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Banks Consumer Credit Financial services 
Consumer Finance
SEPTEMBER 10, 2024
The CFPB ordered TD Bank to pay $7.76 million to tens of thousands of victims because of the bank’s illegal actions.
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True Accord
AUGUST 9, 2022
But from the perspective of a seasoned veteran of the financial services industry, what are we really seeing in consumer credit trends today? What are we seeing in consumer credit trends today? Of course, one leading indicator is demand for credit. Watch our interview or read the transcript below»».
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Agent Tooling: Connecting AI to Your Tools, Systems & Data
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Troutman Sanders
MARCH 2, 2021
2020 was a transformative year for the consumer financial services world. We hope you find this helpful as you navigate the evolving consumer financial services landscape. Access full report here.
Troutman Sanders
JANUARY 28, 2022
2021 was a transformative year for the consumer financial services world. To access the report and view a message from Consumer Financial Services Practice Group Leader, Michael Lacy, and learn about our complementary webinar offerings, please click here. We hope this report brings you value.
Troutman Sanders
FEBRUARY 1, 2024
We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging 2023.
True Accord
JANUARY 21, 2025
CFPB Looks at Medical Debt, Student Loans and So Much Data Medical debt wasnt the only focus for the Consumer Financial Protection Bureau in Q4. CFPB Looks at Medical Debt, Student Loans and So Much Data Medical debt wasnt the only focus for the Consumer Financial Protection Bureau in Q4.
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Troutman Sanders
NOVEMBER 13, 2023
On November 8, while at the Central Bank of Ireland, Federal Reserve Governor Lisa D. Cook spoke about financial stability and how “asset valuations have generally risen notably above their historical levels” this year. For more information, click here. For more information, click here. For more information, click here.
Troutman Sanders
OCTOBER 30, 2023
On October 26, a House Financial Services subcommittee drafted legislative proposals related to the buy now, pay later (BNPL) and earned wage access (EWA) market. On October 25, the CFPB released its biennial report to Congress on the consumer credit card market. financial institutions.
FFGN COLLECT NY
MAY 24, 2022
Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. Senate Bill S2632 is another step taken to protect consumers in New York state following the enactment of the Consumer Credit Fairness Act.
Troutman Sanders
AUGUST 1, 2023
Dream First Bank, National Association, has agreed to assume all the deposits of Heartland and almost all of Heartland’s failed bank assets. Dream First Bank, National Association, has agreed to assume all the deposits of Heartland and almost all of Heartland’s failed bank assets. For more information, click here.
Troutman Sanders
OCTOBER 16, 2023
On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. On October 11, the CFPB published its analysis regarding the nonsufficient fund (NSF) fee practices of a number of banks and credit unions.
Troutman Sanders
MARCH 11, 2024
Senator Lummis, a vocal supporter of Bitcoin, has been more critical of stablecoins, particularly Tether, and has opposed central bank digital currencies. The report found that the CFPB’s Office of Supervision Examinations (OSE) does not have a formal policy that requires bank examiners to rotate assignments in a specified time frame.
Troutman Sanders
DECEMBER 21, 2021
The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology. Ron Wyden asked the CFPB to prevent credit agencies from selling Americans’ private, personal data unrelated to their credit or finances via data brokers.
Troutman Sanders
OCTOBER 17, 2022
This letter follows Chairman Clyburn’s May 2022 letters to the NCRAs, requesting information on the companies’ efforts to respond to and resolve credit reporting inaccuracies raised by consumers during the pandemic. For more information, click here. For more information, click here. For more information, click here.
Troutman Sanders
DECEMBER 7, 2021
On December 1, the CFPB published research regarding banks and overdraft fees. It found that banks continue to rely heavily on overdraft and non-sufficient funds revenue, which reached an estimated $15.47 On November 8, New York Governor Kathy Hochul signed into law the “Consumer Credit Fairness Act” (S.153).
