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As auto prices soar, more buyers take out 6½- and 7-year loans
The surge in auto prices in the second half of 2021 has pushed more consumers to take out auto loans that stretch beyond six years, according to a new report analyzing how millions of consumers finance the vehicles they have purchased.
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U.S. REP. AL LAWSON RE-INTRODUCES BILL TO PROTECT SMALL BUSINESSES FROM HARASSMENT BY DEBT COLLECTORS
WASHINGTON, D.C. — Today, Rep. Al Lawson (FL-05) re-introduced the Small Business Fair Debt Collection Protection Act which safeguards small businesses from harassment by third-party debt collectors. The bill extends protections under the Fair Debt Collection Practices Act (FDCPA) to small businesses with loans or obligations that are less than $5 million so that debt collectors have guardrails on what they can do to collect these debts.
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Black Knight: Foreclosure Starts Surge Sevenfold in January, Hitting Highest Level in Two Years; Though Volumes Rising, Still 20% Below Pre-Pandemic Levels (yahoo.com)
JACKSONVILLE, Fla., Feb. 24, 2022 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) reports the following "first look" at January 2022 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
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FCC Announces Growth in State-Federal Robocall Enforcement
Federal Communications Commission Chair Jessica Rosenworcel recently welcomed new state law enforcement leaders to the agency’s growing list of illegal robocall enforcement partnerships, according to a news release.
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2 in 3 Credit Union Members Want to See More Innovation Around Business Loans
Credit unions have long been known for personalized services and high levels of member satisfaction. But new evidence also suggests they’re also uniquely suited to serving businesses’ financial needs, as they can often offer businesses better service and better terms than larger financial institutions.
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Colorado Senate Approves Consumer Debt Protection Bill
Colorado is seeking to increase the amount of the homestead exemptions that are protected from seizure to satisfy a debt in a bill from Democrat State Sen. Faith Winter and Democrat State Rep. Matt Gray.
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Consumer Financial Protection Bureau Outlines Options To Prevent Algorithmic Bias In Home Valuations
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today outlined options to ensure that computer models used to help determine home valuations are accurate and fair. The options will now be reviewed to determine their potential impact on small businesses.
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Biden to forgive another $415 M in student loan debt—here’s who gets it
Last week, the U.S. Department of Education announced that about 16,000 defrauded student loan borrowers will receive a collective $415 million in debt forgiveness. That’s on top of the approximately $15 billion in federal student loans that have been forgiven during President Joe Biden’s tenure thus far.
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Attorney General Ford Urges Federal Trade Commission to Create National Rule Outlawing Impersonation Scams
Carson City, NV — Today, Attorney General Aaron D. Ford announced he has joined a bipartisan coalition of 49 attorneys general calling on the Federal Trade Commission to adopt a national rule targeting impersonation scams.
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CFPB to increase oversight of automated valuation models
The Consumer Financial Protection Bureau (CFPB) has announced that it is ramping up its oversight of automated valuation models after the Federal Housing Finance Agency discovered discriminatory statements in some home appraisals.
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Rising car prices means more auto loan debt
Earlier this month, the Bureau of Labor Statistics released data regarding changes to the Consumer Price Index (CPI), which is one measure of inflation. The increasing cost of automobiles continues to be a major component of inflation, as many manufacturers face difficulties procuring chips that are a key component in cars and are therefore producing fewer new cars.
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CFPB interpretation of convenience fees under FCDPA is improper
The Consumer Financial Protection Bureau’s strict interpretation of “permitted by law” in the Fair Debt Collection Practices Act is improper, and will deprive consumers’ of important, cost-saving choices, CUNA and other organizations wrote in a brief filed Tuesday in the 9th U.S. Circuit Court of Appeals.
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FCC Proposes Largest Illegal Robocall Fine to Date
The FCC has proposed its largest illegal robocall fine ever — a $45 million fine against telemarketing company Interstate Brokers of America. According to the commission, the company conducted an illegal robocall campaign to sell health insurance under the pretense that the annual enrollment period had been reopened due to the coronavirus pandemic.
