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Banks processed $1.2B in ransomware-related payments in 2021, FinCEN says
U.S. financial institutions reported a record-setting $1.2 billion worth of ransomware-related filings in 2021, a nearly 200% increase compared to the $416 million in 2020, according to a report published by the Financial Crimes Enforcement Network (FinCEN) on Tuesday.
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Ethos Group Confirms Recent Data Breach
On October 31, 2022, Ethos Group filed documents with the Vermont Attorney General announcing that the company recently experienced a data breach impacting the security of consumer information stored on its computer systems. While the company has not yet disclosed the exact data types leaked in the recent breach, based on the relevant data breach reporting requirements, it is likely that the incident affected consumers’ names and one or more of the following: Social Security numbers, financial account information, protected health information or government identification numbers.
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5.5 million student-loan borrowers will struggle to restart payments in January, a consumer watchdog finds — but a third of them could have their balances completely wiped out if Biden’s debt cancellation plan goes through
Millions of student-loan borrowers are projected to struggle if they're thrown into repayment next year — but that could all change if President Joe Biden's debt relief plan follows through.
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PA ATTORNEY GENERAL FILES SUIT AGAINST NY-BASED FLUENT FOR THEIR ROLE IN THE ILLEGAL DISTRIBUTION OF ROBOCALLS TO PA CONSUMERS
HARRISBURG– Attorney General Josh Shapiro announced today that his office filed a lawsuit against New York-based Fluent, Inc. – a company that connects advertisers to potential new customers through the consumers’ personal data – for their and their subsidiaries’ role in allegedly causing hundreds of thousands of unwanted robocalls to be placed to Pennsylvania consumers. Fluent and its subsidiaries Fluent LLC, CAC, American Prize Center, LLC, Deliver Technology, LLC, Rewardzone USA, LLC, and Samples & Savings USA, LLC, collected personal information, including telephone numbers, and that was then sold to telemarketing companies. This included the personal information of thousands of consumers on Pennsylvania’s Do Not Call List.
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Generation USA and Addition Financial Credit Union Partner for Credit Union Member Services Specialist Program
ORLANDO, Fla., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Generation USA and the League of Southeastern Credit Unions and Affiliates have partnered with Addition Financial Credit Union on Generation USA's Credit Union Member Services Specialist Program.
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LexisNexis Risk Solutions Study Shows Nearly Half of Participating Healthcare Payers Experienced a Data Breach in the Last Five Years, Costing an Average of $5.39M per Incident
ATLANTA, Nov. 2, 2022 /PRNewswire/ -- LexisNexis® Risk Solutions, the leading provider of healthcare data analytics and technology, today released its True Cost of Fraud™ for Healthcare Payers study, which analyzes the impact cyberfraud has on healthcare payers, particularly how much it costs their business, and inevitably affects the overall cost of care.
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NCUA Vice Chairman Hosts “Blockchain Helping Main Street” Panel at DEI & ACCESS Summit | NCUA
HERNDON, Va. (Nov. 4, 2022) – At the National Credit Union Administration’s 2022 DEI & ACCESS Summit, Vice Chairman Kyle S. Hauptman hosted a panel that explored how blockchain technologies can benefit underserved and unserved consumers. The discussion highlighted the Vice Chairman’s ongoing commitment to small and de novo credit unions, along with his focus on distributed ledger technology (DLT) and how these technologies are currently helping people around the world.
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Cryptocurrency and Bankruptcy –The Unknown Frontier
Currencies have evolved since the introduction of global blockchain technology twenty years ago. Blockchain is a complex technology that powers the creation of cryptocurrencies like Bitcoin and facilitates other digital distributed ledger transactions. With more people investing in crypto assets now more than ever before, the global digital currency market is likely to grow over the next decade.
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And the FTC Bureau of Consumer Protection Partner Award goes to . . .
Director of the National Attorneys General Training and Research Institute’s (NAGTRI) Center for Consumer Protection at the National Association of Attorneys General, Abby has devoted her career to the cause of consumer protection. Before coming to NAAG in 2017, Abby was Chief of the Consumer Protection Bureau in the Nebraska AG’s Office, where she was a formidable leader in the fight against fraud and deception. At NAGTRI, Abby heads the nation’s only entity dedicated solely to providing training, research, and expertise to the staff of AGs’ offices and other government agencies committed to protecting the public from consumer fraud and abuse.
