’s federal loan servicing contract through 2023

Student loan servicer Navient extended its federal contract with the Department of Education through 2023, despite previously announcing on Sept. 28 its intention to exit the federal student loan business.

Consumer advocates urge CFPB to rein in pay advance companies

(Reuters) - Dozens of advocates have called on the U.S. Consumer Financial Protection Bureau to regulate earned wage access products as a form of credit, arguing that fronting money to workers ahead of payday poses unaddressed risks.

Vroom to acquire auto lender United Auto Credit for $300 million

(Reuters) - Vroom Inc said on Tuesday it would buy automotive lender United Auto Credit Corp for $300 million in cash, as the online used car retailer seeks to offer financing options for its shoppers.

En banc Ninth Circuit quashes Oakland bid to sue Wells Fargo for lost tax income

SAN FRANCISCO (CN) — The city of Oakland cannot sue Wells Fargo for allegedly racist lending practices that it says triggered widespread foreclosures and lost property tax revenue, an en banc Ninth Circuit panel ruled Tuesday.

Former CFPB Enforcement Director to Lead Federal Student Aid Enforcement Office

The U.S. Department of Education’s Office of Enforcement is restoring the Federal Student Aid (FSA) department under the leadership of Kristen Donoghue, who formerly led the Consumer Financial Protection Bureau’s Office of Enforcement.

CFPB making changes to credit card data submission process

The Consumer Financial Protection Bureau (CFPB) issued new technical specifications for the credit card agreement submission process. The CFPB’s Collect website is the mandatory vehicle for issuers to submit credit card agreements and their associated data in 2022 and beyond.

NOTICE OF WORKSHOP TO SOLICIT COMMENTS ON PROPOSED REGULATIONS PERTAINING TO SENATE BILL 248 (S.B.248) MEDICAL DEBT COLLECTION AND WORKSHOP AGENDA

The State of Nevada, Financial Institutions Division (“Division”), 3300 W. Sahara Avenue, Suite 250, Las Vegas, Nevada 89102, (702) 486-4120 is proposing the adoption of regulations to Chapter 649 of the Nevada Administrative Code (“NAC”). The proposed regulations are required as a result of the passage of Senate Bill 248 (S.B.248) during the 81st Session of the Nevada Legislature adjourned sine die on June 1, 2021. This workshop will be conducted in accordance with NRS 233B.061 and the purpose is to solicit comments from interested persons on the proposed regulations to be held through videoconference and teleconference.

As 1.2 million mortgage holders exit forbearance, unexpected hurdles

In the 18 months since the CARES Act first passed, over a million American homeowners took advantage of the forbearance protections the law provided for. After a few extensions, the mortgage payment pause officially ended — or will be ending soon — for 1.2 million out of an estimated 1.7 million loans that remained in forbearance as of August, according to CoreLogic.

Semi-Annual Report of the Consumer Financial Protection Bureau

This Semi-Annual Report to Congress comes as we begin the recovery from a global pandemic. The last two years have brought tragedy and loss to millions and heightened our collective awareness of the persistent racial and economic inequities in our country. Congress, through the Dodd-Frank
Wall Street Reform and Consumer Protection Act, created the CFPB to stand on the side of consumers and ensure they are treated fairly in the financial marketplace, and the statute compels the CFPB to respond to this moment.

42% of Americans have racked up more credit card debt since Covid-19 began. These tips can help get that under control

Covid-19 has triggered unprecedented financial challenges for many individuals and families. Now, one survey shows just where many of them are feeling the pinch — their credit card balances. Bankrate.com finds that 42% of U.S. adults with credit card debt have increased those balances since the Covid-19 pandemic began in March 2020. The company’s online survey was conducted in early September and included 2,400 adults, 1,297 of whom had credit card debt.

Why Americans’ Personal Debt Has Dropped More Than 20% Over the Last 2 Years

Although the average American with debt holds $23,325 in non-mortgage debt, that’s actually a major drop from just two years ago. In 2019, the average American with debt held $29,800 in non-mortgage debt, so this new figure represents a 20% decrease, a recent Northwestern Mutual study found.

