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Wednesday October 27, 2021 |
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Mortgage Loans in Forbearance Dips to 2.2 Percent
Based on the Mortgage Bankers Association's latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 7 basis points from 2.28% of servicers' portfolio volume in the prior week to 2.21% as of October 17, 2021. According to MBA's estimate, 1.1 million homeowners are in forbearance plans.
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U.S. consumer watchdog eyeing Big Tech, lending competition as recovery unfolds -testimony
WASHINGTON (Reuters) -Chief consumer finance watchdog Rohit Chopra will tell lawmakers on Wednesday his agency wants to minimize foreclosures on struggling American homeowners and make consumer lending more competitive, according to prepared testimony from his inaugural address.
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NYDFS publishes notice of proposed regulation on consumer-like disclosures for commercial financing transactions
On October 20, 2021, the New York Department of Financial Services published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470–B, which requires consumer-like disclosures for “commercial financing” transactions of $2.5 million or less. Comments on the proposal must be submitted by December 19, 2021.
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Black Knight: Loan Performance Continued to Improve in September
The national mortgage delinquency rate fell to 3.91% in September, a decrease of 2.25% compared with August and a decrease of 41.3% compared with September 2020, according to Black Knight’s First Look report.
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Report of the CFPB Education Loan Ombudsman
Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) this report analyzes complaint data from September 1, 2020, through August 31, 2021, including COVID-19 complaint data, and notes an overall decrease in complaints that is likely attributable the CARES Act relief measures and subsequent administrative extensions through January 31, 2022.
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FTC Puts Businesses on Notice that False Money-Making Claims Could Lead to Big Penalties
The Federal Trade Commission is putting more than 1,100 businesses that pitch money-making ventures on notice that if they deceive or mislead consumers about potential earnings, the FTC won’t hesitate to use its authority to target them with large civil penalties.
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TransUnion Enhances Consumer Identity Protection Offerings with Agreement to Acquire Sontiq for $638 million
TransUnion (NYSE: TRU) has signed a definitive agreement to acquire Sontiq, a leader in digital identity protection and security.
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Hunstein and the FCCPA
With its recent decision in Hunstein v. Preferred Collection & Management Services Inc., which concluded that a debt collector’s mundane transmittal of consumer information to its dunning vendor ran afoul of the Fair Debt Collection Practices Act (FDCPA), the Eleventh Circuit’s interpretation of an infrequently litigated FDCPA section likely surprised (and vexed) financial services companies and others subject to the act, resulting in their examining financial products, relationships, and circumstances the ruling may impact.
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FTC to Restrict Future Acquisitions for Firms that Pursue Anticompetitive Mergers
The Federal Trade Commission announced that it is restoring its long-established practice of routinely restricting future acquisitions for merging parties that pursue anticompetitive mergers.
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‘Aggressive and coordinated effort’: U.S. Justice Department announces major crackdown on banks that deny loans to minorities
United States Attorney General Merrick Garland announced a landmark national effort to prosecute banks that deny loans to minority communities in violation of anti-redlining statutes that have gone unenforced for decades.
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1 in 5 Americans has medical debt in collections, study finds. It’s worse in the South
Americans spend twice as much on health care as people in other wealthy countries, according to the Organization for Economic Cooperation and Development. For the past two weeks on our series The Price We Pay, we’ve explored what the U.S. government and many businesses have been doing to try to contain those costs.
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CFPB releases Spanish translation of model validation notice
Last week, the CFPB released a Spanish translation of the model-English language validation notice set forth in Appendix B of Regulation F.
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OCC Assesses $4 Million Civil Money Penalty Against Trustmark National Bank For Violations of the Fair Housing Act
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $4 million civil money penalty against Trustmark National Bank, Jackson, Miss., for violations of the Fair Housing Act.
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These California area codes will require 10-digit dialing starting Sunday
From Pasadena to Palo Alto, callers in nine California area codes will be required to use 10-digit dialing when making phone calls beginning Sunday.
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California Passes Legislation Expanding Definition of “Personal Information”
On October 5, 2021, Governor Gavin Newsom of California approved legislation amending the Information Practices Act of 1977 (1977 Act), which will specifically impact agencies and businesses that own or license computerized data that includes personal information. Upon compromise of such data, the 1977 Act requires agencies to disclose breach of the security of the system to any California resident whose personal information was compromised.
