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Wednesday October 12, 2022 |
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Why Fintechs Should Care About the CFPB
Debevoise & Plimpton attorneys caution financial technology companies that recent actions by the Consumer Financial Protection Bureau signal it intends to take an expansive view of its jurisdiction. They offer several steps fintechs can take to prepare for this extra scrutiny.
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North America and Europe Debt Collection Software Market Report 2022: Rising Automation in the Debt Collection Process Drives Growth – ResearchAndMarkets.com
The NA and EU debt collection software market size is expected to grow from US$ 2386.4 million in 2022 to US$ 4148.3 million by 2028; the debt collection software market share is estimated to grow at a CAGR of 9.7% during 2022-2028.
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Banks Turn to Less Lucrative Deals to Cope With M&A Loan Drought
(Bloomberg) -- Banks globally are finding there are fewer corporate acquisitions to finance now, forcing lenders to focus on a less lucrative business: giving loans to corporations looking to cover rising expenses amid high inflation.
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Regulators stress importance of third-party due diligence
The FDIC is “working diligently” to issue updated guidance to financial institutions on third-party risk management, the agency’s Associate Director Lisa Arquette told attendees today at the Las Vegas conference of ACAMS, a professional association representing anti-money laundering specialists. FDIC has issued a request for information on the 2008 guidance, and while Arquette did not signal when updated guidance would be issued, she flagged several things that banks should be thinking about in the meantime.
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Attorney General Josh Stein Wins More than $23 Million in Financial Relief for More Than 20,000 North Carolinians Harmed by Charlotte-Area Debt Collector
(RALEIGH) Attorney General Josh Stein won a consent judgment against Cornelius resident Gordon Scott Engle and his Texas-based debt collection companies Turtle Creek Assets Ltd. (TCA), Turtle Creek Rentals LLC (TCR), and Royal Park Holdings Inc., that will result in $22,934,075.17 in consumer debt forgiveness for more than 20,000 people and full refunds of $223,018.98 to more than 650 people.
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RELEASE: REP. HILL INTRODUCES BILL TO HELP ARKANSANS GAIN ACCESS TO AFFORDABLE CREDIT
Rep. French Hill (AR-02) introduced H.R. 8985, the Credit Access and Inclusion Act of 2022. The bill will allow public housing authorities, utility, and telecommunications companies to furnish payment information for things like utility bills and phone payments to credit reporting agencies to help consumers enhance their credit scores. Currently, it’s estimated that 26 million Americans are “credit invisible,” meaning they do not have a credit history with any of the three national credit reporting agencies.
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Credit unions can sign up for call report, cybersecurity information from NCUA
NCUA invites credit unions to sign up for information on topics related to Call Reports and cybersecurity. Call Report information will specifically address the 5300 Call Report and the credit union profile.
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FCC Extends Request for Industry Input on Call Authentication Plans
The Federal Communications Commission is seeking additional comment from industry stakeholders on call authentication processes after a push from ACA International and its coalition partners to ensure the standards will reflect concerns from callers and the impact they will have on callers.
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Teachers Federal Credit Union Announces Florida Expansion
HAUPPAUGE, N.Y., October 07, 2022--(BUSINESS WIRE)--Teachers Federal Credit Union, one of the largest credit unions in the United States with more than $9.2 billion in assets and over 420,000 members nationwide, celebrates its 70th anniversary by announcing its first out-of-state branch opening in Tampa, Florida. The new Tampa Westshore branch, scheduled to open later this year, signifies the credit union’s ongoing commitment to building strong financial futures for its members and the communities it serves.
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A Stunning Opinion on “Dunning” Letters: Revised Opinion Following En Banc Review
In a revised opinion issued September 8, 2022, an en banc panel of the Eleventh Circuit Court of Appeals reversed last year’s controversial opinion which potentially spelled trouble for debt collectors utilizing third-party vendors to prepare and mail correspondence to consumers.
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ARM Industry Claims Increase Across the Board in August
WebRecon’s latest report shows litigation increased across the board in August in Telephone Consumer Protection Act, Fair Debt Collection Practices Act and Fair Credit Reporting Act cases, after a slow summer.
