Elizabeth Warren ally Richard Cordray under discussion for Fed bank supervisor role, key senator says

The Democratic chairman of the Senate Banking Committee said Tuesday that he is talking with the White House about nominating Richard Cordray, who was the first director of the Consumer Financial Protection Bureau, to be the Federal Reserve’s top banking regulator.

With Delinquencies Rising, Experts Advise Flexible Repayment Plans for BNPL Users

With defaults on buy now, pay later loans on the rise, BNPL providers need to be cognizant that creating a flexible repayment plan can not only help improve recovery rates, but help retain delinquent customers by providing a better customer experience during the collection phase, says a study from digital debt-collection agency TrueAccord. 

CONSUMER ALERT: Attorney General James Urges Consumers to Be Aware of Rights When Faced With Attempts to Collect Upon Consumer Debt

NEW YORK – New York Attorney General Letitia James today issued a consumer alert, informing New Yorkers of their rights when contacted by a debt collector. Consumers facing debt collection now have added protections under federal and state law. New nationwide rules adopted by the Consumer Financial Protection Bureau (CFPB) — that took effect yesterday — limit how and when debt collectors are allowed to contact consumers.

CFPB Issues a Request for Information Seeking Public Comment on Detecting Discrimination in Mortgage Lending

On Tuesday, November 16, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a request for information seeking input on rules implementing the Home Mortgage Disclosure Act (“HMDA”), to evaluate whether the rules currently meet HMDA’s stated goals. HMDA, originally enacted in 1975, requires qualifying lenders to collect, report, and disclose data about originations and purchases of mortgage loans, as well as mortgage loan applications that do not result in originations.

Credit Unions Diversifying Loan Activity

Credit unions are becoming an increasingly important source of loans for small businesses, a development that’s particularly welcome to credit union executives vexed by the need to put massive flows of new deposits to profitable use..

CFPB Research Shows Banks’ Deep Dependence on Overdraft Fees

WASHINGTON, D.C. — Banks continue to rely heavily on overdraft and non-sufficient funds (NSF) revenue, which reached an estimated $15.47 billion in 2019, according to research released today by the Consumer Financial Protection Bureau (CFPB). Three banks—JPMorgan Chase, Wells Fargo, and Bank of America—brought in 44% of the total. The CFPB also found that while small institutions with overdraft programs charged lower fees on average, consumer outcomes were similar to those found at larger banks. The research also notes that, despite a drop in fees collected, many of the fee harvesting practices persisted during the COVID-19 pandemic.

Understand how the CFPB’s Debt Collection Rule impacts you

If you have a debt in collection, it’s often a challenging time. You may be having a difficult time financially and that can be frightening. And if a debt collector contacts you about your debts, you may have concerns about whether the debt collector is legitimate, whether the debt is yours, or if the amount the collector is seeking to collect is accurate.

CUNA issue action alert on CFPB reporting provisions

Credit unions need to comment on a sweeping proposal that would require financial institutions to collect and report data on the credit applications of small businesses to CFPB. CUNA issued an action alert Tuesday urging credit unions to share their concerns about the proposal. Comments will be due by Jan. 6. 

Lenders Use Automation, Data and Payments Tech to Shorten Approval, Payout Process

Lending has become increasingly streamlined, including automated approvals and disbursements, but the pandemic demonstrated weaknesses in digital lending. Demand for both consumer and small business loans has grown over the past two years, yet the cost of servicing those loans increased 173% while average service center hold times lengthened.

Today’s mortgage rates: 20-year rates free fall to lowest level in 7 days | Nov. 30, 2021

What this means: Mortgage rates dropped for three terms today, meaning that homebuyers have an opportunity to lock in an interest-saving rate whether they want to finance a home purchase with a longer or shorter term. But mortgage experts have predicted slow, steady increases through the end of the year, so buyers might want to act sooner rather than later to secure a lower rate. Buyers who want to keep their monthly payment manageable while reaping interest savings might look to a 20-year term today: Rates for this term fell to a seven-day low.

