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Wednesday, July 12, 2017
Mid Weeks Articles:
AUDIT OVERSIGHT SURVEY FOR CREDITORS/DEBT BUYERS AND AGENCIES/ATTORNEYS LAUNCHED
Resource Management Services, Inc. supports the concepts of benchmarking and best practices through our continued education and research projects. At last year's Debt Connection Symposium & Expo, Anthony Williams of Resurgent Capital Services presented results of the first Audit Oversight Benchmark Research survey.
read more

WITH 'RIP-OFF CLAUSE' QUASHED, CONSUMERS CAN NOW SUE BANKS IN CLASS-ACTION
The lucrative and costly business of class-action lawsuits has been turned upside down by a new federal rule. And the fight to save or kill it has just begun.
read more

WELLS FARGO TRIMS AUTO LOANS AS MARKET COOLS, RISK OVERHAUL KICKS IN
Wells Fargo is scaling back and remolding its auto lending business in response to growing stress in the market, as well as a bank-wide push for more centralized risk controls.
read more

NEW CYBER SECURITY SESSION ADDED TO THE DCS2017 SCHEDULE
Resource Management Services, Inc. is pleased to announce that Todd Stephenson with Practical Assurance will be speaking at the Debt Connection Symposium and Expo 2017 conference, at the JW Marriott Starr Pass in Tucson, AZ, September 11-13, 2017.
read more

INDIANA BANKRUPTCY FILINGS TAKE DOWNWARD TURN
Bankruptcy filings in Indiana slipped slightly in 2016 while average monthly income inched higher, mirroring a national trend highlighted in an annual report filed by the Judiciary with the U.S. Congress.
read more

NCUA'S MCWATTERS ASKS CFPB TO EXEMPT LARGE CREDIT UNIONS FROM ITS ENFORCEMENT AUTHORITY
The National Credit Union Administration (NCUA) is requesting that the Consumer Financial Protection Bureau provide conditional exemption for credit unions with assets of more than $10 billion from its examination and enforcement authority.
read more

FOUR CREDIT UNIONS PARTNER WITH MYCUMORTGAGE®
BEAVERCREEK, Ohio, July 11, 2017 /PRNewswire/ -- Four credit unions recently partnered with myCUmortgage® as they strive to become better mortgage lenders for their members. myCUmortgage is a leading Credit Union Service Organization (CUSO), wholly-owned by Wright-Patt Credit Union.
read more

MARK YOUR CALENDARS AND BOOK YOUR ROOMS, DEBT CONNECTION SYMPOSIUM AND EXPO 2017 ROOM BLOCK ENDS AUGUST 28!
The room block ends August 28, 2017. We have insured that all Debt Connection Symposium and Expo 2017 conference attendees get a conference discounted rate of $183 for a standard room. So, if you don't yet have your room reserved, please act fast, space is limited, and we expect to sell out.
read more

BANK TACKLES LENDERS BALANCE SHEET TRICKERY
The Bank of England has accused lenders of using balance sheet trickery to "circumvent the spirit" of post-financial crisis rules.
read more

MORTGAGE LOAN DELINQUENCIES DOWN IN UPSTATE
The percentage of mortgage loan delinquencies in the Upstate region fell year-over-year to just 5% in April. CoreLogic, a global property information and analytics firm, found that the number of mortgages delinquent by at least 30 days in April 2017 was down from the 5.3% in April 2016.
read more

EXPERIAN'S LATEST INNOVATION MODERNIZES THE LENDING INDUSTRY BY ALLOWING CONSUMERS TO OBTAIN
COSTA MESA, Calif., July 11, 2017 /PRNewswire/ -- Traditional means of obtaining credit are often slow and tedious, and providing sensitive information on paper in public spaces can expose consumers to risk. Experian® today unveiled Text for Credit™, an industry-first technology that transforms the way consumers secure credit.
read more

UNDERWATER BORROWERS GAIN MORE OPTIONS
Nevada is turning back the clock, once again allowing distressed homeowners to leverage mediation services during the foreclosure process. The state's previous mediation program was set to end in June, but due to a sunset provision, concluded on December 31, 2016, instead.
read more

