Reported crypto scam losses since 2021 top $1 billion, says FTC Data Spotlight

Let’s call it The Recliner Interval – the time it takes for an obscure niche product to start running prime time TV commercials. It’s a made-up metric, of course, but a few hours in front of the TV will demonstrate that advertising for cryptocurrency has gone mainstream. Now here’s a metric that isn’t made up. According to the latest FTC Consumer Protection Data Spotlight, since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams. That’s about one out of every four dollars reportedly lost to fraud during that period.

Debt Collectors Beware: Court Certifies TCPA Suit Involving ATDS Calls to Skiptraced Numbers—And There’s a Twist

As TCPA becomes more advanced recently with issues like Berman and Javier popping up, we still need to keep in mind the basics. Don’t call skip trace numbers using an ATDS—nothing more basic that that.

WHITEHOUSE, MERKLEY INTRODUCE BILL TO SIMPLIFY, STRENGTHEN THE PUBLIC SERVICE LOAN FORGIVENESS PROGRAM

Washington, DC – Senators Sheldon Whitehouse (D-RI) and Jeff Merkley (D-OR) unveiled today the Simplifying and Strengthening PSLF Act, to streamline and improve the troubled federal program to help Americans pursuing careers in public service – like firefighters, teachers, police officers, and those working for nonprofits – have their student loan debt forgiven.

FTC Staff Provides Annual Report to CFPB On 2021 Activities Regarding Financial Acts

The staff of the Federal Trade Commission has provided its annual report to the Consumer Financial Protection Bureau on its enforcement and related activities in 2021 regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA).

CFPB Diversity, Equity, Inclusion, and Accessibility Strategic Plan FY 2022 – FY 2026

The Diversity, Equity, Inclusion, and Accessibility (DEIA) Strategic Plan covers the period of FY 2022-2026. The Plan guides CFPB’s efforts in promoting diversity, equity, inclusion, and accessibility in its workforce, supplier diversity, and work to promote diversity and inclusion in Financial Services. The Plan centers around six principal DEIA goals and identifies goals and actions the Bureau seeks to advance. The five-year DEIA Strategic Plan is grounded in the work CFPB does in compliance with Section 342 of the Dodd-Frank Act.

CFPB Interpretative Rule Clarifies States’ Enforcement Authority

The Consumer Financial Protection Bureau has published an interpretive rule in the Federal Register, effective May 26, to provide clarity on states’ enforcement authority under the Consumer Financial Protection Act (CFPA).

Protecting servicemembers from abuses of the military allotment system

For years, we’ve warned of how companies position themselves just outside the gates of military bases to target servicemembers with costly loans and expensive contracts for items like cars, furniture, and electronics.

LAWSUITS & COMPLAINTS MOSTLY DOWN: WEBRECON STATS FOR APRIL 2022

In April, CFPB complaints (-2.4%) and consumer lawsuits (TCPA -2.5%, FDCPA -24.2%) were mostly down, with the exception being FCRA litigation (+4.0%) which was up. This closely follows the YTD trend so far, with TCPA (-35.2%) and FDCPA (12.4%) down and FCRA (+6.7%) up, while CFPB complaints (-.7%) are down a sliver.

The CFPB’s New Focus on Medical Debt Collection

Medical service providers who engage in medical billing, debt collection, and credit reporting are the focus of new regulations and regulatory enforcement efforts.  Civil litigation is sure to follow.  Under the direction of its new Director, Rohit Chopra, the Consumer Financial Protection Bureau “is working to stop unfair medical debt collection and coercive credit reporting practices that add to the strain on American families.

California Supreme Court Expands Remedies Available Against Companies that Finance Consumer Purchases of Automobiles or Other Durable Goods

The Federal Trade Commission requires that certain consumer sales contracts contain specific language allowing the consumer to assert any claims or defenses, against a creditor financing the purchase, that the consumer could assert against the seller of the goods. This is known as the “Holder Rule,” 16 C.F.R. § 433.2, and it is intended to protect consumers against having to repay money borrowed to finance the purchase of goods that ultimately turn out to be shoddy.

