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    Last Week... Today! Banking's Most Wanted: Search for ''Foul Mouth Bandit'' Bank Robber, Chicago's Serial Bank Robber, & More!

    Portland police need help catching 'foul mouth bandit' bank robber, The Oregonian 

    The Portland Police Bureau is looking for help catching a bank robber nicknamed the "foul mouth bandit," and they're willing to pay for the assistance. The man is suspected of robbing four banks around Portland in April, earning the nickname after using crass language as he committed the crimes. 

    The police bureau, along with Oregon's Financial Institution Security Task Force, is offering a reward of up to $5,000 for information leading to the man's arrest. The suspect robbed four banks around Portland last month. Read More

    Hawaii’s Most Wanted: Tori Samiere, Kohn2

    Honolulu police are searching for a woman accused of identity theft involving two different Safeway stores.

    Authorities are looking for Tori Samiere.

    “On May 6, 2014, the complainant was contacted by his bank that his card was being used fraudulently at the Safeway in Hawaii Kai. He contacted the police who were able to recover video surveillance since the female had left prior to their arrival. Upon looking at the surveillance, they also realized this female was involved in another case at Safeway on Beretania Street. She was positively identified as Samiere and located on June 2, 2014 in the Waikiki area,” CrimeStoppers Sgt. Kim Buffett said.

    Samiere was arrested for identity theft, fraudulent use of a credit card, and theft.

    She’s now wanted on a $50,000 warrant for not following the terms of HOPE probation.

    “Samiere has four prior convictions and is known to frequent the Honolulu area,” Buffett said. Read More

    FBI: Man Robs 3rd North Side Bank In 5 Days, CBS Chicago

    A man robbed a North Side bank on Thursday afternoon for his third heist in five days, according to the FBI.

    He made off with an unspecified amount of cash about 4:15 p.m. from the TCF Bank branch inside the Jewel-Osco store at 4355 N. Sheridan Road, authorities said.

    The same man is suspected of robbing Byline Bank branches on Saturday at 1401 W. Belmont Ave. and on Tuesday morning at 3401 N. Western Ave., authorities said.

    He hasn’t shown a weapon in any of the robberies. He’s described as a 5-foot-11 white man with a medium build, blue eyes and tattoos on his neck and arms, wearing a long denim shirt in Thursday’s hold-up. He has also been seen wearing a black hat with a multicolor bill, a gray “Chicago” sweatshirt and black sunglasses. Read More

    Police searching for man who robbed two banks less than an hour apart, The L.A. Times

    The Burbank Police Department is asking for the public’s help in locating a man suspected of robbing two banks on Monday.

    At around 4:20 p.m., a man walked into the U.S. Bank on West Olive Avenue in Burbank and handed a note to a teller, demanding money. The note also stated the man would harm people in the bank if his demand wasn’t met, according to Burbank police spokesman Sgt. Derek Green.

    “Fearing for his safety and the safety of others, the bank teller provided the suspect with the money,” Green said. “The suspect then exited the bank on foot and possibly entered a Ford Flex parked nearby.”

    About 45 minutes later, the same man robbed a bank in South Pasadena, using a similar note, according to surveillance footage from both banks. Read More

    U.S. Supreme Court Holds Debt Collectors Are Not Liable under the FDCPA for Pursuing Time-Barred Claims in Bankruptcy Court, JDSupra

    Action Item: The U.S. Supreme Court holds that filing a proof of claim on a time-barred debt is not a false or deceptive collection practice within the meaning of the Fair Debt Collection Practices Act.

    In a 5-3 decision in Midland Funding, LLC v. Johnson, No. 16-348, 2017 WL 2039159 (U.S. May 15, 2017), the United States Supreme Court held that a debt collector’s filing of a time-barred proof of claim in a Chapter 13 bankruptcy proceeding is not “false,” “deceptive,” “misleading,” “unfair,” or “unconscionable” within the meaning of the Fair Debt Collection Practices Act (“FDCPA”).

    In overturning the Eleventh Circuit Court of Appeals, the Supreme Court held that the protections and remedies afforded to consumers under the FDCPA with respect to time-barred claims, are unavailable in Chapter 13 bankruptcy proceedings. The Supreme Court’s decision makes clear that debt collectors may pursue time-barred debts in a debtor’s bankruptcy proceeding.