OWNER AND CFO OF DEBT COLLECTION COMPANY SENTENCED TO 7 ½ YEARS IN PRISON FOR ORCHESTRATING $31 MILLION DEBT COLLECTION SCHEME
Joon H. Kim, the Acting United States Attorney for the Southern District of New York, announced that MAURICE SESSUM, the co-owner and chief financial officer of Four Star Resolution ("Four Star"), a Buffalo, New York-based debt collection company, was sentenced in Manhattan federal court to 90 months in prison for orchestrating a scheme to coerce thousands of victims across the country, through misrepresentations and false threats, into paying a total of more than $31 million to Four Star to resolve debts these victims purportedly owed.
read more

CFPB ISSUES RULE TO BAN COMPANIES FROM USING ARBITRATION CLAUSES TO DENY GROUPS OF PEOPLE THEIR DAY IN COURT
WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) today announced a new rule to ban companies from using mandatory arbitration clauses to deny groups of people their day in court.
read more

PREPARED REMARKS OF CFPB DIRECTOR RICHARD CORDRAY ON THE ARBITRATION RULE ANNOUNCEMENT
Thank you for joining us on this call. Today, we are announcing a final rule that prevents financial companies from using mandatory arbitration clauses to deny groups of consumers their day in court.
read more

RESOURCE MANAGEMENT SERVICES IS PROUD TO ANNOUNCE THE RETURN OF THE GREAT DEBATE AT THE DEBT CONNECTION SYMPOSIUM AND EXPO 2017 ON SEPTEMBER 11-13, 2017.
The Great Debates is a spirited discussion of a number of timely issues facing Collection and Recovery Professionals. Sometimes pointed, often funny, the debates are not meant to provide a final answer to an issue as much as provide a wide ranging review of considerations and impacts.
This year The Great Debate will include Bruce Gray of Mercantile, Mark Naiman of Absolute Resolutions Corp., Manny Newburger of Barron & Newburger and Brian Zempel of Credit First National Association (CFNA).

read more

STAYING AFLOAT
Over the last 12 months, the number of underwater mortgages in the U.S. has fallen 35 percent, According to the Mortgage Monitor report released by Black Knight Financial Services this morning. It dropped 1 percent in just the first quarter of 2017.
read more

LOCATESMARTER ANNOUNCES JONATHAN BROOKS AS NEW PRESIDENT
Data industry leader to join team to expand markets and drive product innovation
read more

CITY SHAPER: ABC-AMEGA CEO
BUFFALO, N.Y. - Each Monday, we introduce you to a City Shaper - someone or a group of people making a positive impact on our community. This week, 2 On Your Side's Kelly Dudzik shows us how the CEO of a Buffalo-based company is spreading the word about Buffalo's resurgence.
read more

JPMORGAN SUES NCUA FOR ALLEGEDLY BREACHING A MORTGAGE SETTLEMENT
Long Beach Securities Corp., a subsidiary of JPMorgan Chase, filed a lawsuit last week against the National Credit Union Administration for allegedly breaching a $1.4 billion settlement agreement over toxic residential mortgage-backed securities, according to an article in the Credit Union Times by Peter Strozniak.
read more

UNINSURED MORTGAGES BIGGEST RISK FOR CANADIAN FINANCIAL INSTITUTIONS, DBRS WARNS
DBRS says uninsured mortgages represent the greatest risk for Canada's big banks and notes CIBC continues to lead it comes to credit growth and is more exposed to a housing downturn
read more

CFPB ISSUES FINAL RULE ON ARBITRATION
The Consumer Financial Protection Bureau issued a final rule to ban class action waivers in arbitration agreements in contracts for consumer financial products.
read more

CONSUMERS PICK UP PACE ON BORROWING IN MAY
WASHINGTON - American consumers increased their borrowing in May at the fastest pace in six months, reflecting a sharp rebound in the category that includes credit cards.
read more

CFPB ANNOUNCES NEW ADVISORY BOARD AND COUNCIL MEMBERS
WASHINGTON, D.C. - Today the Consumer Financial Protection Bureau (CFPB) announced the appointment of new consumer experts from outside the federal government to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. The four bodies provide advice to CFPB leadership on a broad range of consumer financial issues and emerging market trends.
read more

CFPB FINALIZES UPDATES TO "KNOW BEFORE YOU OWE" MORTGAGE DISCLOSURE
WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) today finalized updates to its "Know Before You Owe" mortgage disclosure rule with amendments that are intended to formalize guidance in the rule, and provide greater clarity and certainty. The changes will facilitate implementation of the Know Before You Owe rule by the mortgage industry. The CFPB is also releasing a limited follow-up proposal to address an additional implementation issue.
read more

