Congressional leaders urge CFPB director not to delay compliance date for payday rule
Congressional lawmakers are calling on the director of the Consumer Financial Protection Bureau to reconsider the bureau’s decision to delay the compliance date for the payday loan rule. The compliance date for the 2017 Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule — or payday rule – was supposed to be Aug. 19. The bureau has yet to ask a court to lift a stay the agency requested so that the payment provisions of the rule could be implemented without further delay.
Attorney General James Leads Bipartisan Coalition Fighting For Student Borrowers
NEW YORK – New York Attorney General Letitia James today led a bipartisan coalition of 32 attorneys general from around the country in defending the states’ vital ability to enforce state and federal consumer protection laws against student loan servicers. In an amicus brief filed in the United States Court of Appeals for the Third Circuit, the attorneys general argue that the case brought by the Commonwealth of Pennsylvania against student loan servicer Navient for exploiting student loan borrowers should be permitted to go forward in the federal courts.
New Jersey Passes New Law to Help Student Loan Borrowers: Servicers Should Take Note
New Jersey has enacted a law, P.L. 2019, c. 200 (Act), that is designed to assist potential and existing student loan borrowers in understanding and managing their student loans. Briefly, the Act: 1) authorizes the New Jersey Department of Banking and Insurance (Department) to designate and oversee a Student Loan Ombudsman (Ombudsman), whose job it will be to serve as a resource for such borrowers, and 2) requires the Department to license and regulate student loan servicers.
FTC Revises List of Companies Subject to Broadband Privacy Study
The Federal Trade Commission has revised the list of companies from which it is seeking information as part of its examination of broadband companies’ privacy practices. In March, theFTC announced it was sending orders seeking information about their privacy practicesto AT&T Inc., AT&T Mobility LLC, Comcast Cable Communications doing business as Xfinity, Google Fiber Inc., T-Mobile US Inc., Verizon Communications Inc., and Cellco Partnership doing business as Verizon Wireless
FTC Sending Refund Checks Totaling More Than $11.6 Million to Businesses and Organizations That Paid for Unordered Office and Cleaning Supplies
The Federal Trade Commission is mailing 29,333 refund checks totaling more than $11.6 million to small businesses and other organizations defrauded by a Maryland-based office supply operation that used names such as Midway Industries and Standard Industries. The FTC charged that the operation tricked companies and non-profits into paying for light bulbs and cleaning supplies they never ordered. The average check amount is $397.
58% of millennials have been denied at least one financial product because of their credit score
According to the latest survey from Bankrate, 58 percent of millennials report being denied at least one financial product, such as credit cards and loans, because of their credit score. That’s higher than rates of denial from both Generation X (53 percent) and baby boomers (27 percen
On March 8, 2011, Joclyn Krevat, an occupational therapist in New York, was sitting at her computer when she received a most unusual LinkedIn request. The wording was the familiar: “I’d like to add you to my professional network.” The sender was familiar, too, but not for the reason Krevat expected. It was from a debt collector.
FinCEN launches new division to combat ‘illicit’ finance threats
FinCEN Wednesday announced its Global Investigations Division (GID), designed to implement targeted investigation strategies related to the Bank Secrecy Act (BSA). Matthew Stiglitz, a former Principal Deputy Chief in the Department of Justice's Criminal Division, is slated to lead the new division.
Consumer Financial Protection Bureau Settles with Asset Recovery Associates
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) announced a settlement with Asset Recovery Associates, Inc. (ARA), a debt-collection company headquartered in Illinois. ARA, also known as Financial Credit Service, Inc., collects debts from consumers throughout the United States.
AG James To Education Secretary Devos: Deliver On The Promise To America’s Public Servants
NEW YORK – Attorney General Letitia James today sent a letter with a coalition of 11 other attorneys general to U.S. Secretary of Education Betsy DeVos urging once again that the U.S. Department of Education (DOE) provide data to help states address the ongoing problems with the Public Service Loan Forgiveness (PSLF) program. In today’s letter, the coalition raises alarms about the ongoing mishandling of the PSLF program, noting that borrowers may be forced to choose between public service careers and being able to repay their student loans.
