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Wednesday, April 26, 2017
Mid Week Articles:
CFPB ISSUES $1.25 MILLION FINE TO SERVICEMEMBER AUTO LENDER FOR VIOLATING CONSENT ORDER
WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) today took action against Security National Automotive Acceptance Company (SNAAC), an auto lender specializing in loans to servicemembers, for violating a Bureau consent order.
read more

CONSUMER COMPLAINTS SPIKED 325% IN 2017 OVER THIS ONE ISSUE
Over the past year, complaints about student loans filed with the Consumer Financial Protection Bureau (CFPB) increased by 325%, according to a report released Tuesday by the Washington, D.C.-based government agency. That's the largest yearly increase in complaints of any consumer product tracked by the agency.
read more

RECAPPING CRUCIAL DEBT COLLECTION CASE BEFORE SUPREME COURT
WASHINGTON, D.C. - Hudson Cook associate Anastasia Caton observed last week's oral arguments during a crucial debt collection case in front of the Supreme Court that might make third-party efforts within auto finance significantly more difficult depending which way the nine justices rule.
read more

CONSUMER COMPLAINTS SPIKED 325% IN 2017 OVER THIS ONE ISSUE
Over the past year, complaints about student loans filed with the Consumer Financial Protection Bureau (CFPB) increased by 325%, according to a report released Tuesday by the Washington, D.C.-based government agency. That's the largest yearly increase in complaints of any consumer product tracked by the agency.
read more

DH CORPORATION AND CORPORATE ONE FEDERAL CREDIT UNION COLLABORATE ON REAL-TIME PAYMENTS
Financial technologies and solutions provider DH Corporation (D+H) just recently announced it is working with Corporate One Federal Credit Union to enable access to real-time payments across member credit unions.
read more

NUSSLE ON DODD-FRANK REFORM: "BOLD FIRST STEP IN THE LEGISLATIVE PROCESS"
WASHINGTON, DC (April 26, 2017) - CUNA stands ready to work with legislators to see regulatory relief enacted into law and the CHOICE Act is a good first step, CUNA wrote to House Financial Services leadership Tuesday.
read more

OCC FINES U.S. BANK NATIONAL ASSOCIATION $15 MILLION FOR BANKRUPTCY FILING VIOLATIONS
WASHINGTON-The Office of the Comptroller of the Currency (OCC) today assessed a $15 million civil money penalty against U.S. Bank National Association for bankruptcy filing violations.
read more

ACCOUNT CONTROL TECHNOLOGY FOUNDATION IS NOW ACCEPTING APPLICATIONS FOR ITS 2017 SCHOLARSHIP PROGRAM
WOODLAND HILLS, Ca - Account Control Technology Foundation (ACT Foundation), a non-profit, charitable foundation established by the founders of Account Control Technology Holdings, Inc., is now accepting applications for its annual scholarship programs, which provides $2,000 individual awards to students nationwide.
read more

CFPB MONTHLY SNAPSHOT SPOTLIGHTS STUDENT LOAN COMPLAINTS
WASHINGTON, D.C. - Today the Consumer Financial Protection Bureau (CFPB) released a monthly complaint snapshot highlighting consumer complaints about student loans. The snapshot shows that both private and federal student loan borrowers nationwide report persistent servicing breakdowns that may sideline their path to repayment.
read more

DEBT COLLECTOR ORDERED TO PAY $2 MILLION IN CIVIL PENALTIES
At the Federal Trade Commission's request, a federal court has ordered Timothy L. Ford, the president of Commercial Recovery Systems Inc. (CRS), to pay a $2 million civil penalty for violating the Fair Debt Collection Practices Act by falsely threatening debtors.
read more

PREPARED REMARKS OF CFPB DEPUTY DIRECTOR DAVID SILBERMAN AT THE COMMUNITY BANK ADVISORY COUNCIL
Welcome to this meeting of the Community Bank Advisory Council. We created this Council almost five years ago because we wanted to ensure that we have a consistent way to hear directly from Community banks about what they are seeing and hearing in their communities and about how our work is affecting their businesses.
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MORTGAGE RATES HIGHEST IN 2 WEEKS
Mortgage rates moved moderately higher again higher today, as global financial markets continued reacting to recent geopolitical flashpoints (like the French election, discussed yesterday).
read more

