Collection Industry News

MARCH 19, 2024

Bottom line: households took on more debt at the end of last year and we’re seeing loans increasingly going bad, according to data from the Federal Reserve Bank of New York, leading to a shift in consumer spending for 2024.

Consumer Credit 40

Consumer Credit Student Loans Student loans Collections 40

Troutman Sanders

JANUARY 25, 2023

Bankers are opposing any effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to reduce or eliminate the late fee safe harbor, citing a potentially significant adverse impact on community banks and credit unions.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

FFGN COLLECT NY

JUNE 30, 2021

Today, you have six years to collect monies owed from consumer credit transactions. However, a bill approved by the New York Senate seeks to shorten the time to collect consumer credit transactions to three years. Personal bank loans. Credit union loan. Credit cards. Home equity loans.

Consumer Credit 40

Consumer Credit Collections Credit Unions Credit Unions 40

Micro Bilt

NOVEMBER 3, 2020

Instant Bank Verification has a lot to offer lenders of every type. It is especially useful, though, for lenders who specialize in the types of loans identity thieves frequently target.

Consumer Credit 52

Consumer Credit Lender Banks Loans 52

Collection Industry News

NOVEMBER 30, 2023

KNOXVILLE, Tennessee — The Federal Reserve Bank of New York has been tracking credit card debt since 1999. Credit card debt in the U.S. ” Young says paying the minimum payment due on credit card debt, or paying more monthly, depends on each person’s situation. trillion dollars. The post U.S.

Credit Card Debt 40

Credit Card Debt Consumer Credit Banks Collections 40

Troutman Sanders

NOVEMBER 14, 2023

On November 13, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (Fed) announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

Consumer Credit 52

Consumer Credit Loans Education Creditors 52

Troutman Sanders

SEPTEMBER 20, 2022

Researchers at the Federal Reserve Bank of New York found that higher vehicle prices are a significant factor driving larger loan amounts. There continues to be a gradual increase in loan term lengths as compared to pre-pandemic growth rates.

Consumer Credit 52

Consumer Credit Loans Trade Banks 52

Fico Collections

JULY 9, 2021

For credit unions and smaller banks in North America, the challenge of how to compete with their bigger counterparts is a constant and pressing matter. The solution integrates Equifax Consumer Credit Information and FICO risk decision management technology with marketing campaign automation and execution.

Credit Unions 52

Credit Unions Credit Unions Acquisition Banks 52

Account Recovery

AUGUST 10, 2020

Logicoll represents creditors in the resolution of outstanding consumer credit accounts. Our company provides compliant recovery solutions for organizations with outstanding receivables including major banks, credit card issuers, auto financing companies, fintech lenders, and more.

Collection Agencies 147

Collection Agencies Collections Agency Creditors Lender 147

Troutman Sanders

AUGUST 9, 2022

In letters dated August 1, the American Bankers Association , Consumer Bankers Association, Credit Union National Association, and National Association of Federally?Insured Insured Credit Unions (Associations), as well as the Bank Policy Institute , expressed their collective displeasure with the idea.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

APRIL 6, 2021

Five federal banking regulatory agencies are gathering information and comments on financial institutions’ use of artificial intelligence (AI), including machine learning. AI also can inform credit decisions by analyzing traditional data ( i.e., data typically found in a consumers’ credit files) and alternative data.

Financial Institution 52

Financial Institution Banks Credit Unions Credit Unions 52

Nerd Wallet

DECEMBER 5, 2022

The First National Bank of Omaha (FNBO), based out of Omaha, Nebraska, is generally known for their selection of branded travel and retail credit cards, like the Amtrak and Ducks Unlimited cards. But the bank also issues three FNBO-branded consumer credit cards, including the: Evergreen® by FNBO Credit Card.

Retail 74

Retail Consumer Credit Banks 74

Account Recovery

NOVEMBER 11, 2021

The total amount of household debt in the United States has topped $15 trillion for the first time, and delinquency rates on most types of consumer credit continued their downward trend — largely due to measures put into place during the COVID-19 pandemic — but there was still more than $412 billion of consumer debt … The post Household (..)

