At a glanceFriday, October 21, 2022

Collection Industry News At A Glance - October 21, 2022
Friday October 21, 2022
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Articles

 
THE FIFTH CIRCUIT’S DECISION FINDING THE CFPB IS UNCONSTITUTIONAL AND OVERTURNING ITS PAYDAY LENDING RULE IS LEGALLY DEFECTIVE

WASHINGTON, D.C.— Dennis Kelleher, Cofounder, President and CEO, issued the following statement in response to the recent decision by the U.S. Court of Appeals for the Fifth Circuit in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau:

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Health system discloses breach tied to online data tracker

CHICAGO -- Personal health information of up to 3 million patients in Illinois and Wisconsin may have been exposed to outside companies through tracking technology used on a large hospital system's electronic health records website.

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CREDIT UNIONSPYMNTS Intelligence: Member Data Drives Personalized Innovation

Personalization has become the watchword in financial services today. A 2021 PSCU consumer survey found that nearly eight in 10 respondents prefer working with a financial institution (FI) that knows them on a personal level — a relationship that appropriate data usage can facilitate. This is one reason why 11% of credit unions (CUs) surveyed said they were considering replacing or upgrading their data analysis systems during the 2021 calendar year.

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Report of the CFPB Education Loan Ombudsman

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) this report analyzes complaint data from September 1, 2021, through August 31, 2022, and notes an overall increase in complaints.  This report also covers the student lending market and makes recommendations to policymakers and law enforcement officials.

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Appeals court rules CFPB funding structure unconstitutional

The Consumer Financial Protection Bureau (CFPB)’s funding structure is unconstitutional, a three-judge panel ruled Wednesday. Democrats said the decision could stifle the agency’s efforts to rein in consumer abuses in the financial services industry.

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CFPB Takes Action to Address Junk Data in Credit Reports

Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. Companies need to take steps to reliably detect and remove inconsistent or impossible information from consumers’ credit profiles.

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United States: NYDFS Continues Series Of Fair Lending Enforcement Actions Against New York State-Chartered Banks

On October 6, 2022, the New York Department of Financial Services (NYDFS) entered into a Consent Order with a New York state-chartered bank to resolve allegations of fair lending violations in the bank's indirect auto lending program. NYDFS has made clear that it is focused on fair lending compliance, and institutions regulated by NYDFS-including both banks and non-bank lenders-must be prepared for detailed, data-driven reviews of their lending programs.

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Beware Of Cybersecurity Threats Across Your Supply Chain

Even with the advanced technology that supply chain companies use, global supply chains are constantly exposed to various kinds of risk. One such major threat that companies are now facing comes from cyber attackers. So how do manufacturers implement measures to mitigate supply chain risk? Joshua Skeens, COO at Logically, shares insights.

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The Situation With Agricultural Lending In The USA

Studies show that many farmers use lending to secure their liquidity. There is a high degree of certainty. Farmers in the states are building up liquidity, and seek to manage their costs and explore additional options available. They can turn to different organizations like Payday Depot and others, and they take their chances.

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Pax­ton Launch­es Inves­ti­ga­tion Into Six Major Banks For Col­lu­sion-in-Lend­ing Prac­tices That Poten­tial­ly Vio­late Con­sumer Pro­tec­tion Laws

Attorney General Paxton joined a multistate investigation into Bank of America Corporation, Wells Fargo & Company, Morgan Stanley & Co. LLC, JPMorgan Chase & Co., The Goldman Sachs Group, Inc., and Citigroup Inc. for potential violations of consumer protection laws.  

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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 ag.ky.gov/scams

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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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Portfolios For Sale

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

(317) 633-6633

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$10,391,620 Credit Cards
Capital Debt Solutions, LLC

(866) 305-5102

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$53,804,000 Auto Deficiencies
Capital Debt Solutions, LLC

(866) 305-5102

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$62,708,112 Other
Capital Debt Solutions, LLC

(866) 305-5102

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$11,872,034 Other
Capital Debt Solutions, LLC

(866) 305-5102

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$2,071,738.93 Other
Sea Side Management, LLC

(800) 917-7183

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Profiles

 

   Attorney 

The Bernoudy Law Firm, PLLC

(903) 934-0233

   Broker 

CJ Acquire, LLC.

(925) 594-1250

   Call Center 

Prodigal

(650) 802-7795

   Debt Seller 

Black Tech llc

(866) 733-3787

 

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