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SchoolsFirst Federal Credit Union Chief Executive Officer Bill Cheney Honored with Prestigious Herb Wegner Memorial Award by National Credit Union Foundation
TUSTIN, Calif.--(BUSINESS WIRE)--SchoolsFirst Federal Credit Union, the nation’s fifth largest credit union and the largest credit union dedicated to serving school employees and their families, today announced that Chief Executive Officer Bill Cheney has been named one of four honorees of the 34th annual Herb Wegner Award, the credit union movement’s highest national honor, presented by the National Credit Union Foundation (NCUF), the charitable arm of the U.S. credit union movement. The award is a symbol of human service, and is presented to individuals who represent a dedication to advancing the cooperative values of the credit union movement and improving the financial lives of credit union members.
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Buy Now Pay Later: Consumer Financial Protection Bureau’s Efforts to Regulate The Emerging Alternative to Consumer Credit Cards
The Consumer Financial Protection Bureau (“CFPB”) is grappling with determining the most effective means of regulating the buy now pay later industry. BNPL allows a consumer to obtain a product or services immediately at the time of purchase and to make installment payments on the purchase over time.
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Credit Card Borrowers Reverting to Pre-Pandemic Payment Patterns; TransUnion Study Explores Risks Related to Balance Increases
As pandemic-related government relief programs and forbearances fall farther behind in the rearview mirror, a new study from TransUnion (NYSE:TRU) found that many consumers are reverting to traditional payment patterns. The information is particularly important in today’s consumer credit market as pressures from high inflation and rising interest rates may further impact the delinquency landscape.
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Back to School: A Lesson on the Materially Misleading Debt Collection Standard
'Tis the season for returning to school and learning something new. When I was growing up, we learned the long multiplication algorithm by which you multiply numbers right to left, insert zeros along the way, write some leading digits on top rather than on the bottom, add some of those numbers for an intermediate answer, and then add those intermediate answers together to get the final answer.
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Colorado bankruptcies drop 2.8% in September
DENVER — Colorado bankruptcies declined 2.8% in September compared with the same period a year ago. Bankruptcy filings declined slightly in Boulder and Larimer counties, with increases in Broomfield and Weld counties. That’s according to a BizWest analysis of U.S. Bankruptcy Court data.
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OCC wants more data on banks’ crypto-related activities
The Office of the Comptroller of the Currency (OCC) is considering ways it can collect more data from banks that engage in cryptocurrency activities, Acting Comptroller Michael Hsu said Tuesday.
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NYS attorney general delivers $2 million to Erie County to ‘bolster consumer protection programs’
New York Attorney General Letitia James is delivering $2 million to Erie County to “bolster consumer protection programs in Western New York.” Her team said, “The funding comes from a previous action that Attorney General James took to shut down a predatory debt collection operation that preyed on consumers nationwide. The debt collection operation, comprised of several companies including JPL Recovery Solutions, falsely threatened consumers with harsh consequences if they did not pay, and inflated the true amount of debts owed.”
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Massachusetts attorney general sees uptick in student loan scam inquiries
As millions of Americans saddled with student debt await further word from the Biden administration on how exactly its debt cancellation program will work, federal and state law enforcement officials are worried about scams.
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Credit Card Borrowers Reverting to Pre-Pandemic Payment Patterns; TransUnion Study Explores Risks Related to Balance Increases
As pandemic-related government relief programs and forbearances fall farther behind in the rearview mirror, a new study from TransUnion (NYSE:TRU) found that many consumers are reverting to traditional payment patterns. The information is particularly important in today’s consumer credit market as pressures from high inflation and rising interest rates may further impact the delinquency landscape.
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CFPB Enters into another Remittance Transfer Consent Order
On October 4, 2022, the Consumer Financial Protection Bureau (CFPB) entered into a consent order with Choice Money, a New York nonbank remittance transfer provider involving violations of the Remittance Transfer Rule (“Remittance Rule”), Subpart B of Regulation E, 12 C.F.R. §§ 1005.30 to 1005.36, and the Consumer Financial Protection Act.
