At a glanceFriday, September 23, 2022

Collection Industry News At A Glance - September 23, 2022
Friday September 23, 2022
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Details Released on State-by-State Student Debt Relief

The Biden administration and U.S. Department of Education (DOE) have released new details on the targeted student debt relief plan and student loan payments set to resume in January 2023, including state-by-state data on the impact for borrowers.

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CFPB Plans to Increase Regulation over “Buy Now, Pay Later” Lenders

The Consumer Financial Protect Bureau (CFPB) issued a release on September 15, 2022, announcing its intent to issue additional interpretive guidance or rules to ensure “Buy Now, Pay Later” (BNPL) lenders comply with the same or similar regulations already established for credit cards following a study on the industry.

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CFPB Releases RFI on Mortgage Servicing Rules Signaling Potential for Future Regulatory Reform

On Thursday, September 22, 2022, the Consumer Financial Protection Bureau (CFPB) issued a new request for information (RFI) regarding mortgage servicing, potentially opening the door for much-needed regulatory reforms. The RFI is focused on inquiries regarding refinances and, more generally, ways to streamline short and long-term loss mitigation options. It includes 37 specific requests, allowing 60 days for the public to submit comments and responses.

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Buy Now, Pay Later Stretches Limits of Consumer Credit, According to Achieve Center for Consumer Insights Study

SAN MATEO, Calif., Sept. 22, 2022 /PRNewswire/ -- The rapid growth of buy now, pay later (BNPL) financing has had a cascading effect on consumer debt levels, according to a new study by Achieve, the leader in digital personal finance.

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NCUA Board Proposes Rule on Member Expulsion

ALEXANDRIA, Va. (Sept. 22, 2022) – The National Credit Union Administration Board held its first in-person open board meeting since the COVID-19 pandemic began, and its eighth open meeting of 2022, which included a live webcast, and unanimously approved two items:

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Equifax, Experian and TransUnion Extend Free Weekly Credit Reports in the U.S. Through 2023

The three nationwide credit reporting agencies – Equifax® (NYSE:EFX), Experian (LON:EXPN) and TransUnion (NYSE:TRU) – are taking joint action to continue offering free weekly credit reports to consumers in the United States through the end of 2023. This benefit will help consumers manage their financial health during a period of rising inflation and unprecedented economic uncertainty coming out of the COVID-19 pandemic.

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U.S. bank CEOs set for congressional grilling by Democrats and Republicans

WASHINGTON, Sept 21 (Reuters) - The chief executives of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major U.S. banks are set to be grilled by both Democratic and Republican lawmakers on Wednesday on the economy, consumer protections and the lenders' stance on fossil fuel lending and firearms, among other issues.

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CFPB Launches Effort to Spur New Opportunities for Homeowners in the Mortgage Market

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances. The agency also seeks public input on ways to support automatic short-term and long-term loss mitigation assistance for homeowners who experience financial disruptions.

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Utah federal court rejects constitutional challenge to CFPB’s funding mechanism

A Utah federal district court has rejected the attempt of The Center for Excellence in Higher Education (CEHE) to invalidate a civil investigative demand (CID) issued by the CFPB based on a challenge to the constitutionality of the CFPB’s funding mechanism.

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Reps. Welch and Gooden Introduce Bipartisan Credit Card Competition Act

Today, Representatives Peter Welch (D-VT) and Lance Gooden (R-TX) introduced the House companion to the bipartisan Credit Card Competition Act of 2022, introduced in July by Senators Dick Durbin (D-IL) and Roger Marshall, M.D. (R-KS). The legislation would finally bring needed competition and choice to the Visa-Mastercard dominated credit card network market.

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How companies manipulate you online – and what the FTC is doing to protect you

When you’re online, some companies try to trick you into buying things you don’t want. Or into giving them permission to use your personal information. The use of these deceptive designs, known as dark patterns, is on the rise, according to a new report from the FTC. So, what do these dark patterns look like — and how do they take your money and your data?

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Banking groups call on CFPB to subject fintechs to same level of lending oversight as banks

The Consumer Bankers Association (CBA) and the Center for Responsible Lending (CRL) are urging the Consumer Financial Protection Bureau (CFPB) to develop a rule that makes non-depository, non-bank lenders subject to the same level of CFPB supervision that large banks and credit unions are.