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CFPB Warns of Serious Issues with Fair Lending Standards for Appraisers
The Consumer Financial Protection Bureau (“CFPB”) released a blog post on February 4 warning of the possibility of discrimination in the appraisal process. The CFPB explained that, although appraisal discrimination based on racial inequalities has been outlawed for more than 50 years, they are still seeing reports of biased appraisers who “base their value judgments on biased, unfounded assumptions about borrowers and the neighborhoods in which they live.”
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Average mortgage loan size holds near record despite 4% rates
Mortgage rates continue to climb, putting a damper on interest in mortgage applications. Demand for applications dropped 13.1% from a week ago, according to the weekly survey from the Mortgage Banker's Association.
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Housing: Where prices to buy or rent a home are rising the fastest
Realtor.com Chief Economist Danielle Hale joins Yahoo Finance Live to discuss the latest national home pricing index data, inflation in renting prices for both landlords and renters, mortgage rents in the pandemic, and compares metro area costs for homebuyers.
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Consumer Financial Protection Bureau Outlines Options To Prevent Algorithmic Bias In Home Valuations
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today outlined options to ensure that computer models used to help determine home valuations are accurate and fair. The options will now be reviewed to determine their potential impact on small businesses.
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Capital One Reaches $190 Million Settlement In Connection with 2019 Data Breach
The saga of the Capital One data breach, which impacted an estimated 106 million individuals in the U.S. and Canada, may soon be coming to an end. After more than two years of litigation, the parties have reached a settlement that would resolve existing and future consumer claims arising out of the 2019 breach which impacted Capital One customer information stored in the Amazon Web Services (AWS) cloud environment. If the settlement is approved, it will be one of the largest in any multidistrict data breach litigation.
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Court Releases Recording of Hunstein Oral Argument
A recording of the oral argument before the 11th Circuit Court of Appeals en banc panel is available in Hunstein v. Preferred Collection and Management Services Inc.
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Ocwen agrees to pay $1.5M to settle class action
Nonbank mortgage servicer Ocwen agreed to pay $1.5 million to settle a class action lawsuit regarding alleged phone conversations recorded without clients’ consent.
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FTC Staff Provides Annual Letter to CFPB On 2021 Equal Credit Opportunity Act Activities
The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its activities enforcing the Equal Credit Opportunity Act (ECOA).
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New Data Shows FTC Received 2.8 Million Fraud Reports from Consumers in 2021
Newly released Federal Trade Commission data shows that consumers reported losing more than $5.8 billion to fraud in 2021, an increase of more than 70 percent over the previous year. The FTC received fraud reports from more than 2.8 million consumers last year, with the most commonly reported category once again being imposter scams, followed by online shopping scams.
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Using special purpose credit programs to serve unmet credit needs
Far too many minority households and businesses continue to lack fair and equitable access to credit. This critical unmet need, coupled with historic and ongoing discrimination such as redlining, has exacerbated our racial wealth divide and continues to leave many communities shut out from and underserved by lenders.
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Fair Lending: Interagency Statement on Special Purpose Credit Programs
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Board (CFPB), the U.S. Department of Housing and Urban Development (HUD), and the Federal Housing Finance Agency (collectively, the agencies) today published an interagency statement regarding special purpose credit programs (SPCP) under the Equal Credit Opportunity Act (ECOA), and its implementing regulation, Regulation B.
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Serious Delinquency Rate for All Mortgage Loan Types Down from Last Year
The nation’s overall mortgage delinquency rates have improved significantly over the last year, according to the latest CoreLogic Loan Performance Insights Report. Data shows the serious delinquency rate for November 2021 declined 1.9 percentage points from 12 months prior to 2%.[1] When compared to the peak serious delinquency rate for mortgages in August 2020, the rate last November was down 2.3 percentage points. Declines in local unemployment rates, a rapid rise in home prices and demand for housing have helped reduce the overall delinquency rate. Loan product mixes also contribute to the national delinquency rate, and this blog explores mortgage default trends by loan type.
