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Friday, September 29, 2017
This Week Articles:
BIG CHANGES COMING FOR CREDIT FIRMS IN WAKE OF EQUIFAX HACK, CFPB DIRECTOR SAYS
Consumer Financial Protection Bureau Director Richard Cordray says Equifax, TransUnion and Experian are going to get embedded regulators.
read more

WEBRECON STATS FOR AUGUST 2017: THE BIG REBOUND TO AVERAGENESS
After July's stunning drop in consumer litigation across the board, August saw an almost equally stunning course correction, bringing all three main statutes (FDCPA, TCPA, FCRA) to within 5% of where they were at the same time last year.
read more

JUSTICE DEPARTMENT OBTAINS $700,000 FOR SERVICEMEMBERS TO RESOLVE ALLEGATIONS THAT WESTLAKE SERVICES AND WILSHIRE CONSUMER CAPITAL CONDUCTED ILLEGAL AUTO REPOSSESSIONS
The Justice Department announced today that Westlake Services LLC and its subsidiary, Wilshire Consumer Capital LLC, have agreed to pay $760,788 to resolve allegations that the companies violated the Servicemembers Civil Relief Act (“SCRA”) by repossessing 70 vehicles owned by SCRA-protected servicemembers without first obtaining the required court orders.
read more

OIG FOUND THAT THE POSTAL SERVICE WAS NOT ACCURATELY REPORTING DELAYED MAIL.
The U.S. Postal Service considers mail to be delayed when it is not processed in time to meet the established delivery day. Mail processing facilities are required to complete daily counts and self-report on-hand mail, delayed mail, late arriving mail, and mail processed after the processing cut-off time. Mail processing personnel are to complete daily mail counts by 7 a.m.
read more

PRA GROUP LAUNCHES NEW GLOBAL CORPORATE WEBSITE
NORFOLK, Va., Sept. 28, 2017 (GLOBE NEWSWIRE) -- PRA Group, Inc. Nasdaq:PRAA), a global leader in acquiring and collecting nonperforming loans, today announced that it has launched a new and improved global corporate website, pragroup.com. The newly redesigned and fully responsive website is optimized for all mobile devices and platforms.
read more

TRANSPARENT BPO SELECTS NOBLE UNIFIED CONTACT CENTER SOLUTION
Atlanta, GA - September 28, 2017: Noble Systems Corporation, a global leader in omnichannel contact center technology solutions, announces that Transparent BPO has selected the Noble® Enterprise Cloud solution to support the company's business process outsourcing services.
read more

FFIEC ANNOUNCES AVAILABILITY OF 2016 DATA ON MORTGAGE LENDING
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 6,762 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data cover 2016 lending activity and include:
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THE CFPB GENERALLY COMPLIES WITH REQUIREMENTS FOR ISSUING CIVIL INVESTIGATIVE DEMANDS BUT CAN IMPROVE CERTAIN GUIDANCE AND CENTRALIZE RECORDKEEPING
The Office of Inspector General writes "We found that the CFPB generally complied with the procedural elements of section 1052(c) of the Dodd-Frank Act and with the agency's procedures when issuing the sampled CIDs, but the agency can improve its guidance for crafting notifications of purpose associated with CIDs. During our review, we learned that in accordance with internal guidance, a CID's notification of purpose is identical to the statement of purpose in the associated investigation's opening memorandum, which may be revised later in the investigation. Internal guidance calls for broad statements of purpose, to allow for flexibility."
read more

43% OF AMERICANS CARRY CREDIT-CARD DEBT FOR AT LEAST 2 YEARS
About 29 million people, or 43%, who have been carrying credit-card debt have had a balance for at least two years, according to a new study by CreditCards.com, raising concerns about Americans' ability to pay down debt. The total includes 15 million people who have been in credit-card debt for at least five years.
read more

EQUIFAX CEO SUDDENLY RETIRES FOLLOWING AN EPIC DATA BREACH AFFECTING 143 MILLION PEOPLE
Richard Smith, CEO and chairman of Equifax, abruptly retired Tuesday following a data breach at the credit-reporting service that affected the personal information of 143 million people, according to the company's board.
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CFPB'S FIRST NATIONAL SURVEY ON FINANCIAL WELL-BEING SHOWS MORE THAN 40 PERCENT OF U.S. ADULTS STRUGGLE TO MAKE ENDS MEET
WASHINGTON, D.C. - Today, the Consumer Financial Protection Bureau (CFPB) released the results of a first-of-its-kind national survey on the financial well-being of U.S. consumers that showed that more than 40 percent of U.S. adults struggle to make ends meet. The survey provides measurements and insights on the financial well-being of specific groups of consumers as well as the population as a whole. In addition to the survey, the Bureau also released an interactive online tool allowing consumers to measure their level of financial well-being.
read more

CFPB TAKES ACTION AGAINST REAL ESTATE SETTLEMENT SERVICES PROVIDER FOR STEERING CONSUMERS TO AFFILIATED BUSINESS
WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) took action today against real estate settlement services provider Meridian Title Corporation for steering consumers to a title insurer owned in part by several of its executives without making disclosures about the businesses' affiliation. The CFPB found that Meridian failed to disclose its relationship with the title insurer and illegally benefitted from the referrals for title insurance—which is usually required in real estate purchases involving a mortgage loan. Under today's consent order, the CFPB is ordering Meridian to ensure that it ceases the illegal practice, provide disclosures whenever it makes a covered referral, and pay up to $1.25 million in redress to consumers.
read more

