Current Industry News
FTC Files Amended Complaint Seeking Civil Penalties Against Small Business Financing Providers
In a newly filed amended complaint, the Federal Trade Commission alleges that merchant cash advance provider RCG Advances and other defendants made multiple unauthorized withdrawals from small businesses’ banks, sometimes taking thousands of dollars more than the agreed repayment amount.
LAWMAKERS LOOKING TO INCREASE PENALTIES FOR ROBOCALLS THAT VIOLATE TCPA
Federal lawmakers are continuing to push for an end to robocalls by increasing penalties for automated, illegal calls through the Deter Obnoxious, Nefarious, and Outrageous Telephone (DO NOT) Call Act. U.S. Majority Leader Charles Schumer and Sen. Kirsten Gillibrand joined others in the Senate calling for an end to scam calls that often target and victimize the elderly. “This vital piece of legislation will give the FCC the tools needed to combat scammers who grossly violate the Telephone Consumer Protection Act and, all too often, target and defraud senior Americans,” said Gillibrand. “I am a fierce advocate of the DO NOT Call Act, and will do everything I can to put sensible protections in place and put an end to unsolicited robocalls.”
Mortgage market slows as interest rates rise on shortened holiday week, MBA survey says
The mortgage market slowed down slightly over Memorial Day week, according to the Mortgage Bankers Association’s latest weekly mortgage applications survey. The survey measured mortgage applications for the week ending June 4, 2021, and showed a decrease of 3.1% on a seasonally adjusted annual basis. That’s because, while mortgage rates ended up dipping slightly, that rate change didn’t occur until the end of the week. Throughout the rest of last week, mortgage rates were up, offering homeowners less incentive to refinance their home loan.