U.S. banks expected to report mixed Q3 results, iffy loan outlook

Oct 7 (Reuters) - The largest U.S. lenders are expected to report moderately higher third-quarter profits next week as pandemic-related accounting adjustments that had doubled their earnings earlier this year taper off and business starts to return to normal.

Nonbanks are hiking conforming loan limits

Earlier in the month, PennyMac Financial and United Wholesale Mortgage publicly announced that they are each raising their conforming loan ceilings by 14%, nearly two months ahead of the Federal Housing Finance Agency‘s official decree. They’re not the only ones getting a jump on new conforming loan limits.

Connecticut Expands Breach Reporting and Creates Cybersecurity Safe Harbor

On October 1, 2021, two Acts overhauling data privacy and cybersecurity in Connecticut took effect—the latest instance of stronger state breach reporting requirements with a safe harbor protection from litigation for businesses that implement cybersecurity measures. The still relatively new safe harbor incentive system may be further validated by this development and continue to spread to other states.

Attorney General Bonta Provides Public Servants With Information on How to Utilize the Updated Public Service Loan Forgiveness Program

OAKLAND – California Attorney General Rob Bonta issued a consumer alert today highlighting important information regarding recent changes to the Public Service Loan Forgiveness (PSLF) program. On Oct. 6, 2021, the U.S. Department of Education (ED) announced that over the coming months, it will be implementing critical improvements to the PSLF program that should provide more eligible public servants with the student loan forgiveness that they deserve. As part of these improvements, ED has launched a limited-time Public Service Loan Forgiveness Limited Waiver Opportunity that will run through Oct. 31, 2022, allowing eligible borrowers to receive credit for past payments made on loans that would otherwise not qualify under the PSLF program.

CFPB releases debt collection rule FAQs

The CFPB has released frequently asked questions on the limited-content message and call frequency provisions of its debt collection rule (Regulation F) that becomes effective on November 30, 2021.  While many of the FAQs repeat what is stated in the rule, they do provide some clarifying information which we highlight below.

CFPB Takes Action Against American Advisors Group for Deceptively Marketing Reverse Mortgages to Consumers

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today filed a complaint and proposed consent order alleging that American Advisors Group (AAG) used inflated and deceptive home estimates to lure consumers into taking out reverse mortgages. The CFPB also alleges that AAG’s deceptive conduct violated a 2016 administrative consent order that addressed AAG’s deceptive advertising of reverse mortgages. If entered by the court, the proposed consent order would prohibit AAG from future unlawful conduct and require AAG to pay $173,400 in consumer redress and a $1.1 million civil money penalty.

18.7 Million U.S. Consumers in Financial Hardship Programs Experienced an Increase to their Credit Scores; Study Finds Their Performance Similar to Non-Hardship Consumers

Despite financial challenges brought forth by the COVID-19 pandemic, a new study from TransUnion (NYSE: TRU) found that 18.7 million U.S. consumers that entered a financial hardship program experienced an increase to their VantageScore 4.0 credit risk scores in 2020. This accounted for 58% of the total hardship population (excluding student loans).

CFPB Overcomes Challenge to PayDay Lending Rule

On August 31, 2021, the United States District Court for the Western District of Texas issued an opinion upholding the Consumer Financial Protection Bureau’s (CFPB) Rule regulating payday lending.  Community Financial Services Association of America, LTD., et al. v. CFPB, Case No. 1:18-CV-00295 (W.D. TX.) (Community v. CFPB).

Prepare for Nov. 1: FCC Announces Interim Charges for Reassigned Numbers Database

Callers subscribing to the Federal Communications Commission’s reassigned numbers database have several options for pricing come Nov. 1, when the database is expected to be available for full use.

DFPI Report Shows Changes in Consumer Lending, Decrease in PACE Program

SACRAMENTO – A new report from the Department of Financial Protection and Innovation (DFPI) shows a sharp decrease in some types of consumer loans and an increase in others, underscoring a change in consumer behavior likely impacted by a number of factors, including the global COVID-19 pandemic, an injection of state and federal financial assistance, and an increase in the reporting of alternative financing products.