SUNTRUST'S INCOME BOOSTED BY MORTGAGE SERVICING
On Friday, SunTrust Banks, Inc. reported its Q1 2017 results. The bank posted a net income of $451 million, or $0.91 per average common diluted share. This is a three percent increase over the previous quarter and a four percent year-over-year increase.
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TRUMARK FINANCIAL(R) CREDIT UNION WILL BRING FINANCIAL SERVICES TO LA SALLE UNIVERSITY'S CAMPUS
PHILADELPHIA, PA--(Marketwired - April 24, 2017) - Beginning in the fall semester of 2017, TruMark Financial® Credit Union will provide affordable financial products and services at a new student-operated credit union branch on La Salle University's campus.
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FTC OBTAINS COURT ORDER AGAINST ENVELOPE-STUFFING SCHEME
An envelope-stuffing operation is banned from selling business and work-at-home opportunities under a settlement with the Federal Trade Commission.
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CFPB SUES OCWEN FOR FAILING BORROWERS THROUGHOUT MORTGAGE SERVICING PROCESS
WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) today sued one of the country's largest nonbank mortgage loan servicers, Ocwen Financial Corporation, and its subsidiaries for failing borrowers at every stage of the mortgage servicing process. The Bureau alleges that Ocwen's years of widespread errors, shortcuts, and runarounds cost some borrowers money and others their homes.
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NAVIENT TO BUY JPMORGAN'S $6.9B EDUCATION LOAN PORTFOLIO
The nation's largest student loan servicing company Tuesday said it is on the verge of growing even bigger - but tempered the news by reporting earnings that missed Wall Street forecasts.
read more

FEDS KNEW OF 700 WELLS FARGO WHISTLEBLOWER CASES IN 2010
America's chief federal banking regulator admits it failed to act on numerous "red flags" at Wells Fargo that could have stopped the fake account scandal years earlier.
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ENCORE CAPITAL GROUP TEAMS UP AGAIN WITH HABITAT FOR HUMANITY
SAN DIEGO, April 21, 2017 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (NASDAQ:ECPG), an international specialty finance company, today announced it will hold its fifth annual Global Volunteer Day on Saturday April 22, in San Diego, CA, Phoenix, AZ, San Antonio, TX and St. Cloud, MN and five other locations (*see below) bringing together 300 employees who will give up their Saturday to give back to their communities.
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BANK CARD DEFAULT RATES INCREASE FOR FIFTH CONSECUTIVE MONTH
The bank card default rate increased from February to March, according to the S&P Experian Consumer Credit Default Indices released this week.
read more

AMERICANS WANT PAYDAY LOANS TO BE MORE REGULATED: PEW SURVEY
With their alarmingly high interest rates and unreasonable payment schedules, payday loans are a very expensive way for people to borrow money. While many who use these services don't have other reliable options for short-term loans, a recent survey shows that consumers are getting frustrated with payday lending practices.
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PREPARED REMARKS OF CFPB DIRECTOR RICHARD CORDRAY ON THE OCWEN ENFORCEMENT ACTION PRESS CALL
Today the Consumer Financial Protection Bureau is filing a lawsuit against Ocwen, one of the nation's largest nonbank mortgage servicers.
read more

PACE HONORS NOBLE SYSTEMS FOR CONTRIBUTIONS IN CUSTOMER ENGAGEMENT
Atlanta, GA - April 20, 2017: Noble Systems Corporation, a global leader in omnichannel contact center technology solutions, has received the Professional Association for Customer Engagement's (PACE) 2017 CECP Vanguard Award, 2017 Vendor of Excellence Award, and 2017 Chairman's Award. The awards, presented earlier this month at PACE's 2017 Annual Convention and Expo, recognize Noble as a leader in the contact center technology market.
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PROBLEM POKER PLAYER GETS 8 YEARS IN PRISON FOR DEBT SCAM
One of the nation's top poker players blamed gambling for derailing his life on Thursday as he was sentenced to more than eight years in prison for a $31 million debt collection scam.
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EQUIFAX CANADA EMPOWERS BUSINESSES TO ARRIVE AT BETTER CREDIT DECISIONS FASTER, WITH RISK REVEAL
TORONTO, ONTARIO--(Marketwired - April 20, 2017) - (NYSE:EFX) - Equifax Canada® announced today the launch of Risk Reveal, the only solution in the Canadian market that leverages both commercial and consumer intelligence for a robust and predictive view of a company, as well as its owners.
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CFPB FINALIZES EFFECTIVE DATE EXTENSION FOR PREPAID ACCOUNTS RULE
Today, we released a final rule delaying the general effective date of our rule governing prepaid accounts by six months.
read more

