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Wednesday, October 04, 2017
Mid Week Articles:
ATTORNEY GENERAL BECERRA CHARGES SAN DIEGO JEWELER AND WIFE WITH UNLAWFUL FINANCING AND DEBT COLLECTION PRACTICES TARGETING ACTIVE MILITARY FAMILIES
SAN DIEGO - California Attorney General Xavier Becerra announced criminal charges against Ramil Abalkhad, owner of Romano's Jewelers, and Melina Abalkhad, owner of MBNB Financial Inc., for conspiracy to engage in illegal financing and debt collection practices.
read more

CFPB ISSUES INTERIM FINAL RULE TO HELP MORTGAGE SERVICERS COMMUNICATE WITH CERTAIN BORROWERS AT RISK OF FORECLOSURE
Washington, D.C. - The Consumer Financial Protection Bureau (CFPB) today issued an interim final rule and a proposed rule to provide mortgage servicers more flexibility and certainty around requirements to communicate with certain borrowers under the Bureau's 2016 mortgage servicing amendments. The interim final rule gives servicers more flexibility regarding when to communicate about foreclosure prevention options with borrowers who have requested a cease in communication under federal debt collection law. The proposed rule would provide more certainty for mortgage servicers about when to provide periodic statements to consumers in connection with their bankruptcy case.
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STUDENT LOAN DEBT COULD BE FORGIVEN FOR DC RESIDENTS
Up to five years of student loan debt could be forgiven for Washington, D.C. residents, if a bill introduced Tuesday by a council member is passed.
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FTC TESTIFIES BEFORE U.S. SENATE SPECIAL COMMITTEE ON AGING ON THE CONTINUING FIGHT TO COMBAT ILLEGAL ROBOCALLS
The Federal Trade Commission today told a U.S. Senate Special Committee that the agency is continuing its efforts on behalf of American consumers to combat illegal telemarketing robocalls through aggressive law enforcement, initiatives to spur technological solutions, and robust consumer education and business outreach.
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OCC RECOMMENDS ENFORCEMENT AGAINST WELLS FARGO AMID CEO'S SENATE HEARING
The staff at the Office of the Controller of the Currency has recommended enforcement action against Wells Fargo & Co. for improperly charging consumers for auto insurance, according to Reuters. The recommendation was made to the acting chief of the OCC Keith Noreika, who will take the next few weeks to decide on whether to endorse the enforcement, deny the suggestion, or possibly wait until the Senate confirms former banker Joseph Otting to the permanent position. The Consumer Financial Protection Bureau is also investigating the matter and considering further fines, as Auto Finance News has previously reported. Both Wells Fargo and the OCC declined to comment to Reuters about ongoing supervisory and regulatory matters
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FORMER EQUIFAX CHIEF SMITH GOES FOR GRILLING BEFORE CONGRESS: LIVE BLOG AND VIDEO
Former Equifax chief Smith goes for grilling before Congress: live blog and video
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U.S. CHAMBER OF COMMERCE AND LOBBYING GROUPS FILE SUIT AGAINST CFPB
The Consumer Financial Protection Bureau's (CFPB) arbitration rule is coming under fire yet again.
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MUSA AUTO FINANCE BECOMES FIRST NON-CAPTIVE AUTOMOTIVE LEASING COMPANY TO OFFER AUTOMATED DECISIONING
DALLAS, Texas - MUSA Auto Finance, an automotive lender specializing in effortless leasing for new and pre-owned vehicles, announced today the launch of automated decisioning for leases submitted through DealerTrack, RouteOne or its online portal. This development makes MUSA the first non-captive / independent auto lender in the country to pair auto-decisioning with leasing. It also marks the final step toward achieving a completely effortless, fully automated lease for both new and used cars.
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REVSPRING EXPANDS ADMINISTRATIVE AND TECHNICAL OFFICES
Livonia, Mich. - It is with great pleasure that RevSpring announces the expansion of its administrative and technical offices. The newly remodeled company headquarters includes additional office and conference room space to facilitate even greater efficiency and collaboration to better serve our clients.
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NAFCU CEO DAN BERGER URGES DATA SECURITY ACCOUNTABILITY AHEAD OF HOUSE EQUIFAX HEARING
National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today urged congressional action to ensure that credit unions do not bear the cost of negligent data practices by entities like Equifax. Berger made his call for increased data security responsibility in a letter sent to House Energy and Commerce Subcommittee Chairman Bob Latta, R-Ohio, and Subcommittee Ranking Member Jan Schakowsky, D-Ill., ahead of the Subcommittee on Digital Commerce and Consumer Protection's hearing tomorrow on the Equifax data breach. The hearing begins at 10 a.m. Eastern.
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FTC SHINES A LITTLE LIGHT ON ITS DATA SECURITY ENFORCEMENT
Companies concerned about whether they are meeting data security standards acceptable to the Federal Trade Commission have new help. The FTC has been sharing some lessons learned from its data security investigations that were closed without formal enforcement action. Even though the commission makes public administrative and federal court resolutions of its data security enforcement actions, investigations that are resolved short of such an action have been largely opaque. Sharing information on the nonpublic resolutions process may help companies, and their legal counsel, better understand what the FTC expects in holding companies to a “reasonable data security” standard. The FTC “Stick with Security” blog initiative builds on its “Start with Security” guidance. The posts use hypothetical examples of security best practices to highlight common themes that have emerged from closed data security investigations.
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OCC REPORTS MORTGAGE PERFORMANCE CONTINUES TO IMPROVE
WASHINGTON—Performance of first-lien mortgages improved during the second quarter of 2017 compared with a year earlier, according to the Office of the Comptroller of the Currency's (OCC) quarterly report on mortgages.
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AG PAXTON: TEXAS REACHES $2 MILLION SETTLEMENT WITH FRAUDULENT LEAD GENERATION COMPANY
Attorney General Ken Paxton announced that Texas secured an Assurance of Voluntary Compliance (AVC) with LowerMyBills, a lead generation company that misled consumers toward Credit Alliance Group (CAG), which falsely advertised its accreditation and debt management process. This AVC secured $2 million in restitution for eligible consumers.
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BIG CHANGES COMING FOR CREDIT FIRMS IN WAKE OF EQUIFAX HACK, CFPB DIRECTOR SAYS
Consumer Financial Protection Bureau Director Richard Cordray says Equifax, TransUnion and Experian are going to get embedded regulators.
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WEBRECON STATS FOR AUGUST 2017: THE BIG REBOUND TO AVERAGENESS
After July's stunning drop in consumer litigation across the board, August saw an almost equally stunning course correction, bringing all three main statutes (FDCPA, TCPA, FCRA) to within 5% of where they were at the same time last year.
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OIG FOUND THAT THE POSTAL SERVICE WAS NOT ACCURATELY REPORTING DELAYED MAIL.
The U.S. Postal Service considers mail to be delayed when it is not processed in time to meet the established delivery day. Mail processing facilities are required to complete daily counts and self-report on-hand mail, delayed mail, late arriving mail, and mail processed after the processing cut-off time. Mail processing personnel are to complete daily mail counts by 7 a.m.
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PRA GROUP LAUNCHES NEW GLOBAL CORPORATE WEBSITE
NORFOLK, Va., Sept. 28, 2017 (GLOBE NEWSWIRE) -- PRA Group, Inc. Nasdaq:PRAA), a global leader in acquiring and collecting nonperforming loans, today announced that it has launched a new and improved global corporate website, pragroup.com. The newly redesigned and fully responsive website is optimized for all mobile devices and platforms.
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TRANSPARENT BPO SELECTS NOBLE UNIFIED CONTACT CENTER SOLUTION
Atlanta, GA - September 28, 2017: Noble Systems Corporation, a global leader in omnichannel contact center technology solutions, announces that Transparent BPO has selected the Noble® Enterprise Cloud solution to support the company's business process outsourcing services.
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FFIEC ANNOUNCES AVAILABILITY OF 2016 DATA ON MORTGAGE LENDING
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 6,762 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data cover 2016 lending activity and include:
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THE CFPB GENERALLY COMPLIES WITH REQUIREMENTS FOR ISSUING CIVIL INVESTIGATIVE DEMANDS BUT CAN IMPROVE CERTAIN GUIDANCE AND CENTRALIZE RECORDKEEPING
The Office of Inspector General writes "We found that the CFPB generally complied with the procedural elements of section 1052(c) of the Dodd-Frank Act and with the agency's procedures when issuing the sampled CIDs, but the agency can improve its guidance for crafting notifications of purpose associated with CIDs. During our review, we learned that in accordance with internal guidance, a CID's notification of purpose is identical to
the statement of purpose in the associated investigation's opening memorandum, which may be revised later in the investigation. Internal guidance calls for broad statements of purpose, to allow for flexibility."