Subprime Auto Loan Outcomes by Lender Type

Borrowers with subprime auto loans typically pay high interest rates and frequently default on their loans. Interest payments could compensate lenders for borrowers’ default risk, and so the high interest rates paid by borrowers with subprime loans could be explained by their higher default rates. But interest rates can vary across consumers for a variety of other reasons, too. A focus of this report is on how much of the variation of interest rates among subprime loans can be explained by differences in default rates, and how much is left unexplained.

FTC warns of ‘significant financial penalties’ if for-profit colleges deceive students

The Federal Trade Commission (FTC) is warning of “significant financial penalties” to for-profit colleges if they deceive students. The commission announced Wednesday that it is using its penalty authority to impose “significant sanctions” on schools that engage in unlawful practices and that such practices could lead to civil penalties of up to $43,792 per violation.

1099C Language in Collection Letters: Third Circuit District Court Grants Defendants’ Motion for Summary Judgment in FDCPA Case

In Bordeaux v. LTD Fin. Servs., L.P., a Third Circuit district court granted summary judgment to the defendants in a Fair Debt Collection Practices Act (FDCPA) case. In its holding, the court emphasized Third Circuit precedent that the inclusion of 1099C language in collection letters indicating that reporting to the IRS may be required in the event of settlement on a debt for $600 or more is not false, deceptive, or misleading if there is possibility that the defendants would need to report the settlement to the IRS (i.e., that settlement could be for more than $600).

Attorney General Bonta Files Administrative Complaint with Postal Commission to Block Current Piecemeal Effort to Degrade Postal Service Delivery Standards Nationwide

OAKLAND – California Attorney General Rob Bonta today joined a coalition of 20 attorneys general in an administrative complaint to ensure proper agency consideration of Postmaster General Louis DeJoy’s full 10-year strategic plan, which attempts to permanently slow U.S. Postal Service (USPS) delivery standards for first-class mail nationwide.

Department of Education announces Public Service Loan Forgiveness Program changes—3 things you need to know

On Wednesday, the U.S. Department of Education announced a series of changes to the Public Service Loan Forgiveness Program. PSLF allows borrowers with federal direct loans who make 120 qualifying monthly payments while working full-time for a qualifying employer to have the remainder of their balance forgiven. Qualifying employers include any federal, state, local or tribal government and not-for-profit organizations

VA resumes debt collections after 18-month pause due to the coronavirus pandemic

WASHINGTON — Millions of veterans must begin paying back debts to the Department of Veterans Affairs now that the agency resumed collections following an 18-month pause. The collection of debts from medical co-pays and benefits overpayments had been stalled to help ease financial hardships caused by the coronavirus pandemic. The pause initially ended Jan. 1, but VA officials extended it through September after receiving pressure from lawmakers and advocates who argued the economic effects of the pandemic were still being felt by veterans.

CFPB report finds spike in digital adoption of financial services during pandemic

The Consumer Financial Protection Bureau’s (CFPB) fifth biennial report to Congress on the consumer credit card market was released last week, highlighting an upwards trend in adoption of financial technology. The CFPB found digital engagement – whether reflected in enrollment in online portals, enrollment in mobile apps, opt-in rates to e-statements over paper equivalents or electronic payment of credit card bills – is growing consistently across all age groups and on nearly every platform type.

Robocalls dip as FCC rules kick in; advocates say more should be done

WASHINGTON – Robocalls to Arizonans dropped by more than 3 million in July, to about 84.4 million for the month, as the first phase of a new federal mandate took effect that requires phone companies to implement anti-robocall measures.

Higher loan limit now available for USDA guaranteed farm loans

The U.S. Department of Agriculture (USDA) is announcing a higher loan limit will be available for borrowers seeking a guaranteed farm loan starting Oct. 1, 2021, from $1.776 million to $1.825 million.  

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