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Jackson Lewis Class Action Trends Report 2022: Supreme Court News
The U.S. Supreme Court in 2021 issued a significant decision on Article III standing in the context of a class action brought under the Fair Credit Reporting Act (FCRA). The Court also granted certiorari in cases that will have important implications for employers’ right to pursue arbitration (in lieu of costly litigation).
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Inaccurate Small Business Credit Reports Can Block Access to Loans
The COVID-19 pandemic has been devastating for many American small businesses, who have struggled to navigate the economic turmoil caused by the virus. The hardships endured by small businesses and entrepreneurs include damage to their credit histories. Similar to how a bank or credit card company might pull your personal credit report from a consumer reporting company like Equifax, TransUnion or Experian before offering you a loan, creditors rely on data from specialized companies when deciding whether to lend to small businesses.
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AB-2839 California Financing Law: Pilot Program for Increased Access to Responsible Small Dollar Loans: Department of Financial Protection
AB 2839, as introduced, Villapudua. California Financing Law: Pilot Program for Increased Access to Responsible Small Dollar Loans: Department of Financial Protection and Innovation. Previous law established the Department of Business Oversight in the Business, Consumer Services, and Housing Agency, headed by the Commissioner of Business Oversight. In 2019 the department was renamed the as the “Department of Financial Protection and Innovation.”
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Transmission of Consumer Information to Vendor May Constitute Violation of FDCPA
The Eastern District of Pennsylvania is the most recent federal district court to adopt Hunstein v. Preferred Collection and Mgmt. Svcs., Inc., 17 F.4th 1016 (11th Cir. 2021) by holding that the transmission of information to a vendor was a “communication” to a “person,” satisfying the “in connection with the collection of any debt” prong of Section 1692c(b) of the Fair Debt Collection Practices Act, 15 U.S.C. § 1692 et. seq.
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TransUnion to Offer Credit Checks for Blockchain Lenders
TransUnion recently announced it will make off-chain credit data available on public blockchain networks through Spring Labs’ ky0x Digital Passport, which enables Web3/Decentralized Finance (DeFi) applications or smart contracts to access off-chain identity, compliance, credit, and other custom data with lines of code.
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Maryland Joins Other States Proposing Commercial Finance Disclosure Laws: Truth-in-Lending Type Disclosures in Commercial Loans
Earlier this month, Maryland State Senator Benjamin K. Kramer introduced Senate Bill 825 titled “Consumer Credit – Commercial Financing Transactions.” Although not obvious from the bill’s title, it contains legislation substantially similar to the Commercial Finance Disclosure Law (CFDL) passed in New York last year. (N.Y. Fin. Serv. Law § 801 et seq.).
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AG’s Office Recovers $5.56 Million From Subprime Auto Lender, Secures Debt Relief for Consumers
BOSTON — A subprime auto lender will pay $5.56 million to resolve allegations that it did not provide sufficient disclosures to consumers as it pertains to the company’s auto loan debt collection practices, Massachusetts Attorney General Maura Healey announced today.
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An Inconvenient Decision on Convenience Fees
Last month, the Fourth Circuit Court of Appeals rendered a decision regarding convenience fees in Alexander v. Carrington Mortgage Services, LLC, 23 F.4th 370 (4th Cir. 2022), which potentially spells trouble for loan servicers offering additional, optional payment options to consumers in exchange for a small convenience fee.
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American Fair Credit Council
Four Seasons Hotel
New Orleans , LA
March 27 -
29 ,
2022 (888) 657-8272
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Resource Management Services, Inc.
Our live Collection and Recovery Solutions event will be held May 25 – 27 at the Four Seasons in Las Vegas. We hope you can join us! More details will be provided soon.
Our team can always be reached at crs@resourcemanagement.com
May 25 -
27 ,
2022 562-906-1101
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