U.S. banking regulators to clarify banks’ crypto role in 2022 – statement

WASHINGTON, Nov 23 (Reuters) - U.S. banking regulators intend to clarify in 2022 what role traditional banks can legally play in the cryptocurrency market, they said on Tuesday.

FTC Releases 2021 Do Not Call Registry Data Book; Reports Registrations and Consumer Complaints Both Increased in FY 2021

Today, the Federal Trade Commission released the National Do Not Call Registry Data Book for Fiscal Year 2021. The FTC’s National Do Not Call (DNC) Registry lets consumers add their phone number and choose not to receive most legal telemarketing calls. In the last fiscal year, nearly three million people signed up with the DNC Registry, bringing the total close to 245 million phone numbers.

Unusual holiday home-buying surge pushes mortgage demand higher

An unusual surge in home buying, just as the market enters the historically slow holiday season, is driving mortgage demand higher. Total mortgage application volume rose 1.8% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

TIO wants telcos to have 24-hour fraud hotline

The Telecommunications Industry Ombudsman (TIO) has called for telcos to have a 24-hour hotline, or at a minimum extend current hotline hours, to allow consumers to report cases of fraud, especially involving SIM swapping.

Eleventh Circuit Will Re-Hear Hunstein Debt Collection Case En Banc

Last week, the Eleventh Circuit vacated its most recent opinion in the debt-collection case Hunstein v. Preferred Collection & Management Services, Inc., No. 19-14434. The court will re-hear en banc an appeal involving a plaintiff-debtor’s claim that a debt collector violated the Fair Debt Collection Practices Act (“FDCPA”) by transmitting the debtor’s sensitive debt information to the employees of a third-party mailing vendor for the purposes of creating, printing and mailing a notification to the debtor.

Attorney General James Shuts Down Illegal Debt Collection Businesses, Recovers $1.2 Million

BUFFALO – New York Attorney General Letitia James today announced she is shutting down an illegal debt collection scheme operating in western New York and recovering $1.2 million in penalties and restitution for victims.

Ethics Guidance to Protect the Public Trust and Detect Revolving Door Misconduct

This year, the Consumer Financial Protection Bureau turned ten years old. The agency has been lucky to attract so many skilled public servants committed to the mission of promoting fair, transparent, and competitive markets.

Student loan payments restart in February, but survey finds 89% of borrowers aren’t ready

Federal student loan payments have been paused until Jan. 31, 2022, as part of the CARES Act to protect borrowers from delinquency during the COVID-19 pandemic. But as this forbearance period comes to an end, many borrowers feel unprepared to resume payments.

DFPI Bulletin Digest: November 2021

The November 2021 DFPI Bulletin focuses on NMLS license renewals, and the newly launched DFPI webpage for cryptocurrency and digital assets, among other topics. Editor’s note — The California Department of Financial Protection and Innovation (DFPI, formerly the Department of Business Oversight) supervises, licenses, and regulates a variety of financial institutions, including some real estate mortgage loan originators (MLOs) holding a Nationwide Multistate (or Mortgage) Licensing System and Registry (NMLS) license. Licensees, stay in the know on November 2021’s MLO news and events below.

CFPB Issues Advisory Opinion on Matching and FCRA Accuracy Requirements

The CFPB recently issued an advisory opinion asserting that a consumer reporting agency (CRA) that uses “name-only matching,” among other inadequate matching procedures, in preparing consumer reports does not satisfy FCRA’s requirement that a CRA use reasonable procedures to assure maximum possible accuracy and that multiple additional elements beyond names often may be required to meet this standard. 

2022 Loan limits edge toward $1 million

Every year, the Federal Housing Finance Agency (FHFA) raises loan limits for conforming mortgages. The next announcement is due before Nov. 30. It’s very likely 2022 loan limits will jump to nearly $1 million in areas with high home prices. And even in places where home prices are lower, we expect to see those limits soar to around $650,000.

This map shows average student debt balances for 2020 graduates by state

Student debt balances among 2020 graduates remained at an all-time high. Last year’s borrowing graduates in New Hampshire, Pennsylvania and Delaware owed close to $40,000 for their bachelor’s degree, on average, according to a report by the Institute for College Access and Success.

Ethics Guidance to Protect the Public Trust and Detect Revolving Door Misconduct

This year, the Consumer Financial Protection Bureau turned ten years old. The agency has been lucky to attract so many skilled public servants committed to the mission of promoting fair, transparent, and competitive markets. At the same time, the CFPB knows it must take steps to protect the public interest from potential risks and misconduct associated with the “revolving door.”

Today’s mortgage refinance deal? 20-year rates fall to 8-day low | Nov. 19, 2021

With 20-year mortgage refinance rates closing the week at their lowest level in eight days, homeowners who refinance now into a 20-year term can secure a money-saving rate while keeping their monthly payment manageable. Meanwhile, rates across 30-year, 15-year and 10-year terms haven’t budged for five days in a row. While refinance rates are the same or higher than this time last week, they’re still lower than mortgages taken out prior to the COVID-19 pandemic. So homeowners stand to save on interest with a refinance whether they choose a longer or shorter term.

FTC Chair Lina M. Khan Announces New Appointments in Agency Leadership Positions

Federal Trade Commission Chair Lina M. Khan announced several new additions to the FTC’s Office of Policy Planning. Olivier Sylvain, Meredith Whittaker, Amba Kak, and Sarah Myers West will be working with the agency’s Chief Technology Officer and technologists as part of an informal AI Strategy Group and in partnership with policy experts across the agency to provide insight and advice on emerging technology issues. John Kwoka will be working with competition economists and attorneys on an updated approach to merger review policies.

Eleventh Circuit Orders En Banc Rehearing of Hunstein Case and Vacates Opinion

Today, 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.

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:

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.

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.

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.

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.

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:

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. 

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.

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.

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.

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.

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.

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