The operators of a bogus credit repair scheme are banned from the credit repair business and subject to a wide array of other requirements under settlement terms with the Federal Trade Commission. The settlements relate to an FTC complaint filed in June 2019 alleging that the defendants targeted consumers with false promises of substantially improving consumers’ credit scores by claiming to remove all negative items and “hard” credit inquiries (which can often change a consumer’s credit score) from consumers’ credit reports. In addition, the FTC alleged the defendants illegally charged upfront fees for their services and advised consumers to mislead credit bureaus and lenders, as well as threatening consumers with lawsuits when they complained or disputed charges.
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RMAI Supports New York’s Efforts to License Debt Collectors
January 17, 2020 (Sacramento, CA): The Receivables Management Association International (RMAI) supports New York Governor Andrew Cuomo’s initiative announced last week in his State of the State Address in which he calls for the licensure of debt collection businesses. RMAI has long been a proponent of state licensing. “Licensure is not only good for consumers, but it is also good for the receivables industry” said RMAI Executive Director Jan Stieger. “Licensure is highly consistent with the principles contained in RMAI’s Receivables Management Certification Program, which advances consumer protections by establishing the industry standards for best practices.”
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CFPB Announces Additional Member of Taskforce on Federal Consumer Financial Law
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced an additional member who will serve on the Taskforce on Federal Consumer Financial Law. The addition is: William MacLeod, partner at Kelley Drye & Warren, LLP, Past Chair of the Antitrust Section of the American Bar Association, and former Bureau Director at the U.S. Federal Trade Commission.
The U.K. credit card market at a glance
While not as large as the U.S. both in number of people and number of credit card owners, the U.K. remains a very lucrative market for issuing banks and card networks, as well as a host of alternative financial service providers catering to younger, underserved consumers.
In 2017 there were just over 32.3 million adult credit card owners possessing a total of roughly 60 million cards or about two different cards per owner, according to the UK Cards Association (now rebranded UK Finance). Given that the Office for National Statistics reported that there were approximately 52.4 million adults 18 and over in the country in 2018, this gives the U.K. a credit card penetration rate of about 62%,
TCPA – Are You Willing To Bet The Company? Highlighted at CRS2020
CRS2020 will be held May 6th – 8th at the Four Seasons in Las Vegas. This is a limited space, invitation-only event for senior level creditors in Collection and Recovery. For additional details, see If you’re interested in receiving an invitation, contact crs@resourcemanagement.com.
Democrats on House Financial Services Committee Forward Letter to GAO Inquiring About Alternative Data and Access to Credit
Democrat members of the House Financial Services Committee have sent a letter to the Government Accountability Office (GAO) inquiring about the usage of alternative data by lenders and credit agencies. Congresswoman Maxine Waters (D-CA), Chairwoman of the Committee, Congressman Al Green (D-TX), Chair of the Subcommittee on Oversight and Investigations, Congressman Bill Foster (D-IL), Chair of the Task Force on Artificial Intelligence, Congressman Stephen Lynch (D-MA), Chair of the Task Force on Financial Technology, and Congressman Josh Gottheimer (D-NJ), each signed the letter.