TransUnion Forecasts Originations to Non-Prime Borrowers Will Continue to Rise for Many Credit Products in 2022

Continued expansion of lending, including to non-prime consumers, is expected to occur in 2022 with origination levels reaching or surpassing pre-pandemic levels, according to the newly released TransUnion (NYSE: TRU) Financial Services 2022 Consumer Credit Forecast. For auto loans and personal loans, consumers who are generally higher risk are accounting for a growing share of origination volume, with the forecast providing insights that explain why such broader lending will benefit the overall consumer credit market.

DFPI Reaches Agreement to End High-Interest Rate Loans Marketed by LoanMart for 21 Months

SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) today announced it entered a novel consent order with Los Angeles-based Wheels Financial Group, Inc., doing business as LoanMart, that prohibits the company from marketing or servicing automobile title loans of less than $10,000 with rates greater than 36 percent in California for the next twenty-one months.

New Identity Theft Resource Center Research Shows Consumers Know About Credit Freezes, But Rarely Use Them

SAN DIEGO, Dec. 15, 2021 /PRNewswire-PRWeb/ -- Today, the Identity Theft Resource Center® (ITRC), a nationally recognized nonprofit organization established to support victims of identity crime, published research conducted by DIG.Works that explored the relationship between data breach notices and a decision for a consumer to freeze their credit, as well as credit freezes in general.

ACA Advocacy Lead Talks TRACED Act and What’s Next with the TCPA

The Telephone Consumer Protection Act, mitigating illegal robocalls and data privacy legislation discussions are continuing on Capitol Hill and in some cases at the state level.

CFPB Supervisory Highlights Report Covers FDCPA Violation Risks

The Consumer Financial Protection Bureau has released its latest Supervisory Highlights report, an anonymized overview of the agency’s findings from examinations of regulated entities conducted between January 2021 and June 2021. Notably—at least for the accounts receivable management (ARM) industry—the report features only one entry relating to a debt collector’s violation of the Fair Debt Collection Practices Act.

Fall 2021 Rulemaking Agenda

Consistent with the Bureau’s past practice, we have published the Bureau’s Fall 2021 Agenda as part of the Fall 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). The Agenda lists the regulatory matters that we plan to pursue during the period from November 1, 2021 to October 31, 2022, as described further below. The complete Unified Agenda is available to the public at the following website: http://www.reginfo.gov.

Biden still plans to restart federal student loan payments in February

Washington (CNN)President Joe Biden still plans to restart federal student loan payments in February, resisting pressure from some fellow Democrats who continue to call for an extension of coronavirus pandemic relief benefits. "We're still assessing the impact of the Omicron variant, but a smooth transition back into repayment is a high priority for the administration," said White House press secretary Jen Psaki when asked Friday whether the administration would consider extending the student loan payment pause.

Credit Availability Falls In November As Lending Standards Tighten

Mortgage credit availability decreased in November, according to the Mortgage Credit Availability Index (MCAI) report from Mortgage Bankers Association (MBA) that analyzes Ellie Mae’s AllRegs Market Clarity business information tool.

Montana’s CUs raise over $25K for Shodair Children’s Hospital

Montana’s Credit Unions (MCU) announced the successful relaunch of their Credit Unions for Kids (CU4Kids) efforts benefiting Shodair Children’s Hospital (Shodair), Montana’s only Children’s Miracle Network hospital. Credit unions from around the state took part in MCU’s inaugural Cats vs. Griz Icon Fundraiser leading up to the rivalry game on Nov. 19, securing over $25,000 to assist with the advancement of care at Shodair.

New, Innovative Fintech Aids Credit Union in Rapid, Billion-Dollar Growth

WHEATRIDGE, Colo., Dec. 14, 2021 /PRNewswire/ -- Datava, a new innovative fintech, and American Heritage Credit Union, a $3.8 billion asset, Philadelphia based credit union, recently presented at the NACUSO Networking Conference about their successful CUSO partnership that aided in the credit union's rapid billion-dollar growth.

Statement of CFPB Director Rohit Chopra Member, FDIC Board of Directors December Open Meeting of the Board

Today, I am pleased to join my first public meeting as a Member of the Board of Directors of the Federal Deposit Insurance Corporation. The Federal Deposit Insurance Corporation has long been a point of pride for the United States. This is not simply because the Corporation ensures the safety of trillions of dollars of insured deposits, but because of the pivotal actions that the Board has taken – sometimes in the middle of the night during crises – to ensure stability and confidence in the financial system.

