FCC to Discuss Call Authentication Plans at Thursday Meeting

The Federal Communications Commission will consider launching a broader inquiry on call authentication technology for non-IP networks and how best to address the remaining gap in its call authentication plans at its meeting Thursday, Oct. 27.

New York Department of Financial Services settles enforcement action with community bank over auto dealer fair lending allegations

Following up on a threat it made back in 2018, the New York State Department of Financial Services (DFS) announced on October 6, 2022 that it entered into a consent order with Rhinebeck Bank (“Rhinebeck”) to settle discrimination claims involving discretionary dealer markups on retail installment contracts with minority borrowers.

Defendants in three CFPB enforcement actions seek dismissal based on Fifth Circuit decision holding CFPB’s funding mechanism is unconstitutional

Although it has not yet been a week since a Fifth Circuit panel issued its decision holding that the CFPB’s funding mechanism is unconstitutional, the defendants in three CFPB enforcement matters are already attempting to use the decision as grounds for dismissal of the CFPB actions.  

CFPB Issues Guidance to Help Banks Avoid Charging Illegal Junk Fees on Deposit Accounts

Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about two junk fee practices that are likely unfair and unlawful under existing law. The first, surprise overdraft fees, includes overdraft fees charged when consumers had enough money in their account to cover a debit charge at the time the bank authorizes it. The second is the practice of indiscriminately charging depositor fees to every person who deposits a check that bounces. The penalty is an unexpected shock to depositors who thought they were increasing their funds.

Director Chopra’s Prepared Remarks at Money 20/20

Around the world and here at home, financial services are slowly moving toward open banking and open finance. A more decentralized and neutral consumer financial market structure has the potential to reshape how companies compete in the sphere.

PCI Compliance Guide and Checklist

The PCI Security Standards Council (SSC) was started in 2006 by American Express, Discover, JCB, Mastercard and Visa with the goal of minimizing fraud and improving transaction security for the payment card industry. The SSC defines, implements, and maintains the Payment Card Industry Data Security Standard (PCI DSS).

FTC’s PrivacyCon 2022 Will Feature Research on Commercial Surveillance, Automated Decision Making

The Federal Trade Commission released the final agenda for its annual PrivacyCon event, which will take place online on November 1, 2022. This year’s event will feature research presentations on commercial surveillance, automated decision making and a range of other topics.

Wall Street Warns of Trouble Brewing in Auto Loans as Prices Dip

Wells Fargo & Co. said that higher loss rates for loans it originated late last year contributed to an increase in write-offs for the period. Ally Financial Inc., the country’s second-largest auto lender, saw charge-offs for retail auto loans quadruple in the third quarter. And Fifth Third Bancorp said it’s pulling back on originations.

CFPB Funding Decision Is Grist for Agency Enforcement Fights (1)

A Fifth Circuit ruling that the Consumer Financial Protection Bureau’s funding structure is unconstitutional is rapidly turning into an enforcement headache for the agency.

Education Department Announces Permanent Improvements to the Public Service Loan Forgiveness Program and One-time payment Count Adjustment to Bring Borrowers Closer to Forgiveness

Today, the U.S. Department of Education (Department) announced one-time executive actions that will bring most loans managed by the Department closer to forgiveness, including credit toward the Public Service Loan Forgiveness (PSLF) Program for borrowers who have qualifying employment. This action will coincide with the July 2023 implementation of permanent fixes to PSLF through regulation.

More Work Needed to Secure Data in the Cloud, Survey Finds

The Cloud Security Alliance (CSA) in coordination with data protection firm BigID released the results of a survey in which more than 1,500 IT and security professionals weighed in on the state of cloud data security in 2022. Among the survey’s fascinating results:

ACA International Responds to Court Decision on CFPB Funding Structure

The Consumer Financial Protection Bureau’s funding structure through the Federal Reserve was found unconstitutional Wednesday by the U.S. Court of Appeals for the 5th Circuit. ACA International has long advocated for the bureau’s funding to be through the congressional appropriations process.

Consumers who were charged illegal fees by Howard Law, P.C. will receive compensation

If you paid a fee to Howard Law, P.C. on or after January 30, 2014, you may be entitled to a payment because of a federal lawsuit. In January 2017, the CFPB sued a ring of law firms and attorneys (Vincent Howard, Lawrence Williamson, Howard Law, P.C., The Williamson Law Firm, LLC, and Williamson & Howard, LLP), who collaborated to charge illegal fees to struggling consumers seeking debt relief. Learn more about the lawsuit.

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:

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.

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.

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.

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.

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.

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.

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.

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.

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.  

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.

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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ACA Fall Forum 2022

ACA International

RMAi 2023 Annual Conference

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