ENTERPRISE RECOVERY LLC RELEASES NEW CLIENT PORTAL FOR CORPORATE DEBT COLLECTIONS
WEST CHESTER, Pa., April 20, 2017 /PRNewswire/ -- Enterprise Recovery LLC, an accounts receivable solution for corporate and commercial debt collections, is pleased to announce the release of a secure, user-friendly portal for collections clients.
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ORCHARD PARK DEBT COLLECTION MASTERMIND FACES PRISON FOR $31 MILLION SCAM
The owner of a Buffalo-based debt-collection company who pleaded guilty last November to scamming thousands of victims across the country out of more than $31 million in payments was sentenced Thursday in Manhattan federal court to serve 8 1/3 years in prison.
read more

EXPERIAN MAKES DEBT COLLECTION EASIER FOR CONSUMERS
Costa Mesa, Calif., April 19, 2017 ― Getting debt collection right is about more than money.
read more

DebtConnection.com is a searchable database of collection products and services.
The following Updates and New Entries occured since the last At A Glance was sent:
Portfolios For Sale
$10,045,055.00     Credit Cards
BAL Financial LLC
http://www.debtconnection.com/portfolio.asp?7827  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1774  

$2,000,000.00     Credit Cards
Premier Asset Management, LLC
http://www.debtconnection.com/portfolio.asp?7824  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5453  

$5,000,000.00     Payday Loans
Premier Asset Management, LLC
http://www.debtconnection.com/portfolio.asp?7825  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5453  

$306,105.00     Payday Loans
BAL Financial LLC
http://www.debtconnection.com/portfolio.asp?7826  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1774  

$4,756,264.00     Credit Cards
BAL Financial LLC
http://www.debtconnection.com/portfolio.asp?7828  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1774  

$4,000,000.00     Credit Cards
Premier Asset Management, LLC
http://www.debtconnection.com/portfolio.asp?7823  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?5453  

$345,921.00     Checks
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7818  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$537,780.00     Consumer Loans
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7820  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$2,284,599.00     Credit Cards
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7821  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$1,089,428.00     Checks
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7817  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$704,474.00     Checks
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7811  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$2,354,504.00     Payday Loans
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7812  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$2,661,455.00     Payday Loans
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7813  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$1,059,244.00     Retail
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7814  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$3,929,695.00     Retail
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7815  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$326,247.00     Payday Loans
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7819  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

Agency
AMERICAN CORADIUS INTERNATIONAL LLC
716-580-6102

ACCOUNT CONTROL TECHNOLOGY, INC
716-480-3391

Debt Sellers
LEGACY GROUP UNITED
Mark Collins
877-827-9328
More Information

Legal Networks/Services
ULTRA PROCESS CORP
601-336-0097

Repo Services
AMERICAN RECOVERY SERVICE
916-673-3682

Scoring/Scrubbing
TRANSUNION
800-856-5599

Skip Tracing
VERIFACTS INC
Stephanie Clark
800-542-7434
More Information

Industry Events

Future Digital Finance
NetFinance
Omni Amelia Island Plantation Resort
Amelia Island, FL
April 24 - 26, 2017
More Information

Third Party Vendor Auditing Workshop
Resource Management Services, Inc.
Four Seasons Hotel
Las Vegas, NV
May 8 - 9, 2017
More Information

Collection and Recovery Solutions 2017
Resource Management Services, Inc.
Four Seasons Hotel Las Vegas
Las Vegas, NV
May 10 - 12, 2017
More Information

NARCA 2017 Spring Conference
NARCA
JW Marriott Orlando Grande Lakes Orlando, FL
May 17 - 20, 2017
More Information

ICG 2017 Annual Meeting
International Collector's Group
The Ritz Carlton
Montreal, Quebec, Canada
June 18 – 20, 2017
More Information

Collection Management Training
Resource Management Services, Inc.
Residence Inn Atlanta Airport North/Virginia Avenue
Atlanta, GA
June 21 - 22, 2017
More Information

Third Party Vendor Auditing Workshop
Resource Management Services, Inc.
Chicago Marriott Southwest
Chicago, IL
July 19 - 20, 2017
More Information

Debt Connection Symposium and Expo 2017
Resource Management Services, Inc.
JW Marriott Starr Pass
Tucson, AZ
September 11 - 13, 2017
More Information

Sponsors
This report is sponsored by Resource Management Services, Inc. Check us out at: http://www.resourcemanagement.com/

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