Troutman Sanders
NOVEMBER 2, 2020
On October 23, lawmakers in the House of Representatives introduced a bill to exclude Paycheck Protection Program (PPP) loans from regulators’ calculations of the asset size of smaller banks. The legislation would benefit banks and credit unions with assets under $15 billion. For more information, click here.
Troutman Sanders
APRIL 4, 2022
dollar, or “e-cash,” intended to “replicate and preserve the privacy, anonymity-respecting, and minimal transactional data-generating properties of physical currency instruments such as coins and notes to the greatest extent technically and practically possible,” all without requiring a bank account. For more information, click here.
Troutman Sanders
JANUARY 11, 2022
In May 2020, the FTC charged a payday lending enterprise with deceptively overcharging consumers millions of dollars and withdrawing money repeatedly from consumers’ bank accounts without their permission. For more information, click here. For more information, click here. For more information, click here.
Troutman Sanders
OCTOBER 10, 2023
The Connecticut Banking Commissioner (Commissioner), acting through the Consumer Credit Division of the Department of Banking (the Division), conducted an investigation into the Law Offices of David M. million.
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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. For example, financial institutions use chatbots and virtual assistants to mimic live employees and automate routine customer interactions.
Troutman Sanders
APRIL 27, 2023
The trio examine why this is a big deal in consumer litigation, whether courts consistently apply recent Supreme Court decisions with one another, and what considerations and implications defendants should consider when deciding whether or not to remove a case from state to federal court.
Troutman Sanders
OCTOBER 26, 2020
which along with the Fair Debt Collection Practices Act, Telephone Consumer Protection Act, Section 5 of the Federal Trade Commission Act, and the Truth in Lending Act, forms the foundation of federal consumer rights law in the United States. . § 1681, et seq.), and throughout the world.
True Accord
APRIL 5, 2023
25% despite concerns around the turmoil that has shaken the banking system , landing it at 4.75-5%. The Department of Health and Human Services estimates that in the end, more than 5 million children will have lost Medicaid , and predicts that Latino and Black beneficiaries will be disproportionately removed.
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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. Bill S9348 : Directs the superintendent of financial services to study overdraft fees.
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Troutman Sanders
JANUARY 26, 2023
On January 20, 2023, California Attorney General Rob Bonta submitted a letter to the CFPB agreeing with its preliminary determination that California’s Commercial Financing Disclosures Law (CFDL) is not preempted by TILA because the CFDL only applies to commercial financing and not to consumer credit transactions within the scope of TILA.
CSA
DECEMBER 14, 2022
Government launches consultation on reform of Consumer Credit Act. HM Treasury has issued a consultation seeking stakeholder views on reform of the Consumer Credit Act 1974 (CCA). HM Treasury has issued a consultation seeking stakeholder views on reform of the Consumer Credit Act 1974 (CCA).
Fico Collections
NOVEMBER 11, 2020
He has over 30 years’ experience working in senior roles across the technology, financial services and publishing industries and has a passion for using technology and pioneering approaches to drive outstanding business growth and customer retention. In 2018, he was recognized as an “Analytics Visionary” by Consumer Goods Technology.
Fico Collections
JANUARY 5, 2023
The data reflected in the UltraFICO® Score may improve an individual’s already-existing FICO® Score, but it also can provide credit scores to many individuals who are “unbanked” or “under-banked,” or those who have not had consistent or sufficient access to mainstream financial products, loans or services. See all Posts.
Troutman Sanders
MARCH 24, 2023
Indiana Attorney General Todd Rokita and the Indiana Department of Financial Institutions announced a settlement in excess of $250,000 with Integrity Acceptance Corp., Drawing upon his experience as a deputy attorney general, Ashley has developed an extensive consumer practice with regard to the consumer financial services industry.
Collection Industry News
JULY 19, 2023
Similarly, the EC adopted a legislative proposal in June 2021 to revise the existing Consumer Credit Directive to cover buy now pay later products and services, to ensure increased transparency and better consumer protection, resulting in higher consumer confidence.
