|
|
|
|
|
|
Eleventh Circuit Orders En Banc Rehearing of Hunstein Case and Vacates Opinion
Hunstein took another unique—but favorable—turn for the debt collection industry. The Eleventh Circuit Court of appeals issued an order vacating its last opinion in Hunstein vs. Preferred Collection & Management Services, Inc, and ordered the case to be reheard en banc.
Read More |
New York Enacts Consumer Credit Fairness Act, Impacting Debt Collection Actions
On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (S.153/A.2382). The Act contains a series of amendments to New York’s Civil Practice Law and Rules (CPLR) that significantly impact debt collection lawsuits filed in New York state courts by creditors and third-party debt collectors. The key amendments to the CPLR include the following:
Read More |
CFPB seeking public input on HMDA
The Consumer Financial Protection Bureau (CFPB) is calling for public input regarding its review of the Home Mortgage Disclosure Act (HMDA) The CFPB has launched a request for information (RFI) ahead of its plans to review recent changes to the rule and assess their effectiveness in accomplishing the agency’s mission to maintain a fair, competitive, and non-discriminatory mortgage market.
Read More |
5-year fixed personal loan interest rates plunge as 3-year fixed rates continue to trend upward
Borrowers with good credit seeking personal loans during the past seven days prequalified for 5-year rates that were slightly lower and 3-year rates that were slightly higher compared to the previous seven days’ fixed-rate loans.
Read More |
FTC to Expand Criminal Referral Program to Stop and Deter Corporate Crime
The Federal Trade Commission today voted to expand its criminal referral program as part of its work to stop and deter corporate crime. While the FTC’s authority is limited to civil enforcement, the policy statement adopted at today’s open meeting will enhance the agency’s efforts to combat the criminal misconduct the FTC uncovers in consumer protection and antitrust investigations.
Read More |
Agencies Approve Final Rule Requiring Computer-Security Incident Notification
Federal bank regulatory agencies today announced the approval of a final rule to improve the sharing of information about cyber incidents that may affect the U.S. banking system. The final rule requires a banking organization to notify its primary federal regulator of any significant computer-security incident as soon as possible and no later than 36 hours after the banking organization determines that a cyber incident has occurred.
Read More |
New York Enacts Consumer Credit Fairness Act, Impacting Debt Collection Actions
On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (S.153/A.2382). The Act contains a series of amendments to New York’s Civil Practice Law and Rules (CPLR) that significantly impact debt collection lawsuits filed in New York state courts by creditors and third-party debt collectors. The key amendments to the CPLR include the following:
Read More |
NY Enacts Bills to Curb Robocalls and Call Spoofing
On November 8th, 2021 New York Governor Kathy Hochul signed into law two bills aimed at curbing robocalls and illegally spoofed calls: Although these new laws will likely have little impact on the day-to-day operations of legitimate callers, they could be part of a trend towards states enacting their own calling rules.
Read More |
FTC Strengthens GLBA Financial Safeguards and Privacy Rules
On October 27, the Federal Trade Commission (FTC) announced a final rule (Final Rule) and supplemental notice of proposed rulemaking (NPRM) to amend the Safeguards Rule promulgated under the Gramm-Leach-Bliley Act (GLBA), which requires covered financial institutions to implement certain security safeguards to protect their customers’ financial information against data breaches and cyberattacks.
Read More |
Fed’s Waller says stablecoins do not need to be subject to full banking rulebook
Nov 17 (Reuters) - A stronger regulatory and supervisory framework is needed to ensure that stablecoins are a safe form of payment, but they should not necessarily be subject to all of the same rules as banks, Federal Reserve Board Governor Christopher Waller said on Wednesday.
Read More |
CFPB Seeks Insight On Creating A Fairer Mortgage Market
The Consumer Financial Protection Bureau has been actively looking to create a fairer mortgage market, free of discriminatory engagements. To do so, it issued a Request for Information to seek input on rules implementing the Home Mortgage Disclosure Act.
Read More |
FTC Issues Final Rule Amending the Standards for Safeguarding Customer Information – Data Breach Notification Obligations to Follow?
On October 27, 2021 the FTC issued a final rule (the “Final Rule”) amending 16 CFR Part 134, Standards for Safeguarding Customer Information (“Safeguards Rule”), after a period of notice and comment. While the existing Safeguards Rule imposes a general obligation on financial institutions to maintain an information security program, the Final Rule outlines these requirements in more granular detail. Importantly for smaller financial institutions, the Final Rule exempts businesses with fewer than 5,000 customers.