FIFTH CIRCUIT RULES CONSUMER'S § 1692E(8) FDCPA CLAIM NOT FORECLOSED BY CONSUMER'S FAILURE TO TIMELY DISPUTE DEBT.
In a 3-0 decision yesterday, the Fifth Circuit Court of Appeals ruled that the debt dispute and verification requirements of § 1692g of the Fair Debt Collection Practices Act do not carry over to § 1692e(8).
read more

REGISTER FOR DCS2017 TODAY TO GET THE EARLY BIRD RATE!
Debt Connection Symposium and Expo 2017 will be held on September 11 - 13, 2017 at the JW Marriott Starr Pass in Tucson, Arizona. The early bird rate of $1,295 that will end on August 11, 2017, and on August 12, the rate goes up to $1,395. Register today online to get that early bird rate!
read more

OREGON'S DEBT BUYER BILL PASSES OUT OF OREGON SENATE; MOVES TO GOVERNOR'S DESK
The Oregon Senate today passed House Bill 2356, clearing the way for this landmark consumer legislation to go to the Governor for her signature. Unfair debt collection practices have scored near the top of the Oregon Attorney General's list of frequent consumer complaints for decades.
read more

SCHNEIDERMAN AMONG 19 AGS SUING DEVOS OVER STUDENT LOAN RELIEF
State Attorney General Eric Schneiderman joined attorneys general from 17 other states and the District of Columbia in a suit to stop Education Secretary Betsy DeVos from ending rules to protect students from abusive for-profit colleges.
read more

TOP FIVE CONSUMER FINANCIAL COMPLAINTS REPORTED ACROSS THE U.S.
We recently released a special edition of our monthly complaint report that shares what we've been hearing from consumers from all 50 states and the District of Columbia.
read more

NEW FAST TRACK PRESENTATIONS ADDED FOR DCS2017 IN TUCSON, AZ SEPTEMBER 11-13
Resource Management Services, Inc. is pleased to announce a two new "Fast Track Presentations" sessions added to the schedule at the Debt Connection Symposium and Expo 2017 conference, at the JW Marriott Starr Pass in Tucson, AZ.
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
$3,929,695.00     Retail
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7934  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$1,355,578.00     Retail
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7941  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$2,284,599.00     Credit Cards
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7940  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$425,271.00     Checks
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7939  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$2,661,455.00     Payday Loans
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7938  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$2,354,504.00     Payday Loans
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7937  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$704,474.00     Checks
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7936  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$1,089,428.00     Checks
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7935  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$3,090,772.00     Consumer Loans
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7943  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$429,058.00     Credit Cards
CSC Portfolio Management
http://www.debtconnection.com/portfolio.asp?7942  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?8199  

$1,745,246.00     Consumer Loans
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7925  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$2,235,264.00     Medical
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7926  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$4,521,855.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7927  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$774,173.00     Other
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7928  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$5,717,547.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7929  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$491,121.00     Payday Loans
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7930  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$3,498,760.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7931  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$1,463,515.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7924  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$2,069,964.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7933  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

$2,858,493.00     Credit Cards
Bayview Solutions LLC
http://www.debtconnection.com/portfolio.asp?7932  
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?7193  

Agency
DIVERSIFIED ADJUSTMENT SERVICE, INC.
763-783-2301

Offshoring
EM SOLUTIONS
888 742 0777

Industry Events
National Association of Chapter 13 Trustees Annual Seminar
National Association of Chapter 13 Trustees
Sheraton Seattle Hotel
Seattle, WA
July 12 - 15, 2017
More Information

CLLA/IACC 2017 Mid-Year Collection Conference
National Association of Chapter 13 Trustees
Motif Seattle
Seattle, WA
July 14 - 16, 2017
More Information

ACA International Convention & Expo 2017
ACA International
Washington State Convention Center
Seattle, WA
July 16 - 18, 2017
More Information

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

2017 RMA Executive Summit
Receivables Management Association International
Resort at Squaw Creek
Lake Tahoe, CA
August 1 - 3, 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

Sponsors
This report is sponsored by Resource Management Services, Inc. Check us out at: http://www.resourcemanagement.com/

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RESOURCE MANAGEMENT SERVICES, INC., 10440 Pioneer Blvd., Suite 2, Santa Fe Springs, CA 90670-8235

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