Articles

NAFCU on CCPA: Law shouldn’t apply to CUs as it creates confusion, compliance burdens

In a letter to California Attorney General Xavier Becerra, NAFCU’s Mahlet Makonnen outlined a number of concerns the association and its member credit unions have related to the California Consumer Privacy Act (CCPA), which is set to take effect Jan. 1, 2020. NAFCU is an advocate for a uniform federal standard – not a patchwork of state privacy laws – and this week unveiled principles for a national data privacy standard.   Makonnen, NAFCU’s regulatory compliance counsel, reiterated NAFCU’s position that the CCPA should not apply to credit unions and recommended California lawmakers implement regulations to clarify:

CRS2020 – Session Highlight – Credit Union Peer Group & Post Charge-Off Strategies

The Credit Union Peer Group meets again at Collection and Recovery Solutions (CRS2020), Wednesday, May 6th, from 3:30 pm to 4:45 pm. Chris Straiter will facilitate this member discussion session.  A survey of credit unions and their “hot topic” issues will be conducted prior to the event, and form the basis of the discussion.  In addition, there is time to discuss additional topics of interest to the group members in attendance. The Credit Union Peer Group is a working group of the Recovery Management Network group. Both are creditor-only groups for professionals in the collection and recovery side of the business.

More student loan collection bids seen despite court order

The Education Department revealed in a court filing this week that it identified an additional 29,000 former Corinthian Colleges students who were pursued for federal student loan payments despite a court order barring collection.   A federal judge held Education Secretary Betsy DeVos in contempt and fined the department $100,000 in October after the agency said it attempted to collect payments from 16,000 former students of the defunct for-profit college in violation of the order.

Cordray: CFPB Functioning Many Ways As It Was Intended

Richard Cordray, first director of the Consumer Financial Protection Bureau (CFPB) said today the agency is functioning many ways as it was intended even though it has been under apparent retreat from regulation and enforcement since President Donald Trump took office.

New Study Ranks Nevada 2nd In Identity Thefts

LAS VEGAS, NV (KXNT) – Identity theft is a well known problem across the country, and the state of Nevada is among the top states where it’s most likely to happen.    A recent report issued from the Motley Fool website shows that Nevada is second among the US states in identity theft with over fifty-eight-hundred reports.     Nevada trails only the state of Georgia, which has a staggering twenty-three-thousand reports of identity theft. Residents of Vermont, Iowa, and maine have reported the fewest identity thefts.

Court Halts Operations of VoIP Service Provider after the FTC and Ohio Alleged that it Helped Promote Credit Card Interest Reduction Scheme

At the request of the Federal Trade Commission and the State of Ohio, a federal court has halted the operations of Voice over Internet Protocol (VoIP) service provider Globex Telecom Inc., which allegedly played a key role in robocalling consumers to promote a credit card interest reduction scheme that bilked consumers out of millions of dollars.   The federal court in El Paso, Texas issued a temporary restraining order against Globex and its Canadian counterpart, 9506276 Canada, Inc., that appoints a temporary receiver and freezes the defendants’ assets.

CFPB Ombudsman’s Office 2019 Annual Report

Today, the Ombudsman’s Office’s annual report is available on our webpage. Each year our annual report, which I deliver to the Director, outlines our work process and summarizes our activities from the last fiscal year. The Ombudsman’s Office is an independent, impartial, and confidential resource that assists consumers, financial entities, consumer or trade groups, and others in informally resolving process issues with the CFPB. 

NAFCU wants CUs protected as House passes bill targeting robocalls

Lawmakers in the House Wednesday, in a 417-3 vote, passed legislation that would expand the Federal Communications Commission’s (FCC) enforcement authority over violations of the Telephone Consumer Protection Act (TCPA) and require voice services providers to authenticate and block illegal robocalls.

More Fed Officials Weighing Liquidity Requirements After Repo Market Crunch

The Federal Reserve is reviewing parts of its supervisory framework, particularly around bank liquidity requirements, in the aftermath of unusual overnight lending market volatility earlier this year, according to a growing chorus of Fed officials. The Fed might have contributed to the repo market turmoil in September and will review if the policies could have exacerbated the problem, Fed Vice Chair for Supervision Randal Quarles said at a House Financial Services Committee hearing. And in the lead-up to the hearing, Fed Chairman Jerome Powell and New York Fed President John Williams sent a letter to committee ranking member Pat McHenry (R-N.C.), saying that the Fed will “continue to analyze” the dynamics that contributed to the turmoil. 

CFPB Proposal On Remittances Offers Exemptions For Banks, CUs

In the years ahead, might there be a greater number of smaller financial institutions (FIs) offering remittance services? As Bloomberg Law reported Tuesday (Dec. 3), the Consumer Financial Protection Bureau (CFPB) has proposed to boost the number of smaller banks and credit unions (CUs) that would not be governed by rules tied to international money transfers. In a move that some advocates say would ease regulatory and compliance costs, the proposal would extend an exemption that allows these FIs to estimate the fees and costs associated with such international fund flows as providing exact figures might prove an expensive task.