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May 13th and 14th at the Javits Center in NYC. Over 5,000+ fintech innovators, debt and equity investors, commercial and regional banks, service providers, enterprise tech companies, the media, and government officials gather for two days of networking, learning and deal-making. Save 15% by using our discount code - DC15%
California already has one of the most active state agencies in terms of regulating and (when necessary) punishing the financial services industry: the California Department of Business Oversight. But the state could soon have a financial regulator that rivals the New York Department of Financial Services in terms of clout, reach, and scope. On Friday, California Gov. Gavin Newsom will reportedly unveil a plan for the state to enact its own version of the Consumer Financial Protection Bureau, overhauling and increasing the power of the state’s Department of Business Oversight.
Banks to tighten third-party data access in 2020, experts say
Several large U.S. banks have recently revamped and tightened their third-party data sharing practices, affecting the way some fintechs conduct business with their customers, and several industry experts say the trend is expected to grow in 2020.
A decision this week by a federal judge in New York illustrates how some courts have in the past few years made it easier for people with crippling student loan debt to file for bankruptcy, say consumer advocates and legal experts. But while advocates like John Rao, a National Consumer Law Center bankruptcy expert, see the trend as positive, they still believe federal laws need to be changed to make it easier to discharge student loans through bankruptcy.
Join others in the “Millennial Peer Group – Collections & Recovery” at CRS2020
Millennial Peer Group - Collections & Recovery meets at CRS2020 May 6th from 3:30 pm to 4:30 pm This organized peer network, is an elite network of young professionals in the industry focused on issues of relevance to Millennials. Whether you meet the age requirements of a Millennial, or think like a Millennial, or just have an interest in Millennials – this group can be for you. Moderated by Matt Justice of Professional Bureau of Collections of Maryland, this break out session provides an opportunity for millennials to discuss issues of importance to millennials!
Consumer Financial Protection Bureau Announces Action Against Monster Loans, Lend Tech Loans, and Associated Student Loan Debt-Relief Companies
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (Bureau) filed suit against several companies and individuals involved in offering student loan debt-relief services for allegedly obtaining consumer reports illegally, charging unlawful advance fees, and engaging in deceptive conduct. The Bureau’s action is against a mortgage lender called Chou Team Realty, LLC, which does business as Monster Loans (Monster Loans); an allegedly sham mortgage brokerage called Lend Tech Loans, Inc.; and several student loan debt-relief companies, including Docu Prep Center, Inc., which does business as DocuPrep Center and Certified Document Center; Certified Doc Prep Services, LP; Assure Direct Services, Inc.; Direct Document Solutions, Inc.; Secure Preparation Services, Inc.; and Docs Done Right, Inc. The Bureau is also taking action against several individuals, including Bilal Abdelfattah, who is also known as Belal Abdelfattah and Bill Abdel; Thomas “Tom” Chou; Sean Cowell; Robert Hoose; Eduardo “Ed” Martinez; Jawad Nesheiwat; Frank Anthony Sebreros; and David Sklar.
DeVos And Education Dept. Could Face New Sanctions For Violating A Court Order
A federal judge is weighing higher fines for the Education Department after the federal agency disclosed that it pursued scores of additional borrowers for debt collection — violating a court order. A federal judge is weighing higher fines for the Education Department after the federal agency disclosed that it pursued scores of additional borrowers for debt collection — violating a court order.
CFPB, Utah’s Attorney General Announce Inaugural Joint Office Hours in Salt Lake City
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Office of the Utah Attorney General announced the first joint office hours to be held as part of the American Consumer Financial Innovation Network (ACFIN). Joint office hours, held as part of ACFIN, provide innovators with the opportunity to discuss issues such as financial technology, innovative products or services, regulatory sandboxes, no action letters, and other matters related to financial innovation with officials from the CFPB and state partners.