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Pioneer Credit to cut more than 200 area jobs as student loan forgiveness hurts collections business
Pioneer Credit Recovery will cut nearly 230 jobs in Wyoming County by the end of the year, as the ripple effect of the federal government's student loan forgiveness program hit the collections firm.
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US auto sales improved in September, Toyota, Honda, Nissan slide in Q3
September’s auto sales performance has come with both good and bad news for the automotive industry. The good news is that September performed better than August and the previous year’s sales.
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CFPB rescinds no-action letter and compliance assistance sandbox policies
The CFPB, in a notice published in the Federal Register on September 27, 2022, announced that it was rescinding its No-Action Letter and Compliance Assistance Sandbox policies (Policies). The rescission was effective on September 30, 2022.
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NYC Dept. of Consumer & Worker Protection Provides Glimpse of What’s to Come with the NYC AI Bias Law
On September 19, 2022, the New York City Department of Consumer and Worker Protection (“DCWP”) issued Proposed Rules in an attempt to clarify and expand upon Local Rule 144, the NYC law relating to Automated Employment Decision Tools. (NOTE: It may be helpful to check out my previous blog discussing Local Rule 144.) Now, these Rules are merely “proposed” and are currently open to public comment. In fact, on October 24, 2022, there will be a public hearing on these rules.
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Recent DOJ Consumer Protection Branch Cases Highlight the Branch’s Enforcement Priorities
The U.S. Department of Justice’s (DOJ) Consumer Protection Branch works with other branches and federal law enforcement agencies to investigate and prosecute civil and criminal violations of the nation’s consumer protection laws, such as the Consumer Financial Protection Act. In criminal cases, not only can targets face charges under these laws, but they can face charges for mail fraud, wire fraud, conspiracy, and other federal crimes as well.
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CFPB Publishes 2021 Mortgage Market Activity and Trends Report
The CFPB recently published its 2021 Mortgage Market Activity and Trends Report, which provides an overview of residential mortgage lending in 2021 based on HMDA data. According to the Bureau, the Report is intended to further the CFPB’s objective of “providing an evidence-based perspective on consumer financial markets, consumer behavior, and regulations to inform the public discourse.”
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11th Circuit Holds Outsourcing to Mail Vendors Not Actionable Under FDCPA
In a recent en banc decision, the U.S. Court of Appeals for the Eleventh Circuit held that a debt collector’s disclosure of a consumer’s debt to a third party mail vendor was not actionable under the Fair Debt Collection Practices Act (FDCPA) because the consumer did not show he suffered the type of injury that bears a “close relationship” to one traditionally recognized at common law—in this case, “public disclosure of private facts.”
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GM Financial to Pay Over $3.5 Million to Resolve Servicemembers Civil Relief Act Claims
The Justice Department announced that GM Financial has agreed to pay over $3.5 million to resolve allegations that it violated the Servicemembers Civil Relief Act (SCRA) by illegally repossessing 71 servicemembers’ vehicles and by improperly denying or mishandling over 1,000 vehicle lease termination requests.
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CFPB Issues Circular Confirming that Financial Companies May Violate Consumer Financial Protection Law by Failing to Protect Consumer Data
In August 2022, the Consumer Financial Protection Bureau (CFPB) published a circular confirming that, under certain circumstances, entities may “violate the prohibition on unfair acts or practices in the Consumer Financial Protection Act (CFPA) when they have insufficient data protection or information security.” The circular sets forth the CFPB’s analysis of relevant laws governing data security for financial institutions and provides several examples where a failure to implement certain data security measures may increase the risk that an entity’s conduct triggers liability under the CFPA.
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Mortgage Borrowers Can Challenge Inaccurate Appraisals Through the Reconsideration of Value Process
Accurate appraisals are essential to the integrity of mortgage lending. Overvaluation can decrease affordability, make it harder to sell a home or refinance, and increase the risk of foreclosure. Undervaluation can prevent a homeowner from accessing accumulated equity, whether through sale or a home equity loan. Both over- and under-valuation keep individuals, families, and neighborhoods from building wealth through homeownership.
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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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