At a glanceWednesday, October 19, 2022

Collection Industry News At A Glance - October 19, 2022
Wednesday October 19, 2022
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Bank of America issues revamped office-return policy

Bank of America followed through Tuesday on its September pledge to issue a revamped office-return policy.

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Overdraft Fees and Economically Insecure Older Adults

This issue brief examines how overdraft fees affect economically insecure older adults.  An overdraft occurs when a consumer has insufficient funds in their account to cover a transaction, but the financial institution nevertheless pays it. Most financial institutions today charge a fee, which can be as high as $36, for overdraft transactions.

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USDA Provides Payments of nearly $800 Million in Assistance to Help Keep Farmers Farming

WASHINGTON, Oct. 18, 2022 - The U.S. Department of Agriculture (USDA) today announced that distressed borrowers with qualifying USDA farm loans have already received nearly $800 million in assistance, as part of the $3.1 billion in assistance for distressed farm loan borrowers provided through Section 22006 of the Inflation Reduction Act (IRA). 

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CFPB Sues Payment Platform Used by YMCA Camps and Charity Race Organizers for Illegally Cramming Consumers With Junk Membership Fees

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) sued the online event registration company ACTIVE Network for tricking people trying to sign up for fundraising road races and other events, into enrolling into its annual subscription discount club, Active Advantage. The CFPB’s lawsuit describes how ACTIVE automatically and unlawfully enrolled families into its discount club by using digital duplicity.

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Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on Proposals to Prevent Bailout Risk and Guard Against Increased Concentration in Banking

Today, the Federal Deposit Insurance Corporation is taking an important step to reduce bailout risk among a group of systemically important financial institutions and guard against increasing concentration in banking. In conjunction with the Federal Reserve Board of Governors, the FDIC Board of Directors is issuing an Advanced Notice of Proposed Rulemaking to help prepare for a potential failure of a very large bank that isn’t one of the big Wall Street banks.

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Kentuckians warned to be cautious of scams as federal student debt relief application goes live

FRANKFORT, Ky. (WTVQ) — Attorney General Daniel Cameron is warning Kentuckians to be cautious of possible scams as the federal student debt relief application goes live.

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Consumer Fraud Act Amendment Would Prohibit Automakers and Dealers from Offering Vehicle Feature Subscriptions

New Jersey State Representative Paul Moriarty (D - Camden and Gloucester) has formally proposed a new bill to prohibit auto manufacturers and dealers from offering subscriptions for vehicle features if the components necessary for that feature are already installed on the vehicle at the time of sale.

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Federal Trade Commission Takes Action Against Passport Automotive Group for Illegally Charging Junk Fees and Discriminating Against Black and Latino Customers

The Federal Trade Commission is taking actionagainst auto dealer Passport Automotive Group for deceiving consumers by tacking hundreds to thousands of dollars in illegal junk fees onto car prices and for discriminating against Black and Latino consumers with higher financing costs and fees. Passport, its president, Everett Hellmuth, and its vice president, Jay Klein, will pay more than $3.3 million  to settle the FTC’s lawsuit, which will be used to refund consumers harmed by Passport’s conduct. 

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New York Governor Signs Bill on Student Loan Collection Fees

New York Gov. Kathy Hochul signed legislation, S.B. 7862B, last week waiving the 22% collection fee on student-related debt. The legislation passed both the Assembly and Senate with wide margins in June.  The legislation was then delivered to the governor and signed into law on Oct. 12.

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CFPB director speaks with Cornerstone credit union leaders, advocates

More than 50 Cornerstone-member credit union leaders and advocates spoke with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. Discussion topics included auto loans, overdraft protection programs, rulemaking, and ways to engage with the CFPB. 

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Auto Loan Delinquencies on the Rise, But Consumers Continue to Place Great Value on Such Loans

Lower inventories, higher prices and reduced demand, among other factors, are central to some of the changing dynamics in the auto finance market, resulting in a rise in auto loan delinquency rates. A new TransUnion (NYSE: TRU) study, “A Critical Eye on Auto Performance,” found that despite an increase in serious auto loan delinquencies, consumers possessing multiple credit products continue to value auto loans nearly as much as mortgages, and much more than their credit cards.