FTC Finalizes Settlement with California Tech Company Related to Privacy Shield
The Federal Trade Commission has finalized a settlement with a California technology company over allegations that it falsely claimed participation in the EU-U.S. Privacy Shield framework, which enables companies to transfer consumer data legally from European Union countries to the United States.
American Banker: THE STRUGGLE TO AVOID BECOMING THE ‘DUMB UTILITY
Over the next several years, U.S. banks are likely to become less relevant in the daily lives of their customers, less central in the economy and less profitable. The major culprit will be the rapid evolution of technology, which will allow data-savvy bank partners to siphon off a larger share of revenue while relegating the banks to a behind-the-scenes role in customer relationships.
Bankruptcy case could make it easier to erase student debt
POUGHKEEPSIE — A U.S. Bankruptcy Court judge on Wednesday authored a stunning decision that may make it easier for student loan borrowers to file for bankruptcy. Cecelia G. Morris, chief bankruptcy judge for the Southern District of New York, ruled in favor of Kevin Jared Rosenberg, who sought to erase more than $220,000 in loans accumulated during his undergraduate and law school years.
Bankruptcy Judge Christopher D. Jaime Joins CRS2020 Faculty
Collection and Recovery Solutions (CRS2020) continues to provide a high-end learning opportunity for senior-level creditors involved in collection and recovery. Announcing the addition of the Honorable Christopher D. Jaime, U.S. Bankruptcy Judge in the Eastern District of California to our esteemed faculty. At CRS2020, you can get the latest updates on Bankruptcy and common mistakes of creditors from the perspective of a Bankruptcy Judge. Also, hear about new bankruptcy code amendments, pending changes, the future of student loans in Bankruptcy as well as Secured Collateral reaffirmations and non-perfected liens. CRS2020 is an invitation-only event for collection and recovery originating creditors. Other key elements include: Auto Finance Peer Group, Pre-conference Skip Strategies, Recovery Management Network Tie-in Meeting, Credit Union Peer Group, Millennial Peer Group, FinTech Collections - Lender Peer Group and so much more. Space is limited. For additional information, see www.crs2020.com
As a new decade begins, one of the major unresolved issues of the previous few years continues to haunt banks — when and how Big Tech will jump into financial services in a significant way. While Facebook has launched its Libra digital currency project and Google has begun partnering with Citigroup on checking accounts, these appear to be just the tip of the iceberg. Banking by 2030 could look very different than it does today.
BUMP Collections! – Dallas Workshop Added to 2020 Training Schedule
Announcing our newest course – BUMP Collections! – Dallas class scheduled for March 12, 2020. An interactive workshop for collectors and collection supervisors. Learn how to BUMP Collection results by a focus on the four fundamentals of a collection call: Building the Relationship, Understanding the Situation, Matching the Solutions and Processing the Deal. Developed by Ken Evancic of Resource Management Services, Inc. to help collectors improve performance.
2020 is expected to see a rollout of a crackdown on robocalls in Michigan, after the state’s Attorney General outlined a dozen initiatives designed to curb the automated calls that in many cases are illegal. At a recent press conference, Michigan AG Dana Nessel said those steps will include increased enforcement actions, educating people on how they can protect themselves from scams and working to update state laws. Robocalls are phone calls that use a computerized auto-dialer to deliver a pre-recorded message. They often are associated with political and telemarketing phone campaigns.
District Of New Jersey Upholds Securities Fraud Action Against Major Student Loan Servicer Based Upon Alleged Forbearance Scheme Harming Borrowers
On December 30, 2019, Judge Robert B. Kugler of the United States District Court for the District of New Jersey denied a motion to dismiss a putative class action raised under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 against a student loan servicer (the “Company”) and certain of its officers (collectively “Defendants”). In Re Navient Corp. Secs. Litig., No. CV 17-8373 (RBK/AMD), 2019 WL 7288881 (D.N.J. Dec. 30, 2019). Plaintiff claimed that Defendants made false or misleading statements about lawsuits brought against the Company by the Consumer Financial Protection Bureau (“CFPB”) and several State Attorneys Generals (“AGs”) for a “forbearance scheme” that allegedly harmed student borrowers in the repayment process. The Court denied Defendants’ motion to dismiss for failure to state a claim, finding that plaintiff adequately pleaded falsity, scienter, and loss causation.
