Articles

AG FERGUSON: JUDGE RULES NATIONAL STUDENT LOAN SERVICER NAVIENT BROKE THE LAW IN SERVICING STUDENT LOAN DEBT

SEATTLE  A King County Superior Court judge ruled that Navient, the country’s largest student loan servicer, violated the Consumer Protection Act by engaging in unfair and deceptive conduct related to Washingtonians’ student loans. This is the first time a judge has ruled that Navient broke a consumer protection law in a student loan servicing lawsuit filed by a state’s Attorney General or federal consumer protection agency. Attorney General Bob Ferguson has been litigating this case since January 2017, seeking accountability for Navient’s conduct, legally enforceable terms to prevent future unlawful conduct and financial restitution for Washingtonians harmed by the unlawful conduct.

Servicemembers Civil Relief Act: Revised Comptroller’s Handbook Booklet and Rescissions

The Office of the Comptroller of the Currency (OCC) today issued the revised “Servicemembers Civil Relief Act” booklet of the Comptroller’s Handbook. This booklet provides information and procedures for examiners in connection with the consumer protections that servicemembers are eligible for under the Servicemembers Civil Relief Act (SCRA).

5th Circuit: Conveying information about a debt collector is not the same as conveying information about a debt

On February 26, the U.S. Court of Appeals for the Fifth Circuit affirmed a district court’s dismissal of a consumer’s FDCPA claims against a collection agency, concluding that “conveying information about a debt collector is not the same as conveying information about a debt.” According to the opinion, the collection agency (defendant) attempted to contact the plaintiff via telephone concerning an unpaid debt. When the plaintiff failed to answer the call, the defendant contacted the plaintiff’s sister and asked to speak to the plaintiff.

Federal Credit Union Regulator Should Look at Crypto Rules, Official Says

The National Credit Union Administration (NCUA) could be the next federal regulator to dip its feet into crypto-related rules.

LendingClub and Leading Financial Services Companies Launch the American Fintech Council

SAN FRANCISCO, March 3, 2021 /PRNewswire/ — LendingClub Corporation (NYSE: LC) announced today that the Marketplace Lending Association (MLA), which it co-founded, will merge with the Online Lending Policy Institute (“OLPI”) to form the American Fintech Council (“AFC”). The mission of AFC is to promote policies that advance responsible innovation and inclusivity within financial services.

U.S. says John McAfee indicted over fraudulent cryptocurrency schemes

NEW YORK/WASHINGTON (Reuters) – John McAfee, creator of the eponymous anti-virus software, has been indicted in Manhattan federal court on fraud and money laundering conspiracy crimes, stemming from two schemes concerning the fraudulent promotion to investors of cryptocurrencies, officials said on Friday.

February jobs report: Economy adds 379,000 payrolls, unemployment rate falls to 6.2%

The U.S. economy added back the most jobs in four months in February, as easing COVID-19 case counts and a ramping vaccine rollout allowed distancing restrictions to begin to moderate. The unemployment rate also unexpectedly improved during the month.

CFPB nominee sounds alarm on possible ‘avalanche of defaults’ after student loan payments restart

President Joe Biden’s nominee to America’s consumer watchdog agency told Congress he was concerned about how servicers would handle borrowers when their student loan payments — currently paused during the pandemic — resume in October.

ACA Seeks Engagement with California Consumer Protection Agency

As the new California Department of Financial Protection and Innovation (DFPI) takes hold this year, ACA International seeks to meet with the agency’s leadership to provide education on the accounts receivable management (ARM) industry.

CFPB delays QM compliance date to October 2022

The Consumer Financial Protection Bureau released a notice of proposed rulemaking on Tuesday to delay the mandatory compliance date of the Qualified Mortgage final rule from July 1, 2021 to October 1, 2022.