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DEBTCONNECTION.COM BECOMES AGENCYEXAMINER.COM
Resource Management Services, Inc. started in business in 1986 to audit and consult with creditors regarding their third-party vendor management and oversight. We continue to provide those auditing and consulting services. Our first newsletter was called Agency Examiner, and we’re going back to our roots with the AgencyExaminer.com site. Watch for more in the way of news you need to know, profiles of agencies, attorneys, vendors, etc, AND more resources and content. We continue to be here for you – with the information and sources for oversight, management, operations and new technology in the collection and recovery space. Bookmark us at https://agencyexaminer.com (Agency Examiner) Or sign up for our twice weekly 3-news – it’s Wednesdays and Fridays – and it’s complimentary. Sign up here: Subscribe to Newsletter | Agency Examiner
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Federal Trade Commission Returns More Than $830,000 to Students Misled by Saint James Medical School’s Deceptive Marketing Claims
The Federal Trade Commission is sending payments totaling more than $830,300 to 1,376 people who began their enrollment at Saint James School of Medicine between Fall 2016 and Summer 2021. The for-profit medical school in the Caribbean and its Illinois-based operators allegedly misled prospective students about their chances of success—both in passing a medical school standardized test and in matching with a residency program after graduation.
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CFPB investigating U.S. Bank over pandemic-era unemployment payments
The Consumer Financial Protection Bureau (CFPB) is investigating U.S. Bank over its handling of unemployment insurance payments using prepaid debit cards during the COVID-19 pandemic, the Minneapolis-based bank disclosed in a securities filing on Tuesday.
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NC AG investigating two companies suspected of accepting and routing illegal robocalls
North Carolina’s attorney general is investigating two companies that provide calling service on the internet for possibly accepting and routing illegal robocalls to people across the country.
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NCUA’s Hood: Addressing Inequality is An Urgent Priority
HERNDON, Va. (Nov. 3, 2022) – National Credit Union Administration Board Member Rodney E. Hood said today that as federally insured credit unions embrace diversity and inclusion, they should go further and bridge society’s divides to better serve their members and communities and foster greater financial inclusion.
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16M student debt relief applications approved this week, White House says
Sixteen million Americans with student debt will soon get their application for forgiveness approved — though the cancellation won’t appear on their accounts while a legal challenge from Republican-led states plays out in court.
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ARM Industry Claims Plummeted in September
WebRecon’s latest report shows litigation plummeted across the board in September in Telephone Consumer Protection Act, Fair Debt Collection Practices Act and Fair Credit Reporting Act cases. FDCPA suits decreased 18% from August to September, TCPA suits decreased 20.2%, FCRA cases decreased 6.4%, and consumer complaints to the CFPB decreased 11.1%, according to WebRecon.
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FTC Action Against Vonage Results in $100 Million to Customers Trapped by Illegal Dark Patterns and Junk Fees When Trying to Cancel Service
The Federal Trade Commission has stopped internet phone service provider Vonage from imposing junk fees and creating obstacles to those who try to cancel their service. The FTC alleges that the company used dark patterns to make it difficult for consumers to cancel and often continued to illegally charge them even after they spoke to an agent directly and requested cancellation.
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Unconstitutional ‘Self-Actualizing, Perpetual Funding Mechanism’ May Pose New Problem for Consumer Financial Protection Bureau
On October 19, the Fifth Circuit Court of Appeals vacated the Consumer Financial Protection Bureau’s (CFPB) 2017 Payday Lending Rule. Although the holding is narrow, its rationale suggests—at least according to one court—that the CFPB cannot constitutionally act. Despite agreeing that the CFPB was within its power to make the Rule, the Fifth Circuit determined that the CFPB “lacked the wherewithal to exercise that power via constitutionally appointed funds.” Cmty. Fin. Servs. Ass’n of Am., Ltd. v. CFPB, No. 21-50826, 2022 WL 11054082 (5th Cir. Oct. 19, 2022).
