FTC, California Act to Stop Ygrene Energy Fund from Deceiving Consumers About PACE Financing, Placing Liens on Homes Without Consumers’ Consent

The Federal Trade Commission and State of California are taking actionagainst home improvement financing provider Ygrene Energy Fund Inc. for deceiving consumers about the potential financial impact of its financing, and for unfairly recording liens on consumers’ homes without their consent.

U.S. auto sales to rise in October as supply chains improve – report

Oct 26 (Reuters) - U.S. auto retail sales are expected to rise in October as supply chain snags ease, making more vehicles available at dealerships amid higher demand, an industry report from consultants J.D. Power and LMC Automotive showed on Wednesday.

CFPB Responds to 5th Circuit’s Decision—But in a Different Case

The Consumer Financial Protection Bureau has responded to a request to dismiss an enforcement action from TransUnion, signaling its stance on challenges to the constitutionality of the bureau’s funding structure.

Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, at the FDIC Advisory Committee on Economic Inclusion Meeting

Today, the Advisory Committee will be discussing the results of the FDIC’s Survey of Unbanked and Underbanked Households, conducted in partnership with the U.S. Census Bureau. The survey highlights the roles of unexpected and high fees, privacy concerns, and other impediments that contribute to Americans staying away from banking with an insured bank or credit union.

CFPB Kicks Off Personal Financial Data Rights Rulemaking

Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) outlined options to strengthen consumers’ access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act. Under the options the CFPB is considering, consumers would be able to more easily and safely walk away from companies offering bad products and poor service and move towards companies competing for their business with alternate or innovative products and services.

Veterans: Filing for benefits is free

Veterans Day is almost here and it’s a fitting time to honor veterans for their service. It’s also a good reminder that scammers may be targeting you as a veteran. Of course, many of the scams that impact civilians hit veterans as well. But scammers also try to get in your good graces by emphasizing — maybe even stretching the truth about — their time in service. They hope to gain your trust so you won’t stop and ask questions about their pitches.

OCC to Open Office of Financial Technology

Noting the rapidly changing banking landscape, the Office of the Comptroller of the Currency (OCC) has announced it will establish an Office of Financial Technology next year.

Understanding the Hunstein decision’s impact on debt collection

October 28, 2022 - An 11th U.S. Circuit Court of Appeals case has left the debt collection world on pins and needles for a year wondering if a ministerial part of their business practice was suddenly a violation of the Fair Debt Collection Practices Act (FDCPA). For years, it was common practice to share consumer debt information with third-party mail vendors to send collection letters, but one ruling threw that all into chaos.

These cybersecurity vulnerabilities are most popular with hackers right now – have you patched them?

Cybersecurity researchers detail some of the security flaws that are most associated with attacks in recent times. One is years old.

WEBRECON STATS FOR SEPT 2022: LAST MONTH WAS SO LAST MONTH

In August, all of the rows were green, meaning CFPB complaints, TCPA, FDCPA and FCRA lawsuits were all up over July. However, in September all of the rows are red, meaning, well you know. Everything went boom in comparison to August. And all by double-digits, except for FCRA which “only” dropped by -6.4%. CFPB complaints fell -11.1%, FDCPA fell -18% and TCPA was down -20.2% for the month.

CONSUMER ALERT: Attorney General James Reminds Public Servants to Apply for Student Debt Relief Ahead of Deadline

NEW YORK – New York Attorney General Letitia James today reminded public servants to apply for the Limited Waiver Public Service Loan Forgiveness (PSLF) Program ahead of the October 31^st deadline. The PSLF program offers forgiveness of any remaining federal student loan debt after a borrower makes 120 qualifying payments while working full-time for a government or qualifying nonprofit.

11th Cir. Holds Florida’s ‘Standard Search Logic’ Exception Did Not Save Incorrect Debtor Name in UCC-1s

The U.S. Court of Appeals for the Eleventh Circuit recently held that a bank did not perfect its security interest in a business debtor’s assets because the two UCC-1 Financing Statements filed with the Florida Secured Transaction Registry that failed to correctly name the debtor were “seriously misleading” under Florida Statute Section 679.5061(2), as the Registry does not implement a “standard search logic” necessary to trigger the safe harbor exception set forth in Florida Statute Section 679.5061(3).

Education Department Unveils Final Rules to Protect Veterans and Service Members, Improve College Access for Incarcerated Individuals and Improve Oversight When Colleges Change Owners

Today, the U.S. Department of Education (Department) announced final rules that will better protect veterans and service members from predatory recruitment practices, implement access to Pell Grants for incarcerated students in high-quality prison education programs, and increase accountability when colleges and universities change ownership.

OCC Announces Office of Financial Technology

WASHINGTON—The Office of the Comptroller of the Currency today announced it will establish an Office of Financial Technology early next year to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape. The Office of Financial Technology will build on and incorporate the Office of Innovation, which the OCC established in 2016 to coordinate agency efforts to support responsible financial innovation.

5th Circuit’s CFPB Decision Brings Challenges to Enforcement Actions

Since the Consumer Financial Protection Bureau’s funding structure through the Federal Reserve was deemed unconstitutional by the U.S. Court of Appeals for the 5th Circuit, groups with pending enforcement actions from the bureau are seeking dismissal, and one state official has urged the bureau to follow the court’s ruling.

CFPB Kicks Off Personal Financial Data Rights Rulemaking

Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) outlined options to strengthen consumers’ access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act. Under the options the CFPB is considering, consumers would be able to more easily and safely walk away from companies offering bad products and poor service and move towards companies competing for their business with alternate or innovative products and services.

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.

Data Breaches Soared by 70% In Q3 2022 in an Otherwise Dull Year

After a period of lull in the first half of 2022, data breaches grew significantly in Q3 2022. According to findings by Surfshark, data breaches surged by 70% quarter-over-quarter, to 108.9 million accounts in Q3 2022.

Mortgage rates top 7% to reach a 21-year high

The rate on the 30-year-mortgage hit 7.16%, the highest since 2001, according to data released this morning from the Mortgage Bankers Association.

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.

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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.