Attorney General Frosh Urges the FCC to Help Law Enforcement Expose Illegal Robocallers

BALTIMORE, MD (June 4, 2020) – Maryland Attorney General Brian E. Frosh, along with the State Attorneys General Robocall Working Group, today encouraged the Federal Communications Commission (FCC) to facilitate continued collaboration among state attorneys general and telecom companies to coordinate tracing back illegal robocalls to their source.

PSCU Partners with Telrock to Offer Next-Generation Delinquency Management Software Platform

St. Petersburg, Fla. — (June 4, 2020) — PSCU, the nation’s premier payments credit union service organization (CUSO), announced it has entered into an agreement with Telrock to offer its cloud-based collection and recovery software platform, Optimus, to PSCU Owners and other credit unions to improve their overall delinquent account management performance.

Senate OKs tweaks to small-business lending program; bill goes to Trump for signature

It took some last-minute wrangling and a letter as well, but the Senate late Wednesday passed a bill easing conditions for small businesses tapping the government’s Paycheck Protection Program. The House had passed the bill by an overwhelming 417-1 tally last week and senators had been discussing earlier in the week whether to make a few tweaks to it — which would have necessitated another House vote — or passing it unanimously and finding ways to fix what some saw as problems later.

The Fed’s Main Street Lending Program is About to Begin; Here’s What You Need to Know

The Federal Reserve’s unprecedented Main Street Lending Program (MSLP) is set to kick off any day now. The program is designed to provide financial support to companies that have been hurt by the coronavirus pandemic but were too big to qualify for loans in the Paycheck Protection Program (PPP).

3 Billion Robocalls in May Mark 3% Monthly Increase, Says YouMail Robocall Index

IRVINE, Calif., June 4, 2020 /PRNewswire/ — Americans received just under 3.0 billion robocalls in May, a 3% increase from April. However, the number of calls per day in May was almost identical to the number of calls per day in April, again averaging just over 95 million calls per day, or roughly 1,104 calls per second. This means the slight increase was simply due to one more day in the month of May versus April. The calls are still 48% below the all-time monthly peak of 5.7 billion calls in October 2019.

Consumer Financial Protection Bureau Takes Action to Help Consumers Receive Relief from Credit Card Issuers

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today took action to help consumers receive relief during the pandemic more quickly from their credit card issuer. Regulation Z requires that creditors provide written disclosures to consumers for account-opening and temporary rate or fee reduction.

How PayPal’s Case Against the CFPB Could Spawn ‘Uncomfortable’ Results for Payments Players

It was easy to lose track of it in the midst of all the impacts of the novel coronavirus, but a crucial federal lawsuit filed six months ago still hangs over the payments industry, carrying far-reaching implications for nearly all players. It’s PayPal Holdings Inc.’s  action against the Consumer Financial Protection Agency over the CFPB’s final prepaid rule, and while it very much hasn’t gone away, some experts are worried its eventual resolution could hold very different implications from those they were expecting before PayPal brought its suit.

Two Banking Groups Call For Automatic PPP Loan Forgiveness

The Consumer Bankers Association and Bank Policy Institute, in a co-signed letter, have called on Congress to automatically forgive Paycheck Protection Program (PPP) loans under $150,000. Although that would cover around 85 percent of the loans, it would only cover about 26 percent of PPP loan dollars, the two groups said. Businesses would still be required to verify that their PPP funds were used in the correct ways the program mandated, to keep employees on the payroll. But they would not have to fill out lengthy forgiveness applications, which would save them time and money.

Attorney General Becerra Sues Secretary DeVos and U.S. Department of Education for Failing to Implement Temporary Expanded Public Service Loan Forgiveness Program

California Attorney General Xavier Becerra today announced a lawsuit against Secretary of Education Betsy DeVos and the U.S. Department of Education (ED) for its failure to implement the Temporary Expanded Public Service Loan Forgiveness (TEPSLF) program. While many of the program’s applicants have completed the public service and loan payment requirements necessary to qualify for forgiveness of the balance on their federal student loans, nearly all of them have had their applications denied by Secretary DeVos. In the complaint, Attorney General Becerra alleges that ED’s failure to implement the TEPSLF program violates the Administrative Procedure Act (APA).

Path to the New Normal: Reimagining Collections – Webinar Announced

Join Josh Weiss with Brinks Home Security and Todd Johnsen with Snap Finance as they discuss:

Insights on the Impact of COVID-19 on the collections business including managing through social distancing
Lessons learned and strategies deployed in the heat of the crisis
Vision on the future of collections and what will work going forward as we approach the new normal.   

Webinar Details:

Title: Path to the New Normal: Reimagining Collections

Date: Thursday, June 11, 2020

Time: 12:00 PM Eastern Daylight Time (30 minutes)

Registration page: