Financial Stability Oversight Council Releases 2021 Annual Report

WASHINGTON – The Financial Stability Oversight Council (Council) today unanimously approved its 2021 annual report.  This year’s report describes activities of the Council over the past year, as the U.S. economy has continued to rebound from the disruptions caused by the COVID-19 pandemic. Monetary and fiscal policy, substantial progress in vaccinations, and broadly accommodative financing conditions have together supported this recovery and bolstered the financial condition of households and businesses.  Additionally, the Council’s annual report describes significant financial market and regulatory developments, potential emerging threats to U.S. financial stability, and recommendations to promote U.S. financial stability. 

SEC, CFTC fine JPMorgan Chase $200M for recordkeeping violations

JPMorgan Chase will pay $200 million in fines to settle charges brought by two federal regulators regarding the bank’s failure to maintain records of communications on securities, commodities, and swaps business matters made on bank employees’ personal devices.

Luetemeyer Introduces FDIC Board Accountability Act

WASHINGTON, D.C. – Yesterday, Congressman Blaine Luetkemeyer (MO-03) introduced a bill that would remove the Consumer Financial Protection Bureau Director from the Federal Deposit Insurance Corporation (FDIC) Board of Directors, and put term limits in place for FDIC Board of Directors members’ service. All House Financial Services Committee Republicans signed onto this bill.etkemeyer Introduces FDIC Board Accountability Act

Edmunds Experts See Significant Pent-Up Consumer Demand, Forecast 15.2 Million New Vehicles Will Be Sold in 2022

SANTA MONICA, Calif., Dec. 16, 2021 /PRNewswire/ -- The car shopping experts at Edmunds say that the automotive industry faces yet another challenging year marked by inventory shortages amid strong consumer demand, forecasting that 15.2 million new cars will be sold in 2022. Edmunds analysts note that this would represent a 1.2% increase from their estimate of 15 million new vehicle sales in 2021.

Federal Court Holds That Student Loan Trusts Are Subject to CFPB Enforcement Authority: What This Means for Consumer Securitizations and Other Whole Loan Buyers

On December 13, 2021, Judge Stephanos Bibas, visiting judge in the U.S. District Court for the District Delaware from the U.S. Court of Appeals for the Third Circuit, denied a motion to dismiss a lawsuit brought by the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) in Consumer Financial Protection Bureau v. The National Collegiate Master Student Loan Trusts, allowing the enforcement action to proceed directly against The National Collegiate Student Loan Trusts (the “Trusts”). 

FirstCash Completes Acquisition of American First Finance

FORT WORTH, Texas, Dec. 17, 2021 (GLOBE NEWSWIRE) -- FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS) today announced that it has closed its previously announced acquisition of American First Finance (“AFF”). The completion of the acquisition establishes FirstCash’s entry into the large and growing lease to own and point-of-sale payment space. “This is an exciting day as we welcome AFF to the FirstCash team,” said Rick Wessel, FirstCash’s chief executive officer. “Together, we are well positioned to drive further expansion and growth in both pawn and the complementary retail point-of-sale payment space and further diversify our revenue opportunities, while serving our customers with a wider set of innovative capabilities.”

CFPB Solicits Whistleblowers to Strengthen Enforcement of Consumer Financial Protection Laws

In its revamped whistleblower webpage, the CFPB is enlisting the help of whistleblowers to provide tips about the following issues:

• Any discrimination related to consumer financial products or services or small businesses
• Any use of artificial intelligence/machine learning models that is based on flawed or incomplete data sets, that uses proxies for race, gender, or other group characteristics, or that impacts particular groups or classes of people more than others; ...

U.S. CFPB asks ‘buy-now, pay-later’ companies for data on products, practices

WASHINGTON, Dec 16 (Reuters) - The U.S. Consumer Financial Protection Bureau (CFPB) on Thursday asked five "buy-now, pay-later" companies for information on their business practices, amid concerns that the financing products are putting consumers at risk. The agency issued the order to Affirm Holdings (AFRM.O), Afterpay Ltd (APT.AX), Klarna, PayPal (PYPL.O) and Zip Co (Z1P.AX) in the wake of a boom in "buy-now, pay-later" services, which allow consumers to split purchase payments into installments, driven in part by online shopping growth during the coronavirus pandemic.

Reverse Mortgage Lenders: Upbeat on 2022 Lending Limit, Wary of Potential Issues

Reverse mortgage lenders are optimistic about the recently-announced rise of the Home Equity Conversion Mortgage (HECM) lending limit to $970,800 in 2022, but one thing that comes to mind for some is that proprietary reverse mortgages for years have been offering lending limits of up to $4 million in most cases.

30-year mortgage rates sit just above 3% for 7th straight day | Dec. 16, 2021

What this means: Resting at 3.125% since Dec. 8, 30-year mortgage interest rates have been lower just once in the past 24 days. Experts are widely predicting rate increases on the horizon, with Freddie Mac forecasting an average of 3.5% for 30-year mortgage rates in 2022. Although the holiday season isn’t traditionally prime homebuying time, buyers may want to lock in one of today’s low mortgage rates ahead of the coming increases next year. 

Federal Regulator Says Credit Unions Can Partner With Crypto Providers

Federally insured credit unions (FICUs) can partner with third-party digital asset service providers, the National Credit Union Administration (NCUA) said in a statement Thursday.

FTC Staff Report on ISP Privacy Practices Paves the Way for an FTC Privacy Rulemaking in the New Year

Following up on a mandatory 2019 request for information issued by the Federal Trade Commission (FTC) to the largest Internet Service Providers (ISPs) in the United States, the FTC staff in late October issued a Report titled – A Look at What ISPs Know About You: Examining the Privacy Practices of Six Major Internet Service Providers. Among the agency staff’s general findings on ISP data collection and use practices, the most striking perhaps is the apparent degree of integration among ISPs and advertisers with respect to their data collection and use practices.

Consumer Financial Protection Bureau Opens Inquiry into “Buy Now, Pay Later” Credit

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The orders to collect information on the risks and benefits of these fast-growing loans went to Affirm, Afterpay, Klarna, PayPal, and Zip. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

New VA System Release Published

As part of the Loan Guaranty Service (LGY) end-to-end modernization plan, VA published the latest release notes in a VALERI Servicer Newsflash dated November 23, 2021.  The Newsflash also contains information regarding:

Transworld Systems Inc. completes acquisition of EOS North America

LAKE FOREST, Ill., Dec. 16, 2021 /PRNewswire/ -- Transworld Systems Inc. (TSI), the largest U.S. technology-enabled provider of accounts receivable management (ARM) solutions, announced today it has completed its acquisition of EOS North America, a leading first- and third-party collection agency serving government, financial services, healthcare, telecom and utility clients in the United States and Canada. Transaction terms were not disclosed.

Senate passes compromise NDAA without CUNA-opposed language

The Senate passed a compromise version of the fiscal year 2022 National Defense Authorization Act (NDAA) Wednesday, just over a week after the House passed the same bill. Neither version contains language CUNA, Leagues, and credit unions fought to exclude that would have allowed banks the ability to operate rent-free on military bases.

Silver State Schools Credit Union Receives Gold Award for “Best Credit Union” With the 2021 Best of Las Vegas Award 56,000 Member Credit Union Honored as GOLD Winner for Four Consecutive Years

Silver State Schools Credit Union (SSSCU), a Las Vegas-based financial institution, celebrating over 70 years of serving over 56,000 members, with more than $1.1 Billion in Assets, is the proud recipient of the Gold Award as the winner for “Best Credit Union” in the Las Vegas Review-Journal’s annual “Best of Las Vegas” reader’s poll.