DENVER — January 8, 2020 — Harvest Strategy Group, Inc. (HSG) announced, effective January 1, 2020, David Ravin and Brad McCurnin will serve as Co-Presidents. Mr. Ravin has had an extraordinary record with a 16% compound annual revenue growth rate over the past 10 years, in effect doubling revenues every 4.5 years. He will be responsible for the revenue side going forward; client retention and acquisition, new markets, strategic acquisitions and corporate citizenship. Mr. McCurnin will lead operations, with particular emphasis on building on their service reputation, market leadership in technology and continued development of Intellectual Property that has given HSG the competitive advantages in customer service it enjoys.
FTC approves settlement with Utah tech company after data breach
SALT LAKE CITY — The Federal Trade Commission has signed off on a settlement with a Utah technology company that allegedly failed to use adequate cybersecurity, allowing a hacker to access the personal information of more than a million consumers. The FTC alleged that InfoTrax Systems and former CEO Mark Rawlins didn’t take reasonable, low-cost and readily available security measures to safeguard its business clients. The Orem-based company provides software and hosting solutions for direct-selling companies.
Open Banking and bank-FinTech collaboration are the new norm for financial institutions around the world looking to upgrade their offerings for small businesses (SMBs). In this week’s examination of the latest tie-ups, collaborations emerge from India and Qatar to the U.S. and beyond, with small business lending a particular focal point of these partnerships. Other initiatives include a focus on payments security, as well as connecting bank data to small business accounting portalQuickBooks.
The pace of bank consolidation quickened in 2019. Despite a sluggish start, last year ended up being the busiest year for deals since 2016 in terms of the number of mergers announced. Aggregate deal value was in line with what took place a year earlier, excluding the megamerger of BB&T and SunTrust that closed in December. While the year featured a number of headline-grabbing combinations, led by BB&T-SunTrust, a slew of mergers between smaller banks took place. Overall premiums were down, largely because of no-premium mergers of equals and the high percentage of small transactions.
FTC Finalizes Settlement with Utah Company and its former CEO over Allegations they Failed to Safeguard Consumer Data
The Federal Trade Commission has granted final approval to a settlement with a Utah-based technology company related to allegations that the firm failed to put in place reasonable security safeguards, allowing a hacker to access the personal information of more than a million consumers.
Attorney General Becerra Issues Advisory Outlining New Data Privacy Rights for California Consumers
SACRAMENTO – California Attorney General Xavier Becerra has issued an advisory for consumers highlighting their new rights as part of the California Consumer Privacy Act (CCPA), which went into in effect on January 1, 2020. The advisory describes consumers’ basic privacy rights under the CCPA and methods for consumers to exercise those rights, information about the data broker registry, and new guidelines related to data security. Enforcement of CCPA is the responsibility of the Office of the Attorney General.
Compliance: What becomes effective in January 2020?
The new year marks not only the start of a new decade, but the effective date of several important rules for credit unions. One rulemaking no longer belongs on the below list, NCUA agreed at its December board meeting todelay implementationof its risk-based capital rule to Jan. 1, 2022. Effective Jan. 1, the Consumer Financial Protection Bureau (CFPB) officially extends the reporting threshold of 500 open-end lines of credit under the Home Mortgage Disclosure Act to Jan. 1, 2022. The temporary threshold was scheduled to expire Jan. 1, 2020.
