Articles

AG Paxton Reminds Texans of May 31 Deadline to Claim Western Union Refunds

Attorney General Ken Paxton today reminded Texans of the May 31 deadline to submit claims in a $586 million settlement with Western Union affecting consumers who were deceived into sending payments to scam artists using the company’s wire transfer service. As many as 39,000 Texans are eligible for refunds.

Accounting for Age: The Financial Health of Millennials

Millennials and Generation X were the youngest working generations in 2016 and 2001, respectively. How do their balance sheets compare? Because of fewer assets and more debt, millennial households had an average net worth of about $90,000 in 2016 versus $130,000 for Generation X households in 2001.

Household Debt Continues Its Increase in the First Quarter of 2018

The CMD’s latest Quarterly Report on Household Debt and Credit reveals that total household debt reached a new peak in the first quarter of 2018, rising $63 billion to reach $13.21 trillion. Balances climbed 0.6 percent on mortgages, 0.7 percent on auto loans, and 2.1 percent on student loans this past quarter, while they declined by 2.3 percent on credit cards.

Time runs out for Congress to upend payday lending rule

Resolutions in both the Senate and House sought to kill the so-called payday rule, which aims to make sure consumers can afford to pay back these short-term, high-cost loans. In January, the Consumer Financial Protection Bureau said it plans to revisit the rule, whose compliance date is August 2019.

FCC Chairman Accepts Working Group’s Recommendations for Call Authentication

Federal Communications Commission Chairman Ajit Pai has accepted recommendations for an industry-developed call authentication system intended to stop the use of Caller ID spoofing from the North American Numbering Council (NANC.)

Attorney General Becerra: We Will Keep Fighting to Protect Retirees Against Financial Advisors Who Put Financial Gain Before Their Client’s Best Interests

SACRAMENTO – In order to continue defending crucial regulations that require retirement investment advisors to put the interests of their clients above their own financial gain, California Attorney General Xavier Becerra, joined by the Attorneys General of New York and Oregon, has asked the Fifth Circuit Court of Appeals to reconsider its decision denying the States’ motion to intervene. The Obama-era regulations, known collectively as the Fiduciary Rule, enshrined into federal law commonsense standards for professionals who give investment advice to people saving for retirement.

Organizations offer bureau enforcement process feedback

A trio of organizations recently weighed in on the Bureau of Consumer Financial Protection’s (CFB) request for information on the efficiency of the Bureau’s enforcement of federal consumer financial laws. The Financial Services Roundtable (FSR), the Consumer Bankers Association (CBA), and the Consumer Mortgage Coalition (CMC) submitted comments regarding the CFB’s efficacy via joint correspondence.

FTC Testimony Highlights Agency’s Work to Protect Consumers, Promote Competition

In testimony before the Senate Appropriations Subcommittee on Financial Services and General Government, the Federal Trade Commission described its work to protect consumers and promote competition through vigorous enforcement, education, advocacy, and policy work, and by anticipating and responding to changes in the marketplace.

NAR: Acting Director Mulvaney, Panelists Discuss Future of the CFPB and Real Estate Regulatory Policy

WASHINGTON, May 15, 2018 /PRNewswire/ — The Bureau of Consumer Financial Protection plans to eliminate regulation by enforcement and increase regulatory clarity, according to speakers at the Regulatory Issues Forum at the 2018 REALTORS® Legislative Meetings & Trade Expo. The high-profile session, keynoted by CFPB Acting Director Mick Mulvaney, focused on regulatory policy concerns important to the real estate industry. During his remarks, Mulvaney addressed the latest actions out of the CFPB, plans for improved efficiency and effectiveness of agency operations, and his perspectives on issues important to Realtors®.

LendingTree, Inc. Announces Agreement to Acquire Ovation Credit Services

CHARLOTTE, N.C., May 11, 2018 /PRNewswire/ — LendingTree, Inc. (NASDAQ: TREE) announced today that it has entered into a definitive agreement to acquire Ovation Credit Services, Inc., a leading provider of credit services with a strong customer service reputation. Ovation Credit Services utilizes a proprietary software application that facilitates the credit repair process and is integrated directly with certain credit bureaus while educating consumers on credit improvement via ongoing outreach with Ovation case advisors.