Read More |
Biden’s pick for bank regulator faces rocky Senate hearing over unorthodox research ideas
WASHINGTON — Saule Omarova, President Joe Biden’s pick to be comptroller of the currency — head of one of the nation’s top bank regulators — is expected to face a tough round of questioning Thursday from senators concerned by her academic research, which explores fundamental changes to the financial industry.
Read More |
BREAKING: 11th Circuit Vacates Hunstein; Full Panel will Rehear Case
Just before noon today, the Eleventh Circuit Court of appeals issued an order (Order) vacating its opinion in Hunstein vs. Preferred Collection & Management Services, Inc, 994 F.3d 1341 (11th Cir. 2021), which means Hunstein is no longer good law. The Order also states that the 11th Circuit will rehear the matter en banc (en banc means the full panel of 11th Circuit Judges will hear the matter). The rehearing date has not been set yet.
Read More |
Rise in lending is another sign economy is bouncing back
U.S. consumers were approved for 217 million new credit accounts in the third quarter of 2021, according to data released this week from the Federal Reserve Bank of New York. That about matches the number of approvals during the first quarter of 2020, and it’s a good sign for consumers looking to borrow.
Read More |
5-year fixed personal loan interest rates plummet as 3-year rates creep up
Borrowers with good credit seeking personal loans during the past seven days prequalified for 5-year rates that were slightly lower and 3-year rates that were slightly higher compared to the previous seven days’ fixed-rate loans.
Read More |
Here’s how much debt millennials have on average
Outstanding consumer debt in the U.S. is currently around $14.88 trillion, representing an average individual debt of nearly $93,000, according to data from an Experian consumer debt study.
Read More |
CFPB Seeks Input on Detecting Discrimination in Mortgage Lending
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to seek input on rules implementing the Home Mortgage Disclosure Act (HMDA). The CFPB plans to review recent changes to the rule and evaluate their effectiveness. This evaluation will strengthen the CFPB’s ability to maintain a fair, competitive, and non-discriminatory mortgage market.
Read More |
Attorney General Wilson urges efforts to stop robocallers from misusing legitimate phone numbers
(COLUMBIA, S.C.) - Attorney General Alan Wilson today wrote the Federal Communications Commission (FCC) in support of its efforts to reduce illegal robocallers’ access to legitimate phone numbers to make unending robocalls that scam people out of their hard-earned money. The comment letter to the FCC was led by North Carolina Attorney General Josh Stein and Florida Attorney General Ashley Moody.
Read More |
U.S. Senate to hold confirmation hearing on Biden FCC pick
WASHINGTON, Nov 17 (Reuters) - The U.S. Senate Commerce Committee will hold a confirmation hearing on Wednesday for a new term for Federal Communications Commission (FCC) Chair Jessica Rosenworcel, but Democrats will remain short of a majority in the telecommunications regulator.
Read More |
CFPB to Gather Comments on Data Collection in Mortgage Lending
The Consumer Financial Protection Bureau (CFPB) is looking for input on implementing the Home Mortgage Disclosure Act (HMDA), which requires lenders to report information about home loans they receive applications for, originate or buy, according to a press release.
Read More |
CFPB Action Against Student Loan Originator Sends Message to Income Share Agreement Industry
On September 7, 2021, the CFPB issued a consent order against Better Future Forward, Inc., and related entities (collectively, BFF), companies that provide financing for postsecondary education to students via income share agreements (ISAs). In this enforcement action, the CFPB found that BFF falsely represented that ISAs do not create debt and are not loans and failed to comply with federal consumer financial law requirements governing student loans.
Read More |
New York enacts significant changes impacting debt collection lawsuits
On November 8, 2021, New York Governor Hochul signed into law the “Consumer Credit Fairness Act” (S.153). The Act contains a series of amendments to the New York Civil Practice Law and Rules that significantly impact debt collection lawsuits filed in New York state courts by creditors or debt collectors.
Read More |
United States: Statutes Of Limitations: Some Guidance For Vehicle Finance From The Ninth Circuit
Many finance companies, debt buyers, debt collectors, and collection law firms wrestle with the question of which statute of limitations to apply when collecting a deficiency balance on a retail installment contract. States often have different statutes of limitations for contracts or written promises to pay money than they do for sales of goods, like motor vehicles. A RIC is a credit agreement that evidences a sale where the buyer agrees to pay in installments, most often subject to a finance charge (interest). The RIC is not the only document memorializing the sale. In fact, it is not even the primary sale document; that's the buyer's order, purchase agreement, or bill of sale.