The Credit Card Accountability, Responsibility, and Disclosure Act (“CARD Act” or “Act”) requires the Bureau of Consumer Financial Protection (the “Bureau”) to submit to Congress, and to make available to the public, an annual report that lists information submitted to the Bureau concerning agreements between credit card issuers and institutions of higher education or certain organizations affiliated with such institutions in connection with the issuance of credit cards. This report refers to these agreements as “college credit card agreements” or simply “agreements.” Affiliated organizations include fraternities, sororities, alumni associations, or foundations affiliated with or related to an institution of higher education. This is the tenth annual report pursuant to the CARD Act.
New York Governor Andrew Cuomo recently signed a bill intended to defendants in foreclosure court. The bill, sponsored by Assemblymember Helene Weinstein and State Sen. Brian Kavanagh, which amends Article 13 in Real Property Actions & Proceedings and allows defendants more leeway to bring up the defense of “standing” in foreclosure court, Kings County Politics reports.
New and improved FTC data security orders: Better guidance for companies, better protection for consumers
When Chairman Simons and I arrived at the FTC, one of our first priorities was to strengthen the FTC’s orders in data security cases. We’ve already made three major changes that improve data security practices and provide greater deterrence, within the bounds of our existing authority.
Experian agrees to pay $24M for letting payday loans hurt customers’ credit
Experian has agreed to settle with 56,000 Americans who had their credit reports tainted by data from a beleaguered online payday lender. The $24 million settlement comes in response to a federal class-action suit filed in 2016 by a Gwinnett County woman who, like the others, saw her credit report suffer because of a delinquency from Western Sky Financial. The South Dakota-based company sold more than 18,000 loans in Georgia with interest rates as high as 340%, according to the Georgia Attorney General’s office.
Fintech Lending Market Dynamic with a Gigantic Growth in the upcoming period with Leading Players Samsung Pay, Google Pay, Apple Pay, Bank of America
The Global Fintech Lending 2020 Market Research Report is a professional and in-depth study on the current state of Fintech Lending Market. The report provides a basic overview of the industry including definitions and classifications. The Fintech Lending analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status.
Maximum robocall fine is $10,000 under law signed by Trump
President Trumpsigned a lawincreasing fines of spam robocalls to $10,000 and requiring service providers to authenticate calls across networks. The landmark bill, known as the Telephone Robocall Abuse Criminal Enforcement and Deterrance Act (TRACED Act), was signed by Trump on Monday. In addition to upping the fines, the law requires carriers like AT&T, Verizon and T-Mobile to use a relatively new technology known as STIR/SHAKEN to help consumers know if they are being targeted by a robocaller with a fake number.
FTC Announces Agenda for Jan. 9 Workshop, Non-Competes in the Workplace: Examining Antitrust and Consumer Protection Issues
First announcedon Dec. 5, 2019, the workshop will take place from 8:30 a.m. to 5:30 p.m. on Jan. 9, 2020 in the FTC’s Headquarters Building, 600 Pennsylvania Avenue, NW, Washington, DC, and will be webcast live. Non-compete clauses are covenants in employment contracts that limit the ability of an employee to join or start a competing firm after a job separation. Panelists at the workshop include legal scholars, economists, and policy experts, who will evaluate the effects of non-compete clauses on labor market participants and any efficiency rationales they may have. The panels also will consider the potential harms to workers that can and should be addressed through the FTC’s rulemaking, law enforcement, or advocacy authority.
CARFAX Banking Insurance Group to Exhibit at CRS2020
CARFAX Banking & Insurance Group will be exhibiting at the Collection and Recovery Solutions 2020. Be sure to stop by and say hi at booth 17.
The CARFAX Banking & Insurance Group assists thousands of banks, credit unions, and other industries in making better decisions throughout the auto loan lifecycle. Collections and recovery professionals use CARFAX to prioritize collections based on vehicle condition and resale potential, and locate and recover delinquent vehicles faster.
A "CollectoRMSeries" course by Resource Management Services, Inc.
March 12th BUMP Collections! course to be taught in Dallas, Texas. A June course is expected to be announced for Southern California. An October course is expected to be announced for Atlanta.
Call us if you're interested in those courses, and we'll provide info as it is confirmed.
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