Consumer Credit 244

Consumer Credit Banks 244

CSA

OCTOBER 23, 2020

The Bank of England Governor also poured cold water on those who might expect growth to be maintained, suggesting that output at the end of Q3 will still be 10% lower than at the end of 2019 ? For four months the Bank of England reported that debt repayment levels exceeded new borrowing, and the savings ratio increased sharply.

Consumer Credit 52

Consumer Credit Government Lender Banks 52

Collection Industry News

OCTOBER 10, 2022

The just recently released Federal Reserve Consumer Credit-G.19 consumer credit outstanding has reached historic levels; outstanding consumer credit is now at $4.7 In August, consumer credit increased at a seasonally adjusted annual rate of 8.3 19 report shows that U.S.

Consumer Credit 40

Consumer Credit Personal loans Banks Loans 40

Troutman Sanders

FEBRUARY 1, 2024

Topics covered include: Auto finance Background screening Bankruptcy Consumer class actions Consumer credit reporting Debt collection Digital assets Fair lending and UDAAP Fintech Mortgage Payment processing and cards Small dollar lending Student lending Telephone Consumer Protection Act (TCPA) Tribal lending Uniform Commercial Code (UCC) and banking (..)

Financial services 52

Financial services Bankruptcy Consumer Credit Banks 52

Troutman Sanders

APRIL 25, 2023

Implying that high interest rates are solely a result of lack of competition, the CFPB has: (i) published a proposed rule that would amend Regulation Z to decrease the safe harbor for credit card late fees; (ii) launched an update of its credit card database; (iii) and requested public feedback on how the consumer credit card market is functioning.

Credit Unions 52

Credit Unions Credit Unions Credit Card Debt Consumer Credit 52

Collection Industry News

AUGUST 25, 2024

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit . The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.

Student Loans 40

Student Loans Student loans Credit Card Debt Loans 40

Troutman Sanders

JULY 28, 2023

On July 27, the Consumer Financial Protection Bureau (CFPB) released a new blog post , positing that cashflow data, broadly defined as the various inflows, outflows, and accumulated amounts in a consumer’s checking and savings accounts, may provide lenders with a better picture of a consumer’s ability to repay their loans than using a credit score.

Lender 52

Lender Banks Consumer Credit Creditors 52

Fico Collections

NOVEMBER 20, 2020

FICO is providing credit line optimization to manage the growing consumer credit card portfolio for one of the biggest Turkish retail banks, Akbank. The Akbank team can use the technology to choose an operating point that meets their objectives and constraints.

Retail 52

Retail Consumer Credit Banks Loans 52

Troutman Sanders

DECEMBER 20, 2023

On December 19th, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a report highlighting consumers’ experiences with overdraft and nonsufficient funds (NSF) fees. Overdraft fees are somewhat more prevalent than NSF fees (23.6% versus 20%, respectively).

Credit Unions 52

Credit Unions Credit Unions Financial Institution Banks 52

Troutman Sanders

FEBRUARY 23, 2024

In representing fintech companies and other lenders, we increasingly confront claims against debt buyers or entities with bank partner relationships brought under Pennsylvania’s Consumer Discount Company Act (CDCA) and the Loan Interest and Protection Law (LIPL).

Debt collector 52

Debt collector Lender Loans Banks 52

Troutman Sanders

JULY 12, 2023

The law does not apply to banks, savings and loan associations, savings banks, thrift companies, or credit unions. Providing inaccurate information to a credit bureau. Misapplying student loan payments to the outstanding balance.

Student Loans 52

Student Loans Student loans Loans Credit Unions 52

Troutman Sanders

MARCH 2, 2021

By remaining up-to-date on the latest industry trends and regulatory developments, Troutman Pepper is a trusted resource, relied on by our clients to help tackle issues today while preparing for what lies ahead.

Financial services 52

Financial services Bankruptcy Consumer Credit Banks 52

UK debt collections

JANUARY 5, 2023

Credit card borrowing rose in November to its highest monthly level since 2004 according to latest Bank of England data. billion in all forms of consumer credit, an increase on the £700m borrowed in October, of which £1.2 It is important that everybody accessing the consumer credit sector is exercising best practise.

