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Friday, October 06, 2017
This Week Articles:
CFPB FINALIZES RULE TO STOP PAYDAY DEBT TRAPS
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today finalized a rule that is aimed at stopping payday debt traps by requiring lenders to determine upfront whether people can afford to repay their loans. These strong, common-sense protections cover loans that require consumers to repay all or most of the debt at once, including payday loans, auto title loans, deposit advance products, and longer-term loans with balloon payments. The Bureau found that many people who take out these loans end up repeatedly paying expensive charges to roll over or refinance the same debt. The rule also curtails lenders' repeated attempts to debit payments from a borrower's bank account, a practice that racks up fees and can lead to account closure.
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PAYDAY LOANS FACE NEW CHALLENGE: CAN BORROWERS AFFORD THEM?
Lenders that offer payday loans and other small advances to cash-strapped consumers must first determine if the borrowers can afford to repay the debt under a long-awaited federal rule finalized Thursday.
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SBA OFFICE OF ADVOCACY SUBMITS COMMENTS ON CFPB RFI FOR THE SMALL BUSINESS LENDING MARKET
The U.S. Small Business Administration's (SBA) Office of Advocacy is encouraging the Consumer Financial Protection Bureau to conduct additional outreach with small entities and issue an Advance Notice of Proposed Rulemaking before moving forward with a proposed rule on small business lending.
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ATTORNEY GENERAL SHAPIRO SUES NATION'S LARGEST STUDENT LOAN COMPANY FOR WIDESPREAD ABUSES
HARRISBURG — Attorney General Josh Shapiro filed a lawsuit against the nation's largest servicer of federal and private student loans, Navient Corporation, and its subsidiary Navient Solutions, LLC, over widespread abuses in their student loan origination and servicing businesses.
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PREPARED REMARKS OF CFPB DIRECTOR RICHARD CORDRAY ON THE PAYDAY RULE PRESS CALL
Thank you for joining us. After a long process of research, outreach, and review of over one million public comments, the Consumer Bureau today has issued a rule aimed at stopping debt traps on payday and auto title loans. The rule is guided by the basic principle of requiring lenders to determine upfront whether people can afford to repay their loans. These strong protections cover loans that require consumers to pay all or most of the debt at once, including payday loans, auto title loans, deposit advance products, and longer-term loans with large “balloon” payments. The new rule also curtails repeated attempts to debit checking accounts that rack up fees and make it harder for consumers to get out of debt. This provision applies to the same kinds of loans and to high-cost installment loans as well. These protections bring needed reform to a market where far too often lenders have succeeded by setting up borrowers to fail.
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NAVIENT SAYS LAWSUIT FROM PENNSYLVANIA ATTORNEY GENERAL IS UNFOUNDED
Navient (Nasdaq:NAVI) today issued the following statement on claims made by the Pennsylvania Attorney General: The allegations are completely unfounded and the case was filed without any review of Pennsylvania residents' customer accounts. We comply with the rules that govern the student loan program as set by Congress and the U.S. Department of Education, and there are no allegations that we have violated these rules. Navient is a leader in helping student loan borrowers succeed; in fact, 49 percent of balances serviced by Navient for the government are enrolled in income-driven repayment plans and Navient-serviced borrowers are 37 percent less likely to default than those serviced by others. We will vigorously defend our record in court, and are confident we will prevail following an impartial review of the facts. In the meantime, we will continue to provide industry-leading service to our customers.
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WELLS FARGO WRONGLY HIT HOMEBUYERS WITH FEES TO LOCK IN MORTGAGE RATES
The scandal-ridden bank said on Wednesday that some mortgage borrowers were inappropriately charged for missing a deadline to lock in promised interest rates, even though the delays were Wells Fargo's fault.
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FORMER EQUIFAX CEO TESTIFIES BEFORE CONGRESS
Richard Smith, the former CEO of Equifax (EFX), testified Tuesday morning before the House Energy and Commerce Committee about the credit reporting firm's massive security breach.
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ATTORNEY GENERAL BECERRA CHARGES SAN DIEGO JEWELER AND WIFE WITH UNLAWFUL FINANCING AND DEBT COLLECTION PRACTICES TARGETING ACTIVE MILITARY FAMILIES
SAN DIEGO - California Attorney General Xavier Becerra announced criminal charges against Ramil Abalkhad, owner of Romano's Jewelers, and Melina Abalkhad, owner of MBNB Financial Inc., for conspiracy to engage in illegal financing and debt collection practices.
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CFPB ISSUES INTERIM FINAL RULE TO HELP MORTGAGE SERVICERS COMMUNICATE WITH CERTAIN BORROWERS AT RISK OF FORECLOSURE
Washington, D.C. - The Consumer Financial Protection Bureau (CFPB) today issued an interim final rule and a proposed rule to provide mortgage servicers more flexibility and certainty around requirements to communicate with certain borrowers under the Bureau's 2016 mortgage servicing amendments. The interim final rule gives servicers more flexibility regarding when to communicate about foreclosure prevention options with borrowers who have requested a cease in communication under federal debt collection law. The proposed rule would provide more certainty for mortgage servicers about when to provide periodic statements to consumers in connection with their bankruptcy case.
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STUDENT LOAN DEBT COULD BE FORGIVEN FOR DC RESIDENTS
Up to five years of student loan debt could be forgiven for Washington, D.C. residents, if a bill introduced Tuesday by a council member is passed.
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FTC TESTIFIES BEFORE U.S. SENATE SPECIAL COMMITTEE ON AGING ON THE CONTINUING FIGHT TO COMBAT ILLEGAL ROBOCALLS
The Federal Trade Commission today told a U.S. Senate Special Committee that the agency is continuing its efforts on behalf of American consumers to combat illegal telemarketing robocalls through aggressive law enforcement, initiatives to spur technological solutions, and robust consumer education and business outreach.
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IOVATION ACHIEVES EU-U.S. PRIVACY SHIELD CERTIFICATION
iovation, the leading provider of device-based consumer authentication and fraud prevention solutions, today announced the achievement of a new certification under the U.S. Department of Commerce's EU-U.S. Privacy Shield Framework, effective October 3, 2017.
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OCC RECOMMENDS ENFORCEMENT AGAINST WELLS FARGO AMID CEO'S SENATE HEARING
The staff at the Office of the Controller of the Currency has recommended enforcement action against Wells Fargo & Co. for improperly charging consumers for auto insurance, according to Reuters. The recommendation was made to the acting chief of the OCC Keith Noreika, who will take the next few weeks to decide on whether to endorse the enforcement, deny the suggestion, or possibly wait until the Senate confirms former banker Joseph Otting to the permanent position. The Consumer Financial Protection Bureau is also investigating the matter and considering further fines, as Auto Finance News has previously reported. Both Wells Fargo and the OCC declined to comment to Reuters about ongoing supervisory and regulatory matters
read more