Alliant Credit Union hopes new name will avoid confusion

DUBUQUE Ia. (WMTV) - Alliant Credit Union will change its name at the beginning of the year in an effort to distance itself from an Illinois-based one that was initially linked to a major airline. After more than 20 years doing business under the Alliant banner, the credit union will rebrand itself as AIM Credit Union as it seeks to attract new members and to avoid confusion with another, much larger Alliant Credit Union.

TCN Wins Four 2021 MarCom Awards for Excellence in Digital Media and Publicity

ST. GEORGE, Utah, Nov. 30, 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 celebrates its four accolades earned in the 2021 MarCom Awards, an annual international competition that recognizes excellence in marketing and communications. TCN won Platinum awards, the competition's top prize, in two categories, digital media and publicity, and Gold awards for digital media and public relations.

TopLine Federal Credit Union Wins Two Statewide Awards for Financial Education Efforts Plus Honorable Mention at National Level

MAPLE GROVE, Minn., Nov. 30, 2021 (GLOBE NEWSWIRE) -- TopLine Federal Credit Union, a Twin Cities-based member-owned financial services cooperative, was named a winner of both the Youth and Adult Desjardins Financial Education Awards, sponsored by the Minnesota Credit Union Network (MnCUN) and the Credit Union National Association (CUNA). These awards recognize credit unions for superior youth and adult financial education programs benefiting the credit union's members and communities.

FTC and DOJ Meet with Fellow G7 Enforcement Partners on Competition in Digital Markets

Today, Federal Trade Commission Chair Lina M. Khan and Assistant Attorney General Jonathan Kanter of the Department of Justice Antitrust Division participated in a Competition Enforcers Summit (Summit) as part of the 2021 G7 Digital and Technology Track. The Summit, hosted by the UK Competition and Markets Authority, explored how competition agencies are approaching the challenges posed by digital markets.

CFPB Reaffirms That Name-Only Matching Violates FCRA

On November 4, 2021, the Bureau of Consumer Financial Protection (the “Bureau”) issued an advisory opinion reaffirming its stance that a consumer reporting agency (“CRA”) using name-only matching procedures violates 15 U.S.C. § 1681e of FCRA.  The advisory opinion is an interpretive rule and became effective upon publication in the Federal Register, on November 10, 2021. 

Dakota Credit Union Association Collaborates with Leading AI-based Credit Decisioning Platform Provider Scienaptic AI

NEW YORK, November 30, 2021--(BUSINESS WIRE)--Scienaptic announced today a collaboration with the Dakota Credit Union Association (DakCU) enabling the company to offer its AI-based credit underwriting technology to credit unions throughout North and South Dakota.

Here are 5 changes student loan borrowers could see in 2022

Life without student loans is coming to an end. The U.S. Department of Education by February will restart payments for the millions of Americans with education debt. They’ve been allowed to pause their bills for close to two years because of the coronavirus pandemic.

More than half of shoppers are going into debt this holiday season, study finds

Americans are spending a little less this holiday season — but still more than they can afford. Total spending on Black Friday, both in stores and online, fell slightly from a year ago — the first decline on record — in part because holiday shoppers started their shopping earlier in face of supply chain setbacks and shipping delays.

12 CUs & MDT Unveil Hires, Promotions & Accolades

The $7.1 billion Redwood Credit Union in Santa Rosa, Calif., promoted Alma Magallon to member service center manager. In her new role, she will provide vision and leadership to member service center staff and pursue continuous process improvement to ensure members get the help and information they need when they need it.

Fannie Mae, Freddie Mac-held nonperforming loans quadrupled in 1H21

The number of loans in Fannie Mae and Freddie Mac’s portfolios with year-plus delinquencies has hit the highest point seen since their regulator started tracking them in 2015. Mortgages in this category totaled 331,148 in just the first six months of 2021, compared to 79,591 at the end of 2020 and 51,512 in 2019, according to the Federal Housing Finance Agency’s latest nonperforming loan report.

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