Consumer Credit 59

Consumer Credit Credit Card Debt Banks Government 59

Collection Industry News

MAY 19, 2024

NEW YORK — The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.

Student Loans 40

Student Loans Student loans Credit Card Debt Loans 40

Account Recovery

SEPTEMBER 30, 2024

WHAT THIS MEANS, FROM CHUCK DODGE OF HUDSON COOK: PRA got through this case because its lawyer was able to convince the Wisconsin state judge that its purchase-and-sale agreement intended to convey from the selling bank to PRA the consumer’s account and the agreement. At risk here was a class-action jury trial.

Fair Debt Collection 130

Fair Debt Collection Personal loans Collections Loans 130

Fico Collections

APRIL 28, 2023

And that’s because it generally takes a few months for the effects of that event and the accompanying financial strain to start to show up in consumers’ credit reports, such as in the form of rising balances, credit seeking behavior, and eventually for some, missed payments. consumers decreased on a year-over-year basis.

Student loans 52

Student loans Student Loans Consumer Credit Lender 52

Credit Corp

DECEMBER 14, 2020

So credit repair, consumer credit and credit bureaus—they’re all tied together. To understand why they’re so important, you might want to learn a bit more about the history of credit scores and repair. Luckily, we’ve compiled everything you need to know about the history of the credit repair industry.

Financial Institution 105

Financial Institution Lender Consumer Credit Creditors 105

FFGN COLLECT NY

MARCH 15, 2022

The banks’ actions harmed many consumers’ credit, and the banks had to pay billions to borrowers. The inquiry comes as New York’s Consumer Credit Fairness Act comes into effect, offering additional protection for consumers. But robo-signing wasn’t just happening within Chase.

Collections 98

Collections Judgment Financial Institution Foreclosure 98

UK debt collections

APRIL 25, 2023

I have called the bank and they have said there is nothing they can do because effectively I have paid them cash in hand. Customers who paid their deposits with a credit card have been urged to contact providers and make a claim under Section 75 of the Consumer Credit Act. I can’t believe this is happening.”

Trade 77

Trade Banks Consumer Credit 77

Troutman Sanders

JANUARY 28, 2022

By remaining up to date on the latest industry trends and regulatory developments, clients seek out and rely on Troutman Pepper as a trusted resource to help tackle today’s issues, while preparing for what lies ahead.

Financial services 52

Financial services Bankruptcy Consumer Credit Banks 52

Credit Corp

DECEMBER 19, 2021

As we mentioned earlier, they’re both card networks: they both play the middleman between payment processors and issuing banks. Both Visa and Mastercard partner with issuers that offer credit cards, debit cards, and prepaid cards. Card networks “ask” issuing banks for payment authorization. Credit Scores Matter.

Banks 98

Banks Financial Institution Retail Trade 98

Troutman Sanders

APRIL 27, 2023

Jonathan helps businesses navigate and litigate the myriad consumer and financial services laws, particularly with the many “alphabet soup” federal consumer protection statutes, such as the Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA), and Fair Credit Reporting Act (FCRA).

Financial services 52

Financial services Fair Debt Collection Debt collector Judgment 52

FFGN COLLECT NY

JANUARY 6, 2023

The passing of the Consumer Credit Fairness Act , which requires creditors attach a list of additional documents to the pleading when filing suit within New York to recover monies owed as a result of consumer credit transactions.

Collections 52

Collections Judgment Garnishment Financial services 52

Credit Corp

JUNE 8, 2023

When you borrow money, whether through a revolving account, like credit cards , or an installment account, like an auto loan or student loan , the information is gathered by the credit bureaus. The data the bureaus keep in your credit files is the date used to calculate your credit scores. How Does Credit Reporting Work?

Lender 98

Lender Loans Creditors Credit Unions 98

Troutman Sanders

SEPTEMBER 7, 2023

et al , the lawsuit arose out of an unpaid consumer credit account with a bank. The bank sold the debt to the defendant creditor. In Choice v. Kohn Law Firm, S.C. The creditor then placed the account with the defendant law firm for collection.

Lawyers 52

Lawyers Law Firms Fair Debt Collection Creditors 52