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NCUA Charters People Trust Community Federal Credit Union

ALEXANDRIA, Va. (Sept. 20, 2022) – The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to People Trust Community Federal Credit Union in North Little Rock, Arkansas. “People Trust is aptly named. After all, it is by shared trust, commitment, and investment that credit unions pool resources to create stronger communities,” NCUA Chairman Todd M. Harper said. “This new credit union will open doors in central Arkansas to basic financial services like checking accounts for low- and moderate-income households.

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AG Healey Secures $12 Million in Relief From Debt Collection Company and Subsidiaries Over Unlawful Practices

BOSTON — Attorney General Maura Healey announced a $12 million settlement, including restitution and debt relief for Massachusetts consumers, with a national debt collection company and its subsidiaries for allegedly engaging in unfair and deceptive debt buying and collection in violation of state laws and the AG’s Debt Collection Regulations

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Market monitoring insights: Examining the potential credit impact of high vehicle costs for consumers

In our continued monitoring of the auto lending market, we examined available data to explore the potential relationship between rising car prices and changes in auto loan characteristics and performance. This post explores how rising car prices may be leading to larger loan amounts and monthly payments, and how this may be impacting consumers. We are particularly concerned about the impact of these changes on consumers’ financial health, especially for consumers with near-prime or subprime credit scores.

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California Regulator Proposes Changes to Student Loan Servicing Laws

On August 30, the Commissioner of the California DFPI issued a notice of rulemaking proposing new regulations and amendments to current regulations implementing the state’s student loan servicing laws. The proposed regulations aim to implement the provisions of the Student Loan Servicing Act and the Student Loans: Borrower Rights law by:

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AGs Weigh In on FTC Proposed Rule to Protect Consumers in Motor Vehicle Transactions

AGs from 16 states, the District of Columbia, and the Hawaii Office of Consumer Protection submitted comments in response to the FTC’s Notice of Proposed Rulemaking concerning its proposed Motor Vehicle Dealers Trade Regulation Rule (Proposed Rule).

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The 10 states with the highest average credit card debt—and they aren’t New York or California

Americans with credit card debt face a double whammy. First, there’s inflation. Prices on a broad basket of consumer goods are up 8.3% from this time last year, a figure that includes even larger hikes in the cost of food, shelter, gasoline and medical care. At the same time, credit card rates are on the rise. In an effort to tame inflation, the Federal Reserve has embarked on a series of hikes to short-term interest rates, which has in turn pushed up the rates on credit cards. Run a balance on your card and you’ll have to pay it back at a rate of 18.1%, on average, according to Bankrate — the highest rate since 1996.

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Data Point: 2021 Mortgage Market Activity and Trends

This Data Point article provides an overview of residential mortgage lending in 2021 based on the data collected under the Home Mortgage Disclosure Act (HMDA). HMDA is a data collection, reporting, and disclosure statute enacted in 1975. HMDA data are used to assist in determining whether financial institutions are serving the housing credit needs of their local communities; facilitate public entities’ distribution of funds to local communities to attract private investment; and help identify possible discriminatory lending patterns and enforce antidiscrimination statutes.

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CFPB Annual Report of 2021 Mortgage Market Activity Reveals an End to the Refinancing Boom and an Increase in Home Purchase Loans

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends for 2021. The report’s data are submitted by thousands of the nation’s lending institutions under the Home Mortgage Disclosure Act (HMDA). The report shows a shift from refinance loans in 2020 to home purchase loans in 2021, with a greater share of home purchase loans going to Asian, Black, and Hispanic white borrowers relative to the share of home purchase loans for non-Hispanic white borrowers. 

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Federal Trade Commission, California Take Action To Shut Down Mortgage Relief Operation that Preyed on Struggling Homeowners

The Federal Trade Commission and the California Department of Financial Protection and Innovation (DFPI) are taking action against various companies doing business as Home Matters USA, Academy Home Services, Atlantic Pacific Service Group, and Golden Home Services America, and the owners of the companies, Dominic Ahiga and Roger Scott Dyer, for operating a sham mortgage relief operation that misled consumers and cost them millions.

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Portfolios For Sale

$758,858,462 Auto Deficiencies
BAL Financial LLC

(617) 595-5794

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$6,062,075.19 Payday Loans
BAL Financial LLC

(617) 595-5794

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$1,128,554.24 Other
Sea Side Management, LLC

(800) 917-7183

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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