On October 22, the CFPB published in the Federal Register the compliance bulletin and policy guidance regarding mortgage servicing transfers that it issued on August 19, 2014 (link to full text can be found here). It states that “[t]his bulletin is effective October 23, 2014 and applicable beginning August 19, 2014.” The bulletin
CFPB Supervision Report Targets Illegal Debt Collection Practices
On October 28, the Consumer Financial Protection Bureau issued the latest edition of its “Supervisory Highlights” report, covering illegalities it discovered in the debt collection, student loan servicing, and mortgage collection markets between March and June 2014. Although the Bureau acknowledged increased efforts by covered entities to ensure regulatory compliance, the report nevertheless
Basel Committee Issues NSFR Standard for International Banks
On November 3, the Basel Committee on Banking Supervision issued its final version of the Net Stable Funding Ration (NSFR) standard, which can be found here. The NSFR is a long-term liquidity standard that measures the structural funding designed to ensure that internationally active banks maintain a stable funding profile. It is included in
FTC Stops Debt Collection Scheme that Targeted Spanish-Speaking Consumers
At the request of the Federal Trade Commission, a U.S. district court judge in Miami has temporarily shut down a fraudulent phantom debt collection operation that allegedly deceived Spanish-speaking consumers across the country.
On October 20, the FTC filed a complaint against Centro Natural Corp., Sumore LLC, and several individual defendants alleging that defendants illegally
CFPB Report: One-Third of Older Consumers’ Complaints Are About Debt Collection
On November 5, the Consumer Financial Protection Bureau issued a report detailing debt collection complaint statics received from older consumers between July 2013 and September 2014.
From a broader perspective, the CFPB reports that since September 2013, consumers of all ages have filed more complaints with the CFPB about debt collection than about any other
OCC Warns on Auto Lending, HELOC, and Debt Sale Risks
On October 28, the Deputy Comptroller for Supervision of Risk Management Darrin Benhart of the Office of the Comptroller of the Currency discussed auto and home equity lending risks and consumer debt sales. A copy of his remarks, which were made before the Financial Services Collections and Credit Risk Conference, can be found here.
IAPP’s Practical Privacy Series 2014 – NYC Edition
On November 5-6, the International Association of Privacy Professionals (IAPP) will host a Practical Privacy Series in New York. According to IAPP, the Series will offer laser-focused education in the hot areas of data privacy that gets straight to the point, giving attendees the knowledge they need right now.
Topics to be covered are:
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U.S. Inspector General Warns of CFPB Data Security Weaknesses
For the second time in recent weeks, a federal official has issued a warning regarding potential security weaknesses with the Consumer Financial Protection Bureau’s consumer data-mining program. In an October 30 report, United States Inspector General Mark Bialek warned CFPB Director Richard Cordray that the IG office had “identified information security as a major management
CA Appeals Court Approves Revised Visa and MasterCard Class Action Settlement
On October 30, a California appellate court approved a settlement in two class actions challenging Visa and MasterCard’s allegedly anti-competitive debit and credit policies. According to the court, the revised version of the $31 million settlement fixed an improper release of claims. The court said the revised deal properly takes into account the value of
California Attorney General Releases Data Breach Report
California Attorney General Kamala Harris released a report on October 28 on the growing threat of data breaches on California residents. According to the report, data breaches in California jumped 28 percent last year, from 131 reported incidents in 2012 to 167 in 2013. The breaches affected 18.5 million Californians by putting their personal information