Delaying big purchases, reducing debt: 76% of adults are making lifestyle changes to prepare for a potential recession

A majority of U.S. households are taking the possibility of an economic recession seriously, new research suggests. Eighty-four percent of respondents in a recent survey said they are concerned about a recession happening before the end of the year, and 76% said they are making changes to their lifestyle in preparation for the downturn, according to financial group BMO’s latest Real Financial Progress Index.

Peer-to-Peer Lending Market to Gain Value of $ 1.14 Trillion by 2031, TMR Report

WILMINGTON, Del., Oct. 12, 2022 /PRNewswire/ -- The global peer-to-peer lending market is prognosticated to reach a value of US$ 1.14 Trn by 2031, according to a research report by Transparency Market Research (TMR). Besides, the peer to peer lending market forecast states that the market is expected to grow at a CAGR of 29.3% during the forecast period, 2022-2031.

BofA warns that the US economy will start to lose 175,000 jobs per month during Q1 of 2023, expects a ‘harder landing’ rather than a softer one — here’s why

The latest jobs report shows that the U.S. labor market is in decent shape, but Bank of America sees trouble looming in the distance.

College Banking and Credit Card Agreements

Students may face financial challenges when they attend institutions of higher education(IHEs), challenges that are even more acute during the COVID-19 pandemic and at a time of rising interest rates and increased inflation. Some students also have limited experience with financial products, have intermittent or no income, and lack a cushion to cover emergency expenses.

Education Department ramps up oversight of college banking deals following critical CFPB report

Colleges that partner with financial service providers like banks appear to be promoting accounts to students that are more expensive than other options available in the marketplace, the Consumer Financial Protection Bureau said in an annual report to Congress on Thursday.

U.S. Foreclosure Activity Continues to Increase Quarterly Nearing Pre-Pandemic Levels

IRVINE, Calif. – Oct. 13, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, released its Q3 2022 U.S. Foreclosure Market Report, which shows there were a total of 92,634 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 3 percent from the previous quarter and 104 percent from a year ago.

JPMorgan, Citigroup say higher capital requirements may hurt lending

NEW YORK, Oct 13 (Reuters) - Leaders from U.S. banking giants on Thursday said strict capital requirements, which were bolstered after the 2008 financial crisis, could restrain economic activity.

What the Veto of California’s Digital Financial Assets Law Means for the Future of Cryptocurrency Regulation

On September 23, 2022, California Gov. Gavin Newsom vetoed Assembly Bill 2269, known as the Digital Financial Assets Law, which would have implemented a new licensing regime for digital asset businesses operating within California. Without the Governor's veto, these businesses would have been subject to ongoing oversight and examination by the California Department of Financial Protection and Innovation (DFPI) and substantive requirements with respect to consumer disclosures and development of policies and procedures to address perceived risk concerns.

Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans

Washington, D.C. – The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000.

Federal Judge Dismisses Lawsuit Against Student Loan Forgiveness

A federal judge dismissed a Wisconsin group’s legal challenge to the Biden administration’s student loan cancellation plan on Oct. 6, determining the plaintiff did not have standing as a taxpayer, according to The Hill.

Hochul Signs NY Law Ending 22% Fee on Student Debt Collection

(Bloomberg) -- New York students will no longer be charged an additional fee on the collection of educational loans by state agencies.

National Credit Union Foundation commits $225K to Hurricane Ian relief

The National Credit Union Foundation (the Foundation) has committed up to $225,000 from its CUAid program in response to the catastrophic destruction left by Hurricane Ian.

Amerigroup Insurance Company Files Notice of Data Breach Involving Victims’ SSNs and Insurance Information

On October 6, 2022, Amerigroup Insurance Company reported a data breach with the Texas Attorney General’s Office. According to Amerigroup, the breach resulted in the names, addresses, Social Security numbers, and health insurance information belonging to certain individuals being compromised. However, because Amerigroup has yet to post notice of the incident on its website or otherwise elaborate on the breach, the cause of the data breach remains unknown.

CFPB Requires Bank to Pay Over $190 Million for Overdraft Fees

On September 28, 2022, the Consumer Financial Protection Bureau (CFPB) an​nounced that it ordered an Alabama bank to pay over $190 million to resolve allegations that it charged its customers surprise overdraft fees between August 2018 and July 2021.

New Education Department Rules Will Ease Student Loan Balance Growth

The Department of Education in July proposed regulations to eliminate most instances of interest capitalization for federal student loan holders with direct loans from the government. The changes represent an important step to slow balance growth and create a fairer repayment system for borrowers by addressing interest capitalization.

Servicers use student loan forgiveness to promote refinancing

As borrowers wait to apply for student loan forgiveness, several debt servicers have used the opportunity since the cancellation announcement to tout private loan refinance options.

CFPB Report Finds High Fees Charged on Student Banking Products Endorsed by Colleges

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) published a report on terms and fees associated with banking products marketed in partnership with colleges to  students. The report raises questions about whether some marketing deals between colleges and financial institutions comply with Department of Education rules. The report also highlights a lack of transparency in the arrangements schools have made with financial institutions.

Attorney General James Secures $1.9 Million from E-Commerce SHEIN and ROMWE Owner Zoetop for Failing to Protect Consumers’ Data

NEW YORK – New York Attorney General Letitia James today secured $1.9 million from e-commerce retailer, Zoetop Business Company, Ltd. (Zoetop), for failing to properly handle a data breach that compromised the personal information of tens of millions of consumers worldwide and for lying about the scope of the breach to consumers.

AI Provides Context Needed to Help Banks Stop Financial Scams

In a recent conversation with Karen Webster, Featurespace Founder Dave Excell and MidFirst Bank Vice President and Director of Enterprise Fraud Candler Eve sounded the alarm in the battle against payments fraud.

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.

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.

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.

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.

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.

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.  

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.

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.

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.

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.

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.

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 34^th 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.

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.

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.

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.

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.

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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ACA Fall Forum 2022

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RMAi 2023 Annual Conference

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