Fico Collections

NOVEMBER 20, 2020

According to research from Equifax, the 2008 recession had an unexpected and interesting effect on credit unions. While market volume was down across the board in auto loan and bank card originations: Credit unions increased their market share by about 15% in auto loan origination. said the long manual process.

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Fico Collections

AUGUST 19, 2022

Tackling the Fintech Threat: A Guide for Banks and Credit Unions. What financial institutions need to compete with fintech threat disrupters. billion globally in 2021 – banks and credit unions are losing their status as the primary financial services providers to American consumers.

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Troutman Sanders

AUGUST 11, 2022

Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues James Stevens and Carlin McCrory as they discuss the consumer protection and safety and soundness sides of credit union regulation.

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Collection Industry News

FEBRUARY 14, 2022

LUBBOCK, Texas (KCBD) – The grand opening for Capital Federal Credit Union is scheduled to happen at 3 p.m. Royce and Linda Lewis, owners of Capital Mortgage Services, saw a problem with many of their employees. They wanted to pay their employees directly into their bank accounts. today at 4210 50th Street.

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Jimerson Firm

JANUARY 31, 2023

Banks and credit unions should not only routinely require, but also closely scrutinize, criminal background checks during the hiring process in order to maintain compliance with applicable regulatory schemes. The SBA regulations will apply to both banks and credit unions that process SBA loans. 4), Fla.

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Fico Collections

OCTOBER 26, 2021

5 Ways Credit Unions Can Be More Resilient with AI and Analytics. Credit unions are sitting on a lot of risk right now. This COVID pandemic aftershock is about to hit the financial services industry, which means that credit unions need to pay close attention to their capital, asset quality, earnings, and liquidity.

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Troutman Sanders

AUGUST 15, 2023

This filing comes just three days after CUNA and the National Association of Federally-Insured Credit Unions (NAFCU) sent a joint letter to the CFPB urging it to stay enforcement and implementation of the Final Rule for all covered financial institutions until after the U.S. CFPB (discussed here ).

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Troutman Sanders

AUGUST 9, 2023

Supreme Court’s final decision in Community Financial Services Association (CFSA) v CFPB.

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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. The rule will help lower prices on loans and improve customer service across payments, credit and banking markets by fueling competition and consumer choice.

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Consumer Financial Services Law

OCTOBER 13, 2016

The CFPB’s Consent Order with Navy Federal Credit Union (“NFCU”) should provide a wakeup call for all community banks and credit unions as to how they conduct their internal debt collection efforts. million to the CFPB. The CFPB found that the message “pay of be sued” was inaccurate about 97% of the time.

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Jimerson Firm

FEBRUARY 10, 2022

The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency. Ocwen Loan Servicing, LLC, 8:14-CV-3214-T-35MAP, 2015 WL 12938920, at *1 (M.D. Bank of Am. ,

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Troutman Sanders

DECEMBER 21, 2021

On December 16, the Federal Reserve Board and the Federal Deposit Insurance Corporation announced the 2022 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act regulations. For more information, click here. For more information, click here. On December 16, U.S.

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Collection Industry News

FEBRUARY 5, 2021

When the state-mandated shutdowns started last March, Skyler Fort, a painting contractor in northern Michigan, turned to his local credit union, 4Front Credit Union, for a PPP loan. That’s because their mission is to support Main Street, unions and the local communities they serve. By comparison, banks saw 4.9%

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Fico Collections

DECEMBER 9, 2021

For banks, credit unions, and other lenders, the sudden shift to digital-only interactions has introduced a variety of internal and external challenges, as well as some opportunities. In fact, the main attrition driver for financial institutions is a poor banking app. Humanizing the Digital Experience.

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Troutman Sanders

JANUARY 30, 2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On January 29, Acting Comptroller of the Office of the Comptroller of Currency (OCC) Michael J.

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Financial services Financial Institution Banks Credit Unions 52

Troutman Sanders

OCTOBER 16, 2023

On October 11, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion concerning consumers’ requests for information regarding their accounts with large banks and credit unions. For more information, click here. For more information, click here. For more information, click here.

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Financial services Student Loans Student loans Credit Unions 52

Collection Industry News

SEPTEMBER 12, 2022

University Credit Union, September 08, 2022. 8, 2022 /PRNewswire/ — University Credit Union (UCU) is excited to announce its newest partnership with UC San Diego. About University Credit Union: University Credit Union, a federally-insured financial cooperative, was founded in 1951 on UCLA’s campus by faculty and staff.

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Credit Corp

SEPTEMBER 13, 2023

Auto Loans : Auto loans are issued by a bank, a credit union, or a company that specializes in automobile lending. Mortgage Loans: Mortgage loans are issued by a bank, a credit union, or a company that specializes in mortgage lending. Here are a few different types of installment accounts to consider.

