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CFPB Adds “Discrimination” to its “Unfair, Deceptive, or Abusive Acts and Practices” (UDAAP) Examination Guidance
On March 16, 2022, the Consumer Financial Protection Bureau (CFPB) announced its intent to address discrimination as an “unfair practice” under the Consumer Financial Protection Act (commonly known as Dodd-Frank). Specifically, by indicating that discrimination falls within “unfair practices” in its Exam Manual, the CFPB has authorized its examiners to look “beyond discrimination directly connected to fair lending laws” and ask companies to “review any policies or practices that exclude individuals from products and services, or offer products or services with different terms, in an unfairly discriminatory manner.”[1]
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Kinecta Joins the Worldwide Foundation for Credit Unions’ Ukrainian Credit Union Displacement Fund Campaign and Commits up to $50,000
MANHATTAN BEACH, Calif., April 5, 2022 /PRNewswire/ -- Kinecta Federal Credit Union joins the Worldwide Foundation for Credit Unions, the fundraising and engagement arm of the World Council of Credit Unions (WOCCU), on its Ukrainian Credit Union Displacement Fund campaign. Kinecta is committed to supporting those impacted by the ongoing crisis and asks members and non-members to make donations at any of its locations or online at https://kinecta.ejoinme.org/ukrainianrelief through April 18, 2022. For every $1 donated, Kinecta will match $2 towards Ukrainian relief efforts up to $50,000.
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CFPB Finds Payday Borrowers Continue to Pay Significant Rollover Fees Despite State-Level Protections and Payment Plans
A report published today by the Consumer Financial Protection Bureau (CFPB) shows few payday loan borrowers are benefiting from no-cost extended payment plans, which are required to be offered to borrowers in the majority of states that do not prohibit payday lending. Instead of using the payment plans, borrowers continue to pay for costly loan rollovers. While no-cost extended payment plans are meant to help borrowers exit the cycle of rollovers and fees, the payday business model continues to depend on high rollover rates and fees.
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Biden-Harris Administration Extends Student Loan Pause Through August 31
Today, the U.S. Department of Education (Department) announced an extension of the pause on student loan repayment, interest, and collections through August 31, 2022. While the economy continues to improve and COVID cases continue to decline, President Biden has made clear the continuing need to respond to the pandemic and its economic consequences, as well as to allow for the responsible phase-down of pandemic relief.
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CFPB files amicus brief in Wells Fargo servicing lawsuit
The Consumer Financial Protection Bureau on Monday filed an amicus brief in a 9th U.S. Circuit Court of Appeals lawsuit that broadly interprets the responsibility servicers have in answering borrower questions.
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21 Attorneys General Urged CFPB to Regulate BNPL
On March 25, the Consumer Financial Protection Bureau (CFPB) closed its request for comments regarding the inquiry on buy now, pay later (BNPL) that it launched in December. PYMNTS assessed the 44 public comments available on the government website, and the vast majority of them urged the CFPB to increase transparency and information disclosure requirements from BNPL firms.
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Don Hill 1942-2022
It is with great sadness that we share the news of the passing of Don Hill, our good friend and business associate. He will be missed greatly. The obituary link is: https://www.restlandfuneralhome.com/obituaries/Donald-Hill-28/#!/Obituary
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Remitter appoints Holly Balchan as EVP Business Integration
April 5 2022, Phoenix, Arizona] Remitter USA Inc., an AI powered digital communications platform used to improve payment recovery, has appointed leading Accounts Receivables Management professional Holly Balchan to head its Business Integration initiatives. Balchan joins the team from Mercantile Adjustment Bureau, which was acquired by Remitter in October 2021, where she headed business development and special projects. She started her career, which includes consulting & advisory services, in ARM directly from college, working for a then leading asset buyer, prior to joining a tier one collection agency heading up its business development.
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TCN to Participate in Consumer Relations Consortium’s Innovation Council Spring 2022 Meeting to Advance Technology Solutions for the ARM and Collections Industry
The Consumer Relations Consortium’s (CRC) Innovation Council is an initiative developed by insideARM and the iA Institute that works to redefine the significant issues impacting the collections industry. This council enables members, composed of senior technology, strategy, operations and compliance executives, to work together and share operational insights and best practices with consumer groups and regulators in order to implement better processes, procedures and solutions across the industry.
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Mortgage delinquencies rose for the first time in 9 months. Here’s what that means for the housing market.
Mortgage delinquencies are on the rise. Indeed, in February, the national delinquency rate rose for the first time in 9 months, largely driven by a 97,000 rise in early-stage delinquencies — or those that were 30 – 60 days past due, according to new data based on month-end mortgage performance statistics from Black Knight, a mortgage and real estate data and analytics company. The number of properties that are 30 or more days past due or in foreclosure reached approximately 1.95 million nationwide, while total U.S. foreclosure starts hit 25,000, up 541% from the same time last year, Black Knight revealed.