Attorney General James Again Warns Mortgage Servicers of Obligation to Assist Homeowners in Need of COVID-19 Relief

NEW YORK – New York Attorney General Letitia James today took action to provide support to New Yorkers still recovering from the financial effects of the coronavirus disease 2019 (COVID-19) pandemic. In a letter to mortgage servicers operating in New York and mortgage industry trade associations, Attorney General James reiterates her expectation that they participate in New York’s recovery from the COVID-19 pandemic by providing long-term relief to homeowners in accordance with New York state law, as well as with federal regulations and guidelines.

Enhancing Lives with More Credit: Northern Hills Federal Credit Union Goes Live with Scienaptic’s AI-Powered Credit Decisioning Platform

NEW YORK, December 13, 2021--(BUSINESS WIRE)--Scienaptic AI, the world’s leading AI-powered credit decision platform provider, announced that Northern Hills Federal Credit Union has completed deployment and is now live on its platform. This deployment is enabling Northern Hills FCU to use AI to make sharper credit decisions and assist members with more credit.

Rich Call Data In A Post-STIR/SHAKEN World: Authentication Of Branded Calling Identity

Illegal robocalls have been giving heartburn to both consumers and enterprises alike. On one side, we as consumers have almost all faced annoying "car warranty" calls and, worse, "this is the IRS" scam calls. On the other side, legitimate enterprises have been struggling to reach consumers who have become less likely to answer calls from caller IDs they don't recognize or trust. To mitigate this, the FCC mandated that telecommunications service providers implement the STIR/SHAKEN authentication framework by June 30, 2021.

CFPB Fall 2021 Supervisory Highlights looks at credit cards, debt collection, deposits, fair lending, mortgage servicing, payday lending, prepaid accounts, and remittance transfers

The CFPB has released the Fall 2021 edition of its Supervisory Highlights.  The report discusses the Bureau’s examinations in the areas of credit card account management, debt collection, deposits, fair lending, mortgage servicing, payday lending, prepaid accounts, and remittances that were completed between January 2021 and June 2021.  Accordingly, the majority of examinations discussed in the report would have taken place under the leadership of former Acting Director Uejio.

Phantom Debt Collectors Permanently Banned from Industry in FTC Settlement

A group of phantom debt collectors will be permanently banned from the debt collection industry and required to surrender the contents of numerous bank and investment accounts under the terms of a settlement with the Federal Trade Commission.

Fall 2021 Rulemaking Agenda

Consistent with the Bureau’s past practice, we have published the Bureau’s Fall 2021 Agenda as part of the Fall 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). The Agenda lists the regulatory matters that we plan to pursue during the period from November 1, 2021 to October 31, 2022, as described further below. The complete Unified Agenda is available to the public at the following website: http://www.reginfo.gov. 

New York Significantly Changes Debt Collection Lawsuits

New York recently enacted Senate Bill (SB) 153, the Consumer Credit Fairness Act, significantly impacting debt collection lawsuits filed by creditors or debt collectors.  A few of the key amendments include:

Only 42% of Consumers Say Username/Password is Their Preferred Login Method

When logging in to perform a business transaction, consumers prefer modern authentication approaches. They often consider the username and password method and knowledge-based authentication (KBA) measures to be clunky.

Long-Term Policies for Remote Work and Branch Licensing in Idaho to Take Effect Jan. 1

Temporary guidance that paved the way for remote work options for financial services companies during the COVID-19 pandemic is now part of the Idaho Department of Finance’s long-term policies.

Registration Open for RMAI’s Annual Conference – Early Bird Price Ends December 14th

December 10, 2021 (Sacramento, CA) –  Registration is already open for the Receivables Management Association International (RMAI) Annual Conference, occurring February 7-10, 2022. Companies and individuals who take advantage of early bird pricing can save hundreds of dollars on registration costs; the early bird deadline is December 14^th.  Interested Receivables Management Professionals can register at https://rmaintl.org/AC2022.

Banks get behind CFPB’s tough approach to tech giants

Here’s one area where both large and small banks agree that the Consumer Financial Protection Bureau should flex its muscles: oversight of big technology companies and online payment platforms.

FDIC Statement on CFPB Statement

Earlier today, the Consumer Financial Protection Bureau (CFPB) posted on its website a document, purportedly approved by the FDIC, requesting comment on bank mergers.  No such document has been approved by the FDIC. 

Upstart and the National Bankers Association Partner to Provide AI Lending Technology for Minority-Owned Banks

WASHINGTON & SAN MATEO, Calif.--(BUSINESS WIRE)--Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, and the National Bankers Association (NBA) today announced a partnership to improve access to affordable credit for customers of minority-owned depository institutions (MDIs) through a unique agreement to use Upstart’s AI lending platform.

