Collection Industry News

MAY 9, 2022

Summarized below are those issues identified in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. Student Loan Servicing. Auto Servicing. The CFPB alleges deceptive advertising.

Financial Institution 40

Financial Institution Repossession Debt collector Student loans 40

Troutman Sanders

FEBRUARY 22, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Borrowers deserve and desperately need relief from their Federal student loan burden, and they need that relief immediately.”

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

JUNE 14, 2023

On June 7, the CFPB released a blog discussing the fact that the pause on federal student loan interest, payments, and collections is now scheduled to end 60 days after June 30, which means borrowers will have to start making payments soon. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Student loans 52

The Kaplan Group

JANUARY 7, 2021

While much of the decline is due to mergers and acquisitions, the majority of firms that simply closed were small, local firms or larger agencies with heavy overhead. The number of new loans originated has also fallen across a variety of debt types, with the most precipitous drop in bank card originations. That’s a 2.5%

Collections 59

Collections Collection Agencies Collections Agency Student loans 59

Troutman Sanders

MAY 9, 2022

On May 3, the CFPB issued an advisory after student loan borrowers submitted complaints regarding companies that promised them student loan forgiveness or loan forbearance in exchange for fees amounting to hundreds or thousands of dollars. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Government 52

Troutman Sanders

JULY 12, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. These borrowers will receive 100% loan discharges, resulting in approximately $55.6 million in relief. billion for nearly 92,000 borrowers.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

JUNE 1, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The report said that low acquisition costs often come coupled with higher interest rates and limited opportunities to refinance.

Financial services 52

Financial services Government Foreclosure Loans 52

Troutman Sanders

JANUARY 26, 2021

Uejio currently serves as the chief strategy officer, and he previously served as the acting deputy chief of staff and lead for talent acquisition. The CFPB under Chopra is also expected to closely examine the COVID-19 response from banks, consumer reporting agencies, debt collectors, and mortgage and student loan servicers.

Student loans 52

Student loans Student Loans Acquisition Debt collector 52