Colorado Privacy Act: New Protections for Consumers in the Centennial State

On July 1, 2023, the Colorado Privacy Act (CPA) will go into effect as the third state law generally governing consumer data privacy and was the second enacted in 2021.  If you do business with consumers in Colorado, regardless of your location, you should begin familiarizing yourself with the requirements of the CPA now.  While the CPA is similar to the California Privacy Rights Act (CRPA) and Virginia’s Consumer Data Privacy Act (VCDPA), certain elements distinguish the Colorado law from its counterparts.

The FTC and CFPB Target Big Tech, While the Chamber of Commerce Pushes Back

The first full year of the Biden Administration has seen an overhaul of the leadership of executive agencies, coupled with an intense focus on how big business affects the United States economy. Nowhere are these changes more apparent than in the new leadership and enforcement initiatives of the Consumer Financial Protection Bureau (“CFPB”) and the Federal Trade Commission (“FTC”). After a lengthy confirmation process, former Federal Trade Commissioner Rohit Chopra, previously one of the staunchest consumer advocates at the Commission, took over as the new head of the CFPB in October 2021. 

New Privacy Rules Could Derail User Data Collection by Companies

Both tech giants and governments have been debuting new rules that could throw off the flow of user data that is used by companies for targeting with online ads, The Wall Street Journal (WSJ) reported Thursday (Dec. 2).

Joint Statement from FTC, DOJ Antitrust Division, and UK Competition and Markets Authority Leadership Following the G7 Competition Enforcers Summit

Leadership of the Federal Trade Commission and the Antitrust Division of the Department of Justice attended meetings in London this week as part of the Competition Enforcers Summit, which took place under the 2021 G7 Digital and Technology Track in connection with the UK’s G7 presidency. The U.S. agencies expressed their appreciation to the UK’s Competition and Markets Authority (CMA) for hosting them during this event, and for the opportunity to meet in person with the CMA to discuss cooperation between our respective jurisdictions. Following the meeting’s conclusion, the Federal Trade Commission, the Antitrust Division of the Department of Justice, and the Competition and Markets Authority, issue this joint statement:

Senators urge Congressional leaders to include SAFE Banking Act in NDAA

U.S. Sen. Jacky Rosen (D-NV) is among a group of Senators urging members of the House and Senate Armed Services Committees to keep the Secure and Fair Enforcement (SAFE) Banking Act in the National Defense Authorization Act for Fiscal Year 2022 (NDAA).

Solutions by Text Secures $35M Growth Investment Led by Edison Partners

DALLAS, TX and PRINCETON, NJ (November 30, 2021) — Solutions by Text, provider of the text messaging platform for consumer financial services institutions, today announced raising $35 million in growth financing. Edison Partners led the transaction with participation from Stifel Venture Bank, a Division of Stifel Bank. The company is also announcing the appointment of payments industry leader David Baxter as Chief Executive Officer. Under Baxter’s leadership, the company will use investment proceeds to accelerate the adoption and extensibility of compliant text-based solutions across the consumer finance lifecycle.

Thousands could soon lose – or sell – their homes as Covid mortgage bailouts expire

Hundreds of thousands of homeowners could soon lose or sell their homes as Covid-related mortgage bailout programs expire. There are not a lot of options for borrowers who lost too much income or their businesses during the pandemic, although they could take advantage of high equity in their homes and sell.

Americans are ready to take on credit card debt again

After pulling back on borrowing during much of the pandemic, Americans are ready to pile on the debt as they edge closer to their pre-pandemic spending ways, according to recent figures.

PCA inflexibility hampers CUs’ ability to improve financial well-being

CUNA sent a letter on Wednesday to the House Committee on Financial Services in response to the hearing entitled, “CARES Act Oversight of Treasury and the Federal Reserve: Building a Resilient Economy.” 

Illinois Credit Union League Service Corporation (Envisant) Donates Additional $50,000 to the CU Awareness Program in Illinois

Illinois Credit Union League Service Corporation (recently rebranded to Envisant) in Naperville, IL pledged an additional $50,000 to the CU Awareness Program in Illinois, topping Envisant’s total support of the initiative at $600,000.

Following sale close, Exeter expands origination program

Exeter Finance is closing the year with a pair of notable developments announced on Tuesday. The finance company that specializes in subprime paper said it will extend its underwriting reach into the near-prime credit spectrum, effective immediately. Focused on non-prime since its founding in 2006, Exeter launched a new near-prime program called ExeterPlus to dealers nationwide.

Suncoast Credit Union Teams with MX to Provide Clearer Financial Insights and Enhanced User Experience to Its Members

TAMPA, Fla. and LEHI, Utah, Dec. 2, 2021 /PRNewswire/ -- MX, the financial data platform and leader in modern connectivity, today announced it is partnering with Suncoast Credit Union, Florida's largest credit union in both membership and assets. As a credit union, Suncoast is passionate about empowering its members to enjoy healthy financial lives grounded in education.

Capital One becomes first big bank to ditch overdraft fees

Capital One plans to eliminate overdraft fees early next year, the company announced Wednesday, becoming the largest bank to get rid of the charges that cost Americans — especially financially vulnerable ones — billions of dollars every year.

Encore Announces Findings of Economic Freedom Study

SAN DIEGO, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (Nasdaq: ECPG), an international specialty finance company, today announced the findings of its first Economic Freedom Study. The survey asked 2,600 people in Encore’s largest markets, the United States and United Kingdom, their feelings about personal finances and the economy, and explored the impact of the COVID-19 pandemic. With Encore’s mission of creating pathways to economic freedom as a backdrop, it also asked people what the term “economic freedom” means to them and how they can achieve it. The research was commissioned by Encore and conducted by Morning Consult.

Debt collectors OK’d to use social media to reach borrowers

Debt collectors can now use social media to send direct messages to borrowers who owe, the Consumer Financial Protection Bureau has ruled. The agency says the updated rule, proposed last year and enacted this week, will clarify part of the Fair Debt Collection Practices Act, which governs the way agents may reach the indebted in order to collect.

Give us feedback on the draft CFPB Strategic Plan for FY 2022 – 26

The CFPB is required to publish a new strategic plan that communicates the Bureau’s mission, strategic goals, and objectives for the next four years – and we are encouraged to provide an opportunity for the public to comment. We have posted our draft Strategic Plan for fiscal years 2022 to 2026, and we look forward to your feedback.

Total CollectR brings artificial intelligence to Collections MAX

Lansing, Michigan - Total CollectR, a premier provider of virtual agent and debt negotiation solutions, has announced a partnership with Decca Software Company to fully integrate Total CollectR with the Collections MAX platform. Through this partnership, Collections MAX users will be able to harness the power of next-generation artificial intelligence, completely automating the entire debt collection recovery process.

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.

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