Veridian Credit Union and Alacriti Announce Launch on the TCH RTPⓇ Network

PISCATAWAY, N.J.--(BUSINESS WIRE)--Veridian Credit Union, a full-service financial cooperative with $5.5 billion in assets and more than 260,000 members, along with their third-party service provider Alacriti, announced that they are now live on The Clearing House’s (TCH) RTP^® network. Veridian’s members can now receive payments in real-time from any person or business transacting on the RTP network.

Mountain America Credit Union Named No. 1 Overall SBA Lender in Utah in 2021

SALT LAKE CITY, Dec. 9, 2021 /PRNewswire/ -- The Small Business Administration (SBA) recently named Mountain America Credit Union Utah's No. 1 overall small-business lender. Lending more than $90 million total, Mountain America provided 130 small-business owners with the capital needed to grow their businesses, hire more employees and help strengthen Utah's local economy.

America First Credit Union Attains No. 1 SBA Ranking in Utah District

SALT LAKE CITY, Dec. 9, 2021 /PRNewswire/ -- America First Credit Union has attained the No. 1 SBA lender ranking in dollars lent by assisting more than 68 small businesses throughout the Utah District during the 2021 federal fiscal year. With a total of more than $52 million in 7(a) loans distributed within the Utah District, America First Credit Union surpassed its 2020 total of more than $35 million in loans disbursed.

CFPB Fall Supervisory Highlights Shed Light on Agency Priorities

Yesterday, the Consumer Financial Protection Bureau (CFPB) released its Fall Supervisory Highlights. The report covers examinations completed between January and June of 2021. Over the last year, the Biden-era CFPB has made various statements about its priorities. For instance, the Bureau has issued comments or taken action related to the small dollar lending agenda, auto finance, fintechs and technology companies, mortgage discrimination, and small business lending. The CFPB has been particularly vocal about COVID-19 issues, going so far as to publish a special edition of its Supervisory Highlights in January focusing entirely on issues related to the pandemic.

Lexington Law Prevails Again Against Misguided Attack from Debt Collectors

SALT LAKE CITY, Dec. 9, 2021 /PRNewswire/ -- Recently, a federal jury in Kansas rejected a fraud lawsuit brought by Ad Astra Recovery Services, a debt collector and credit furnisher, against Lexington Law, Progrexion, and several attorneys and credit repair professionals affiliated with Lexington and Progrexion.  

How Should Regulators Review Bank Mergers?

Across our economy, major sectors have become more consolidated. But consolidation can actually make it more difficult for smaller players to break in, denying the public of the benefits of competition. It can also make our economy less resilient and more vulnerable to shocks.

Seven examples of unfair practices and other violations by mortgage servicers: CFPB supervision activities uncover red flags

In 2021, we’ve seen many promising signs that the economy is reopening and recovering, including lower unemployment and more household spending. At the same time, our recovery remains fragile, and millions of families continue to struggle to afford their mortgage payments.

California Debt Collection Advisory Committee Hosts End-of-Year Meeting

The committee’s second meeting since it was established under California law will follow up on a July discussion about debt collection licensing, consumer communications and more.

November 2021 U.S. Foreclosure Activity Declines Slightly From Last Month But Still On The Rise From A Year Ago

IRVINE, Calif., Dec. 9, 2021 /PRNewswire/ -- ATTOM, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), the largest online marketplace for foreclosure and distressed properties, released its November 2021 U.S. Foreclosure Market Report, which shows there were a total of 19,479 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 5 percent from a month ago but up 94 percent from a year ago. The 7^th consecutive month of annual increases.

Massachusetts Considering Comprehensive Privacy Bill Containing Private Right of Action and Record Breaking Liquidated Damages Provision

Massachusetts is one of the many states considering enacting a state-level privacy law.  On October 13, 2021, the Joint Committee on Advanced Information Technology, the Internet and Cybersecurity, conducted a virtual public hearing during which it considered, among other things, an Act establishing the Massachusetts Information Privacy Act (“MIPA”), which was introduced as S.46 in the State Senate and as H.142 in the State House.  Read on to learn more about the MIPA’s scope and its impact if adopted on Massachusetts privacy litigation going forward.

CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2021

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021.

Supervisory Highlights

A key function of the Consumer Financial Protection Bureau (CFPBor the Bureau) is to supervise the institutions subject to its supervisory authority. The CFPB helps consumers take control over their economic lives through its supervision program by making consumer financial markets more transparent and competitive. To accomplish this, the CFPB examines institutions to assess compliance with Federal consumer financial law, obtain information about compliance management systems (CMS), and detect and assess risks to consumers and markets for consumer financial products and services.2 The CFPB’s supervision program is focused on preventing violations of law and consumer harm before they occur.

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