California Privacy Protection Agency Board Takes Steps Toward First Official Rulemaking

On June 8, 2022, the California Privacy Protection Agency (CPPA) Board, will meet to discuss and take potential action regarding a draft of its proposed regulations. The June 8^th public meeting includes an agenda item where the CPPA Board will consider “possible action regarding proposed regulations … including possible notice of proposed action.”

DFPI Seeks Public Comment on Oversight of Crypto Asset-Related Financial Products and Services Under the California Consumer Financial Protection Law

SACRAMENTO – Governor Gavin Newsom issued Executive Order N-9-22 (Executive Order) on May 4, 2022, to foster responsible innovation, bolster California’s innovation economy, and protect consumers. In his announcement, Governor Newsom outlined his aim to create a transparent regulatory and business environment for web3 companies which harmonizes federal and California approaches, balances the benefits and risks to consumers, and incorporates California values such as equity, inclusivity, and environmental protection.

Attorney General Bonta: Borrowers Defrauded by Corinthian Colleges Will Receive $5.8 Billion in Student Loan Debt Relief

OAKLAND – California Attorney General Rob Bonta today celebrated the Department of Education’s (ED) decision to grant federal student loan debt relief to 560,000 borrowers who attended Corinthian Colleges, a now-defunct for-profit college that operated dozens of campuses across California. Today’s decision is the culmination of a decade-long legal battle by the California Department of Justice (CADOJ) to hold Corinthian Colleges accountable for its predatory conduct and to compel ED to process debt relief claims submitted by students who took out federal student loans to attend Corinthian Colleges.

Credit Unions Amass Largest Share of the Automotive Finance Market in Five Years

SCHAUMBURG, Ill., June 02, 2022--(BUSINESS WIRE)--Through the first three months of 2022, there were some shifts in the automotive finance market, most notably, significant growth for credit unions. According to Experian’s State of the Automotive Finance Market: Q1 2022 report, credit unions amassed 22.06% of the total automotive finance market, up from 18.55% a year prior.

Education Department Approves $5.8 Billion Group Discharge to Cancel all Remaining Loans for 560,000 Borrowers who Attended Corinthian

Today, the U.S. Department of Education (Department) announced it will discharge all remaining federal student loans borrowed to attend any campus owned or operated by Corinthian Colleges Inc. (Corinthian) from its founding in 1995 through its closure in April 2015. This will result in 560,000 borrowers receiving $5.8 billion in full loan discharges. This includes borrowers who have not yet applied for a borrower defense discharge, who will have their Corinthian loans discharged without any additional action on their part.

BayPort Credit Union Wins Industry CUNA Marketing Award for Checking Campaign

NEWPORT NEWS, Va., June 1, 2022 /PRNewswire/ -- BayPort Credit Union is pleased to announce it was honored with a Diamond Award by the Credit Union National Association (CUNA) Marketing and Business Development Council for Excellence in Marketing at the March 2022 Council Conference.

California Privacy Bill Draft Sidesteps Key Personal Data Collection Issues

The California Privacy Protection Agency unveiled a preliminary draft of its proposed privacy regulation on May 27, hidden in the announcement of its next public meeting on June 8.

CFPB, NY Reach $4M Settlement with Debt Collection Operation

On May 23, the CFPB and the New York Attorney General’s office filed a proposed stipulated judgment in federal district court against a debt collection operation, including several companies and individuals, to resolve allegations that the operation engaged in deceptive tactics to induce consumer payments. The complaint, filed in 2020, alleged that the defendants violated the CFPA, FDCPA, and various New York laws to induce consumer payments by (i) falsely claiming arrest and imprisonment for failure to pay, (ii) falsely threatening legal action, (iii) inflating debt amounts owed, (iv) harassing debt collection victims by contacting family members, coworkers, employers, and friends, (v) placing harassing phone calls to debtors, and (vi) failing to provide statutorily required notices.