Tyndall Federal Credit Union Shares $11 Million of Profits with its Members—and Eliminates All Account Maintenance Fees

PANAMA CITY, Fla., December 16, 2021--(BUSINESS WIRE)--Tyndall Federal Credit Union returned $11 million of profits to its members. The profit-sharing payout was distributed among 50,000 qualifying members and deposited directly into accounts on December 16^th. Tyndall also eliminated all account maintenance fees, including fees for memberships, ATMs, among others.

Easing Standards Benefit Middle-Market, Commercial Borrowers as Economy Rebounds

BALTIMORE, Dec. 16, 2021 /PRNewswire/ -- Cerebro Capital, a commercial loan marketplace, today released its Q3 2021 survey on non-bank lending for middle-market commercial and industrial (C&I) loans. Cerebro reports lenders continued to ease lending standards, making it easier for businesses to get loans, which in turn has driven up loan demand. 

CuneXus and Equifax Team Up to Offer Lenders Premium Financial Support

SANTA ROSA, Calif. and ATLANTA, Dec. 16, 2021 /PRNewswire/ -- CuneXus and Equifax (NYSE: EFX) today have teamed up to offer CuneXus credit union customers a better view of their members' financial wellness and help ensure they are receiving the most relevant offers in a timely and effective manner. The CuneXus CPLXpress platform will leverage insights and predictive analytics from the Data-driven Marketing capability that 'Only Equifax' can provide in the pre-screen and segmentation phases of the loan process, allowing for a near-instant loan activation process that can help remove many of the hassles and obstacles to consumer lending.

OCC Enforcement Actions and Terminations

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

CFPB Calls Tech Workers to Action

Clear, actionable information is critical for workers when they’re deciding how to raise concerns and consider becoming whistleblowers. I am pleased to announce the Consumer Financial Protection Bureau (CFPB) has used human-centered design, including usability testing, to streamline how tech workers can alert us to potential violations of federal consumer financial laws.

Advertising Platform OpenX Will Pay $2 Million for Collecting Personal Information from Children in Violation of Children’s Privacy Law

California-based online advertising platform OpenX Technologies, Inc. will be required to pay $2 million to settle Federal Trade Commission allegations that the company collected personal information from children under 13 without parental consent, a direct violation of a federal children’s privacy protection law. The FTC also alleged that despite offering an opt-out option, OpenX collected geolocation information from users who specifically asked not to be tracked.

Idaho Central Credit Union Launches NYDIG Bitcoin Services Via Alkami Platform

PLANO, Texas, Dec. 15, 2021 /PRNewswire/ -- Alkami Technology Inc. (NASDAQ: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for U.S. banks and credit unions, has announced Idaho Central Credit Union ("ICCU") has implemented bitcoin services through NYDIG and the Alkami Platform. Already a leader in ebranch, mobile, and digital banking, ICCU's partnership with NYDIG will allow Idaho Central members to buy and sell bitcoin within its mobile app and online banking platform.

Collection Agency Licensing and Exemptions

With the new collection agency rule of the Consumer Financial Protection Bureau (“CFPB”) having taken effect on November 30, 2021,¹ we thought we could help round out your understanding of the collection agency laws by providing an overview of the licensing of collection agencies by the states.

ACTING SUPERINTENDENT ADRIENNE A. HARRIS ANNOUNCES PROPOSED AMENDMENT TO PROTECT CONSUMERS FROM PREDATORY DEBT COLLECTION

Acting Superintendent of Financial Services Adrienne A. Harris today announced that the New York State Department of Financial Services (DFS) proposed a new amendment to 23 NYCRR 1, the Department’s regulation governing debt collectors and debt buyers, to protect consumers from predatory debt collection practices and scams. Considering the findings from DFS’ investigations of abusive and deceptive debt collection, as well as data on consumer complaints to regulators, the Department is proposing the amendment to ensure consumers pay only debts they owe and pay them only once.

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.

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