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Mortgage and refinance rates today, April 5, 2022
Average mortgage rates fell modestly yesterday. And they’re now appreciably lower than they were on Mar. 25, which was when we saw the last giant rise. But they remain much higher than they were before that day.
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Medical debt, ‘a persistent problem,’ hits $195 billion in U.S.
Nearly one in 10 adults owe medical debt of at least $250 as of December 2019, according to “The Burden of Medical Debt in the United States,” published by the Peterson Center on Healthcare and Kaiser Family Foundation (KFF).
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Helping borrowers hold mortgage servicers accountable
On Monday, the Consumer Financial Protection Bureau (CFPB) filed a friend-of-the-court (“amicus”) brief in McCoy v. Wells Fargo Bank, N.A., a case in which two mortgage borrowers sued their loan servicer for refusing to answer their questions about their loans. Wells Fargo argued that it is not required to answer these written questions from its borrowers despite clear obligations in federal law, and that is the issue now before the U.S. Court of Appeals for the Ninth Circuit.
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Student-loan payment plans that are based on income have failed borrowers — a new report revealed they’re ‘worse than we expected,’ a top Democrat says
The failure of student-loan repayment plans based on income is no secret, but a new investigation from NPR revealed the flaws with those plans are much worse than anyone had thought.
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ACA Issues Clarifying Comments to CFPB on ARM Industry’s Use of
ACA International submitted comments to the Consumer Financial Protection Bureau on its Request for Information (RFI) regarding fees related to consumer financial products and services April 1 clarifying the use of fees in the debt collection industry.
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Compliance: NCUA final rule on ‘service facility’ definition
NCUA issued a Letter to Federal Credit Unions (22-FCU-02) on the final rule amending the definition of “service facility” for multiple common-bond credit unions. The rule became effective Dec. 27, 2021.
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House Financial Services GOP Concerned About ‘Regulatory Overreach’ in CFPB’s RFI on Fees
Republican members of the House Financial Services Committee submitted questions on the Consumer Financial Protection Bureau’s Request for Information on convenience fees to Director Rohit Chopra March 31 and subsequently held a hearing, “The End of Overdraft Fees? Examining the Movement to Eliminate the Fees Costing Consumers Billions” with the Subcommittee on Consumer Protection and Financial Institutions.
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Repeat Offenders, Beware! CFPB Director Announces Enforcement Strategy; Takes Shot at Financial Services Regulators of the Past
CFPB Director Rohit Chopra has signaled that he is ready to take on corporate recidivism in the financial services industry. He gave the University of Pennsylvania Program on Regulation's 11th Annual Distinguished Lecture, "Reining in Repeat Offenders," on March 28, 2022. Chopra offered his thoughts about the measures CFPB and other agencies could take to curb repeat violations of financial services laws.
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CFPB Report Shows Credit Card Late Fees Declining, Below Set Limits
The Consumer Financial Protection Bureau published on March 29 a report on credit card late fees where the regulator provided data about the amount of late fees charged by type of consumer. The main findings from the report are that credit card late fees have been in decline for the last few years and consumers with lower credit scores incurred more late fees than consumers with better scores.
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DC Protects Consumers From Unjust Debt Collection Practices Amendment Act of 2021
On March 15, the D.C. Council of the District of Columbia Committee of the Whole met in a full hearing, in part to hear amendments introduced to B24-0357 by Councilmember and Chair Phil Mendelson (D).
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Nebraskans lost $19.7M to cybercrime in 2021, per FBI’s Internet Crime Report for 2021
OMAHA, Neb. (KMTV) — On Thursday, the Federal Bureau of Investigation's Omaha Field Office distributed the FBI's Internet Crime Report for 2021. The Internet Crime Complaint Center (IC3) determined in the annual report that Nebraskans lost $19.7 million, while Iowans lost approximately $33.8 million to cybercrime in 2021.
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California’s low-income college students are stuck in unfair debt – TheHitc
As if remote learning, quarantines and sick family members were not enough, hundreds of thousands of California’s most financially vulnerable college students now face an additional challenge: surprise debts owed to their community colleges and public universities.
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Hospitals can use Equifax to gauge patients’ propensity to pay, court rules
Hospitals can use financial reports from Equifax and other credit reporting agencies to help determine a patient's propensity to pay medical debt under Medicare rules, a federal district court ruled March 29.
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100,000 student loan borrowers have had their debt forgiven under this policy fix
More than 100,000 borrowers will receive student debt forgiveness thanks to policy fixes made to the public service loan forgiveness program. The relief amounts to more than $6 billion, according to new data released by the U.S. Department of Education.
