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Court Reverses Controversial TCPA Ruling
Debt collectors scored a major victory when a court reversed a ruling in the case of Gulf Coast Collection Bureau Inc. v. Mais.
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Joann Needleman, NARCA president
The National Association of Retail Collection Attorneys has responded to the Consumer Financial Protection Bureau's proposal to make consumer narratives public. more »
WASHINGTON –Regulators fined U.S. Bank $57 million in penalties and restitution on Thursday to settle allegations that the $367 billion-asset bank unfairly marketed and charged add-on products to consumers. more »
"Banks are not equipped as well to deal with" the speedy services payday lenders and others provide, said Dominik Mjartan, a senior v.p. of Southern Bancorp, which has developed consumer loan products that are easier to get on mobile phones and are credited to accounts faster.
Some banks are using mobile technology to answer a big challenge from regulators: how to offer consumers outside the mainstream more products and services. more »
ONE ON ONE: The GSEs will study the costs and benefits of VantageScore 3.0 and FICO Score 9, and it is "our hope that they'd incorporate both models," VantageScore Solutions CEO Barrett Burns said. A FICO spokesman expressed confidence that the GSEs will continue to rely on FICO scores.
The government-sponsored mortgage giants, facing pressure to end their reliance on old credit-scoring models from Fair Isaac Corp., are working with their regulator to study newer alternatives. more »
Collection company USCB Inc. agreed to pay $2.75 million to settle a Telephone Consumer Protection Act class action lawsuit. more »
New York Attorney General Eric Schneiderman on Tuesday announced the arrest of five people, including three bank tellers, for taking part in an identity theft ring. more »
MORE HUMANE, LESS HUMAN: By automating debt collection, TrueAccord can improve the experience for the consumer through an intermediary that “doesn’t get angry or go off-script,” says CEO Ohad Samet.
TrueAccord, which formed in 2013, announced Tuesday its official launch along with the close of a $5 million venture capital funding round. more »
The House of Representatives approved an update to the Truth in Caller ID Act of 2009 that protects consumers from receiving calls and text messages on cell phones from a phone number that is deliberately falsified. more »
An Internet-based operation that finds potential borrowers for mortgage refinancing lenders will pay a $500,000 penalty to settle charges it tricked consumers with false ads. more »
The bankers involved don't want to talk about it. But listen closely and read between the lines, and you can see why they might be willing to sacrifice some fees to participate in Apple's mobile payment platform. more »
A Wednesday hearing by a House Financial Services Subcommittee will examine whether medical debt should be considered part of the credit scoring and reporting system. more »
Bloomberg News
Home Depot Inc. confirmed that hackers infiltrated its computer systems at stores in the U.S. and Canada. more »

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