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FCC Launches Plan to Close Gaps in STIR/SHAKEN Caller ID Authentication
The Federal Communications Commission unanimously approved a notice of inquiry Thursday to identify and resolve gaps in its caller ID authentication plans.
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NMLS Renewal Season Is Here – Things to Keep in Mind When Renewing Your Company Licenses
For companies that maintain consumer finance licenses on the Nationwide Multistate Licensing System and Registry (NMLS), it’s time to request renewal of your licenses. The 2023 NMLS renewal season opens on November 1, 2022. Licensees can prepare by keeping the following in mind:
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‘Make-Whole’ Payments Face Potential Game-Changer in Bankruptcy
A recent Fifth Circuit decision has put certain lenders on notice that a popular method of collecting lump sum, interest-like payments won’t help them if their borrower is an insolvent company going through bankruptcy.
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Bob Schofield Joins Phin Solutions as SVP of Business Development
Ramsey, MINN — Phin Solutions, LLC an information services company in the Accounts Receivable Management industry, announced today that Robert “Bob” Schofield has joined the Phin Solutions team as their Senior Vice President of Business Development. Prior to joining Phin, Bob has held numerous executive roles throughout the industry in companies including Northland Group Inc, Fourscore Resource Capital LLC and Unifund LLC. Most recently Bob worked for LTD Financial as their SVP of Business Development.
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SCOTUS Grants Certiorari, Remands U.S. Trustee Fee Dispute to Second Circuit
The ramifications of uneven increases to fees in chapter 11 bankruptcies continue to ripple through federal courts. As we discussed previously, Congress enacted legislation in 2017 that temporarily increased U.S. Trustee fees chapter 11 debtors had to pay in virtually every district in the U.S.
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Office of Research blog: Update on student loan borrowers during payment suspension
In April, we released a report on the credit health of student loan borrowers during the pandemic and identified the types of borrowers who may struggle when the federal payment suspension ends. Since that report was released, inflation has risen and delinquencies and balances have increased for consumers across credit products. These developments may signal or contribute to potential payment difficulties for borrowers going forward.
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DOE Announces Regulations to Improve Federal Student Loan Programs
The U.S. Department of Education (DOE) released final regulations on Monday that streamline and improve the rules for major targeted debt relief programs, according to a press release from the department.
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Harper Urges Credit Unions to Embrace Fair Lending and Diversity, Equity and Inclusion
ALEXANDRIA, Va. (Nov. 2, 2022) – Federally insured credit unions must be “all in” on diversity, equity, and inclusion and their commitment to these principles should be reflected in the results of credit union lending and performance, National Credit Union Administration Chairman Todd M. Harper said today at the 2022 DEI & ACCESS Summit.
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Wells Fargo the subject of SEC probe, CFPB settlements
As the regulator questions the bank’s hiring practices, Wells Fargo also seeks to settle with a consumer watchdog on lending practices.
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California Issues Second Draft of CPRA Regulations
The California Privacy Protection Agency (CPPA) released the second version of draft regulations under the California Privacy Rights Act (CPRA) on Oct. 17. Because California was initially required to provide final regulations by July 2022, having another draft issued just three months before CPRA takes effect in January 2023 creates challenges for businesses preparing for CPRA compliance. Adding further frustration, many changes within the updated draft regulations include qualifying language that certain requirements were removed “to simplify implementation of these regulations at this time.” This seemingly leaves the door open to additional CPRA compliance requirements in the future.
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US Credit Card Balances Are Up 23% From Their Pandemic Lows – How Much More Interest Are You Paying
Total U.S. card balances hit $916 billion in September 2022 — almost identical to where they were in December 2019, according to a new report from credit rating agency Equifax. Balances have risen 9% year to date and are up roughly 23% from their pandemic low in April 2021, the Wall Street Journal reported.
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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.