Prospective Vendor Meetings At DCS – Still Time to Sign Up
DCS is short for Debt Connection Symposium & Expo, where collection and recovery "connections" are as important as our superior faculty and sessions, and amazing Expo with the latest in new products and services. In addition to sessions and networking events, there are several Featured Company meetings looking for prospective vendors. Specifically, one auto creditor is looking to meet prospective agencies. One seller is looking for prospective buyers, and another meeting will highlight several portfolios for sale before the year ends. If you're a buyer or agency, and would like to attend these meetings, sign up to attend Debt Connection Symposium & Expo 2019, September 10 - 12 at the Red Rock in Las Vegas. For details on the prospective vendor meetings, follow instructions at
Meet The Regulators Confirmed at DCS2019! Announcing that we have confirmed participation of three terrific regulators for our Meet The Regulators panel! Parul Desai of the Federal Communications Commission joins Gandhi Eswaramoorthy of the CFPB and Joe Sciarrotta of the Office of the Arizona Attorney General. Parul is the Deputy Chief, Telecommunications Consumers Division of the Enforcement Bureau of the FCC. Joe Sciarrotta is the Division Chief Counsel - Civil Litigation Division, of the Arizona Attorney General's Office. K. (Gandhi) Eswaramoorthy is the Program Manager for Debt Collections within the Consumer Lending, Reporting and Collections Markets Division for the CFPB. They will each address issues of importance to them, as well as be available for a Q&A session. Debt Connection Symposium & Expo 2019 will be held September 10 - 12 at the Red Rock in Las Vegas. Still time to register at attend. www.dcs2019.com
JPMorgan weighs sale of $1 billion AARP credit card portfolio
JPMorgan Chase & Co. is considering selling the credit card portfolio it built through an almost three-decade partnership with the AARP, the nonprofit representing 38 million people, according to people with knowledge of the matter. The sale would include roughly $1 billion in credit card receivables, the people said, asking not to be identified because the discussions are private. Alliance Data Systems Corp. is among those interested in the portfolio, one of the people said.
CFPB Releases Report on Consumer Credit Card Market
WASHINGTON, D.C.— The Consumer Financial Protection Bureau (Bureau) today released its fourth biennial report on the state of the credit card market for the period 2017-2018. In 2009, the Credit Card Accountability Responsibility and Disclosure Act (Act) made substantial changes to the legal requirements applicable to the credit card market, with Section 502 of the Act also requiring that a report be issued every two years with respect to the market.
Consumer Financial Protection Bureau Settles with Maxitransfers Corporation
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Maxitransfers Corporation (Maxi), a company that serves consumers looking to send money overseas. This is the Bureau’s first enforcement action based on violations of the Remittance Transfer Rule, which implements the Electronic Fund Transfer Act (EFTA).
Mortgage Defaults Rise First Time Since Financial Crisis
Defaults are up for the first time since the great financial crisis. But as rates fall, a refi surge will help millions. The Black Knight Mortgage Monitor shows the first annual rise in defaults since the crisis. An estimated 243K borrowers defaulted on first lien mortgages in Q2 2019 While the quarter ending on a Sunday certainly played a factor in the rise in defaults, a noticeable overall slowdown in the decline in default activity has been observed. The national default rate rose by 3% compared to Q2 2018, the first such annual rise since the financial crisis (adjusting for the 2017 hurricane season)
Operator of Colorado Technical University and American InterContinental University Will Pay $30 Million to Settle FTC Charges it Used Deceptive Lead Generators to Market its Schools
An Illinois-basedoperator of several post-secondary schools will pay $30 million to settle Federal Trade Commission chargesthat the operator used sales leads from lead generators that falsely told consumers they were affiliated with the U.S. military, and that used other unlawful tactics to generate leads. In its complaint against Career Education Corporation (CEC) and its subsidiaries, American InterContinental University, Inc., AIU Online, LLC, Marlin Acquisition Corporation, Colorado Technical University, Inc., and Colorado Tech., Inc. (collectively, CEC), the FTC alleged that CEC used lead generators engaged in illegal conduct to market its schools.
Debt, Homeownership Driving Participants to Withdraw Retirement Funds
Approximately 52% of respondents admit to tapping their retirement savings account early for a purpose other than retiring, according to a survey by MagnifyMoney. The MagnifyMoney survey was fielded among 1,029 Americans. The Investment Company Institute’s (ICI’s) larger database shows around 1% of participants taking withdrawals quarterly and around 15% taking loans quarterly. The percentage can be higher or lower depending on the quarter.