A Note on the Expected Expiration of Federal Student Loan Forbearance

On April 6, 2022, the Department of Education (DoEd) announced a new extension on the forbearance provision for federal student loans, which is now set to expire on August 31, 2022, almost 30 months after being set for the first time.² These measures—originally intended for a period of 60 days—applied exclusively to federal student loans owned by the Department of Education, a little more than 80 percent of the current $1.75 trillion outstanding student loan debt.

FTC says credit repair business doubled as a pyramid scheme

For the second time this month, the FTC has sued a credit repair operation that it says combined fake promises to swiftly and substantially boost people’s credit scores with the offer of a bogus money-making opportunity selling credit repair services. In this latest case, the FTC says the supposed money-making opportunity was a pyramid scheme.

60 percent of student loan borrowers made no payments during the pandemic freeze

Almost 60 percent of borrowers with loans from the Department of Education did not make any payments on their loans during a freeze officials instituted in response to the COVID-19 pandemic. 

BLACK KNIGHT’S FIRST LOOK AT APRIL 2022 MORTGAGE DATA

JACKSONVILLE, Fla. – May 20, 2022 – Black Knight, Inc. (NYSE:BKI) reports the following “first look” at April 2022 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

Federal Trade Commission Returns More Than $255,000 To Consumers Harmed by Abusive Debt Collector Vantage Point Services

The Federal Trade Commission is sending 5,726 checks totaling more than $255,000 to consumers who were harmed by Vantage Point Services’ illegal debt collection practices.

Common Cybersecurity Terms That Are Often Confused

The jargon around cybersecurity is cryptic and confusing, which is exactly what criminals want. But understanding these terms can help you keep safe.

New laws and more affordable lenders could upend the payday loan market

Inflation has come down especially hard on people already struggling to put gas in their tanks and groceries in their refrigerators. For many, a payday loan may seem like the only way to get necessary cash. In recent years, however, as more states set restrictions on risky, short-term loans, new lenders offering lower-cost small loans have cropped up, making it easier than before to find an affordable loan that won’t drag you into unmanageable debt.

NCUA Issues Two Prohibition Orders, One Notice in May 2022

ALEXANDRIA, Va. (May 31, 2022) – The National Credit Union Administration issued two prohibition orders and one notice of prohibition in May. These individuals are prohibited from participating in the affairs of any federally insured depository institution.

TCN Celebrates Three Industry Award Wins for 2021 Consumer Insights About Customer Service Survey

TCN, Inc., a global provider of a comprehensive cloud-based call center platform for enterprises, contact centers, BPOs, and collection agencies, announced that it has won three industry awards for its “2021 Consumer Insights about Customer Service” survey. TCN was recognized by 2022 Hermes Creative Awards as a platinum winner in both “Best eBook” and “Best Research/Study” categories. TCN also received a gold award, the highest honor, in “Best Branded Content (eBook)” category for the eBook by 2022 Communicator Awards.

Utah and Connecticut enact comprehensive data privacy laws

Connecticut and Utah both enacted comprehensive privacy laws this spring. On March 24, 2022, Utah became the fourth state to enact a comprehensive data privacy law when Governor Spencer Cox signed Senate Bill 227, known as the Utah Consumer Privacy Act (“UCPA”). Connecticut Governor Ned Lamont signed Public Act No. 22-15, “An Act Concerning Personal Data Privacy and Online Privacy” on May 10.

Defendants in CFPB Case Argue that Debt Buyers are not “Covered Persons” and the CFPB’s Vague Allegations are Unfair

Defendants in a Fair Debt Collection Practices Act and Consumer Financial Protection Act case filed by the Consumer Financial Protection Bureau have filed motions to dismiss the complaint on the grounds that the bureau has not established standing for its claims and its vague allegations are unfair under court procedure and the Fifth Amendment.

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