FORMER EQUIFAX CHIEF SMITH GOES FOR GRILLING BEFORE CONGRESS: LIVE BLOG AND VIDEO
Former Equifax chief Smith goes for grilling before Congress: live blog and video
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NAFCU CEO DAN BERGER URGES DATA SECURITY ACCOUNTABILITY AHEAD OF HOUSE EQUIFAX HEARING
National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today urged congressional action to ensure that credit unions do not bear the cost of negligent data practices by entities like Equifax. Berger made his call for increased data security responsibility in a letter sent to House Energy and Commerce Subcommittee Chairman Bob Latta, R-Ohio, and Subcommittee Ranking Member Jan Schakowsky, D-Ill., ahead of the Subcommittee on Digital Commerce and Consumer Protection's hearing tomorrow on the Equifax data breach. The hearing begins at 10 a.m. Eastern.
read more

FTC SHINES A LITTLE LIGHT ON ITS DATA SECURITY ENFORCEMENT
Companies concerned about whether they are meeting data security standards acceptable to the Federal Trade Commission have new help. The FTC has been sharing some lessons learned from its data security investigations that were closed without formal enforcement action. Even though the commission makes public administrative and federal court resolutions of its data security enforcement actions, investigations that are resolved short of such an action have been largely opaque. Sharing information on the nonpublic resolutions process may help companies, and their legal counsel, better understand what the FTC expects in holding companies to a “reasonable data security” standard. The FTC “Stick with Security” blog initiative builds on its “Start with Security” guidance. The posts use hypothetical examples of security best practices to highlight common themes that have emerged from closed data security investigations.
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US REGULATOR: CRYPTOCURRENCIES MAY POSE RISKS, REWARDS FOR CREDIT UNIONS
The US federal agency that oversees the country's credit union industry included a remark on the possible risks and benefits of cryptocurrencies in a newly-released strategy plan.
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PAYMENT SAVVY IS NOW OFFERING NEXT DAY FUNDING FOR ACH PAYMENTS
PLANO, TX / ACCESSWIRE / September 26, 2017 /Payment Savvy (mypaymentsavvy.com) is unveiling their next day funding for check and ACH payment processing program. The new service allows Payment Savvy's valued clients to gain access to funds in around 24 hours.
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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
$18,000,000.00     Credit Cards
Capital Debt Solutions, LLC
http://www.debtconnection.com/portfolio.asp?8031  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?6301  

$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  

$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  

$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  

$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  

$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  

$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  

$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  

$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  

$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  

$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  

Debt Sellers
PLATINUM HOLDINGS GROUP, LLC
James Trent
714-380-5855
More Information

Payment Processors
ARCARIUS FUNDING, LLC - MERCHANT CASH ADVANCES
201-676-2106

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THE COLLECTION CONSULTANTS, LTD
720-229-0403

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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