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TransUnion, Equifax, Experian may have violated credit reporting rules, Rep. Jim Clyburn says

Rep. James Clyburn, chair of the House Select Subcommittee on the Coronavirus Crisis, asked the CFPB to investigate Experian, Equifax and TransUnion for allegedly failing to address consumer disputes during the pandemic.

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Consumer Alert: Attorney General Cameron Warns Kentuckians of Student Loan Scams

FRANKFORT, Ky. (October 17, 2022) – Attorney General Daniel Cameron today issued a consumer alert warning Kentuckians of possible student loan scams following beta testing of the federal student debt relief application. Kentuckians should report suspected scams to

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AG Josh Shapiro gets more than $1 million back for consumers from illegal car loan operation

HARRISBURG (KDKA) - The owners of a car title loan business have been ordered to refund more than $1.5 million to Pennsylvanians. Attorney General Josh Shapiro said CashPoint gave thousands of unlawful loans at annual interest rates exceeding 200 percent.

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United States: How to Comply with Utah Privacy Law

Businesses that have implemented compliance measures to comply with the California Consumer Privacy Act of 2018, as amended by the California Consumer Rights Act of 2020 (CCPA) can leverage existing compliance mechanisms designed to comply with the CCPA to satisfy requirements under the Utah Consumer Privacy Act (UCPA), which will become operative on 31 December 2023.

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Tech CU Expands Into Idaho via its Virtual Branch

SAN JOSE, Calif., Oct. 14, 2022 (GLOBE NEWSWIRE) -- Tech CU (Technology Credit Union) celebrated the grand opening of its Idaho Virtual Branch via a private, online event earlier today. Event speakers included Boise Mayor Lauren McLean, Bill Connors, President and CEO of the Boise Metro Chamber, Reid Stephan, the CIO of St. Luke's, and Jay Larsen, the CEO of the Idaho Tech Council.

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CUNA files brief supporting credit union’s use of arbitration agreement

CUNA filed an amicus brief on behalf of Golden 1 Credit Union in a lawsuit, Burgardt v. The Golden 1 Credit Union. At issue is whether Golden 1 Credit Union can compel the plaintiff to arbitrate his claims. Golden 1 Credit Union’s membership agreement did not include an arbitration provision when the plaintiff joined, but Golden 1 later added it, and the plaintiff did not opt out. The plaintiff later filed a putative class action lawsuit in Sacramento, California related to non-sufficient funds fees.

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CFPB Scales Back No-Action Letters and Compliance Assistance Sandbox Policies

The Consumer Financial Protection Bureau has revised its policy on No-Action Letters and the Compliance Assistance Sandbox, stating they are no longer effective for “facilitating consumer-beneficial innovation.”

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Data security applies to charitable organizations, too

This week is Charity Fraud Awareness Week, an effort run by charity regulators, law enforcers, and other non-profit stakeholders from across the world. It’s an opportunity to remind charities and other non-profit organizations of how important it is to secure their networks and protect any consumer data they collect from donors, employees, and others. This will help protect the organization from scammers, hackers, and identity thieves.

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5 Best Practices for Digital Evidence Collection and Preservation for Internal Investigations and eDiscovery

The rise of electronically stored information (ESI) is both a blessing and a curse for eDiscovery professionals. On one hand, it can be easier to manage and handle digital data than to find yourself buried in paper records—provided you have the right tools, of course. But by the same token, you have to know what the right tools are and how to use them in order to effectively manage ESI.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Portfolios For Sale

$7,566,080 Auto Deficiencies
Capital Asset Management, Inc.

(317) 633-6633

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$53,804,775 Auto Deficiencies
Capital Debt Solutions, LLC

(866) 305-5102

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$3,196,790.64 Credit Cards
Sea Side Management, LLC

(800) 917-7183

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$1,127,153.53 Consumer Loans
Sea Side Management, LLC

(800) 917-7183

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The Bernoudy Law Firm, PLLC

(903) 934-0233


CJ Acquire, LLC.

(925) 594-1250

   Call Center 


(650) 802-7795


Industry Events

ACA 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