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myFICO: Common Student Loan Debt Scams to Look Out For
SAN JOSE, Calif.--(BUSINESS WIRE)--Ever since President Biden announced his student forgiveness plan in August, which would erase $10,000 of debt for low- and middle-income borrowers, student debt scams overall have been on the rise. According to the Better Business Bureau's (BBB) Scam Tracker, there was an increase in reports of student debt scams shortly after the announcement. Furthermore, according to the Federal Trade Commission (FTC), in 2020 there was a grand total of nearly 25,000 fraud reports on federal student loans, an 88% uptick from the year prior.
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NCUA Releases 2021 Credit Union Diversity Self-Assessment Results
ALEXANDRIA, Va. (Nov. 1, 2022) – The National Credit Union Administration today released the results(opens new window) of the 2021 Credit Union Diversity Self-Assessment (CUDSA). The NCUA administers the voluntary CUDSA as a tool to help federally insured credit unions assess, guide, and monitor their diversity, equity, and inclusion (DEI) efforts and compare their progress with peer organizations.
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Education Department Releases Final Regulations to Expand and Improve Targeted Debt Relief Programs
Today, the U.S. Department of Education (Department) released final regulations that streamline and improve the rules for major targeted debt relief programs. The regulations expand eligibility, remove barriers to relief, and encourage automatic discharges for borrowers who are eligible for loan relief because their school closed, they have a total and permanent disability, or their loan was falsely certified. The rules also establish a fairer process for borrowers to raise a defense to repayment, while preserving borrowers’ day in court by preventing institutions of higher education (institutions) from forcing students to sign away their legal rights using mandatory arbitration agreements and class action waivers
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FTC Brings Action Against Ed Tech Provider Chegg for Careless Security that Exposed Personal Data of Millions of Customers
The Federal Trade Commission is taking action against education technology provider Chegg Inc. for its lax data security practices that exposed sensitive information about millions of its customers and employees, including Social Security numbers, email addresses and passwords. Chegg allegedly failed to fix problems with its data security despite experiencing four security breaches since 2017. The FTC’s proposed order requires the company to bolster its data security, limit the data the company can collect and retain, offer users multifactor authentication to secure their accounts, and allow users to access and delete their data.
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TNS Robocall Report: Robocalls Down 8% in 2022, accelerated by STIR/SHAKEN and Regulatory Enforcement
RESTON, Va.--(BUSINESS WIRE)--Progress by top US carriers implementing STIR/SHAKEN, aggressive regulatory enforcement efforts, and the use of advanced call analytics helped drive down robocall volume 8% in the first half of 2022 compared to the same period last year (from 37.9 billion down to 34.9 billion). However, scammers and spammers are continuing to launch robocall campaigns from smaller carrier networks - and adding robotexts to the arsenal - to evade detection.
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Multiple data breaches suggest ed tech company Chegg didn’t do its homework, alleges FTC
Chegg, Inc., sells educational products and services directly to high school and college students. That includes renting textbooks, guiding customers in their search for scholarships, and offering online tutoring. But according to the FTC, the ed tech company’s lax security practices resulted in four separate data breaches in a span of just a few years, leading to the misappropriation of personal information about approximately 40 million consumers. The FTC complaint and some notable provisions in the proposed settlement suggest that it’s time for a data security refresher course at Chegg. Are there lessons your company can learn from where the FTC says Chegg failed to make the grade?
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Your voices help drive our work
Ten years ago, we began sharing information with the public from the complaints submitted to us in the Consumer Complaint Database. Earlier this month, we published the three millionth complaint. Though many federal agencies accept complaints, too often those complaints are hidden from public view. By making complaint data publicly available, we increase transparency and create accountability to the public by making clear the problems consumers face.
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CFPB seeks further public input on big tech payment platforms
In October 2021, the CFPB ordered six large technology and peer-to-peer platforms that operate payment services (Amazon, Apple, Facebook, Google, PayPal and Square) to provide information about their business practices, including their data collection and use, their policies for removing individuals or businesses from their platforms, and their policies and practices for adhering to key consumer protections like addressing disputes and errors. Today, the CFPB is announcing that it will re-open the public comment period for 30 days and add additional questions.
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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.
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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.
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ACA International
Radisson Blu Aqua
Chicago , IL
November 02 -
04 ,
2022 800 269 1607
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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
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