OCC Fines Former Wells Fargo General Counsel $3.5 Million in Settlement

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it has assessed a $3.5 million penalty against James Strother for his role in Wells Fargo Bank, N.A.’s systemic sales practices misconduct.

Consumer Financial Protection Bureau and National Credit Union Administration Sign Memorandum of Understanding

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) and the National Credit Union Administration (NCUA) announced a Memorandum of Understanding (MOU) agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions over $10 billion dollars in assets.

Buy now, pay later boom brings ‘shift away from credit to debit’

Americans are increasingly taking advantage of the buy-now, pay-later (BNPL) offerings thanks to a growing number of financial technology companies.

Is the Pendulum Swinging the Other Way? Court Finds TCPA Claims Viable Prior to Severance of Government Backed Debt Exemption by Supreme Court

As the Czar reported in late December (here), the plaintiffs’ bar had evened the score (3-3) with two recent decisions finding that the TCPA was constitutional as applied to calls made prior to the Supreme Court’s decision in Barr v. American Ass’n of Political Consultants, 140 S. Ct. 2335 (2020), on July 6, 2020.  Unfortunately, plaintiffs have now pulled ahead with yesterday’s decision in Stoutt v. Travis Credit Union, 2021 U.S. Dist. LEXIS 6019 (E.D. Cal. Jan. 12, 2021).

NCUA, CFPB sign memorandum of understanding

NCUA and the Consumer Financial Protection Bureau announced a memorandum of understanding agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions over $10 billion dollars in assets.

The CFPB Taskforce Recommends Limits On FCRA Class Action Awards In Report

On January 5, 2021, the Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law Report issued a two-volume report on “how to improve consumer protection in the financial marketplace.”  The Taskforce, comprised of five members, was established in January 2020 and was charged with examining the consumer financial services environment and developing recommendations for improvement. 

Remitter appoints Dave Snow as Vice President of Sales

Industry leader in AI powered digital communication payment recovery solutions, Remitter USA Inc, has today announced that Dave Snow will be joining their dynamic executive team as Vice President of Sales. He joins Remitter with more than 10 years experience across the consumer finance and accounts receivable industries, having served in senior sales, business development and leadership roles at Spruce Finance, Counterpointe SRE and TrueAccord.

Ag lending update: Fewer new loans to farmers

Fewer new loans to farmers continued to drive a pullback in agricultural lending activity. A historically low number of new loans contributed to an increase in average loan size and drove a slight decrease in the overall volume of non-real estate loans at commercial banks in the fourth quarter. Stronger prices for agricultural commodities, alongside continued support from government payments, may have reduced financing needs for some farmers and contributed to the slower pace of lending.

Credit Card Debt Continues Its Pandemic Plunge

Credit card debt has continued to drop in the U.S., down to $978.8 billion in November, the Federal Reserve reports. The latest numbers are part of a steady decline since the beginning of the coronavirus pandemic in March. Credit card debt had hit a record high in February 2020, reaching $1.0943 trillion.

Mortgage refinance demand spikes 20% as borrowers fear missing out on record-low rates

After setting more than a dozen record lows last year, mortgage rates began 2021 on an upward climb, and that lit a fire under borrowers, fearing they might miss the last of the lowest rates. Mortgage applications to refinance a home loan spiked 20% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. That was the highest level since last March. Volume was 93% higher than a year ago.