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Wednesday September 14, 2022 |
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Wells Fargo in $94 million settlement over mortgage forbearance during pandemic
(Reuters) - Wells Fargo & Co has reached a $94 million settlement to resolve class-action claims it sent more than 200,000 struggling mortgage borrowers into forbearance during the COVID-19 pandemic without their consent.
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FTC, CFPB Submit Amicus Brief Defending Consumers’ Ability to Dispute Inaccurate Items on Credit Reports
The Federal Trade Commission joined the Consumer Financial Protection Bureau (CFPB) in filing an amicus brief with the U.S. Court of Appeals for the Third District in the case of Ingram v. Experian. The brief asks the appeals court to overturn a lower court’s decision that could create an exception to the Fair Credit Reporting Act (FCRA) allowing furnishers of credit information to decline to investigate when consumers dispute inaccurate information in certain circumstances. The brief argues that the holding could undercut a key protection provided by the FCRA that allows consumers to dispute and correct inaccurate information in their credit reports.
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U.S. Chamber Opposes FTC Rulemaking on Data Privacy
In public comments during the Federal Trade Commission’s (FTC) data privacy rulemaking open forum, a senior U.S. Chamber of Commerce came out against the agency making broad rules on data privacy.
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Hunstein Decision Informs Financial Services Industry Use of Third Party Vendors
More than a year ago on April 21, 2021, the 11th Circuit Court of Appeals issued an opinion in Hunstein v. Preferred Collection and Management Services Inc. that rocked the world of the debt collection industry, and the larger financial services industry in general. That decision put into question the legality of the common collection practice of using a third-party vendor to send collection letters to consumers. The practice was so common and universally accepted that even the Consumer Financial Protection Bureau acknowledged it as permissible in the debt collection rule it finalized in 2021.
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Furnishers have an obligation to investigate consumer disputes
Even minor inaccuracies on a credit report can lead to a consumer being denied a loan, housing, or a job. As a result, it is critical that consumers have a meaningful opportunity to correct errors or inaccuracies when they are identified. Over the years, however, companies have relied on a series of legally dubious arguments to try to prevent consumers from being able to resolve problems on their credit reports — and protect themselves from being held accountable — when mistakes are made.
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Brace Mortgage Servicing Pulse: Servicer and Consumer Data Suggest the Ongoing Downturn Will Not Yield the Fallout of the 2008 Market Crash
LOS ANGELES--(BUSINESS WIRE)--Brace, the mortgage servicing infrastructure fintech, observes in its latest Mortgage Servicing Pulse that changes in Servicing regulations following the Great Recession, coupled with accelerated digital adoption during the Covid pandemic, have engendered a fairer, more transparent and stable mortgage ecosystem. However, the end of foreclosure moratoriums, forbearances and the dual threat of rising inflation and recession risk has many Servicers thinking about how to best assure a healthy portfolio.
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CUNA research: Inflation posts slight increase
“The headline inflation increased slightly by one-tenth of a percentage point in August after staying flat in July. Prices declined for gas, used cars, and air travel. However, these declines are offset by increases in housing, food, and health care. Prices are 8.3% higher than a year ago, down from 8.5% in July.
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NCUA Board Member Hood, NAFCU’s Berger discuss CU Industry growth, financial inclusion, more
NCUA Board Member Rodney Hood addressed credit unions during the first day of NAFCU’s 2022 Congressional Caucus sharing insights on the NCUA’s efforts to bolster financial inclusion and innovation. Hood also touched on supply chain constraints and inflation concerns but stated that he is “positive for the future of credit unions.”
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Attorney General Frosh Urges FTC to Strengthen Car Rules to
Prevent Consumer Harm, Misrepresentations
BALTIMORE, MD (September 13, 2022) – Maryland Attorney General Brian E. Frosh joined
a coalition of 18 attorneys general calling on the Federal Trade Commission to adopt and
strengthen guidance on automobile sales.
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‘Consumer spending has been remarkably stable,’ Visa CFO says
Visa Inc. continues to see signals that consumer spending is holding up well despite economic pressures, its chief financial officer said at a conference Monday.
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Bill to extend the California Debt Collection Licensing Act’s grace period provisions sent to Governor
On August 31, 2022, the California Senate voted to approve House Assembly Bill 156, and sent the bill to Governor Newsom for consideration and potential signature. If it becomes law, the bill would amend the existing California Debt Collection Act (the “DCLA”) in three ways.
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Eleventh Circuit Clarifies Tests for Article III Standing, Changes Course on FDCPA and Mailing Vendors
On September 8, 2022, in Hunstein v. Preferred Collection and Management Services, Inc. , No. 19-14434, the Eleventh Circuit Court of Appeals issued an en banc decision which departs significantly from the panel decision on Article III standing issues and statutory causes of action. The case has broad implications for how the Eleventh Circuit applies Article III standing analysis, particularly in consumer finance cases, but also in other cases where a statutory violation has a dubious relationship to any real harm to the plaintiff.
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Bank Profits Rise Despite Headwinds
U.S. bank profits climbed 7.8% in the second quarter of 2022 from the previous quarter, according to the Federal Deposit Insurance Corporation (FDIC). The agency said banks reported $64.4 billion in profits as higher net interest income offset growing reserves to guard against loan losses. Profits were down $6.0 billion or 8.5% from a year ago.
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Eleventh Circuit Clarifies Tests for Article III Standing, Changes Course on FDCPA and Mailing Vendors
On September 8, 2022, in Hunstein v. Preferred Collection and Management Services, Inc. , No. 19-14434, the Eleventh Circuit Court of Appeals issued an en banc decision which departs significantly from the panel decision on Article III standing issues and statutory causes of action. The case has broad implications for how the Eleventh Circuit applies Article III standing analysis, particularly in consumer finance cases, but also in other cases where a statutory violation has a dubious relationship to any real harm to the plaintiff.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Independent Recovery Resources, Inc. (IRR)
(866) 271-6721
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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
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ACA International
Radisson Blu Aqua
Chicago , IL
November 02 -
04 ,
2022 800 269 1607
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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
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