Fico Collections
MARCH 21, 2023
When asked what factors were most important to them in selecting a credit score model, more than half (55%) ranked a score’s ability to predict credit risk highest on their list, followed by a score that was proven over time (32%). Prior to joining FICO, Ms.
Collection Industry News
JANUARY 13, 2021
On January 5, the CFPB Taskforce on Federal Consumer Financial Law released a two volume report with approximately 100 recommendations on ways the CFPB, Congress, and state and federal regulators can improve and modernize the legal and regulatory environment for the consumer financial services market.
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Troutman Sanders
JANUARY 19, 2022
The FTC alleged that ITMedia Solutions and its affiliates subsequently distributed 84% of the loan applications to different marketers, debt relief and credit repair sellers, without regard for how consumer information would be used. Use of credit scores for marketing was a violation of the FCRA, says the FTC.
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Consumer Finance
AUGUST 24, 2020
The Consumer Financial Protection Bureau issued a request for information to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009.
Collection Industry News
JANUARY 13, 2021
Chartered by the Bureau in January of 2020, the Taskforce has examined the existing legal and regulatory environment facing consumers and financial services providers. To read the Taskforce Report Volume I click here: [link] . To read the Taskforce Report Volume II click here: [link] .
True Accord
JULY 5, 2022
1.75% with the central bank expected to deliver more 50+ basis point rate hikes this year. While the markets are pricing these into forecasts , consumers will feel them more acutely in a number of ways. After another rate hike in June, the federal interest rate sits at 1.5-1.75%
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Consumer Financial Services Law
SEPTEMBER 13, 2016
A recent decision from a North Carolina Bankruptcy Court emphasizes the need for proper training for those who file proofs of claim on behalf of anyone providing consumer credit, including healthcare providers. In re Branch, 2016 Bankr. LEXIS 3194 (E.D.N.C. Aug, 31, 2016).
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Fico Collections
OCTOBER 20, 2022
In uncertain environments, lenders seek ways to address credit risk management gaps likely to emerge with a potential recession. Leveraging FICO® Resilience Index to keep credit flowing. A renewed focus on portfolio resilience is key, especially in the face of economic stress. Moma holds an MBA and a Masters degree in Computer Science.
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Fico Collections
OCTOBER 20, 2022
In uncertain environments, lenders seek ways to address credit risk management gaps likely to emerge with a potential recession. Leveraging FICO® Resilience Index to keep credit flowing. A renewed focus on portfolio resilience is key, especially in the face of economic stress. Moma holds an MBA and a Masters degree in Computer Science.
52 
Fico Collections
AUGUST 10, 2022
The fallout was felt around the world, with banks failing and stock markets crashing. By withdrawing the stress test, the Bank of England hopes to increase borrowing capacity for those who have, until now, been limited by it and struggled to get onto the property ladder. How FICO Can Help You Improve Affordability Assessments.
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True Accord
MARCH 31, 2022
The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. Add these all together and the financial outlook for consumers, especially those in debt, is scary. But there are silver linings, as well.
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Collection Industry News
MARCH 15, 2021
SACRAMENTO – More than a year into the COVID-19 pandemic, the California Department of Financial Protection and Innovation (DFPI) continues to expand efforts to protect consumers from financial impacts of the lethal virus that has ravaged the state’s economy and killed more than 53,000 Californians.
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Collection Industry News
OCTOBER 17, 2023
Credit cards are the “most prevalent form of household debt,” and their use continues to spread, according to the Federal Reserve Bank of New York. There are 70 million more credit card accounts open now than in 2019, it said. Federally chartered credit unions have an 18% limit. For example, Sen. Bernie Sanders, I-Vt.,
Collection Industry News
MARCH 28, 2022
The top categories of complaints included debt collection, cryptocurrency, and “neo banks,” financial technology, or “fintech” service providers, partnering with banks to offer deposit account services. The Office held weekly office hours, open to all who registered.
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