read more

43% OF AMERICANS CARRY CREDIT-CARD DEBT FOR AT LEAST 2 YEARS
About 29 million people, or 43%, who have been carrying credit-card debt have had a balance for at least two years, according to a new study by CreditCards.com, raising concerns about Americans' ability to pay down debt. The total includes 15 million people who have been in credit-card debt for at least five years.
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NAVY FEDERAL ANNOUNCES NEW MORTGAGE PRODUCT OFFERED THROUGH FANNIE MAE NOW MARKETED TO INSTITUTIONAL INVESTORS
VIENNA, Va.--(BUSINESS WIRE)--Navy Federal Credit Union announced today a new round of marketing of its 5/5 Adjustable Rate Mortgage (ARM) product to large institutional investors. This new ARM product is pooled into Fannie Mae mortgage-backed securities (MBS).
read more

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
$18,000,000.00     Credit Cards
Capital Debt Solutions, LLC
http://www.debtconnection.com/portfolio.asp?8031  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?6301  

$1,186,751.00     Medical
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8030  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$5,074,222.00     Medical
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8029  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$2,191,238.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8028  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$32,269,848.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8027  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$5,843,988.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8026  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$569,978.00     Payday Loans
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8025  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$860,794.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8024  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$779,472.00     Other
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8023  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$547,642.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8022  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$42,997,452.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?8021  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$4,756,264.00     Credit Cards
BAL Financial LLC
http://www.debtconnection.com/portfolio.asp?8020  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1774  

$3,913,328.00     Other
BAL Financial LLC
http://www.debtconnection.com/portfolio.asp?8019  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1774  

Debt Buyers
ADROIT AFFAIRES INC.
407-801-2106

Debt Sellers
LEGACY GROUP UNITED
Kaitlynn Obrien
877-827-9328
More Information

Payment Processors
ARCARIUS FUNDING, LLC - MERCHANT CASH ADVANCES
201-676-2106

Skip Tracing
WILCREDIT CONSULTING FIRM LLC
678-626-1737

Industry Events
NARCA 2017 Fall Conference
NARCA
Marriott Marquis
Washington, DC
October 11 - 14, 2017
More Information

ACA International Fall Forum & Expo 2017
ACA International
Loews Chicago
Chicago, IL
November 1 - 3, 2017
More Information

NASP 2017 Annual Conference
J.W. Marriott
Austin, TX
November 5 - 8, 2017
More Information

Collection and Recovery Solutions 2018
Four Seasons Las Vegas
Las Vegas, NV
May 9 - 11, 2018
More Information

Debt Connection Symposium & Expo 2018
JW Marriott Austin
Austin, TX
September 5 - 7, 2018
More Information

Sponsors












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