Here is a list of the largest banks in the United States by assets
The Federal Reserve has rolled out alist of top US banks by assets, and we've broken down exactly how these banking giants manage to stay ahead of the competition. For decades banks have been merging, partnering, and expanding — so much so that the top four banks now account for 50% of all US banking assets.
Settlement with operator of post-secondary schools offers an education about lead generation
Colleges are known for team sports, but it’s an unfortunate fact that consumer deception can be a team sport, too. A proposed FTC settlement with Career Education Corporation, American InterContinental University, Colorado Technical University, and related defendants alleges they used illegal game plans to lure consumers to their post-secondary and vocational schools. MVP “teammates” in the deceptive venture were lead generators who duped consumers into divulging personal information under false pretenses.
Qualcomm Gets Wall Street Journal’s Support in Antitrust Battle with FTC
Qualcomm‘s battle with the Federal Trade Commission picked up strong support in The Wall Street Journal Monday as the antitrust case headed for federal appeals court. The editorial board of the leading U.S. business newspaper wrote that the San Diego-based wireless pioneer faced “irreparable harm” from a lower court order and FTC attorneys “running wild” on the case. “The FTC should drop the case before it loses on the merits,” the newspaper said in the editorial.
Powell: Fed ‘working to sustain’ favorable economy
Federal Reserve Chair Jerome Powell, during a speech at the Federal Open Market Committee's annual retreat in Jackson Hole, Wyo., Friday, described the U.S. economy as being "in a favorable place" and said the Fed is "working to sustain these conditions in the face of significant risks." Powell noted strong economic growth, a falling unemployment rate and rising labor force participation as positive aspects of the current situation, but also highlighted concerns about global economic growth due to trade and tariff uncertainty.
US FTC Settles With Alleged Crypto Pyramid Scheme for $500,000
According to anofficial statementon Aug. 22, the regulator permanently banned the defendants from multi-level marketing and misrepresenting investment opportunities — and charged a total of more than $500,000 as part of the settlement. In March 2018, the FTC firstobtaineda court order against Thomas Dluca, Eric Pinkston, Louis Gatto and Scott Chandler that stopped their misleading marketing practices and froze their assets. At the time, the commissionallegedthat the individuals violated the FTC Act through the “advertising, marketing, and promotion of purported money-making schemes.”
Elizabeth Warren Slams Student Loan Watchdog Appointment As ‘Outrageous’
The federal Consumer Financial Protection Bureau has a new student loan watchdog, and his appointment is raising questions about who is safeguarding the interests of student borrowers. Massachusetts senator and Democratic presidential hopeful Elizabeth Warren, who helped create the CFPB, sent a scathing letter on Thursday to the bureau's current director. In documents obtained by NPR, Warren called the appointment of Robert Cameron "an outrageous slap in the face to student loan borrowers across the country." Warren also sent letters to Treasury Secretary Steven Mnuchin and directly to Cameron, writing, "your employment history presents an irresolvable conflict of interest that will prevent you from being able to serve as an effective Student Loan Ombudsman."
AFCC Fall Conference Highlights Benefits of Debt Settlement Industry on the US Economy
Just one of the presenters at the AFCC Fall conference will be Mr. John Dunham. The AFCC commissioned John Dunham & associates to perform an Economic Impact Study, examining the overall benefits the Debt Settlement Industry provides to the US. Attend the AFCC event to hear him and other great presenters, as well as to hear the results of this important study. Website https://americanfaircreditcouncil.org/
HOW, WHAT, WHERE, WHEN AND WHY - from Resource Management Services, Inc.
Learn practical skills and tactics to review:
• When to audit, and incorporating remote and onsite
• What to audit - work effort, payment, compliance, financials and more
• Sampling techniques to increase your effectiveness
• How to develop an effective call monitoring scorecard
• Audit bias and how to avoid it
• What many audit teams miss and how to address
• how to use the audit to improve compliance and performance
• Remediation techniques and tools
Course taught by experienced auditors and consultants: Bev Evancic and Ken Evancic
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