At a glanceFriday, September 09, 2022

Collection Industry News At A Glance - September 9, 2022
Friday September 9, 2022
This Week's Newsletter: Subscribe for Free - More Information - Advertising


Appeals court rules in favor of credit unions in FCDPA lawsuit

The 11th Circuit Court of Appeals vacated the plaintiff’s standing Thursday in Hunstein v. Preferred Collection and Management Services Inc., a Fair Debt Collection Practices Act (FDCPA) lawsuit.

Read More
CFPB, State Regulators, and Courts Take Aim at Convenience Fees

The first half of 2022 has seen a flurry of state and federal activity attempting to reign in "convenience fees"—fees charged by a creditor, debt collector, or third party to a consumer for making a payment via some means other than a check or cash, such as over the phone, online, or in some other expedited manner. Although state and federal regulators have scrutinized convenience fees in the past, the recent overt hostility at the state and federal levels creates a present risk for creditors, servicers, and debt collectors that might ask a customer to pay those fees.

Read More
CBC Group, Inc. Files Official Notice of a Data Breach Compromising Consumers’ Social Security Numbers

On September 2, 2022, CBC Group, Inc. (“CBC”) reported a data breach with the Attorney General of Montana. According to the CBC, the breach resulted in the names, Social Security numbers, driver’s licenses or government identification card numbers, financial account numbers, and passport numbers of certain individuals being compromised. After confirming the breach and identifying everyone impacted by the breach, CBC Group began sending out data breach letters to all affected parties.

Read More
Vantage West Credit Union Partners with Upstart to Offer a More Streamlined, Digital-first Borrowing Experience

TUCSON, Ariz, & SAN MATEO, Calif.--(BUSINESS WIRE)--Vantage West Credit Union, a leading credit union with more than 170,000 members and assets totaling more than $2.6 billion, today announced that it has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, to provide personal loans to new and existing members across Arizona.

Read More
CFPB and Centers for Medicare and Medicaid Services Take Action to Protect Caregivers and Families from Illegal Nursing Home Debt Collection Practices

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released an Issue Spotlight highlighting some of the difficulties and experiences heard from caregivers about being pursued over friends’ or family members’ alleged debts from nursing home facilities. Based on the findings in the report, the CFPB and the Centers for Medicare & Medicaid Services (CMS) have issued a joint letter  confirming that a nursing care facility may not require that a third-party caregiver personally guarantee payment of a nursing home resident’s bills as a condition of the resident’s admission to the facility.

Read More
Nursing home debt collection

Congress created the Consumer Financial Protection Bureau (CFPB)’s Office of Financial Protection for Older Americans to help older consumers make sound financial decisions as they age, identify and address emerging consumer protection risks, and coordinate these consumer protection efforts with other Federal agencies and State regulators to promote consistent, effective, and efficient enforcement. The office works to find systemic fixes to emerging risks.

Read More
Credit Union Lending, Assets, Insured Shares and Deposits Continue Growth

ALEXANDRIA, Va. (Sept. 7, 2022) – According to the latest financial performance data released today by the National Credit Union Administration, total loans outstanding in federally insured credit unions increased $194 billion, or 16.2 percent, over the year ending in the second quarter of 2022, to $1.39 trillion. This represents the largest year over year growth in loans outstanding in at least two decades. Credit union loan balances also rose in all major categories, compared with the second quarter of 2021.

Read More
CCPA/CPRA Will Apply to Employee AND B2B Data — Five Steps to Prepare for the January 1, 2023 Effective Date

Exemption Extensions Failed. On August 31, California’s legislature ended its 2022 session without adopting legislation to extend the California Consumer Privacy Act (CCPA) employee and business-to-business (B2B) personal information exemptions. In the absence of a special legislative session, these exemptions will expire on January 1, 2023.

Read More
Director Chopra’s Prepared Remarks at the CFPB Field Hearing on Nursing Home Debt Collection Practices

Good afternoon, and thank you all for joining today’s virtual hearing. The pandemic had a devastating impact on residents of nursing homes. Older adults across the country experienced further isolation from their families and friends. Mortality from COVID-19 has been disproportionately borne by those living in long-term care facilities.

Read More
Convoke Launches New Freeform Product

ARLINGTON, Va., Sept. 7, 2022 /PRNewswire/ -- Convoke, a leader in SaaS solutions for the debt collection market, is pleased to announce the launch of a new product: Freeform - a secure and auditable file-sharing tool built for collaboration between credit issuers and third parties.

Read More
FDIC-Insured Institutions Reported Net Income of $64.4 Billion in Second Quarter 2022

WASHINGTON— Reports from 4,771 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reflect aggregate net income of $64.4 billion in second quarter 2022, a decline of $6.0 billion (8.5 percent) from a year ago. An increase in provision expense drove the annual reduction in net income. These and other financial results for second quarter 2022 are included in the FDIC’s latest Quarterly Banking Profile released today.

Read More
Happy “Labor …” More Privacy Rights for Employees: California Legislature Closes Session Without Extending Employee and B2B Data Exemptions Under the CCPA

As summer nears its end, uncertainty and complexity lie ahead for many companies as they evaluate how to operationalize compliance with the California Privacy Rights Act (CPRA), existing California employment laws and potentially the passage of a federal privacy law, the American Data Protection and Privacy Act, H.R. 8152 (ADPPA), that may preempt some but not all rights under the CCPA and the CPRA.  To increase the headache for companies doing business in California, two business friendly exemptions are set to expire at the end of the year.

Read More
President Biden Extends Statute of Limitations for PPP and EIDL Fraud to Ten Years

In August, President Biden signed two bills into law that give the Department of Justice and other federal agencies more time to investigate and prosecute Paycheck Protection Program (“PPP”) and COVID-19 Economic Injury Disaster Loan (“EIDL”) cases. H.R. 7352, the “PPP and Bank Fraud Enforcement Harmonization Act of 2022” and H.R. 7334, the “COVID-19 EIDL Fraud Statute of Limitations Act of 2022” extend the statute of limitations for fraud charges involving PPP and EIDL fraud to ten years.

Read More
Wawa Inc. Settles Multi-State AG Breach Investigation for $8 Million

On July 26, 2022, the attorneys general of New Jersey, Pennsylvania, Delaware, Maryland, Virginia, Florida and Washington D.C. announced an $8 million multistate settlement with Wawa Inc. that resolves the states’ investigation into a 2019 data breach that compromised approximately 34 million payment cards used by consumers at Wawa stores and fueling locations. 

Read More
U.S. Bank CEOs Say Consumers and Businesses Are Still in Good Shape

NEW YORK (Reuters) - U.S. consumers and businesses are still in good financial shape despite high inflation and concerns about a looming recession, some of the nation's top bankers told a conference in New York on Tuesday.

Read More
Fourth Circuit Changes Rule on Finality of Court Ordered Dismissal of Claims without Prejudice

On 17 August 2022, the U.S. Court of Appeals for the Fourth Circuit (the Fourth Circuit) issued an opinion in Britt v. Dejoy1  adopting a new rule regarding the court’s jurisdiction over appeals from a district court’s dismissal of a case without prejudice.

Read More
Rumored Regulation E, EFTA expansion from CFPB is ‘unwise, unlawful’

The Consumer Financial Protection Bureau’s (CFPB) rumored plan to expand Regulation E and the Electronic Fund Transfer Act (EFTA) is unlawful, would contravene the bill’s text, and would run afoul of the Administrative Procedures Act, CUNA wrote to the CFPB Tuesday.

Read More




Independent Recovery Resources, Inc. (IRR)

(866) 271-6721

Read More

Industry Events

2022 Washington DC Regional Event

RMAI once again combines advocacy, education, and baseball to hit a networking home run – this time in Washington, D.C. RMAI regional events have changed from year to year, but they always sell out, so reserve your sponsorship and register early.

Washington DC ,
September 26 - 27 , 2022

916 482 2462

Fall Forum 2022

ACA International

Radisson Blu Aqua
Chicago , IL
November 02 - 04 , 2022

800 269 1607

RMAi 2023 Annual Conference

Join us in Las Vegas, February 6-9, for the 2023 RMAI Annual Conference. Registration opens October 3, 2022.

Las Vegas , Nevada
February 06 - 09 , 2023

916 462 2462