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CFPB Issues Warning About Contractual Gag Clauses and Consumer Reviews
On March 22, 2022 the CFPB issued a policy statement on contractual “gag” clauses and fake review fraud. While the bulleting indicates that financial companies will face consequences for illegally manipulating or suppressing consumer reviews, the message is one with broader implications for all digital marketers.
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CFPB Report Shows Credit Card Late Fees Declining, Below Set Limits
The Consumer Financial Protection Bureau published on March 29 a report on credit card late fees where the regulator provided data about the amount of late fees charged by type of consumer. The main findings from the report are that credit card late fees have been in decline for the last few years and consumers with lower credit scores incurred more late fees than consumers with better scores.
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FY 2021 Office of Minority and Women Inclusion (OMWI) annual report to Congress
The FY 2021 OMWI annual report to Congress provides detailed information about the diversity and inclusion work of the Consumer Financial Protection Bureau from Oct. 1, 2020 through Sept. 30, 2021, unless otherwise noted. The diversity and inclusion work of the Bureau aligns closely with the Biden-Harris Administration’s Executive Order on Advancing Racial Equity and Support for Underserved Communities Through the Federal Government , the Executive Order on Diversity, Equity, Inclusion, and Accessibility in the Federal Workforce , with the Bureau’s Strategic Plan, and with racial and economic equity.
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FTC Takes Action Against Multistate Auto Dealer Napleton for Sneaking Illegal Junk Fees onto Bills and Discriminating Against Black Consumers
The Federal Trade Commission and the State of Illinois are taking action against Napleton a large, multistate auto dealer group based in Illinois, for sneaking illegal junk fees for unwanted “add-ons” onto customers’ bills and for discriminating against Black consumers by charging them more for financing. Napleton will pay $10 million to settle the lawsuit brought by the FTC and the State of Illinois, a record-setting monetary judgment for an FTC auto lending case.
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FDIC Consumer Compliance Supervisory Highlights
The FDIC’s Consumer Compliance Supervisory Highlights is a publication that features articles of interest to the banking industry. Its purpose is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and provide a high-level overview of consumer compliance issues identified in 2021 through the FDIC’s supervision of state non-member banks and thrifts. Topics include supervisory observations related to consumer protection laws, examples of practices that may be useful to institutions in mitigating risks, regulatory developments, consumer compliance resources, and an overview of consumer complaint trends.
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Attorney General Bonta, Senator Talamantes Eggman, and Senate President Pro Tempore Atkins Announce Legislation to Strengthen Consumer Protections for Military Service Members
SACRAMENTO – California Attorney General Rob Bonta, Senator Susan Talamantes Eggman (D-Stockton), and Senate President pro Tempore Toni Atkins (D-San Diego) today announced Senate Bill 1311 (SB 1311), which will extend additional legal and financial protections for active duty and reserve component service members and their families. SB 1311, jointly authored by Senator Talamantes Eggman and Pro Tem Atkins, and sponsored by Attorney General Bonta, stems from the California Department of Justice’s investigation and prosecution of businesses that have targeted service members and military families.
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Extending the student-loan payment pause is a ‘shortsighted’ and ‘unfair deal for the vast majority of Americans,’ a GOP senator says
Sen. Joni Ernst of Iowa, along with Sen. Chuck Grassley, introduced the STUDENT Act last week, which would provide borrowers applying for student loans an estimate of the total amount of interest they would pay based on a ten-year repayment plan. As pressure is mounting for President Joe Biden to extend the pause on student-loan payments, Ernst said her legislation should be considered, instead.
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Attorney General James Urges Former Students Deceived by DeVry University to Apply for Federal Loan Discharge
NEW YORK – New York Attorney General Letitia James today sent letters to thousands of former students who attended DeVry University or DeVry/New York, Inc. (DeVry) to encourage them to apply for a federal loan discharge if they believe they were deceived by the university when they applied. State and federal investigations into DeVry found that the university inflated its job placement statistics and salaries in marketing materials to lure students.
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Overdraft fees can price people out of banking
In 2019, banks and credit unions collected an estimated $15.5 billion from their customers through overdraft and non-sufficient funds fees. These fees are charged when the financial institution determines that a customer’s checking account does not have the funds to cover an expense. They are often assessed for reasons people do not expect or understand, chip away at needed income including public benefits, and take a heavy toll on families living paycheck to paycheck. And, overdraft fees can ultimately drive people out of banking altogether.
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Short-term personal loan rates plunge to new record low in March
Personal loans are a popular financing tool because they offer fast, lump-sum funding that you repay in predictable monthly installments at a fixed interest rate. Since this is an unsecured loan, lenders may deposit the funds directly into your bank account as soon as the next business day upon loan approval.
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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!
Our team can always be reached at crs@resourcemanagement.com
May 25 -
27 ,
2022 562-906-1101
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RMAi
The Osthoff Resort
Elkhart LakeI , WI
August 02 -
04 ,
2022 9164822462
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