Current Industry News
CFPB seeking compliance authority on military lending
The Consumer Financial Protection Bureau is changing course on its previous decision to stop supervising lending to active duty service members. Kathy Kraninger, the recently confirmed director of the bureau, sent a letter to Congress on Thursday, asking for “clear authority” to supervise for compliance with the Military Lending Act. This turnaround comes several months after Mick Mulvaney, who served as acting director of the CFPB prior to Kraninger’s confirmation, decided that the bureau would stop supervising lending made to active duty service members. Much to the dismay of congressional Democrats, who pushed the CFPB to retain oversight. Under Mulvaney’s changes, the CFPB relied solely on complaints from service members and their families to trigger investigations. Mulvaney had reportedly expressed that the bureau had overstepped its authority by proactively looking into cases against military members without receiving complaints.
Minnesota federal court decision is warning to lead generators
A Minnesota federal district court recently ruled that lead generators for a payday lender could be liable for punitive damages in a class action filed on behalf of all Minnesota residents who used the lender’s website to obtain a payday loan during a specified time period. An important takeaway from the decision is that a company receiving a letter from a regulator or state attorney general that asserts the company’s conduct violates or may violate state law should consult with outside counsel as to the applicability of such law and whether a response is required or would be beneficial.
PHIN SOLUTIONS, INC IS PLEASED TO ANNOUNCE THAT VANESSA LEWIS WARD WILL JOIN OUR STAFF
Phin Solutions, Inc is pleased to announce that Vanessa Lewis Ward will join our staff as a Senior Account Executive within Sales. Vanessa brings extensive experience in sales, customer service and project management to the Phin Solutions, Inc. team. She has 14 years of sales experience within the collections industry as well as experience working within the medical and utility industries.
New Financial Services Chair Plans Robust Oversight of Financial System
Rep. Maxine Waters (D-CA), the new chair of the House Financial Services Committee, recently outlined a full-bodied agenda that seeks to protect consumers, safeguard investors and prevent another financial crisis. In terms of setting the committee’s agenda, Waters, who has served on the committee since 1991, thus sets a sharp deviation from that of the previous chairman, Rep. Jeb Hensarling (R-TX), who retired last year at the end of the term