Read More |
Colorado Housing and Finance Authority (CHFA) selects RentTrack to pilot innovative rent reporting for credit program
Colorado Housing and Finance Authority (CHFA) and RentTrack, the multifamily leader and pioneer of reporting rent payments to all three credit reporting agencies, today announce a shared housing and credit solution pilot program.
Read More |
FTC Issues Agency Financial Report for Fiscal Year 2021
The Federal Trade Commission issued its Fiscal Year 2021 Agency Financial Report, which describes the agency’s strong fiscal management and key program performance during the past year. The report highlights the FTC’s accomplishments in furtherance of its missions to protect consumers and promote competition, and reaffirms the agency’s commitment to responsible stewardship of resources and sound financial operations.
Read More |
United States: CFPB Announces Return To Mortgage Servicing Enforcement
Mortgage servicers should prepare for increased scrutiny of their default servicing activities. Earlier this week, the Consumer Financial Protection Bureau ("CFPB" or "Bureau"), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators, issued a statement that the agencies would resume their full supervision and enforcement of mortgage servicers, ending the flexible approach the agencies announced at the onset of the COVID-19 pandemic. This move is consistent with the Bureau's March 2021 rescission of similar statements issued during the pandemic that provided temporary flexibilities to financial institutions.
Read More |
CFPB financial report fiscal year 2021
The financial report provides readers with the summary results of the CFPB’s operational activity and it is the principal statement of our accountability to the American people, the United States Congress, and the President of the United States. Our commitment to transparency and accountability is evident in the Bureau earning its eleventh consecutive unmodified (clean) audit opinion on our comparative financial statements for fiscal years 2021 and 2020.
Read More |
Synchrony Bank to Pay $3.5 Million to Settle Suit for Unlawful Debt Collection Practices
San Diego County District Attorney Summer Stephan announced today that Synchrony Bank will pay $3.5 million to settle a civil lawsuit brought by a statewide team of district attorneys alleging the bank made unreasonably frequent or harassing phone calls to debtors in California.
Read More |
TCN Launches an Online Regulation F Guide for Collection Agencies to Maintain Compliance in Their Communication Practices
ST. GEORGE, Utah, Nov. 16, 2021 /PRNewswire-PRWeb/ -- TCN, Inc., a global provider of a comprehensive cloud-based call center platform for enterprises, contact centers, BPOs, and collection agencies, today announced the launch of "A Comprehensive Guide to Regulation F and How It Impacts Debt Collection," an online guide that details the new rules announced by the Consumer Financial Protection Bureau (CFPB) in its interpretation of the Fair Debt Collections Practices Act (FDCPA), which takes effect on Nov. 30, 2021.
Read More |
Watchdog finds CFPB quality management program lacking
A report found deficiencies in the Consumer Financial Protection Bureau’s (CFPB) quality management program for its supervision activities. The quality management program at the division of supervision, enforcement and fair lending (SEFL) often takes a backseat to overseeing financial institutions’ compliance with federal law, according to a November report from the Office of Inspector General for the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau. Staff turnover, attrition and a two-year hiring freeze caused delays in creating quality control reports. Formal processes for following up on and documenting quality control recommendations were also found to be lacking.
Read More |
Collections Industry Increases Hiring and Technology Investments While Preparing for the “Next Normal”
A new report by TransUnion (NYSE: TRU) and Aite-Novarica Group found that the collections industry is boosting hiring and technology investments as it transitions into a “next normal” stage. Approximately seven in 10 collections professionals (69%) said technology solution spending will modestly or significantly increase in the next two years. About two-thirds of collections professionals (67%) said employee compensation will increase in the same time period.
Read More |
Senators ask CFPB to fix broken credit reporting system
Democratic senators have asked the Consumer Financial Protection Bureau (CFPB) to take concrete steps to reform the credit reporting industry. Specifically, the senators urged CFPB Director Rohit Chopra to use the CFPB’s existing supervisory, rulemaking, and enforcement authority over the largest nationwide consumer reporting agencies, in order to improve the accuracy of credit reports, streamline the dispute resolution process, and hold consumer reporting agencies accountable for addressing persistent errors.