NAVY FEDERAL ANNOUNCES NEW MORTGAGE PRODUCT OFFERED THROUGH FANNIE MAE NOW MARKETED TO INSTITUTIONAL INVESTORS
VIENNA, Va.--(BUSINESS WIRE)--Navy Federal Credit Union announced today a new round of marketing of its 5/5 Adjustable Rate Mortgage (ARM) product to large institutional investors. This new ARM product is pooled into Fannie Mae mortgage-backed securities (MBS).
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DFS ANNOUNCES SETTLEMENT WITH PAYDAY DEBT COLLECTOR AND PAYDAY LOAN SERVICER RESULTING IN NEARLY $12 MILLION OF LOAN FORGIVENESS FOR THOUSANDS OF NEW YORK CONSUMERS
Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has entered into a consent order with Total Account Recovery, LLC (TAR), a payday loan debt collector, and E-Finance Call Center Support (doing business as E-Finance), a payday loan servicer. The settlement announced today provides for nearly $12 million in loan forgiveness for New York consumers and that the companies will cease activities in New York. E-Finance serviced and TAR collected on illegal payday loans made to New York consumers. Payday loans, which are small dollar loans typically structured as an advance on a borrower's next paycheck, are illegal in New York.
read more

BANK CARD DEFAULT RATE SHOWS SIGNIFICANT DECLINE
The national bank card default rate declined to its lowest level since December 2016, according to the latest S&P Experian Consumer Credit Default Indices report for August 2017.
read more

HOME DEPOT TO PAY $25M IN DATA BREACH SETTLEMENT
A federal judge has issued final approval on a $25 million settlement between Home Depot and financial institutions involved in a class action lawsuit against the company. The lawsuit stemmed from a 2014 data breach where hackers stole customers' payment information from self-checkout machines.
read more

ATTORNEY GENERAL FROSH DEMANDS U.S. DEPARTMENT OF EDUCATION SECRETARY BETSY DEVOS STOP ROLLING BACK CRITICAL PROTECTIONS FOR STUDENT BORROWERS
BALTIMORE, MD (September 26, 2017) - Maryland Attorney General Brian E. Frosh has joined a coalition of 18 Attorneys General in sending a letter to U.S. Department of Education Secretary Betsy DeVos, demanding the Department of Education stop its systematic rolling back of critical protections for student loan borrowers.
read more

NEW ENGLAND COLLECTORS ASK STATE LAWMAKERS TO REJECT BILL THAT WOULD HARM CONSUMERS
The New England Collectors Association testified against legislation that would shorten the statute of limitations in Massachusetts during a hearing before the state's Joint Committee on Financial Services.
read more

SOUTH DAKOTA FORGIVES PAYDAY LENDING DEBT WITH RULING ON DOLLAR LOAN CENTER
The state Division of Banking may have forgiven every Dollar Loan Center debt in South Dakota by revoking the company's license, the company's lawyer said Monday.
read more

TSYS ANNOUNCES RESIGNATION OF PAMELA JOSEPH
TSYS announced today that Pamela Joseph has resigned as President and Chief Operating Officer, and as a member of its Board of Directors, effective September 30, 2017.
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
$5,074,222.00     Medical
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8029  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$547,642.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8022  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$779,472.00     Other
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8023  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$860,794.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8024  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$569,978.00     Payday Loans
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8025  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$5,843,988.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8026  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$32,269,848.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8027  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$42,997,452.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8021  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$2,191,238.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8028  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$1,186,751.00     Medical
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8030  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$3,913,328.00     Other
BAL Financial LLC
http://www.debtconnection.com/portfolio.asp?8019  
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?8020  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1774  

$2,088,826.00     Payday Loans
National Debt Holdings, LLC
http://www.debtconnection.com/portfolio.asp?8015  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?6735  

$1,010,185.00     Credit Cards
National Debt Holdings, LLC
http://www.debtconnection.com/portfolio.asp?8016  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?6735  

$61,519,137.00     Medical
National Debt Holdings, LLC
http://www.debtconnection.com/portfolio.asp?8017  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?6735  

$1,877,087.00     Payday Loans
National Debt Holdings, LLC
http://www.debtconnection.com/portfolio.asp?8018  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?6735  

$2,790,336.00     Consumer Loans
National Debt Holdings, LLC
http://www.debtconnection.com/portfolio.asp?8014  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?6735  

Industry Events
NARCA 2017 Fall Conference
NARCA
Marriott Marquis
Washington, DC
October 11 - 14, 2017
More Information

ACA International Fall Forum & Expo 2017
ACA International
Loews Chicago
Chicago, IL
November 1 - 3, 2017
More Information

NASP 2017 Annual Conference
J.W. Marriott
Austin, TX
November 5 - 8, 2017
More Information

Collection and Recovery Solutions 2018
Four Seasons Las Vegas
Las Vegas, NV
May 9 - 11, 2018
More Information

Debt Connection Symposium & Expo 2018
JW Marriott Austin
Austin, TX
September 5 - 7, 2018
More Information

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