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CFPB seeking information from technology companies that operate payment systems
The Consumer Financial Protection Bureau (CFPB) is seeking information on the business practices of large technology companies operating payments systems. As online commerce and electronic payments have become more prevalent, they present new risks to consumers and the marketplace. The information will help the CFPB better understand how these companies use personal payments data and manage data access to users.
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CFPB to Hire Obama-era DOJ Official to Lead Enforcement as the Division is Strengthened
The Consumer Financial Protection Bureau (CFPB) will name Eric Halperin, a longtime consumer advocacy attorney and former official with the U.S. Department of Justice during the Barack Obama administration, to serve as its new enforcement director. This is according to original reporting at Bloomberg Law, based on conversations with internal CFPB sources who wished to remain unnamed.
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The CFPB’s data overreach hurts the businesses it claims to help
The Consumer Financial Protection Bureau (CFPB) is on track to use financial institutions as tools to harvest private data from small businesses. This mandate from Dodd-Frank is a major encroachment of the federal government into private business activities. Like most provisions of Dodd-Frank, section 1071 imposes unnecessary reporting requirements on financial institutions and risks cutting off credit access to minorities, women and the respective small businesses they own. The mandate in section 1071 sets the stage for the CFPB, the brainchild of left-leaning Sen. Elizabeth Warren (D-Mass.) to insert its authority into every loan agreement between financial institutions and small businesses.
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U.S Mortgage Rates Rise Again. The Upward Trend Looks Set to Continue…
Mortgage rates were on the rise once more, holding onto 3% levels for just the 4th time since 21st April. In the week ending 21st October, 30-year fixed rates increased by 4 basis points to 3.09%. Compared to this time last year, 30-year fixed rates were up by 29 basis points.
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Some student loan refinance rates are around just 2%. Here are 6 ways you can get the absolute lowest rate
Student loan refi rates are very low right now, with some borrowers finding rates starting at just 1.89%. What’s more, unlike with a mortgage refinance, it usually isn’t costly to refinance your student loans: “Most lenders don’t charge an origination fee or application fee,” says Rebecca Safier, certified student loan counselor and debt expert at Student Loan Hero.
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Tech support scams becoming the top phishing threat to consumers
NortonLifeLock published a report detailing the top consumer cybersecurity insights and takeaways from July to September 2021. The latest findings show tech support scams, which often arrive as a pop-up alert convincingly disguised using the names and branding of major tech companies, have become the top phishing threat to consumers
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Nebraska Collection Agency Transitions to NMLS
Companies holding a Nebraska Collection Agency Branch License are required to submit a license transition request through NMLS by December 31, 2021. The Agency asks licensees to wait until they receive a communication from its office before filing the transition application.
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Australia’s central bank tells Buy Now Pay Later firms to drop surcharge ban
SYDNEY, Oct 22 (Reuters) - Australia's central bank on Friday said that buy now, pay later (BNPL) firms will no longer be able to prohibit merchants from passing-on surcharges for their services, levelling the playing field with banks and credit card providers.
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California Passes Suite of New Privacy Laws
California continues to be at the vanguard of privacy protection. On October 11, 2021 California’s Governor Newsom signed several bills addressing privacy and data security. These new laws go into effect January 1, 2022 and include:
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Navient Receives Approval to Transfer Department of Education Servicing Contract to Maximus
Navient’s proposal to transfer the loan servicing of 5.6 million U.S. Department of Education-owned student loan accounts to Maximus has received all necessary approvals, according to a news release from the ACA International member company in Wilmington, Delaware.
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Fifth Circuit Extends Stay on CFPB Payday Loans
On October 14, the Fifth Circuit issued a one paragraph order to extend a stay on Consumer Financial Protection Bureau (CFPB) payday lending regulations currently challenged by the Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas. The stay will allow small dollar lenders to postpone the June 2022 compliance date.
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FTC Staff Report Finds Many Internet Service Providers Collect Troves of Personal Data, Users Have Few Options to Restrict Use
Many internet service providers (ISPs) collect and share far more data about their customers than many consumers may expect—including access to all of their Internet traffic and real-time location data—while failing to offer consumers meaningful choices about how this data can be used, according to an FTC staff report on ISPs’ data collection and use practices.