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Troutman Sanders

JANUARY 9, 2024

On December 29, 2023, the Office of Comptroller of Currency (OCC), jointly with the Federal Reserve, the FDIC, and the National Credit Union Administration, published a final rule amending the Uniform Rules of Practice and Procedure in 12 C.F.R. For more information, click here. For more information, click here.

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Financial services Student Loans Student loans Debt collector 52

Troutman Sanders

AUGUST 10, 2023

Supreme Court’s final decision in Community Financial Services Association (CFSA) v. The banking trade groups argued that relief should be provided to banks nationwide to “be prudent and ameliorate confusion.” However, the district court denied the plaintiffs’ request for a nationwide injunction.

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Banks Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

DECEMBER 19, 2023

On December 14, the Bank of International Settlements (BIS) issued a consultive whitepaper, drafted by the Basel Committee, to amend certain digital asset standards related to stablecoins. According to the statement issued by SEC Commissioner Gary Gensler, “the existing securities regime appropriately governs crypto asset securities.”

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Financial services Banks Debt collector Government 52

Troutman Sanders

JULY 20, 2023

There are 35 early adopter banks and credit unions, with the idea being that FedNow will eventually be adopted by the majority of banks and credit unions in the U.S. FedNow will not have an app or website of its own for customers to utilize.

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Banks Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

SEPTEMBER 18, 2023

On September 15, the Financial Crimes Enforcement Network (FinCEN) assessed a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation (Bancrédito) for willful violations of the Bank Secrecy Act and its implementing regulations. commercial banks and savings associations of $13.7

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Financial services Trade Banks Credit Unions 52

Troutman Sanders

FEBRUARY 21, 2024

On February 16, the CFPB reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The report alleges that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. On February 8, the U.S.

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Financial services Student loans Student Loans Financial Institution 52

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. To read the full statement, click here.

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Fico Collections

MARCH 1, 2022

Fiserv, a leading global provider of payments and financial services technology solutions, has developed a new fraud mitigation service that has reduced fraud losses, which were already low by industry standards, by 10 to 15% for its small to midsize credit union and bank clients.

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Fraser

JUNE 16, 2021

House of Representatives passed the Secure and Fair Enforcement Banking Act of 2019 (“Safe Act”), which would prohibit regulators from terminating or limiting either deposit or share insurance of a financial institution for doing business with a cannabis company. The bill has also received support from Michigan politicians.

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Troutman Sanders

OCTOBER 25, 2023

The CRA was enacted in 1977 to address systemic inequities in access to credit and encourages banks to meet the credit needs of the entire community, including low- and moderate-income (LMI) communities, consistent with safety and soundness principles.

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Fico Collections

MARCH 15, 2023

The bank-customer relationship is on very different footing than it was several years ago, and it requires a new way of thinking from financial institutions. Our conversations have revealed five key trends that are profoundly redefining the banking customer experience and the way we interact with each other.

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Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. The GLBA covers any institutions that provide financial services, including : Handling loans. Providing financial advising.

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Troutman Sanders

MARCH 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. On March 16, the FTC reminded consumers they are eligible to acquire free weekly credit reports until April 20, 2022.

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Troutman Sanders

JUNE 8, 2023

Sections 521-523 of DIDMCA empower state banks, insured state and federal savings associations and state credit unions to charge the interest allowed by the state where they are located, regardless of where the borrower is located and regardless of conflicting state law (i.e., export” their home state’s interest-rate authority).

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Consumer Finance Watch

MARCH 29, 2023

Eng, Louise Bowes Marencik, and Jonathan K.

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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. In October 2020, Mastercard introduced an AI-powered suite of tools that allows banks to assess cyber risk and prevent potential breaches.

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Collection Industry News

OCTOBER 17, 2022

The Consumer Financial Protection Bureau (CFPB) has released a report detailing the fees and terms of banking products marketed to college students in partnership with their schools. The CFPB has released a report to Congress on college banking and credit card agreements. BEN LUTHI, October 14, 2022. Key Takeaways.

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Banks Education Financial Institution Credit Unions 40

Troutman Sanders

SEPTEMBER 5, 2023

On August 18, the American Financial Services Association, Consumer Bankers Association, CRE Finance Council, Equipment Leasing and Finance Association, Mortgage Bankers Association, National Association of Federally-Insured Credit Unions, Truck Renting and Leasing Association, and the U.S.

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FFGN COLLECT NY

JANUARY 15, 2024

Businesses Exempt While the law covers most consumer agreements, some businesses are specifically exempt from this law, including: Services provided by a business under a franchise issued by a municipality or a city Any entity regulated by the Department of Financial Services (financial institutions, banks, credit unions, etc.)

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