Read More |
United States: OCC Asks Bank Boards To Better Manage And Report Climate Risk
Acting Comptroller of the Currency Michael J. Hsu urged large bank boards to begin assessing how they are managing and reporting climate risks, given the potential impact that physical and transitional risks can have on a bank's portfolios.
Read More |
CFPB Sues Pawn Lenders for Cheating Military Families
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in a Texas federal district court against FirstCash, Inc. and Cash America West, Inc. The CFPB alleges that the two companies violated the Military Lending Act (MLA) by charging higher than the allowable 36% annual percentage rate on pawn loans to active-duty servicemembers and their dependents. The CFPB also alleges that FirstCash violated a 2013 CFPB order against its predecessor company prohibiting MLA violations. The CFPB is seeking an injunction, redress for affected borrowers, and a civil money penalty.
Read More |
Student loan forgiveness: Education Department erased $2 billion in debt for 30,000 borrowers
The Education Department rolled out a series of major changes to the troubled Public Service Loan Forgiveness (PSLF) program for student loan borrowers in public service in October, and the level of debt cancellation is topping even the government's estimates.
Read More |
ATTORNEY GENERAL RAOUL ANNOUNCES SETTLEMENT WITH COMPANIES OVER PREDATORY PAYDAY LOANS
Chicago — Attorney General Kwame Raoul and Illinois Department of Financial and Professional Regulation (IDFPR) Acting Secretary Mario Treto Jr. today announced a settlement with online payday lending lead generators MoneyMutual LLC; PartnerWeekly LLC and Selling Source LLC.
Read More |
Growth by merger is not the only option
A strong rationale for credit unions to merge is as a means of achieving growth. However, mergers are certainly not the only way to grow. Credit unions also can achieve growth organically by adding new products and services, reaching out to new members via online advertising and social media, expanding their existing community field of membership, and/or by building mutually beneficial partnerships.
Read More |
CFPB Issues Guidance Materials on Debt Collection Rule
The CFPB recently issued guidance documents regarding requirements in its Debt Collection Rule (Regulation F) related to validation of a debt. In 2020, the CFPB promulgated new regulations to implement the Fair Debt Collection Practices Act (FDCPA), which WBK previously covered here and here. As recently confirmed, these rules go into effect on November 30, 2021.
Read More |
Payment security standards evolve post-pandemic
The Payment Card Industry Data Security Standard (PCI-DSS) — a standard aimed at reducing credit card fraud —has been around for nearly two decades. However, given the seismic changes in the payments, particularly digital payments, this standard is undergoing changes
Read More |
ED recalls federal student loans from private debt collectors
With the return to repayment of federal student loans on February 1, 2022 quickly approaching, the Department of Education’s Office of Federal Student Aid (FSA) recently notified the private collection agencies (PCAs) under contract with FSA to collect Direct Loans that it would begin the process of recalling approximately 5.1 million borrower accounts and winding down the PCAs’ contracts. FSA expects to transition default counseling, debt collection, and related work to its Business Process Operations vendors, some of which (or their subcontractors) are among the PCAs it has notified of its recall plan
Read More |
Regulation by enforcement isn’t serving CFPB, consumers or banks
Establishing clear and transparent rules of the road, rather than announcing guidance through an enforcement action, will yield greater compliance and strengthen protections for all consumers. Richard Hunt is the President and CEO of the Consumer Bankers Association. The organization recently released a white paper titled “The Case For Regulation Through Rulemaking & Guidance,” advocating for the bureau to use rulemaking and informal written guidance in lieu of enforcement when creating guidelines or interpretations of existing regulatory standards.
Read More |
Payment security standards evolve post-pandemic
The Payment Card Industry Data Security Standard (PCI-DSS) — a standard aimed at reducing credit card fraud —has been around for nearly two decades. However, given the seismic changes in the payments, particularly digital payments, this standard is undergoing changes.
Read More |
CFPB Issues Guidance Materials on Debt Collection Rule
The CFPB recently issued guidance documents regarding requirements in its Debt Collection Rule (Regulation F) related to validation of a debt. In 2020, the CFPB promulgated new regulations to implement the Fair Debt Collection Practices Act (FDCPA), which WBK previously covered here and here. As recently confirmed, these rules go into effect on November 30, 2021
Read More |
|
Business Management Solutions
(866) 444-0422
|
|
|
Receivables Management Association International
Aria Resort & Casino
Las Vegas , Nevada
February 07 -
10 ,
2022 916 482 2462
|
|
|
|
|