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Debt cancellation and free tuition proposals target student loan crisis in first big push to expand college access since World War II
Most Americans see college as excessively expensive, but it wasn’t always that way. Over the last decade, the cost of attending a four-year public college or university has grown significantly faster than income. Deep cuts in state funding for higher education contributed to substantial tuition increases and pushed more of the costs of college onto students, according to an analysis by the Center on Budget and Policy Priorities, a nonpartisan research group based in Washington, D.C.
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CFPB Orders Tech Giants to Turn Over Information on their Payment System Plans
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to collect information on the business practices of large technology companies operating payments systems in the United States. The information will help the CFPB better understand how these firms use personal payments data and manage data access to users so the Bureau can ensure adequate consumer protection.
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CFPB’s New Director is No Fan of Banks
Rohit Chopra, who helped Elizabeth Warren set up the Consumer Financial Protection Bureau about a decade back, has returned as the head of the agency. He's a true believer in consumer protection, cringes at repeat offenders, and worries about technology's unintended consequences. “Chopra has a reputation for cracking down hard on financial services companies accused of consumer protection law violations,” says Michele Alt, Partner and Co-Founder at Klaros Group, and a veteran in the legal section of the Comptroller’s Office.
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Funder and Servicer of Online Trading Academy Payment Plans Will Forgive Debt in Settlement with FTC
The funder and servicer of the payment plans used by consumers to pay for expensive and often ineffective investment “trainings” from Online Trading Academy (OTA) will be required to offer debt forgiveness to consumers under a proposed settlement with the Federal Trade Commission.
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5-year personal loan rates plunge to lowest point since mid-August
Borrowers with good credit seeking personal loans during the week of Oct. 11, 2021, prequalified for rates that fell for both 3-year terms and 5-year terms compared to the previous week's fixed-rate loans.
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Updates to Public Service Loan Forgiveness
Under PSLF, federal student loan borrowers can receive loan forgiveness in exchange for 10 years of work in a public service field. That may sound simple, but meeting the detailed requirements has proven more complicated than many realized. To qualify for PSLF, borrowers must have the right type of loan, be enrolled in a qualifying repayment plan and make 120 qualifying on-time payments while working full time at a qualifying public service organization.
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Pandemic Stifles Holiday Shopping as Many Americans Report Living Paycheck to Paycheck
More than 30% of respondents feel financially unprepared for the upcoming holiday season. 43% feel more financially stressed this holiday season compared to previous seasons, citing inflation as the leading cause of financial stress. Three-fourths of respondents plan to spend the same amount or less this holiday season compared to last. Yet, 23% of respondents expect that they will go into debt to pay for gifts this holiday season
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CFPB Joins Other Financial Regulatory Agencies in Issuing Statement on Discontinuation of LIBOR
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies and state bank and credit union regulators today in issuing a statement highlighting the risks posed by the discontinuation of LIBOR (originally an acronym for London Interbank Offered Rate). The CFPB is urging banks and nonbanks alike to continue their efforts to transition to alternative reference rates to mitigate consumer protection, financial, legal, and operational risks.
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One of the biggest student loan companies in the US gets approval to shut down its services
The Education Department on Wednesday approved student-loan company Navient's request to shut down its federal services, becoming the third company to do so this year before student-loan payments resume in February.
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AG Ferguson: Company that peddled robocall blocking services illegally robocalled Washingtonians
SEATTLE — Attorney General Bob Ferguson filed a lawsuit today against a Corvallis, Ore.-based company, Global Grid Telecom, and its owner for illegally robocalling Washingtonians with deceptive recorded messages. Ironically, the calls attempted to sell a purported robocall-blocking service.
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Owner of Debt Collection Company Pleads Guilty to Corruptly Providing Benefits to Public Official
CHICAGO — The former owner of a debt collection company pleaded guilty today to a federal criminal charge for corruptly agreeing to underwrite certain expenses for a special event hosted by the former Cook County Circuit Court Clerk.
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Receivables Management Association International
Aria Resort & Casino
Las Vegas , Nevada
February 07 -
10 ,
2022 916 482 2462
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