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Wednesday, January 18, 2017
Mid Week Articles:
LIBERAL U.S. JUSTICES HIT DEBT COLLECTOR'S BUSINESS PRACTICES
WASHINGTON (Reuters) - Liberal U.S. Supreme Court justices on Tuesday questioned the practices of a firm that buys unpaid consumer debt for pennies on the dollar then seeks to recover it from people in bankruptcy even when barred from doing so by state statutes of limitations.
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SUPREME COURT BLOCKS FANNIE MAE'S PATH TO FEDERAL COURTS
U.S. Supreme Court ruled on Wednesday that Fannie Mae cannot automatically bring state lawsuits to federal court, reversing an earlier decision by the Ninth Circuit Court.
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CFPB SUES NATION'S LARGEST STUDENT LOAN COMPANY NAVIENT FOR FAILING BORROWERS AT EVERY STAGE OF REPAYMENT
WASHINGTON, D.C. - Today the Consumer Financial Protection Bureau (CFPB) is suing the nation's largest servicer of both federal and private student loans for systematically and illegally failing borrowers at every stage of repayment. For years, Navient, formerly part of Sallie Mae, created obstacles to repayment by providing bad information, processing payments incorrectly, and failing to act when borrowers complained. Through shortcuts and deception, the company also illegally cheated many struggling borrowers out of their rights to lower repayments, which caused them to pay much more than they had to for their loans. The Bureau seeks to recover significant relief for the borrowers harmed by these illegal servicing failures.
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BANK CARD DEFAULT RATE RISES IN DECEMBER 2016 ACCORDING TO S&P/EXPERIAN CONSUMER CREDIT DEFAULT INDICES
NEW YORK, Jan. 17, 2017 /PRNewswire/ -- Data through December 2016, released today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, shows the nation's composite rate up two basis points from last month at 0.89% in December. The bank card default rate recorded a 2.95% rate, up 14 basis points from November. Auto loan defaults came in at 1.03%, up three basis points from the previous month. The first mortgage default rate came in at 0.71%, up one basis point from November.
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COLLEGE AVE STUDENT LOANS NAMES NEW CHIEF LEGAL OFFICER
WILMINGTON, Del.--(BUSINESS WIRE)--College Ave Student Loans, a leading fintech lending company of private student loans, announced today that Steve Wilansky has joined the team as Chief Legal Officer. Mr. Wilansky brings more than 30 years of experience in corporate and business law.
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CU DIRECT DELIVERS RECORD $30 BILLION IN CREDIT UNION AUTO LOANS IN 2016, PAYS 12TH CONSECUTIVE CASH DIVIDEND
CU Direct Delivers Record $30 Billion In Credit Union Auto Loans In 2016, Pays 12th Consecutive Cash Dividend.
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FTC TO HOST FINTECH FORUM ON BLOCKCHAIN AND ARTIFICIAL INTELLIGENCE ON MARCH 9
The Federal Trade Commission will host its third FinTech Forum on March 9, 2017, focusing on the consumer implications of two rapidly developing technologies: artificial intelligence and blockchain.
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PHILLIPS & COHEN ASSOCIATES, LTD. EXPANDS U.S. OPERATIONS
Wilmington, DE Phillips & Cohen Associates, Ltd., the global leader in deceased account management, is pleased to announce the expansion of its U.S. operations.
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AMERICAN FAIR CREDIT COUNCIL FILES FORMAL COMPLAINT WITH CONSUMER FINANCIAL PROTECTION BUREAU OMBUDSMAN REGARDING INACCURATE AND MISLEADING COMPLAINTS DATA
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--The American Fair Credit Council (AFCC), acting on behalf of the debt settlement service provider industry, has filed a formal complaint with the Office of the Ombudsman of the Consumer Financial Protection Bureau (CFPB). This complaint was prompted by the November 29, 2016 CFPB Complaint Snapshot Report, VOL.17 (the "Snapshot Report"), which incorrectly reported that roughly half of the approximately 4,500 complaints handled by the Bureau in this area were attributable to companies providing debt settlement services.
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VIRGINIA LEGISLATORS CRACK DOWN ON INTERNET LENDERS
State legislators took a tentative first step Monday toward cracking down on internet lenders who push triple-digit interest rate loans, but only after following the usual pattern in recent years of killing measures to rein in those lenders' charges and business practices.
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OCWEN PREVENTS 75,000 HOMEOWNERS FROM FORECLOSURE
Ocwen Financial Corporation announced that the company has helped approximately 75,000 homeowners avoid foreclosure through the U.S. Department of the Treasury Home Affordable Modification Program (HAMP) and proprietary modifications for homeowners who were ineligible for HAMP modification.
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ACA SUBMITS LETTER TO FCC URGING IT TO REVISE MISLEADING CONSUMER ALERT
On Jan. 12, ACA International sent a letter to the Federal Communications Commission asking it to revise a recently released consumer alert cautioning consumers against financial scams. The alert, issued by the FCC on Jan. 10, contains a subhead which states, "Beware of Debt Collection and Other Financial Service Scams, Especially During Post-Holiday Bill Paying Season," yet the alert proceeds to describe activity that is associated with debt relief companies, not debt collection.
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NOBLE COMPOSER V11 UPGRADES AGENT EFFICIENCY
Atlanta, GA - Noble Systems Corporation, a global leader in omnichannel contact center technology solutions, announces the release of Noble® Composer 11, the latest version of its award-winning agent desktop interface that unifies the agent environment and makes it easy for contact center managers to build sophisticated agent workflows.
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SUPREME COURT TO HEAR SANTANDER DEBT COLLECTION DISPUTE
NEW YORK (Reuters) - The U.S. Supreme Court on Friday agreed to decide whether firms collecting on debt they bought for pennies on the dollar can be held liable in lawsuits brought by debtors they targeted under a federal law cracking down on debt collectors' abusive practices. The justices agreed to review a lower court's decision to dismiss a consumer class action lawsuit against Santander Consumer USA Holdings Inc over allegations it violated the Fair Debt Collection Practices Act.
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CFPB RELEASES REPORT ON CONSUMER EXPERIENCES WITH DEBT COLLECTION AT LAST-MINUTE EVENT IN WASHINGTON D.C.
Yesterday, the Consumer Financial Protection Bureau released the long-awaited report on findings from its survey of consumers about their experiences with debt collection. The report was released in conjunction with a public event held in Washington, D.C. at the office of the District of Columbia Attorney General. The CFPB provided little notice of the event and virtually no details of what the substance of the event would be other than the fact that it would involve debt collection.
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GOVERNOR MCAULIFFE ANNOUNCES 1,400 NEW JOBS IN FREDERICK COUNTY
RICHMOND - Governor Terry McAuliffe this evening announced during his State of the Commonwealth Address that Navy Federal Credit Union will invest $100 million to expand its Winchester operations center in Frederick County. The project will nearly double Navy Federal's workforce employee-count and physical square footage in Frederick County. Virginia successfully competed for this project, which will create 1,400 new jobs.
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SPECIAL PEER GROUP SESSIONS ANNOUNCED AT COLLECTION AND RECOVERY SOLUTIONS 2017 IN LAS VEGAS, NV
Resource Management Services, Inc. is pleased to announce Special Peer Group sessions on at the Collection and Recovery Solutions 2017 at the Four Seasons in Las Vegas, NV.
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CFPB SURVEY FINDS OVER ONE-IN-FOUR CONSUMERS CONTACTED BY DEBT COLLECTORS FEEL THREATENED
WASHINGTON, D.C. - A Consumer Financial Protection Bureau (CFPB) report released today found that over one-in-four consumers contacted by debt collectors felt threatened. The report was drawn from the first-ever national survey of consumer experiences with debt collectors. Over 40 percent of consumers who said they were approached about a debt in collection requested that a creditor or collector stop contacting them. Of these consumers, three-in-four report that debt collectors did not honor their request to cease contact. The CFPB is also releasing a study of potential risks in the online debt marketplace, where consumer debts and personal information are for sale for fractions of pennies on the dollar. Finally, the CFPB is unveiling an online series of consumers' stories about their debt collection experiences.
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PREPARED REMARKS OF CFPB DIRECTOR RICHARD CORDRAY AT THE CFPB DEBT COLLECTION EVENT
I want to thank my friend, Karl Racine, for hosting us here in City Hall. As most of you know, he serves as the first elected Attorney General in the history of Washington, D.C. He is also a great partner for us at the Consumer Financial Protection Bureau and he cares deeply about protecting and supporting all the citizens and consumers here in the District. Thank you all for joining us as well. Today we will shed more light on how consumers experience debt collectors and about some troublesome aspects of the market for buying and selling debts.
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RENKIM ANNOUNCES NEW BOARD AND EXPANSION OF EMPLOYEE-OWNED CORPORATE STRUCTURE
Renkim Corporation has made substantial changes to the organization including new management, new board appointees and a significant expansion of the employee-owned corporate structure. Renkim, an ACA International member company in Southgate, Mich., is now 100 percent employee-owned though an employee stock ownership plan (ESOP), according to a news release.
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DebtConnection.com is a searchable database of collection products and services.
The following Updates and New Entries occured since the last At A Glance was sent:
Portfolios For Sale
$1,471,000.00     Consumer Loans
BAL Financial LLC
http://www.debtconnection.com/portfolio.asp?7717  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1774  

$1,369,157.00     Payday Loans
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7716  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$939,922.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7715  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$3,833,728.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7714  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$2,253,957.00     Other
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7713  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$6,487,664.00     Commercial
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7712  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$1,046,538.00     Other
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7711  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$3,683,205.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7710  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$3,685,371.00     Consumer Loans
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7709  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$3,689,883.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7708  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$5,911,719.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7707  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$5,335,005.00     Credit Cards
Argonaut Financial, LLC
http://www.debtconnection.com/portfolio.asp?7706  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1826  

$4,431,996.00     Credit Cards
Argonaut Financial, LLC
http://www.debtconnection.com/portfolio.asp?7705  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1826  

Debt Buyers
CRESTON SOLUTIONS, LLC
612-800-7400

Industry Events

National Association of Chapter 13 Trustees Mid Year Meeting
National Association of Chapter 13 Trustees
The Meritage Resort & Spa
Napa, CA
January 19 - 21, 2017
More Information

DBA International 2017 Annual Conference
DBA International
Aria Resort & Casino
Las Vegas, NV
February 7 - 9, 2017
More Information

ACA of Texas 69th Annual Conference, Expo & Legislative Summit
ACA International
Crowne Plaza
Austin, TX
February 20, 2017
More Information

Third Party Vendor Auditing Workshop
Resource Management Services, Inc.
Courtyard Atlanta Downtown
Atlanta, GA
February 22 - 23, 2017
More Information

Third Party Vendor Auditing Workshop
Resource Management Services, Inc.
Four Seasons Hotel Las Vegas
Las Vegas, NV
May 8 - 9, 2017
More Information

Collection and Recovery Solutions 2017
Resource Management Services, Inc.
Four Seasons Hotel Las Vegas
Las Vegas, NV
May 10 - 12, 2017
More Information

Third Party Vendor Auditing Workshop
Resource Management Services, Inc.
Chicago Marriott Southwest
Chicago, IL
July 19 - 20, 2017
More Information

Debt Connection Symposium and Expo 2017
Resource Management Services, Inc.
JW Marriott Starr Pass
Tucson, AZ
September 11 - 13, 2017
More Information
















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