    Read More

    Student loan industry isn’t helping struggling borrowers, consumer agency says, AJC Blog

    The nation’s highest-risk  that would help them get on track with payments, according to a report this week from the Consumer Financial Protection Bureau. “Too many struggling borrowers fall through the cracks in a broken, outdated student loan system,” said Richard Cordray, the director of the consumer agency. 

    The Consumer Financial Protection Bureau has been a critic of the massive student loan industry since releasing a 2015 report documenting servicing failures and sloppy practices. About 44 million Americans owe a total of $1.4 trillion in outstanding debt from federal and private student loans.The new report studied how lenders handled student loan borrowers who are exiting default.

    The consumer agency found that most borrowers who have paid debt collectors to get out of default were not immediately enrolled by a student loan servicer in affordable repayment plans based on their incomes. Those who aren’t enrolled in the affordable payment plans are at high risk of defaulting again, the consumer agency reported.

    “These people did everything that was asked of them to get back on their feet, only to end up deeper in debt,” Cordray said. “We will continue to work to make sure this industry provides borrowers with the kind of service they deserve.”

    The consumer bureau says the nation needs a clearer process to help borrowers who have defaulted succeed and eventually pay off their loans. Read More

    Senate Banking Chair Calls for Bi-Partisan Dodd-Frank Reform, The Industry Spread

    The Chairman of the Senate Banking Committee said any repeal of Dodd-Frank will require bi-partisan support when it reaches the Senate.

    “We will have a strong grounding from which to build a common-sense financial regulation reform process in America,” said Mike Crapo, senator for Idaho and Chairman of the Senate Banking Committee. “My goal this Congress is to work in a bipartisan manner with members of the Senate Banking Committee, the administration, with [House Financial Services Committee] Chairman [Jeb] Hensarling [Republican from the State of Texas] and with the regulators to strike a smart balance with thoughtful regulation that promotes economic growth.” Read More


    11 judges will soon decide the fate of a polarizing US agency, Yahoo Finance

    On Wednesday, 11 D.C. Circuit Court judges will hear arguments over the constitutionality of the Consumer Financial Protection Bureau, an agency created in the wake of the great recession of 2008.

    The stakes are high for both consumer protection advocates and financial services institutions. The latter have, in the past five years, been ordered by the CFPB to return nearly $12 billion to 29 million of their customers in recompense for various predatory practices. The Dodd-Frank Wall Street reform legislation of 2010 created the CFPB and gave it power to enforce 18 consumer protection laws previously administered by seven separate agencies, and also vested it with new authority to regulate and prosecute “unfair, deceptive, and abusive” acts.

    Conceived in 2007 by then-Harvard law professor and now-Senator Elizabeth Warren (D-Massachusetts)—today, the personification of a liberal firebrand—the CFPB has been a political lightning rod since its inception. It has fought to rein in deceptive practices in such realms as subprime mortgages, payday lending, nonprofit education, and prepaid debit cards, with Republicans screeching in protest all the way.

    In February Senator David Perdue (R-Georgia), the former CEO of Reebok and Dollar General Stores, whose state is home to TSYS—the parent of prepaid card unit Netspend—branded CFPB a “rogue agency” at Yahoo Finance’s All Markets Summit; Senator Ted Cruz (R-Texas) and Rep. John Ratcliffe (R-Texas) introduced bills to abolish the bureau; and, according to a report in Politico last month, President Donald Trump recently threatened to fire its director, Richard Cordray, a former Ohio attorney general.  

    As it happens, Trump can’t currently fire Cordray, and that’s precisely what lies at the heart of the legal dispute the D.C. Circuit judges will be pondering. In the lawsuit, PHH Corp, a mortgage lender, is challenging the constitutionality of the CFPB’s structure. In January 2014 the bureau brought an enforcement proceeding against PHH which culminated, in July 2015, in the imposition of $109 million in fines against the company for its allegedly having participated in a kickback scheme. Read More

    Banks & Credit Unions that have provided Identity Theft Training for their customers 

    The following is a non-exhaustive list of Financial Institutions who have recently offered identity theft training for their accountholders or members: